Buybacks That Keep the Count FlatNarrow moat

Amphenol (APH) — moat facet

Amphenol spent $6.7 billion on buybacks from 2015 to 2025 and ended with about as many shares as it started with, because option exercises refilled the count.

Amphenol's buybacks do not shrink the company; they stop it from growing. It spent $6,702.7 million repurchasing its own shares from 2015 to 202512, from $248.9 million in 2015 to a peak of $935.2 million in 2018 and $665.2 million in 20253. Yet the diluted share count was about 2,532 million in 2015 on today's post-split basis45 and about 2,578 million in the June 2026 quarter67, 1.8% higher8.

Amphenol share repurchases ($M)24920153262016618201793520186022019641202066220217312022585202368920246652025SEC XBRL, payments for repurchase of common stock
$6.7 billion in eleven years, and a share count that barely moved.

The reason is stock options. In 2025 employees and managers exercised options that brought in $553.0 million of cash9, and the shares they received roughly offset the 7.4 million repurchased for $665.2 million10. The buyback is, in effect, the cash side of paying people in stock.

That is not a scandal; it is how a decentralised company pays its general managers and keeps them aligned with owners. But a shareholder should not expect the buyback to raise his share of the business. Earnings per share have grown because earnings grew. Diluted earnings per share were about $0.30 in 2015 and $1.67 in 2025 on today's basis111213, while net income rose from $763.5 million to $4,270.3 million1415.

The programme continues at a slower pace after CommScope. The board's $2.0 billion authorisation runs to 28 April 202716, and $411.1 million of it was left at 29 July 202617. The second quarter bought 1.5 million pre-split shares for $208 million18.

The buying continued after the quarter. From 1 July to 28 July 2026 the company bought "0.5 million additional shares" for $74.0 million19. The June-quarter purchases were made at an average of $141 a share before the split20, about $70.50 after it21, against $83.14 in September22. In 2025 alone the company repurchased 7.4 million shares23, before the September 2026 split. The 2025 purchases cost about $90 a share before the split24, about $45 after it.

Diluted shares rising more than 2% in a year would mean the options were outrunning the buyback, and owners were paying the managers with a larger slice of the company.

Moat trajectory: Holding steady

Diluted shares about 2,578 million in Q2 2026, against 2,532 million in 2015.

The number that tests this moat
Moat Explorer calc
Diluted share count, latest quarter (post-split basis)
about 2,578M (Q2 2026: 1,289.2M pre-split), from 2,544M a year earlier

Whether buybacks outrun options; growth above 2% a year would mean owners are being diluted.

How it's calculated: Weighted average diluted shares from the Q2 2026 results release (1,289.2M, and 1,272.2M in Q2 2025) times two for the September 2026 split.
Source: Moat Explorer calculation from Amphenol filings ↗
⚠ Threats to the moat
⚠ THREAT 01
Options Pay for Most of the Buyback
Option exercises returned $553 million of Amphenol's $665 million buyback cost in 2025, so the net return through buybacks was $112 million.
References
  1. ReportedIt spent $6,702.7 million repurchasing its own shares from 2015 to 2025, from $248.9 million in 2015 to a peak of $935.2 million in 2018 and $665.2 million in 2025.
    SEC EDGAR XBRL, Amphenol PaymentsForRepurchaseOfCommonStock: buybacks 248.9 (2015), 325.8, 618.0, 935.2, 601.7, 641.3, 661.7, 730.5, 585.1, 689.3, 665.2 (2025), $ millions. — FY2015-FY2025 · publ. 2026 · source ↗
  2. Moat Explorer calcIt spent $6,702.7 million repurchasing its own shares from 2015 to 2025, from $248.9 million in 2015 to a peak of $935.2 million in 2018 and $665.2 million in 2025.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - cash flow, capital returns, debt, per-share figures and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  3. ReportedIt spent $6,702.7 million repurchasing its own shares from 2015 to 2025, from $248.9 million in 2015 to a peak of $935.2 million in 2018 and $665.2 million in 2025.
    SEC EDGAR XBRL, Amphenol PaymentsForRepurchaseOfCommonStock: buybacks 248.9 (2015), 325.8, 618.0, 935.2, 601.7, 641.3, 661.7, 730.5, 585.1, 689.3, 665.2 (2025), $ millions. — FY2015-FY2025 · publ. 2026 · source ↗
  4. ReportedYet the diluted share count was about 2,532 million in 2015 on today's post-split basis and about 2,578 million in the June 2026 quarter, 1.8% higher.
    Amphenol Corporation Form 10-K for fiscal 2019 - the five-year selected financial data for 2015-2019, the largest customer at about 12% of 2018 sales, China sales and backlog. — FY2019 · publ. February 2020 · source ↗
  5. Moat Explorer calcYet the diluted share count was about 2,532 million in 2015 on today's post-split basis and about 2,578 million in the June 2026 quarter, 1.8% higher.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - cash flow, capital returns, debt, per-share figures and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  6. ReportedYet the diluted share count was about 2,532 million in 2015 on today's post-split basis and about 2,578 million in the June 2026 quarter, 1.8% higher.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  7. Moat Explorer calcYet the diluted share count was about 2,532 million in 2015 on today's post-split basis and about 2,578 million in the June 2026 quarter, 1.8% higher.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - cash flow, capital returns, debt, per-share figures and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  8. Moat Explorer calcYet the diluted share count was about 2,532 million in 2015 on today's post-split basis and about 2,578 million in the June 2026 quarter, 1.8% higher.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - cash flow, capital returns, debt, per-share figures and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  9. ReportedIn 2025 employees and managers exercised options that brought in $553.0 million of cash, and the shares they received roughly offset the 7.4 million repurchased for $665.2 million.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - acquisitions: Andrew, Trexon, CommScope, goodwill and the acquisition strategy. — FY2025 · publ. 11 February 2026 · source ↗
  10. ReportedIn 2025 employees and managers exercised options that brought in $553.0 million of cash, and the shares they received roughly offset the 7.4 million repurchased for $665.2 million.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - acquisitions: Andrew, Trexon, CommScope, goodwill and the acquisition strategy. — FY2025 · publ. 11 February 2026 · source ↗
  11. ReportedDiluted earnings per share were about $0.30 in 2015 and $1.67 in 2025 on today's basis, while net income rose from $763.5 million to $4,270.3 million.
    Amphenol Corporation Form 10-K for fiscal 2019 - the five-year selected financial data for 2015-2019, the largest customer at about 12% of 2018 sales, China sales and backlog. — FY2019 · publ. February 2020 · source ↗
  12. ReportedDiluted earnings per share were about $0.30 in 2015 and $1.67 in 2025 on today's basis, while net income rose from $763.5 million to $4,270.3 million.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - financial statements and notes: income, cash flow, capital returns, debt and taxes. — FY2025 · publ. 11 February 2026 · source ↗
  13. Moat Explorer calcDiluted earnings per share were about $0.30 in 2015 and $1.67 in 2025 on today's basis, while net income rose from $763.5 million to $4,270.3 million.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - cash flow, capital returns, debt, per-share figures and valuation. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  14. ReportedDiluted earnings per share were about $0.30 in 2015 and $1.67 in 2025 on today's basis, while net income rose from $763.5 million to $4,270.3 million.
    Amphenol Corporation Form 10-K for fiscal 2019 - the five-year selected financial data for 2015-2019, the largest customer at about 12% of 2018 sales, China sales and backlog. — FY2019 · publ. February 2020 · source ↗
  15. ReportedDiluted earnings per share were about $0.30 in 2015 and $1.67 in 2025 on today's basis, while net income rose from $763.5 million to $4,270.3 million.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - financial statements and notes: income, cash flow, capital returns, debt and taxes. — FY2025 · publ. 11 February 2026 · source ↗
  16. ReportedThe board's $2.0 billion authorisation runs to 28 April 2027, and $411.1 million of it was left at 29 July 2026.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - financial statements and notes: income, cash flow, capital returns, debt and taxes. — FY2025 · publ. 11 February 2026 · source ↗
  17. ReportedThe board's $2.0 billion authorisation runs to 28 April 2027, and $411.1 million of it was left at 29 July 2026.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  18. ReportedThe second quarter bought 1.5 million pre-split shares for $208 million.
    Amphenol second-quarter 2026 results release, Form 8-K exhibit 99.1 - net sales, orders, segment sales and operating income, cash flow, CommScope outlook and third-quarter guidance - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  19. ReportedFrom 1 July to 28 July 2026 the company bought "0.5 million additional shares" for $74.0 million.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  20. ReportedThe June-quarter purchases were made at an average of $141 a share before the split, about $70.50 after it, against $83.14 in September.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - CommScope, orders, segments and outlook. — Q2 2026 · publ. August 2026 · source ↗
  21. Moat Explorer calcThe June-quarter purchases were made at an average of $141 a share before the split, about $70.50 after it, against $83.14 in September.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - acquisitions, goodwill and the CommScope purchase. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
  22. Third-party estimateThe June-quarter purchases were made at an average of $141 a share before the split, about $70.50 after it, against $83.14 in September.
    stockanalysis.com, Amphenol quote page, 28 September 2026: price $83.14, market value $205.02bn, trailing P/E 42.07, forward P/E 28.48, 52-week range $59.01-$89.26, analyst target $99.39. — September 2026 · publ. 28 September 2026 · source ↗
  23. ReportedIn 2025 alone the company repurchased 7.4 million shares, before the September 2026 split.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - acquisitions: Andrew, Trexon, CommScope, goodwill and the acquisition strategy. — FY2025 · publ. 11 February 2026 · source ↗
  24. Moat Explorer calcThe 2025 purchases cost about $90 a share before the split, about $45 after it.
    Moat Explorer calculation from Amphenol's reported figures ($ millions unless stated; calendar years; per-share figures adjusted for the two-for-one splits of March 2021, June 2024 and September 2026). Sales growth: 2025 23,094.7 / 15,222.7 - 1 = +51.7%; 2024 15,222.7 / 12,554.7 - 1 = +21.3%; 2023 12,554.7 / 12,623.0 - 1 = -0.5%; 2019 8,225.4 / 8,202.0 - 1 = +0.3%; 2025 increase 23,094.7 - 15,222.7 = 7,872.0, about $7.9bn; 2015-2025 23,094.7 / 5,568.7 = 4.1 times. Operating margin (operating income / net sales): 2015 1,104.7 / 5,568.7 = 19.8%; 2016 1,205.2 / 6,286.4 = 19.2%; 2017 1,427.6 / 7,011.3 = 20.4%; 2018 1,686.9 / 8,202.0 = 20.6%; 2019 1,619.2 / 8,225.4 = 19.7%; 2020 1,638.4 / 8,598.9 = 19.1%; 2021 2,105.1 / 10,876.3 = 19.4%; 2022 2,585.8 / 12,623.0 = 20.5%; 2023 2,559.6 / 12,554.7 = 20.4%; 2024 3,156.9 / 15,222.7 = 20.7%; 2025 5,868.6 / 23,094.7 = 25.4%; average 2015-2024 about 20.0%; Q2 2025 1,418.8 / 5,650.3 = 25.1%; operating income growth 2025 5,868.6 / 3,156.9 - 1 = +85.9%, Q2 2026 2,584.6 / 1,418.8 - 1 = +82.2%. Trailing twelve months to June 2026: sales 23,094.7 - 10,461.3 + 16,378.2 = 29,011.6; net income 4,270.3 - 1,829.1 + 2,702.2 = 5,143.4; operating income 5,868.6 - 2,443.6 + 4,416.4 = 7,841.4, margin 7,841.4 / 29,011.6 = 27.0%; at a 20% margin 29,011.6 x 0.20 = about 5,800, 26% below 7,841.4. Gross margin: 4,084.1 / 12,554.7 = 32.5% (2023); 5,139.7 / 15,222.7 = 33.8% (2024); 8,517.7 / 23,094.7 = 36.9% (2025); 3,548.0 / 8,758.1 = 40.5% (Q2 2026); tariff benefit 80 / 8,758.1 = 0.9 points. Segment margins (segment operating income / external sales): Communications Solutions 871.2 / 4,056.2 = 21.5% (2020), 1,023.3 / 4,832.1 = 21.2%, 1,245.7 / 5,652.4 = 22.0%, 1,063.5 / 4,912.8 = 21.6%, 1,569.6 / 6,323.8 = 24.8%, 3,746.6 / 12,056.0 = 31.1% (2025); Harsh Environment Solutions 556.8 / 2,286.0 = 24.4%, 708.2 / 2,752.2 = 25.7%, 801.6 / 3,107.2 = 25.8%, 943.9 / 3,530.8 = 26.7%, 1,093.2 / 4,417.4 = 24.7%, 1,541.4 / 5,881.7 = 26.2%; Interconnect and Sensor Systems 348.6 / 2,256.7 = 15.4%, 588.1 / 3,292.0 = 17.9%, 716.5 / 3,863.4 = 18.5%, 753.7 / 4,111.1 = 18.3%, 825.9 / 4,481.5 = 18.4%, 1,005.1 / 5,157.0 = 19.5%. Communications Solutions share of segment operating income: 871.2 / 1,776.6 = 49.0% (2020); 1,023.3 / 2,319.6 = 44.1%; 1,245.7 / 2,763.8 = 45.1%; 1,063.5 / 2,761.1 = 38.5%; 1,569.6 / 3,488.7 = 45.0%; 3,746.6 / 6,293.1 = 59.5% (2025); Q2 2026 1,808.3 / (1,808.3 + 559.3 + 318.9 = 2,686.5) = 67.3%; Q2 2025 890.7 / 1,506.7 = 59.1%. Segment operating income growth Q2 2026: Harsh Environment 559.3 / 363.7 - 1 = +53.8%; Interconnect and Sensor 318.9 / 252.3 - 1 = +26.4%. Segment sales growth 2020-2025: Communications Solutions 12,056.0 / 4,056.2 = 2.97 times, 24.3% a year; Harsh Environment 5,881.7 / 2,286.0 = 2.57 times, 20.8% a year; Interconnect and Sensor 5,157.0 / 2,256.7 = 2.29 times, 18.0% a year; Communications Solutions operating income 3,746.6 / 871.2 = 4.3 times; Communications Solutions 2023 4,912.8 / 5,652.4 - 1 = -13.1%; Interconnect and Sensor 2021 3,292.0 / 2,256.7 - 1 = +45.9%, 2023 4,111.1 / 3,863.4 - 1 = +6.4%; Communications Solutions share of net sales 4,056.2 / 8,598.9 = 47% (2020), Q2 2026 5,383.6 / 8,758.1 = 61.5%. Segment costs and geography 2025: gap between segment and consolidated operating income 6,293.1 - 5,868.6 = 424.5, 424.5 / 6,293.1 = 6.7%; 2024 3,488.7 - 3,156.9 = 331.8, 9.5%; 2023 2,761.1 - 2,559.6 = 201.5, 7.3%; depreciation and amortisation 486.9 / (486.9 + 166.5 + 150.0 = 803.4) = 60.6%, 486.9 / 12,056.0 = 4.0%, 166.5 / 5,881.7 = 2.8%, 150.0 / 5,157.0 = 2.9%; Harsh Environment United States 3,211.0 / 5,881.7 = 54.6%, China 508.5 / 5,881.7 = 8.6%, distributors 1,595.8 / 5,881.7 = 27.1%; Interconnect and Sensor China 959.4 / 5,157.0 = 18.6%; Communications Solutions China 2,205.2 / 12,056.0 = 18.3% and 2,205.2 / 3,673.1 = 60.0% of China sales; Q2 2026 Communications Solutions China 698.0 / 515.2 - 1 = +35.5%. Geography: China share of net sales 2,067.3 / 7,011.3 = 29.5% (2017); 2,594.0 / 8,202.0 = 31.6% (2018); 2,306.4 / 8,225.4 = 28.0% (2019); 2,597.5 / 8,598.9 = 30.2% (2020); 3,044.4 / 10,876.3 = 28.0% (2021); 3,265.0 / 12,623.0 = 25.9% (2022); 2,884.0 / 12,554.7 = 23.0% (2023); 3,399.9 / 15,222.7 = 22.3% (2024); 3,673.1 / 23,094.7 = 15.9% (2025); Q2 2026 1,113.0 / 8,758.1 = 12.7%, Q2 2025 882.2 / 5,650.3 = 15.6%; China Q2 growth 1,113.0 / 882.2 - 1 = +26.2%; United States share 2,524.7 / 8,225.4 = 30.7% (2019), 7,987.7 / 23,094.7 = 34.6% (2025), Q2 2026 3,413.8 / 8,758.1 = 39.0%, United States Q2 growth 3,413.8 / 1,937.3 - 1 = +76.2%; long-lived assets in China 1,050.4 / 617.9 - 1 = +70.0% (2025); China cash taxes 579.5 / 1,084.1 = 53.5%; China tax charges 100.0 + 130.0 + 160.0 = 390.0, 390.0 / 5,143.4 = 7.6% of trailing net income. People: employees outside the United States 170,000 - 15,000 = 155,000 (2025), 125,000 - 12,000 = 113,000 (2024); United States share 12,000 / 125,000 = 10% and 15,000 / 170,000 = 9%; employees 170,000 / 74,000 = 2.3 times; net sales per employee 8,225.4 / 74,000 = about $111,000 (2019), 23,094.7 / 170,000 = about $136,000 (2025); net sales per general manager 8,598.9 / 120 = 71.7 (2020), 10,876.3 / 130 = 83.7, 12,623.0 / 130 = 97.1, 12,554.7 / 130 = 96.6, 15,222.7 / 140 = 108.7, 23,094.7 / 140 = 165.0 (2025); people added by CommScope deals about 4,000 + 20,000 = 24,000; SG&A 2,545.7 / 23,094.7 = 11.0% (2025), 1,855.4 / 15,222.7 = 12.2%, 1,489.9 / 12,554.7 = 11.9%, SG&A growth 2,545.7 / 1,855.4 - 1 = +37.2%; Norwitt 8,219,557 x 2 = about 16.4 million shares, x $83.14 = about $1.37bn. Acquisitions: payments 2015-2025 199.8 + 1,305.1 + 265.5 + 158.9 + 937.4 + 50.4 + 2,225.4 + 288.2 + 970.4 + 2,156.4 + 3,818.6 = 12,376.1, plus 10,684.0 in H1 2026 = about $23.1bn; goodwill 17,554.7 / 4,867.1 = 3.6 times; goodwill and intangibles 17,554.7 + 5,288.9 = 22,843.6, 22,843.6 / 44,806.6 = 51.0% (June 2026), 10,575.4 + 2,241.4 = 12,816.8, 12,816.8 / 36,236.9 = 35.4% (December 2025); property 2,932.2 / 44,806.6 = 6.5%; acquisition payments / operating cash flow 937.4 / 1,502.3 = 62.4% (2019), 50.4 / 1,592.0 = 3.2%, 2,225.4 / 1,540.1 = 144.5%, 288.2 / 2,174.6 = 13.3%, 970.4 / 2,528.7 = 38.4%, 2,156.4 / 2,814.7 = 76.6%, 3,818.6 / 5,374.7 = 71.0% (2025); 2025 uses of cash 996.6 capex + 3,818.6 acquisitions + 802.2 dividends + 665.2 buybacks = 6,282.6, above operating cash flow of 5,374.7; dividends and buybacks 802.2 + 665.2 = 1,467.4; price / expected sales CIT 1,995.3 / 900 = 2.2 times, Andrew 2,022.7 / 1,200 = 1.7 times, CommScope CCS 10,500 / 3,754.5 = 2.8 times and 10,500 / 545.9 = 19 times net income; CCS operating margin 739.6 / 3,754.5 = 19.7%; CCS sales growth 3,754.5 / 2,823.2 - 1 = +33.0%; CCS allocation (6,958.0 + 3,289.0) / 10,735.8 = 95%, other net assets 10,735.8 - 6,958.0 - 3,289.0 - 317.0 = 171.8; CCS operating income 739.6 / 10,500 = about 7% of price; CommScope since acquisition 190.2 / 2,100.9 = 9.1% net margin, Amphenol H1 2026 2,702.2 / 16,378.2 = 16.5%, CommScope share of H1 sales 2,100.9 / 16,378.2 = 12.8%; H1 2026 purchase costs 272.4 + 132.0 + 179.0 = 583.4, 583.4 / 190.2 = 3.1 times; acquisition-related expenses 103.4 / 23,094.7 = 0.4% of sales; accretion $0.30 pre-split / 2 = $0.15; acquired and currency growth Q2 2026 55% - 30% = 25 points, industrial 56% - 18% = 38 points; CommScope purchases 2,022.7 + 10,500 = about $12.5bn. Cash and capital: free cash flow / net income 2,159.9 / 1,928.0 = 112.0% (2023), 2,156.9 / 2,424.0 = 89.0% (2024), 4,392.9 / 4,270.3 = 102.9% (2025); operating cash flow 5,374.7 / 1,030.5 = 5.2 times (2015-2025); capital spending / sales 172.1 / 5,568.7 = 3.1% (2015), 360.4 / 10,876.3 = 3.3% (2021), 383.8 / 12,623.0 = 3.0%, 372.8 / 12,554.7 = 3.0% (2023), 665.4 / 15,222.7 = 4.4%, 996.6 / 23,094.7 = 4.3% (2025), 355.5 / 8,758.1 = 4.1% (Q2 2026); long-lived assets 2,864.6 / 2,096.2 - 1 = +36.7%; buybacks 2015-2025 248.9 + 325.8 + 618.0 + 935.2 + 601.7 + 641.3 + 661.7 + 730.5 + 585.1 + 689.3 + 665.2 = 6,702.7; buybacks net of option proceeds 585.1 - 394.5 = 190.6 (2023), 689.3 - 447.4 = 241.9 (2024), 665.2 - 553.0 = 112.2 (2025); diluted shares 316.5 x 8 = 2,532 million (2015), 1,289.2 x 2 = 2,578 million (Q2 2026), +1.8%, 1,272.2 x 2 = 2,544 million (Q2 2025); diluted EPS 2.41 / 8 = $0.30 (2015), 3.34 / 2 = $1.67 (2025), 1.37 / 2 = $0.685 (Q2 2026); net debt 6,886.1 - 3,335.4 = 3,550.7 (2024), 15,502.0 - 11,434.2 = 4,067.8 (2025); November 2025 notes 500 + 750 + 750 + 1,000 + 1,250 + 1,600 + 1,650 = 7,500; interest H1 2026 421.6 / 157.4 = 2.7 times; interest cover 5,868.6 / 367.8 = 16 times (2025), 4,416.4 / 421.6 = 10.5 times (H1 2026); interest / operating income 139.5 / 2,559.6 = 5.5% (2023), 421.6 / 4,416.4 = 9.5% (H1 2026); invested capital 30,639.2 / 18,303.5 = 1.67 times. Markets: IT datacom sales 0.19 x 8,225.4 = about 1,560 (2019), 0.24 x 15,222.7 = about 3,650 (2024), 0.36 x 23,094.7 = about 8,310 (2025), 2025 increase about 4,660 of 7,872.0; industrial 0.19 x 23,094.7 = about 4,390 (2025); mobile devices 0.15 x 8,598.9 = about 1,290 (2020), 0.06 x 23,094.7 = about 1,390 (2025); communications networks = mobile networks + broadband 8 + 4 = 12% (2019), 6 + 4 = 10% (2020), 5 + 4 = 9% (2021), 5 + 5 = 10% (2022), 4 + 4 = 8% (2023), 3 + 3 = 6% (2024); sales outside IT datacom Q2 2026 8,758.1 - 3,800 = about 4,960, Q2 2025 5,650.3 - 3,800 / 1.89 = about 3,640; distributor share 2,092.5 / 12,554.7 = 16.7% (2023), 2,778.2 / 15,222.7 = 18.3% (2024), 4,297.2 / 23,094.7 = 18.6% (2025); end customers and contract manufacturers 18,797.5 / 23,094.7 = 81.4%; backlog 8.9 / 1.720 = 5.2 times (2018-2025), 8.9 / 6.1 - 1 = +45.9%, 8.9 / 23.09 = 38.5% of 2025 sales; market share 23,094.7 / about 500,000 = 4.6%. Valuation: market value / net income 16,100 / 763.5 = 21.1 (2015), 26,810 / 650.5 = 41.2 (2017), 24,410 / 1,205.0 = 20.3 (2018), 39,120 / 1,203.4 = 32.5 (2020), 45,310 / 1,902.3 = 23.8 (2022), 59,310 / 1,928.0 = 30.8 (2023), 83,730 / 2,424.0 = 34.5 (2024), 165,420 / 4,270.3 = 38.7 (2025), 205,020 / 5,143.4 = 39.9 (September 2026); Amphenol / TE Connectivity 205.02 / 63.28 = 3.2 times; value added since 2024 (205.02 - 83.73) / 205.02 = 59%; forward earnings 83.14 / 28.48 = about $2.92, 2.92 / 2.00 - 1 = +46%. More: distributor sales 4,297.2 / 2,092.5 = 2.05 times (2023-2025); SG&A ratio 12.19% - 11.02% = 1.2 points; goodwill 17,554.7 / 44,806.6 = 39% of total assets; Harsh Environment sales 5,881.7 / 2,286.0 = 2.6 times; operating income H1 2026 Communications Solutions 1,389.4 + 1,808.3 = 3,197.7, 3,197.7 / 3,746.6 = 85%; dividend payments 307 against remaining term loan 400.0 = 1.3 quarters; sales growth 2020-2025 23,094.7 / 8,598.9 = 2.7 times; 2019 average quarterly sales 8,225.4 / 4 = about 2,056 against IT datacom Q2 2026 about 3,800; 2025 buyback price 665.2 / 7.4 = about $90 pre-split, $45 post-split; CommScope H1 net income 190.2 / 2,702.2 = 7%; capital spending H1 2026 647.1 / 16,378.2 = 4.0%; industrial 0.25 x 10,876.3 = about 2,720 (2021); Harsh Environment Q2 United States 990.5 / 772.3 - 1 = +28.3%; Interconnect and Sensor Q2 United States 442.9 / 384.5 - 1 = +15.2%, other foreign 826.0 / 677.8 - 1 = +21.9%, China 248.8 / 233.0 - 1 = +6.8%; Communications Solutions Q2 United States 1,980.4 / 780.5 - 1 = +153.7%, other foreign 2,705.2 / 1,614.1 - 1 = +67.6%; United States share Q2 2025 1,937.3 / 5,650.3 = 34.3%; Interconnect and Sensor sales 5,157.0 / 2,256.7 = 2.3 times. Additional: Communications Solutions Q2 2026 less Q1 2026 sales 5,383.6 - 4,534.7 = 848.9 and operating income 1,808.3 - 1,389.4 = 418.9, 418.9 / 848.9 = 49%; Interconnect and Sensor Q2 less Q1 1,517.7 - 1,392.3 = 125.4; Interconnect and Sensor China 959.4 / 986.0 - 1 = -2.7% (2025), segment 5,157.0 / 4,481.5 - 1 = +15.1%; Harsh Environment 2023 3,530.8 / 3,107.2 - 1 = +13.6%; Harsh Environment operating income 1,541.4 / 556.8 = 2.8 times, Interconnect and Sensor 1,005.1 / 348.6 = 2.9 times (2020-2025); China share of long-lived assets 343.1 / 1,195.7 = 28.7% (2019), 455.5 / 1,616.2 = 28.2% (2023); goodwill increase H1 2026 17,554.7 - 10,575.4 = 6,979.3; Q2 2026 sales 8,758.1 / 7,620.1 - 1 = +14.9%; industrial Q2 2026 0.20 x 8,758.1 = about 1,750; China Q2 2026 by segment 698.0 / 1,113.0 = 62.7%; effective tax rate 1,295.4 / 5,600.7 = 23.1% (2025), 570.3 / 3,011.9 = 18.9% (2024); June-quarter buyback price 141 / 2 = 70.50; long-lived assets 2,864.6 / 36,236.9 = 7.9% of total assets; Norwitt salary 1,565,000 / 22,351,288 = 7%; market value 205.02 / 16.10 = 12.7 times since 2015; P/S at end-2015 16,100 / 5,568.7 = 2.9; net debt 2024 3,550.7 / operating income 3,156.9 = 1.1 times; dividends 802.2 / 4,270.3 = 19% of net income; distributor sales 4,297.2 / 2,778.2 - 1 = +54.7%, direct 18,797.5 / 12,444.5 - 1 = +51.0%; CommScope H2 need 4,600 - 2,100.9 = about 2,500; orders 25.4 / 23.09 = 1.1 times sales; EBITDA implied by net leverage 13.4 / 1.3 = about 10.3bn, net debt at 1.0 times about 10.3bn, 13.4 - 10.3 = about 3.1bn less, or 13.4 / 10.3 - 1 = about 30% more earnings; deals per year 970 / 10 = 97, 937 / 9 = 104; Cable Products and Solutions 2021 22.8 / 445.4 = 5.1%; H1 2026 Communications Solutions 4,534.7 + 5,383.6 = 9,918.3; CommScope purchases 2,022.7 + 10,500 = about 12,500 against 12,376.1 for 2015-2025; November notes 7,500; sales 2020 8,598.9 / 8,225.4 - 1 = +4.5%, 2021 10,876.3 / 8,598.9 - 1 = +26.5% - acquisitions, goodwill and the CommScope purchase. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Amphenol's Forms 10-K and 10-Q, quarterly results releases, earnings calls, XBRL filings and market data; operands shown in the source line.
Sources
Generated September 28, 2026