Automotive Fell From 23 Percent to 10Narrow moat

Amphenol (APH) — moat facet

Automotive fell from 23% of Amphenol's sales in 2023 to 10% in mid-2026, not because car sales fell but because AI outgrew them.

No market shows how fast Amphenol's mix has changed better than the car. Automotive was about 19% of sales in 2019, 17% in 20201, 20% in 2021, 21% in 20222, 23% in 20233, 20% in 20244 and 15% in 20255. In the June 2026 quarter it was 10%6.

Automotive share of Amphenol sales (%)19201917202020202121202223202320202415202514Q4 202510Q2 2026Amphenol Forms 10-K FY2019-FY2025, markets section; Q4 2025 and Q2 2026 calls
From the largest market to a tenth of sales in two and a half years.

The fall is mostly relative. Automotive sales still grew in the quarter, by 9% in dollars and 6% organically7, "supported by increased demand for electrified drivetrains"8. But against IT datacom growing 89%9, a market growing 6% shrinks as a share. The chief executive acknowledged "there are clearly areas of demand uncertainty around this industry"10.

The car matters for the moat because it is a design-in market. The 10-K lists end applications from antennas and lighting to charging stations and passenger connectivity11, and the company says it is "working with leading global customers to proliferate these advanced interconnect products into next-generation automobiles"12. A part designed into a platform ships for its life, which is several years of predictable volume.

Much of it runs through Interconnect and Sensor Systems, the segment with the lowest margin, 19.5% in 202513, and the one whose position is argued on The Lowest-Margin Segment.

The fourth quarter of 2025 already showed the shift. The chief executive said: "The automotive market represented 14% of our sales in the fourth quarter and 15% of our sales for the full year"14, with sales in the quarter up 12% in dollars15. Many plants carry IATF16949, the automotive quality certification16, which carmakers require before a supplier can bid. The segment that serves cars has also been buying: in 2025 one acquisition went into Interconnect and Sensor Systems17. In the fourth quarter of 2025 automotive sales grew 12% in dollars and 9% organically18.

Automotive share alone does not test the moat, because it is falling for reasons that have nothing to do with cars. Organic growth does. If automotive organic growth turns negative for two quarters while global car production is still rising, Amphenol will be losing content per vehicle rather than being outgrown.

Moat trajectory: Holding steady

Automotive +6% organic in Q2 2026, but 10% of sales.

The number that tests this moat
Reported
Automotive share of sales, latest quarter
10% (Q2 2026), from 15% for 2025

How much of the old design-in base remains; organic declines while car output rises would mean lost content.

Source: Amphenol Q2 2026 earnings call ↗
⚠ Threats to the moat
⚠ THREAT 01
The Lowest-Margin Segment
Interconnect and Sensor Systems, which carries the car business, earned 21% in the June 2026 quarter while Amphenol's other segments earned 30% and…
References
  1. ReportedAutomotive was about 19% of sales in 2019, 17% in 2020, 20% in 2021, 21% in 2022, 23% in 2023, 20% in 2024 and 15% in 2025.
    Amphenol Corporation Form 10-K for fiscal 2020 - employees, general managers, end-market shares and backlog for 2020. — FY2020 · publ. February 2021 · source ↗
  2. ReportedAutomotive was about 19% of sales in 2019, 17% in 2020, 20% in 2021, 21% in 2022, 23% in 2023, 20% in 2024 and 15% in 2025.
    Amphenol Corporation Form 10-K for fiscal 2022 - the three segments adopted on 1 January 2022, segment sales and operating income for 2020-2022 as recast, end-market shares and backlog. — FY2022 · publ. February 2023 · source ↗
  3. ReportedAutomotive was about 19% of sales in 2019, 17% in 2020, 20% in 2021, 21% in 2022, 23% in 2023, 20% in 2024 and 15% in 2025.
    Amphenol Corporation Form 10-K for fiscal 2023 - end-market shares, China sales, employees, general managers and backlog for 2023. — FY2023 · publ. February 2024 · source ↗
  4. ReportedAutomotive was about 19% of sales in 2019, 17% in 2020, 20% in 2021, 21% in 2022, 23% in 2023, 20% in 2024 and 15% in 2025.
    Amphenol Corporation Form 10-K for fiscal 2024 - the CIT acquisition, segment sales shares, employees, general managers and backlog. — FY2024 · publ. February 2025 · source ↗
  5. ReportedAutomotive was about 19% of sales in 2019, 17% in 2020, 20% in 2021, 21% in 2022, 23% in 2023, 20% in 2024 and 15% in 2025.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  6. ReportedIn the June 2026 quarter it was 10%.
    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 ↗
  7. ReportedAutomotive sales still grew in the quarter, by 9% in dollars and 6% organically, "supported by increased demand for electrified drivetrains".
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  8. ReportedAutomotive sales still grew in the quarter, by 9% in dollars and 6% organically, "supported by increased demand for electrified drivetrains".
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  9. ReportedBut against IT datacom growing 89%, a market growing 6% shrinks as a share.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  10. ReportedThe chief executive acknowledged "there are clearly areas of demand uncertainty around this industry".
    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 ↗
  11. ReportedThe 10-K lists end applications from antennas and lighting to charging stations and passenger connectivity, and the company says it is "working with leading global customers to proliferate these advanced interconnect products into next-generation automobiles".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  12. ReportedThe 10-K lists end applications from antennas and lighting to charging stations and passenger connectivity, and the company says it is "working with leading global customers to proliferate these advanced interconnect products into next-generation automobiles".
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 1 business, markets and customers: end markets, applications and customer types. — FY2025 · publ. 11 February 2026 · source ↗
  13. Moat Explorer calcMuch of it runs through Interconnect and Sensor Systems, the segment with the lowest margin, 19.5% in 2025, and the one whose position is argued on The Lowest-Margin Segment.
    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% - segments, geography, people and taxes. — 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. ReportedThe chief executive said: "The automotive market represented 14% of our sales in the fourth quarter and 15% of our sales for the full year", with sales in the quarter up 12% in dollars.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  15. ReportedThe chief executive said: "The automotive market represented 14% of our sales in the fourth quarter and 15% of our sales for the full year", with sales in the quarter up 12% in dollars.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
  16. ReportedMany plants carry IATF16949, the automotive quality certification, which carmakers require before a supplier can bid.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - Item 7 MD&A: sales growth, margins, working capital, backlog and long-lived assets. — FY2025 · publ. 11 February 2026 · source ↗
  17. ReportedThe segment that serves cars has also been buying: in 2025 one acquisition went into Interconnect and Sensor Systems.
    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. ReportedIn the fourth quarter of 2025 automotive sales grew 12% in dollars and 9% organically.
    Amphenol fourth-quarter 2025 earnings call transcript (Motley Fool) - full-year orders, end markets, cash conversion and pro forma net debt. — Q4 2025 · publ. January 2026 · source ↗
Sources
Generated September 28, 2026