⚠ A Record Margin Built on One MarketModerate threat

Amphenol (APH) — threat to the moat

Amphenol's record 29.5% margin rests on AI data-centre products and an $80 million tariff refund, and both can go away.

The margin that broke out of its decade-long band did so for reasons that can reverse. Gross margin was 32.5% in 2023, 33.8% in 2024 and 36.9% in 20251, and 40.5% in the June 2026 quarter2, on gross profit of $3,548.0 million from sales of $8,758.1 million3.

Amphenol gross margin (%)32.5202333.8202436.9202540.5Q2 2026Amphenol Form 10-K FY2025 and Q2 2026 results release
Eight points of gross margin gained in two and a half years.

Look at where the extra points come from. The Communications Solutions segment, home of the data-centre products, earned a 33.6% margin in the quarter against 30.6% a year earlier4. The chief executive said that sequential growth of 22% was driven "virtually all" by AI: "Virtually all of this growth was driven by sales of AI related products"5. Some of the rest is a one-off. The quarter included "an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs"6, about 0.9 points of margin7, and the company said its guidance "does not include any additional tariff recoveries"8.

A margin built on one product family behaves like that family. When AI customers slow their building, the mix that lifted the margin will reverse it. The old businesses, which ran at about 20% for a decade, will still be there; the question is how much of the new margin they can hold. The first quarter showed how much the adjusted and GAAP figures can differ in a year of deals. Its GAAP operating margin was 24.0% and its adjusted margin 27.3%9.

The quarter to watch is the first one in which IT datacom sales fall sequentially. If gross margin in that quarter drops below 36%, the 2025 level, the record will have been a boom and not a new floor.

References
  1. Moat Explorer calcGross margin was 32.5% in 2023, 33.8% in 2024 and 36.9% in 2025, and 40.5% in the June 2026 quarter, on gross profit of $3,548.0 million from sales of $8,758.1 million.
    Moat Explorer calculation from Amphenol's reported figures ($ 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% - sales growth and margins. — 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.
  2. Moat Explorer calcGross margin was 32.5% in 2023, 33.8% in 2024 and 36.9% in 2025, and 40.5% in the June 2026 quarter, on gross profit of $3,548.0 million from sales of $8,758.1 million.
    Moat Explorer calculation from Amphenol's reported figures ($ 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% - sales growth and margins. — 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. ReportedGross margin was 32.5% in 2023, 33.8% in 2024 and 36.9% in 2025, and 40.5% in the June 2026 quarter, on gross profit of $3,548.0 million from sales of $8,758.1 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 - segment sales, operating income and margins. — Q2 2026 · publ. 29 July 2026 · source ↗
  4. ReportedThe Communications Solutions segment, home of the data-centre products, earned a 33.6% margin in the quarter against 30.6% a year earlier.
    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 - segment sales, operating income and margins. — Q2 2026 · publ. 29 July 2026 · source ↗
  5. ReportedThe chief executive said that sequential growth of 22% was driven "virtually all" by AI: "Virtually all of this growth was driven by sales of AI related products".
    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 ↗
  6. ReportedThe quarter included "an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs", about 0.9 points of margin, and the company said its guidance "does not include any additional tariff recoveries".
    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 - segment sales, operating income and margins. — Q2 2026 · publ. 29 July 2026 · source ↗
  7. Moat Explorer calcThe quarter included "an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs", about 0.9 points of margin, and the company said its guidance "does not include any additional tariff recoveries".
    Moat Explorer calculation from Amphenol's reported figures ($ 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. ReportedThe quarter included "an $80 million ($0.04 per share) net benefit related to the recovery of IEEPA tariffs", about 0.9 points of margin, and the company said its guidance "does not include any additional tariff recoveries".
    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 - segment sales, operating income and margins. — Q2 2026 · publ. 29 July 2026 · source ↗
  9. ReportedIts GAAP operating margin was 24.0% and its adjusted margin 27.3%.
    Amphenol first-quarter 2026 results release, Form 8-K exhibit 99.1 - segment results, orders and the China tax items. — Q1 2026 · publ. 29 April 2026 · source ↗
Sources
Generated September 28, 2026