Latest Ratios: P/E Ratio 49.6x · EV/EBITDA 30.3x · ROE 36.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $204.3B | $172.6B | $87.8B | $61.5B | $47.3B | $54.7B | $40.2B | $33.3B | $25.3B | $27.8B | $21.2B |
| Enterprise Value | $208.7B | $177.0B | $91.7B | $64.7B | $50.8B | $58.6B | $42.6B | $36.2B | $27.6B | $29.6B | $23.2B |
| P/E Ratio → | 49.60 | 40.46 | 36.18 | 31.78 | 24.89 | 34.44 | 33.37 | 28.79 | 21.10 | 42.23 | 25.45 |
| P/S Ratio | 8.85 | 7.48 | 5.77 | 4.90 | 3.75 | 5.03 | 4.68 | 4.05 | 3.09 | 3.97 | 3.37 |
| P/B Ratio | 15.67 | 12.78 | 8.91 | 7.30 | 6.67 | 8.58 | 7.38 | 7.25 | 6.23 | 6.88 | 5.69 |
| P/FCF | 46.66 | 39.43 | 40.84 | 28.54 | 26.41 | 46.38 | 30.58 | 27.61 | 31.58 | 30.30 | 23.89 |
| P/OCF | 38.01 | 32.12 | 31.18 | 24.34 | 21.75 | 35.53 | 25.26 | 22.19 | 22.77 | 24.30 | 19.66 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.66 | 6.03 | 5.15 | 4.02 | 5.39 | 4.96 | 4.41 | 3.37 | 4.23 | 3.68 |
| EV / EBITDA | 30.26 | 25.67 | 23.78 | 21.56 | 16.93 | 22.78 | 21.76 | 18.52 | 13.85 | 17.86 | 15.89 |
| EV / EBIT | 34.94 | 29.66 | 28.41 | 24.94 | 19.57 | 27.83 | 25.95 | 22.47 | 16.34 | 20.51 | 19.08 |
| EV / FCF | — | 40.43 | 42.68 | 30.01 | 28.36 | 49.65 | 32.40 | 30.02 | 34.44 | 32.29 | 26.11 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.9% | 36.9% | 33.8% | 32.5% | 31.9% | 31.3% | 31.0% | 31.8% | 32.4% | 32.9% | 32.5% |
| Operating Margin | 25.9% | 25.9% | 21.6% | 20.7% | 20.7% | 20.0% | 19.2% | 20.0% | 20.7% | 20.4% | 19.7% |
| Net Profit Margin | 18.5% | 18.5% | 15.9% | 15.4% | 15.1% | 14.6% | 14.0% | 14.0% | 14.7% | 9.3% | 13.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 36.6% | 36.6% | 26.5% | 24.8% | 28.2% | 26.9% | 24.0% | 26.7% | 29.7% | 16.8% | 23.5% |
| ROA | 14.8% | 14.8% | 12.8% | 12.1% | 12.7% | 11.8% | 10.4% | 11.1% | 12.0% | 7.0% | 10.3% |
| ROIC | 28.3% | 28.3% | 19.4% | 17.5% | 18.8% | 18.1% | 16.1% | 17.8% | 20.8% | 18.6% | 18.5% |
| ROCE | 25.5% | 25.5% | 21.4% | 19.9% | 21.0% | 19.6% | 17.6% | 20.2% | 21.2% | 18.7% | 18.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.15 | 1.15 | 0.74 | 0.55 | 0.69 | 0.79 | 0.75 | 0.83 | 0.88 | 0.88 | 0.81 |
| Debt / EBITDA | 2.25 | 2.25 | 1.89 | 1.55 | 1.62 | 1.96 | 2.09 | 1.95 | 1.79 | 2.14 | 2.07 |
| Net Debt / Equity | — | 0.32 | 0.40 | 0.38 | 0.49 | 0.60 | 0.44 | 0.63 | 0.56 | 0.45 | 0.53 |
| Net Debt / EBITDA | 0.63 | 0.63 | 1.03 | 1.06 | 1.17 | 1.50 | 1.22 | 1.49 | 1.15 | 1.10 | 1.36 |
| Debt / FCF | — | 1.00 | 1.84 | 1.47 | 1.95 | 3.27 | 1.82 | 2.41 | 2.86 | 1.99 | 2.23 |
| Interest Coverage | 16.23 | 16.23 | 14.88 | 18.60 | 20.22 | 18.22 | 14.23 | 13.72 | 16.62 | 15.65 | 16.72 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.98 | 2.98 | 2.37 | 2.17 | 2.42 | 2.43 | 2.38 | 1.97 | 1.86 | 2.95 | 2.20 |
| Quick Ratio | 2.48 | 2.48 | 1.75 | 1.48 | 1.64 | 1.66 | 1.75 | 1.36 | 1.36 | 2.25 | 1.63 |
| Cash Ratio | 1.68 | 1.68 | 0.82 | 0.53 | 0.54 | 0.51 | 0.75 | 0.43 | 0.53 | 1.11 | 0.72 |
| Asset Turnover | — | 0.64 | 0.71 | 0.76 | 0.82 | 0.74 | 0.70 | 0.76 | 0.82 | 0.70 | 0.74 |
| Inventory Turnover | 4.26 | 4.26 | 3.96 | 3.91 | 4.11 | 3.95 | 4.06 | 4.28 | 4.50 | 4.25 | 4.57 |
| Days Sales Outstanding | — | 74.55 | 78.84 | 76.12 | 76.09 | 82.38 | 82.84 | 77.05 | 79.74 | 83.22 | 78.34 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.5% | 0.7% | 0.8% | 1.0% | 0.6% | 0.7% | 0.8% | 1.0% | 0.7% | 0.8% |
| Payout Ratio | 18.8% | 18.8% | 24.6% | 26.0% | 25.1% | 21.8% | 24.7% | 24.2% | 21.1% | 31.5% | 21.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 2.5% | 2.8% | 3.1% | 4.0% | 2.9% | 3.0% | 3.5% | 4.7% | 2.4% | 3.9% |
| FCF Yield | 2.1% | 2.5% | 2.4% | 3.5% | 3.8% | 2.2% | 3.3% | 3.6% | 3.2% | 3.3% | 4.2% |
| Buyback Yield | 0.3% | 0.4% | 0.8% | 1.0% | 1.5% | 1.2% | 1.6% | 1.8% | 3.7% | 2.2% | 1.5% |
| Total Shareholder Yield | 0.7% | 0.9% | 1.5% | 1.8% | 2.6% | 1.8% | 2.3% | 2.6% | 4.7% | 3.0% | 2.4% |
| Shares Outstanding | — | $2.6B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B | $2.5B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying APH stock.
Amphenol Corporation's current P/E ratio is 49.6x. The historical average is 18.1x. This places it at the 100th percentile of its historical range.
Amphenol Corporation's current EV/EBITDA is 30.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.1x.
Amphenol Corporation's return on equity (ROE) is 36.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 54.4%.
Based on historical data, Amphenol Corporation is trading at a P/E of 49.6x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amphenol Corporation's current dividend yield is 0.38% with a payout ratio of 18.8%.
Amphenol Corporation has 36.9% gross margin and 25.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Amphenol Corporation's Debt/EBITDA ratio is 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Integration and leverage risk
Metrics are mathematically derived from official filings.
Margin Expansion Reflects Mix Shift
Gross margin expanded to 40.5% in Q2 2026 from 33.4% in Q1 2024, per financial statements, while operating margin reached 29.5%, indicating a favorable shift toward specialized interconnect solutions.
The 710 basis point gross margin expansion over ten quarters suggests Amphenol is increasingly selling engineered, high-value products rather than commodity connectors. Operating margin of 29.5% in Q2 2026, up from 21.0% in Q1 2024, implies exceptional cost control, likely aided by the decentralized model that keeps overhead lean. Net margin of 20.2% in Q2 2026, though flattered by one-time items, underscores the company's ability to convert revenue into profit at a rate that outpaces most hardware peers.
ROIC Recovery Signals Value Creation
ROIC improved to 6.6% in Q2 2026 from 4.5% in Q1 2024, as reported, but remains below the 10% threshold, suggesting that recent acquisitions have yet to fully contribute to returns.
The sequential improvement in ROIC from 5.9% in Q1 2026 to 6.6% in Q2 2026 indicates that the massive acquisition spend is beginning to generate returns, though the absolute level is still modest. ROE of 11.9% in Q2 2026, up from 6.4% in Q1 2024, reflects both margin expansion and a higher leverage ratio, but the gap between ROIC and ROE highlights the impact of debt financing. Investors should monitor whether ROIC can sustainably exceed the cost of capital as integration progresses, given the goodwill-heavy balance sheet.
Working Capital Cycle Lengthens
Cash conversion cycle extended to 78 days in Q2 2026 from 107 days in Q1 2024, per reported figures, as DSO rose to 66 days and DIO fell to 75 days, indicating tighter inventory management but slower collections.
The 29-day improvement in CCC is driven by a 16-day reduction in DIO, suggesting better inventory turnover, likely due to strong demand in AI and defense end-markets. However, DSO has remained elevated at 66 days, which may indicate that customers are taking longer to pay, possibly reflecting a shift in customer mix toward larger OEMs with extended payment terms. The stable DPO around 63 days suggests Amphenol is not stretching suppliers further, which could limit future working capital improvements.
Leverage Rises with Acquisition Financing
Debt-to-equity climbed to 1.20 in Q2 2026 from 0.49 in Q1 2024, as reported, while interest coverage remains comfortable at 12.0x, indicating manageable debt service but rising refinancing risk.
The increase in leverage is directly tied to the $10.6B acquisition outflow in Q1 2026, which has raised D/EBITDA to 6.13x from 5.46x a year earlier. Despite the higher debt load, interest coverage of 12.0x in Q2 2026 remains solid, suggesting that operating income is sufficient to cover interest expenses multiple times. However, the rapid rise in leverage warrants monitoring, especially if credit markets tighten or if integration challenges delay expected synergies.
Liquidity Buffer Remains Solid
Current ratio stands at 1.89 in Q2 2026, down from 2.06 in Q1 2024, per balance sheet data, while quick ratio of 1.41 indicates adequate short-term coverage without relying on inventory sales.
The current ratio remains above 1.5, providing a comfortable cushion for short-term obligations, though it has declined from the 2.0+ levels seen in 2024. The quick ratio of 1.41 suggests that even if inventory becomes illiquid, Amphenol can cover its current liabilities with cash and receivables. Cash of $4.7B, as noted in the balance sheet analysis, offers additional flexibility, but the company's aggressive M&A strategy could quickly deplete this buffer.
P/E Misleads on Growth Sustainability
The trailing P/E of 47.0 and forward P/E of 29.0, per valuation data, may overstate expensiveness if the 51.7% YoY revenue growth is sustainable, but the PEG of 1.69 suggests the market already prices in deceleration.
The most commonly misapplied ratio for Amphenol is the trailing P/E, which fails to account for the recent acquisition-driven earnings surge. With forward P/E of 29.0, the market is pricing in a significant slowdown from the 55% growth rate, implying that the current valuation may be justified if growth normalizes to mid-teens. However, the PEG of 1.69 indicates that the stock is not cheap relative to its expected growth, and any miss on guidance could trigger a de-rating. Investors should focus on organic growth and integration metrics rather than headline P/E.