Amphenol Corp. - Ordinary Shares - Class A
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+ FollowMarket Cap$195.55B
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Earnings Call Q3 2026
October 28, 2026 - AI Summary
Record Q3 performance (surprising strength vs expectations)
- Sales: $10.2B, +65% YoY (US$ and local currency) and +37% organic; +17% sequential (US$ and local currency) and +16% organic.
- EPS: GAAP $0.79 and Adjusted $0.80 (both record); Adjusted diluted EPS +74% YoY vs $0.46 in Q3’25.
- Cash flow: Operating cash flow $2.1B (102% of net income); Free cash flow $1.6B (80% of net income).
- Orders/book-to-bill: Orders $12.17B = +99% YoY and +13% sequential; book-to-bill 1.19x (positive in all but 1 end market).
Margin, profitability, and what’s driving it (good but with acquisition dilution)
- Operating income/margin: GAAP and Adjusted operating income ~ $3B; GAAP margin 29.5%, Adjusted margin 29.7%.
- YoY margin up +22 bps (mainly operating leverage on higher volumes; acquisition margin dilution was more than offset).
- Sequential margin down ~10 bps due to stronger tariff recoveries in Q2; excluding that, adjusted margin +~70 bps sequential (conversion + improving acquisition profitability—especially CommScope).
- Management expects margins to expand as growth continues, but acquisitions can still compress margins at times versus the company average (industry/input costs remain a consideration).
Full-year and Q4 outlook (clear forward guidance; acquisition exclusions noted)
- Q4 guidance: Sales $10.3B–$10.5B; Adjusted diluted EPS $0.81–$0.83
- Implied YoY: Sales +60% to +63%, EPS +65% to +69%.
- Important negative/scope note: guidance does not include acquisitions not yet closed (specifically Advanced PCB, DexScreen, Humanetics).
- FY 2026 guidance: Sales $36.9B–$37.1B; Adjusted diluted EPS $2.82–$2.84
- Implied YoY: Sales ~+60%, EPS ~+70%.
- CommScope guidance upgrade included: $5.1B sales and contribution of $0.18 to adjusted EPS (supports upside case).
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$47.03
40.5% downside
Current Fair Value
40.5% downsideOvervalued by 40.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $195.55 Billion |
|---|---|
| Enterprise Value | $209.98 Billion |
| Annual dividend | $0.92 |
| Dividend yield | 0.63% |
| Earnings per Share | $1.76 |
| Beta | 1.24 |
| Outstanding Shares | 2,467,200,000 |
Return
| Return on Equity | 38.36% |
|---|---|
| Return on Assets | 13.26% |
| Return on Invested Capital | 26.05% |
Valuation & Multiples
| P/E Ratio | 32.9 |
|---|---|
| PEG | 51.98 |
| Price to Sales | 6.08 |
| Price to Book Ratio | 13.18 |
| Enterprise Value to Revenue | 6.35 |
| Enterprise Value to EBIT | 22.79 |
| Enterprise Value to Net Income | 35 |
| Total Debt to Enterprise | 0.09 |
| Debt to Equity | 1.24 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 28, 2026
EPS Estimate
$0.73
Consensus analyst estimateRevenue Estimate
$9.49 B
Consensus analyst estimateNext Earnings Call
Expected Date
January 27, 2027
EPS Estimate
$0.80
Consensus analyst estimateRevenue Estimate
$10.45 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.07, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.0726▲ 23.95% |
|---|---|
| Total Calls | 155,600▼ 97.54% |
| Total Puts | 166,900▼ 96.83% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.77%▼ 89.83% |
|---|---|
| Total Invested | $11.97B▼ 94.20% |
| Investors Holding | 941▼ 1468.00% |
About Amphenol Corp.
170,000 employees
CEO: Richard Norwitt
Amphenol Corporation, through its global network of subsidiaries, specializes in the design, manufacture, and distribution of electrical, electronic, and fiber optic connectors. The company maintains significant operations across the Uni...