The Ledger

APHAmphenol Corporation

Industry Electronics mfg Updated 24 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

$74.09 → $81.88

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$74 → $82

Show the math

today's company value grown at the only forward growth rate management puts a number on — the 11% to 15% ten-year sales CAGR its own slide prints — then net debt of $13.4B taken off and the result divided by a share count growing 0.6% a year, as it did in the half to 28 Jul 2026. Today's multiple is held at 19× the operating profit management's guided sales run-rate implies at the margin it last reported. Each figure management gave as a range is taken at its middle.

0$25$50$75$100$125Today (Oct 2026): $74, the market price$74TodayOct 202612 months (Oct 2027): $82 a share if management delivers$8212 monthsOct 202724 months (Oct 2028): $93 a share if management delivers$9324 monthsOct 202836 months (Oct 2029): $105 a share if management delivers$10536 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all sharesshares +0.6% a year as in the half to Jul '26; there are no converts and no warrants$74$822485M sh$932500M sh$1052515M sh
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The base. Management guides one quarter. The Q3 2026 guide of $9.3-9.4bn of sales, taken four times, is the annual run-rate it implies and the latest annual number the company stands behind. At the 28.1% adjusted operating margin it reported for the twelve months to June 2026, that sets the multiple at 19× and then cancels out of the later years.
  2. The growth. 2027-29 are not guided — management declined a 2027 view outright on the Q1 2026 call. The range is the two figures its own ten-year sales CAGR slide has printed: 15% in the last two decks, 11% in the 2024 ones. A record, not a promise.
  3. The margin. Held flat. The only margin goal in eight decks is "deliver strong contribution margin" with no number on it, so there is nothing to expand it on. No number, no growth.
  4. Arithmetic. (company value − net debt) ÷ shares. Today: $74 × 2466.0M shares plus $18.8bn of borrowings less $5.4bn of cash and short-term investments. Net debt is held at $13.4B: nothing here charges the interest on it, and nothing here assumes another acquisition.

Promises vs. what happened

10 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
2025 sales $22.71B, EPS $3.27Q3 '25$23.1B and $3.34 — above both rangesHeld
Acquisitions about a third of growthQ2 '2438%, 27%, then 45%Held
CommScope mobile networks closes 1Q-25Q2 '24closed in the quarter, as AndrewHeld
A second deal closes 4Q-25Q2 '25Trexon, inside the quarterHeld
CommScope CCS closes 1Q-26Q2 '25January '26; contribution later raised to $4.6BHeld
Strong contribution margin (no number)Q2 '2421.1% to 28.1% operating marginHeld
Strong cash flow in all cyclesQ2 '24$2.3B to $4.7B free cash flow — no downturn in the windowHeld
Scope 1 and 2 emissions -15% by end-'25Q2 '24slide removed before the dateDropped
Renewable energy 50% by 2030Q2 '24never reported againDropped
No end market above 25% of salesQ2 '24the cap was deleted; IT datacom is 40%Missed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q2
'24
Q3
'24
Q4
'24
Q1
'25
Q2
'25
Q3
'25
Q4
'25
Q2
'26

Headline fourPage one since Q2 '24

IT datacomPage one since Q2 '24

DiversificationFirst seen Q2 '24

AIFirst seen Q2 '24

AcquisitionsFirst seen Q2 '24

Capital returnFirst seen Q2 '24

SustainabilityFirst seen Q2 '24

CablePage one since Q4 '25

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Trailing sales, margin, EPS and free cash flow on the headline slide

Q2 '24 · headline page

“$13.4B Sales 21.1% Adjusted Operating Margin $1.64 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q3 '24 · headline page

“$14.2B Sales 21.4% Adjusted Operating Margin $1.75 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, November 2024 (Baird Global Industrial Conference) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q4 '24 · headline page

“$15.2B Sales 21.7% Adjusted Operating Margin $1.89 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q1 '25 · headline page

“$15.2B Sales 21.7% Adjusted Operating Margin $1.89 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, May 2025 (J.P. Morgan TMT Conference) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q2 '25 · headline page

“$18.8B Sales 23.5% Adjusted Operating Margin $2.49 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, September 2025 (Citi Global TMT Conference) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q3 '25 · headline page

“$21.0B Sales 25.5% Adjusted Operating Margin $2.92 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, November 2025 (Baird Global Industrial Conference) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q4 '25 · headline page

“$23.1B Sales 26.2% Adjusted Operating Margin $3.34 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, March 2026 (investor meetings) · p. 3 ·

Trailing sales, margin, EPS and free cash flow on the headline slide

Q2 '26 · headline page

“$29.0B Sales 28.1% Adjusted Operating Margin $2.16 Adjusted Diluted EPS”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 3 ·

IT datacom share of sales

Q2 '24 · headline page

“IT Datacom 21%”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 3 ·

IT datacom share of sales

Q3 '24 · headline page

“IT Datacom 22%”

Deck Amphenol Investor Presentation, November 2024 (Baird Global Industrial Conference) · p. 3 ·

IT datacom share of sales

Q4 '24 · headline page

“IT Datacom 24%”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 3 ·

IT datacom share of sales

Q1 '25 · headline page

“IT Datacom 24%”

Deck Amphenol Investor Presentation, May 2025 (J.P. Morgan TMT Conference) · p. 3 ·

IT datacom share of sales

Q2 '25 · headline page

“IT Datacom 30%”

Deck Amphenol Investor Presentation, September 2025 (Citi Global TMT Conference) · p. 3 ·

IT datacom share of sales

Q3 '25 · headline page

“IT Datacom 33%”

Deck Amphenol Investor Presentation, November 2025 (Baird Global Industrial Conference) · p. 3 ·

IT datacom share of sales

Q4 '25 · headline page

“IT Datacom 36%”

Deck Amphenol Investor Presentation, March 2026 (investor meetings) · p. 3 ·

IT datacom share of sales

Q2 '26 · headline page

“IT Datacom 40%”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 3 ·

End-market diversification

Q2 '24 · further in the deck

“No market >25% of sales”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 10 ·

End-market diversification

Q3 '24 · further in the deck

“No market >24% of sales”

Deck Amphenol Investor Presentation, November 2024 (Baird Global Industrial Conference) · p. 10 ·

End-market diversification

Q4 '24 · further in the deck

“Balanced across end markets”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 14 ·

End-market diversification

Q2 '25 · further in the deck

“Balanced across end markets”

Deck Amphenol Investor Presentation, September 2025 (Citi Global TMT Conference) · p. 14 ·

End-market diversification

Q2 '26 · further in the deck

“•Balanced across end markets”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 14 ·

Artificial intelligence in the high-speed pillar

Q2 '24 · further in the deck

“Enabling Artificial Intelligence (AI)”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 9 ·

Artificial intelligence in the high-speed pillar

Q3 '24 · further in the deck

“Enabling Artificial Intelligence (AI)”

Deck Amphenol Investor Presentation, November 2024 (Baird Global Industrial Conference) · p. 9 ·

Artificial intelligence in the high-speed pillar

Q4 '24 · further in the deck

“Enabling Artificial Intelligence (AI)”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 9 ·

Artificial intelligence in the high-speed pillar

Q2 '25 · further in the deck

“Enabling Artificial Intelligence (AI)”

Deck Amphenol Investor Presentation, September 2025 (Citi Global TMT Conference) · p. 9 ·

Artificial intelligence in the high-speed pillar

Q4 '25 · further in the deck

“Enabling Artificial Intelligence (AI)”

Deck Amphenol Investor Presentation, March 2026 (investor meetings) · p. 9 ·

Artificial intelligence in the high-speed pillar

Q2 '26 · further in the deck

“•Enabling Artificial Intelligence (AI)”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 9 ·

Acquisition program, one-third of growth

Q2 '24 · further in the deck

“T arget acquisitions to account for approximately one-third of growth”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 12 ·

Acquisition program, one-third of growth

Q3 '24 · further in the deck

“T arget acquisitions to account for approximately one-third of growth”

Deck Amphenol Investor Presentation, November 2024 (Baird Global Industrial Conference) · p. 12 ·

Acquisition program, one-third of growth

Q4 '24 · further in the deck

“T arget acquisitions to account for approximately one-third of growth over the long term”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 12 ·

Acquisition program, one-third of growth

Q2 '25 · further in the deck

“To close in 1H-26”

Deck Amphenol Investor Presentation, September 2025 (Citi Global TMT Conference) · p. 12 ·

Acquisition program, one-third of growth

Q3 '25 · further in the deck

“To close in 1Q-26”

Deck Amphenol Investor Presentation, November 2025 (Baird Global Industrial Conference) · p. 12 ·

Acquisition program, one-third of growth

Q2 '26 · further in the deck

“•T arget acquisitions to account for approximately one-third of growth over the long term”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 12 ·

Capital return and balance sheet

Q2 '24 · further in the deck

“Increased dividend by 50% in July 2024; repurchased 5.9 million shares year-to-date 2024; active M&A pipeline”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 4 ·

Capital return and balance sheet

Q4 '24 · further in the deck

“Increased dividend by 50% in July 2024; repurchased 11.1 million shares in 2024; successful M&A program”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 4 ·

Capital return and balance sheet

Q2 '25 · further in the deck

“Increased dividend by 50% in July 2024; repurchased 9.9 million shares in last 12 months; successful M&A program”

Deck Amphenol Investor Presentation, September 2025 (Citi Global TMT Conference) · p. 4 ·

Capital return and balance sheet

Q3 '25 · further in the deck

“Increased quarterly dividend by 52% in October 2025; consistent share repurchase program; successful M&A program”

Deck Amphenol Investor Presentation, November 2025 (Baird Global Industrial Conference) · p. 4 ·

Capital return and balance sheet

Q4 '25 · further in the deck

“Excellent liquidity and low leverage including cash and short-term investments of $11.4 billion as of December 31, 2025, and $3.9 billion adjusting for the CommScope acquisition”

Deck Amphenol Investor Presentation, March 2026 (investor meetings) · p. 4 ·

Capital return and balance sheet

Q2 '26 · further in the deck

“•Excellent liquidity and low leverage including cash and short-term investments of $5.4 billion as of June 30, 2026.”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 4 ·

Sustainability targets

Q2 '24 · further in the deck

“Remain on track to achieve the 8 goals we set in our 2022”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 13 ·

Sustainability targets

Q3 '24 · further in the deck

“Remain on track to achieve the 8 goals we set in our 2022”

Deck Amphenol Investor Presentation, November 2024 (Baird Global Industrial Conference) · p. 13 ·

Sustainability targets

Q4 '24 · further in the deck

“Committed to sustainable business practices”

Deck Amphenol Investor Presentation, March 2025 (investor meetings) · p. 14 ·

Sustainability targets

Q2 '26 · further in the deck

“•Committed to sustainable business practices”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 14 ·

Cable solutions added to the description

Q2 '24 · headline page

“Leading provider of high-technology interconnect, antenna and sensor solutions”

Deck Amphenol Investor Presentation, September 2024 (Citi Global TMT and GEMS Conference) · p. 3 ·

Cable solutions added to the description

Q4 '25 · headline page

“Leading provider of high-technology interconnect, antenna, sensor and cable solutions”

Deck Amphenol Investor Presentation, March 2026 (investor meetings) · p. 3 ·

Cable solutions added to the description

Q2 '26 · headline page

“Leading provider of high-technology interconnect, antenna, sensor and cable solutions”

Deck Amphenol Investor Presentation, September 2026 (Citi Global TMT Conference) · p. 3 ·

What they keep talking about · 10

The themes that show up deck after deck, and the ones that disappear.

Headline four
Page three of all eight: trailing sales, adjusted operating margin, adjusted EPS, free cash flow. $13.4B to $29.0B of sales, 21.1% to 28.1% margin. The May 2025 deck reprints the 2024 figures.
IT datacom
A slice of the end-market pie, never a growth rate: 21%, 22%, 24%, 24%, 30%, 33%, 36%, 40%. No deck gives an AI revenue number.
Diversification
"No market >25% of sales" in Sep '24, tightened to 24% in Nov '24, then deleted in Mar '25 — the quarter IT datacom reached 24%. "Balanced across end markets" replaced it.
AI
One bullet in the high-speed pillar, moved to first place in Mar '25. There is no AI slide in any of the eight decks.
Acquisitions
"Approximately one-third of growth", with "over the long term" added in Mar '25. Pending deals are shown as a close date, and all three were met or beaten.
Capital return
Dividend raised 50% in Jul '24 and 52% in Oct '25. The repurchased-share count was given until Sep '25, then became "consistent share repurchase program".
Sustainability
A slide with eight dated goals in the 2024 decks, gone from Mar '25 — before the first target date. One bullet is left.
Cable
"cable solutions" enters the one-line description of the company in Mar '26, the first deck after the CommScope CCS close.
New
Sep '26: the EPS series is restated at half its earlier level for the two-for-one split, and the ten-year sales CAGR slide reads 15% against 11% two years ago.
Quiet
The 25%-of-sales cap, the shares-repurchased count and the sustainability targets all stopped. Each was on a slide the quarter before it went.
Every quarterly report we’ve saved · 17

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

7 calls · Q3 24 – Q1 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26
Demand & customers36%46%57%46%25%47%50%
Growth & sales43%31%29%38%42%18%20%
Pricing & margins14%31%14%46%33%12%20%
Guidance & outlook36%23%29%54%42%18%20%
Capacity & supply·31%21%8%17%24%70%
Capital & financing14%31%14%23%17%6%20%
Competition·8%7%·8%6%10%
Products & technology7%23%29%8%17%6%40%
Macro & regulation7%8%21%····
Other29%·21%·17%41%20%
Questions14131413121710
How much the CEO talked86%100%91%81%80%85%89%

Who’s in charge, who’s selling

read from the filings · 1 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 2 · live

    Every officer who sold did it off-plan: $423.4M against one $1.3M purchase

    Twenty-eight open-market sales by eight insiders in the year to June 2026, and not one flagged as made under a Rule 10b5-1 plan. The sellers are the whole operating leadership: Norwitt $108.3M, Lampo $84.2M, Walter $49.2M, Doherty $47.4M, Ivas $39.3M, D'Amico $38.7M, Straub $28.5M, Silverman $28.0M. The only purchase was $1,285,100 by the director Robert Livingston on 5 Feb '26.

  2. Tier 2 · worsening

    Goodwill now exceeds book equity, with $18.8B of debt behind it

    The $10.5B CommScope CCS purchase closed in January 2026 and added about $7.0B of goodwill in a quarter, taking it to $17,554.7M against $15,491.6M of book equity. Borrowings are $18,811.3M at 30 Jun '26 against $5,419.1M of cash and short-term investments, down from $11.4B at the year end. Net debt is 1.46x trailing EBITDA.

  3. Tier 2 · worsening

    The chief executive took the chairman's seat and drew the biggest against-vote on the ballot

    Norwitt, chief executive since 2009, was appointed chairman effective at the May 2026 meeting when Martin Loeffler retired, and David Falck was made lead independent director the same day. At that meeting Norwitt got 58.1M votes against, 5.4% — the most of the eight nominees. A year earlier, as chief executive only, he got 4.3M, 0.4%.

  4. Tier 2 · stable

    The incentive plan pays on revenue growth that is not adjusted for acquisitions

    The maximum 200% multiplier needs 17.5% revenue growth and 27.5% Adjusted Diluted EPS growth, equally weighted and neither adjusted for acquisitions. In 2025 the company delivered 52% and 77% after five acquisitions, then bought CommScope. Norwitt's 2025 pay was $22.4M, 91% of it at risk; the pay ratio is 1188:1 globally and 335:1 against the median US employee.

  5. Tier 3 · worsening

    Discrete tax charges adjusted away three quarters running

    About $429M of tax charges were excluded from adjusted EPS from Q4 '25 to Q2 '26, after management first put a $100M "best estimate" on the China matter — the charge became $230M, with $199M more on top. Adjusted EPS is one half of the incentive plan and the only per-share figure the company guides.

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Norwitt (CEO, now chairman)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.4.3M58.1M5.4%
Falck (lead independent)A board seat.51.3M51.2M4.8%
Ratify Deloitte & ToucheThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long.65.2M72.2M6.4%
Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.86.4M83.1M7.8%
Authorise 3bn more sharesPermission to create more shares. The company may then sell new shares later, for deals or to raise cash. New shares dilute the existing ones, so each shareholder owns a smaller share of the company. A no says shareholders want that door kept narrower.244.6M—22.2% in '25

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

SEC insider data sets, Jul '25-Jun '26SoldNote
R. Adam Norwitt, chief executive$108.3M5 sales, Aug '25 to May '26; none on a pre-set plan
Craig A. Lampo, chief financial officer$84.2M5 sales, across two title records after the 2026 retitling
All eight officers$423.4M28 sales, nothing plan-flagged, and no purchase by any of them
The one purchase$1.3MRobert Livingston, director, on 5 Feb '26 — the only insider buy of the year