APH
T2Amphenol Corporation
OverviewAmphenol manufactures electronic connectors and sensors that move power and data. Its segments include Communications Solutions (52%), Harsh Environment (26%),
Amphenol manufactures electronic connectors and sensors that move power and data. Its segments include Communications Solutions (52%), Harsh Environment (26%), and Interconnect Systems (22%), offering high-speed, rugged, and industrial components. They sell to major technology, automotive, and defense manufacturers like Apple and Microsoft. Recent acquisitions like CommScope significantly expand their fiber optic and AI infrastructure capabilities.
- What They Do (Plain English & Analogies)
- Amphenol is essentially the 'nervous system' and 'plumbing' provider for the world's electronics. If a data center or a fighter jet is a body, Amphenol makes the nerves (cables), the joints (connectors), and the senses (sensors) that allow power and information to flow between different parts. Think of them like the high-tech version of the specialized plugs and wires behind your TV, but designed to survive extreme heat in a car engine, the vacuum of space, or the massive power demands of an AI supercomputer. They don't make the 'brains' (chips), but they make everything that hooks those brains together so they can talk to each other.
- Very Brief History
- Founded in 1932 in Chicago to manufacture tube sockets for the radio industry, Amphenol has evolved through decades of aggressive, disciplined acquisitions. A pivotal moment was the 2005 acquisition of Teradyne Connection Systems, which established its leadership in high-speed data. Over the last four years, the company has doubled its revenue, culminating in its largest-ever acquisitions of Andrew (2024) and the CCS business from CommScope (closed January 2026), transforming it from a component maker into a global leader in end-to-end connectivity across fiber, copper, and power.
- "Street Stereotype"
- Amphenol is widely viewed as the 'Gold Standard' of operational execution and M&A. Investors perceive it as a lean, decentralized 'machine' that can integrate dozens of small companies without the typical corporate bureaucracy. It is often treated as a high-quality proxy for the AI infrastructure build-out, known for consistently beating earnings guidance and maintaining industry-leading profit margins that many analysts previously thought were unsustainable.
- Subsidiaries On Linked In*
- Amphenol Communications Solutions, Amphenol Industrial, Amphenol Aerospace, Amphenol Sine Systems, Amphenol TCS, Amphenol Ardent, Amphenol BSI, Amphenol CIT (formerly Carlisle Interconnect), Narda-MITEQ, Trexon, LifeSync, Rochester Sensors, and the recently added CommScope (CCS) business.
- New Customers / Segments They'Re Targeting
- With the 2026 close of the CCS acquisition, Amphenol is aggressively targeting the 'Total Fiber' market, moving beyond just copper connectors to dominate the fiber-optic links inside AI data centers and broadband networks. They are also gunning for a larger share of the 'Next-Gen Defense' market (via Trexon), focusing on unmanned aerial vehicles (drones) and space-based communications. Additionally, they are targeting 'AI at the edge'—helping industrial and automotive customers implement smart, AI-enabled sensors into robotics and autonomous vehicles.
- How Key Themes May Help/Hurt
- Amphenol is a primary beneficiary of the 'AI Revolution' because AI chips require significantly more (and more expensive) connectors and power cables than traditional servers. The 'Humanoid/Sensing' theme helps them as robots require hundreds of sensors and flexible interconnects to function. However, they could be hurt by a 'Motion Control' slowdown if high interest rates stall factory automation projects, or if the shift to fiber optics happens faster than they can transition their legacy copper-heavy product lines (though the CCS deal mitigates this).
3 Main Long-Term Bull Details
- AI Infrastructure Super-Cycle: The shift to accelerated computing requires a fundamental densification of interconnects, where Amphenol holds the highest-value patents. 2) M&A Compounding: Their ability to buy 'balance-sheet constrained' companies like CCS and improve their margins through the Amphenol operating model creates massive EPS growth. 3) Unrivaled Diversification: By playing in defense, medical, auto, and data centers, they can grow even if one specific industry hits a cyclical downturn.
3 Main Long-Term Bear Details
- Integration Complexity: The CCS deal is their largest ever; failing to maintain their decentralized culture at this scale could lead to margin erosion. 2) Geopolitical Friction: Significant manufacturing and sales exposure in China leaves them vulnerable to trade wars or local tax disputes (as seen with recent $100M tax accruals). 3) AI 'Air Pocket': If hyperscalers (Meta, Google) pause their massive CapEx spending before the next wave of AI applications arrives, Amphenol's IT Datacom segment could see a sharp, temporary correction.
- Competitors And Differentiation
- Primary competitors include TE Connectivity, Molex, and Corning (specifically in fiber). Amphenol differentiates itself through an extreme decentralized culture; instead of one giant headquarters making decisions, 145 local general managers run their own businesses like entrepreneurs. This allows them to react faster to customer needs. Technically, they differentiate by offering an 'A-to-Z' solution—they are one of the few who can provide the high-speed data cables, the massive power connectors, and the fiber optics all in one package.
- Recent Performance & What The Market'S Focused On
- Amphenol delivered a 'blowout' Q4 2025, with 49% sales growth and record 27.5% margins. The market is currently obsessed with their 1.31 book-to-bill ratio, which indicates that for every $1.00 they shipped, they took $1.31 in new orders—a massive signal of future AI demand. Investors are also closely watching the early close and integration of the $4B CCS business to see if it will be as accretive as management promised.
- Brands And Revenue Segments
- Segments: Communications Solutions (approx. 52% of sales, including IT Datacom and Mobile Devices), Harsh Environment Solutions (approx. 26%, including Defense and Aerospace), and Interconnect and Sensor Systems (approx. 22%, including Industrial and Automotive). Key Brands: Amphenol, Andrew, CCS (CommScope), Trexon, and Teradyne Connection Systems (TCS).
Bull / Bear DetailsAs of 2026-07-15, Amphenol remains a premier play on AI infrastructure, bolstered by record $9.4 billion orders and a 1.24 book-to-bill ratio. The successful Co
Thesis
As of 2026-07-15, Amphenol remains a premier play on AI infrastructure, bolstered by record $9.4 billion orders and a 1.24 book-to-bill ratio. The successful CommScope (CCS) acquisition transforms APH into an 'A-to-Z' interconnect provider, neutralizing the copper-vs-fiber debate and expanding into building connectivity. With strong 27.3% adjusted operating margins and accelerating defense and industrial segments, APH's decentralized model continues to drive superior execution and scale, making the bullish case for sustained double-digit growth highly compelling.
Bull case
Amphenol's leadership in AI infrastructure is accelerating, with IT Datacom sales growing 81% organically and now representing 41% of total sales. The company booked a record $9.4 billion in orders with a 1.24 book-to-bill, driven by hyperscale customers opening longer order windows for AI capacity, providing strong visibility for continued low-teens sequential growth in Q2.
The CommScope (CCS) acquisition has been successfully integrated, performing better than expected and significantly expanding Amphenol's fiber optic capabilities and market reach into building connectivity. This creates an 'A-to-Z' portfolio of copper, power, and fiber products, making Amphenol architecture-agnostic and well-positioned for future data center designs and smart infrastructure.
Amphenol's decentralized model continues to drive strong profitability and diversified growth, delivering 27.3% adjusted operating margins despite acquisition dilution. Beyond AI, the Harsh Environment segment saw 25% organic growth in defense, and the Industrial market grew 16% organically, demonstrating broad-based strength across multiple end markets.
Bear case
Integrating the massive CommScope (CCS) acquisition, while progressing well, still presents execution risks and margin dilution. The adjusted operating margin decreased sequentially by 20 basis points, primarily due to the dilutive impact of the acquisition, which could cap near-term EPS upside if profitability improvements take longer than anticipated.
Despite AI strength, Amphenol remains exposed to cyclical headwinds in several markets. The company reported softer sales in Asia for automotive, moderations in broadband demand within communications networks, and moderating demand in handsets and wearables for mobile devices, indicating potential volatility in non-AI segments.
A higher adjusted effective tax rate of 27% is expected to persist through the remainder of 2026. This is due to an unfavorable tax determination in China, resulting in a $130 million accrual and a $160 million additional tax provision, alongside a shift in income to higher tax jurisdictions, creating a structural headwind for net income growth.
Bull / Bear Case
- Bear Case
- Integrating the massive CommScope (CCS) acquisition, while progressing well, still presents execution risks and margin dilution, as the adjusted operating margin decreased sequentially by 20 basis points primarily due to its dilutive impact. This could cap near-term EPS upside if profitability improvements take longer than anticipated. Despite AI strength, Amphenol remains exposed to cyclical headwinds in several markets, with softer sales in Asia for automotive, moderations in broadband demand within communications networks, and moderating demand in handsets and wearables for mobile devices, indicating potential volatility in non-AI segments. A higher adjusted effective tax rate of 27% is expected to persist through the remainder of 2026 due to an unfavorable tax determination in China and a shift in income to higher tax jurisdictions, creating a structural headwind for net income growth. Current market conditions also show a tech rotation and valuation resets for AI infrastructure stocks.
- Bull Case
- Amphenol's leadership in AI infrastructure is accelerating, with IT Datacom sales growing 81% organically and now representing 41% of total sales. The company booked a record $9.4 billion in orders with a 1.24 book-to-bill, driven by hyperscale customers opening longer order windows for AI capacity, providing strong visibility for continued low-teens sequential growth in Q2. The CommScope (CCS) acquisition has been successfully integrated, performing better than expected and significantly expanding Amphenol's fiber optic capabilities and market reach into building connectivity, creating an 'A-to-Z' portfolio of copper, power, and fiber products. This makes Amphenol architecture-agnostic and well-positioned for future data center designs and smart infrastructure. Amphenol's decentralized model continues to drive strong profitability and diversified growth, delivering 27.3% adjusted operating margins despite acquisition dilution. Beyond AI, the Harsh Environment segment saw 25% organic growth in defense, and the Industrial market grew 16% organically, demonstrating broad-based strength across multiple end markets.
- More Compelling & Why
- Bear. Amphenol's P/E ratio (TTM) of 43.459 to 45.71 is significantly above its 10-year median and industry average, indicating it is 'Modestly Overvalued'. The strongest argument for the bear case is the combination of this stretched valuation with the persistent margin dilution from the CommScope acquisition and the structural headwind of a higher 27% effective tax rate. These factors could limit EPS growth despite strong top-line performance, making the current premium difficult to justify. My view would flip to bullish if the company demonstrates a clear path to significantly improve CommScope's margins to the corporate average, thereby offsetting the dilutive impact and the higher tax rate, leading to accelerated EPS growth that justifies the current valuation multiple.
Key Factors
| Key Factor | Why It Matters | What To Watch | What It Signals | Where/How To Track | Free Alt Data | Paid Alt Data |
|---|---|---|---|---|---|---|
| IT Datacom Book-to-Bill and Order Sustainability | Amphenol reported a record 1.31:1 book-to-bill in Q4 2025, driven by AI infrastructure. Investors need to distinguish if this is a sustainable structural shift in order windows or a temporary pull-forward that will lead to a 'digestion' period in 2026. | Monitor the Q1 2026 book-to-bill ratio and management commentary on 'order window' duration. Watch for total orders to stay above $7.5 billion to maintain the current growth trajectory. | Book-to-bill > 1.05 = Bullish (sustained AI demand); Book-to-bill < 0.95 = Bearish (order normalization/pull-forward concerns). | Q1 2026 Earnings Release (expected April 2026); SEC Form 10-Q. | Google Trends: 'AI Server Rack' and 'Liquid Cooling Interconnect' search volume; Hyperscaler earnings transcripts (MSFT, AMZN, META). | Thinknum: Tracking job postings for 'High-Speed Design Engineer' and 'Automation Specialist' at Amphenol facilities. |
| Defense Segment Organic Growth and Trexon Synergies | Defense grew 44% in Q4, benefiting from global geopolitical tensions. The Trexon acquisition ($290M sales) expands APH into high-reliability value-add assemblies, a higher-margin sub-segment of the defense market. | Organic growth rate in the Harsh Environment segment (target >15%). Watch for new contract awards in UAV (unmanned aerial vehicles) and space applications where Trexon has a footprint. | Defense Organic Growth > 20% = Bullish (market share gains); Growth < 10% = Bearish (budget delays or program cancellations). | Q1 2026 Earnings Transcript; DoD Daily Contract Award announcements. | USASpending.gov: Tracking new awards to Amphenol, Trexon, or Narda-MITEQ subsidiaries > $50M. | Govini: Deep-dive analysis of Tier 2/3 supplier positioning in major DoD programs (e.g., NGAD, Sentinel). |
| Hyperscaler AI Capex and Architecture Shifts | With IT Datacom representing 38% of sales, APH is highly sensitive to the capex cycles of Microsoft, Meta, and Amazon. The shift toward 800G/1.6T and higher rack power (200kW+) dictates the mix of high-margin copper vs. fiber solutions. | Q1 2026 Capex guidance from MSFT, META, and AMZN. Specifically, watch for mentions of 'Ethernet-based AI fabrics' or 'Direct-to-Chip' cooling requirements which favor APH's high-power connectors. | Aggregate Hyperscaler Capex growth > 20% YoY = Bullish; Shift to all-optical interconnects earlier than 2027 = Bearish (potential headwind for APH's dominant copper position). | Hyperscaler Q1 Earnings Reports (late April 2026). | SemiAnalysis or NextPlatform: Industry reports on Nvidia Blackwell/Rubin rack interconnect specifications. | Cleveland Research: Channel checks on data center interconnect lead times and vendor share shifts. |
| CommScope (CCS) Integration and Margin Accretion | CCS is Amphenol's largest acquisition, adding $4.1B in annual sales but initially diluting margins by ~100bps in Q1. Successful integration is critical to proving Amphenol can scale its 27%+ margin profile to lower-margin fiber businesses. | Q1 2026 CCS revenue contribution (guided at $900M) and the gap between adjusted operating margin and the 27.5% record. Watch for CCS operating margins to trend toward 20% by mid-2026. | CCS Q1 Revenue > $925M = Bullish (early synergy/demand); Adjusted Operating Margin < 26.0% = Bearish (integration friction or higher-than-expected dilution). | Q1 2026 Earnings Call (April 2026); Company Press Releases regarding CCS business unit performance. | ImportGenius/Panjiva: Tracking shipment volumes from former CommScope fiber facilities to major data center hubs. | Bloomberg Terminal: Supply chain analysis of fiber optic component pricing and lead times. |
| European Industrial and Automotive Recovery | Management highlighted a surprising organic growth trend in Europe for Automotive and Industrial segments in Q4, despite broader macro concerns. Sustained recovery here provides a 'hedge' if AI-related IT Datacom demand eventually cools. | Sequential growth in the Automotive segment (Q1 guidance expects -10% seasonal decline). Watch for any 'better than seasonal' performance in European industrial instrumentation and e-mobility. | European Auto Organic Growth > 5% = Bullish (market recovery); Automotive sequential decline > 15% = Bearish (resumption of cyclical downturn). | Q1 2026 Earnings Release; Eurostat Manufacturing PMI data (monthly). | ACEA (European Automobile Manufacturers' Association): Monthly new vehicle registration data by powertrain (EV/Hybrid). | S&P Global Mobility: Light vehicle production forecasts and component content-per-vehicle trends in Europe. |
Key Reported Metrics, Reratings Triggers & ResultsThis metric directly reflects Amphenol's success in capitalizing on the AI revolution. Continued strong organic growth in this segment is a key driver for inves
| Key reported metrics | Rerating thresholds | Earnings results | ||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Last period | Why it matters | What's needed for rerating | Rerating context | Earnings date | Actual reported | Hit target? | Notes |
| IT Datacom Sales (Organic Growth) | 81% | This metric directly reflects Amphenol's success in capitalizing on the AI revolution. Continued strong organic growth in this segment is a key driver for investor sentiment and future revenue expansion. | Amphenol Corporation's IT Datacom Sales (Organic Growth) metric needs to remain at or above 90% year-over-year. | Achieving 90%+ organic growth in IT Datacom is crucial as it validates Amphenol's leadership in the accelerating AI infrastructure build-out, reinforcing the long-term investment thesis. This sustained, exceptional demand justifies the company's premium valuation and signals continued market share gains for its high-speed interconnect solutions. | ||||
| Orders (YoY Growth) | 78% | Orders provide crucial forward visibility into future revenue and backlog strength. Strong year-over-year growth signals sustained demand, particularly for AI infrastructure, and reinforces customer commitments. | For Amphenol Corporation (APH) to rerate higher, the Orders (YoY Growth) metric needs to remain at or above 78%. This must be accompanied by a book-to-bill ratio staying above 1.10, ideally closer to the Q1 2026 level of 1.24:1, and total orders remaining above $9.4 billion (the record Q1 2026 level) to demonstrate sustained, robust demand. | Sustained high Orders (YoY Growth) and a strong book-to-bill ratio confirm durable AI infrastructure demand, validate Amphenol's 'A-to-Z' portfolio, and reinforce investor confidence in its revenue visibility. Achieving this threshold would justify a premium valuation by signaling continued market share gains and robust underlying revenue expansion. | ||||
| Total Sales (Organic Growth) | 33% | This metric indicates Amphenol's core business health and its ability to grow without acquisitions. Sustained organic growth validates its operational model and market position, driving investor confidence. | For Amphenol Corporation (APH) to rerate higher, its Total Sales (Organic Growth) metric needs to accelerate to at least 45% year-over-year. The company's Q2 2026 guidance for total sales growth of 43% to 45% suggests a strong acceleration towards this target, and exceeding the high end of this guidance would be a key positive signal. | Achieving at least 45% organic growth would validate Amphenol's core business strength and its ability to capitalize on the AI super-cycle beyond acquisitions. This acceleration would reinforce investor confidence in its operational execution, diversified market strategy, and justify a higher valuation by signaling sustained, robust underlying revenue expansion. | ||||
Key QuestionsIs the record 1.31 book-to-bill a sustainable indicator of multi-quarter AI infrastructure demand, or does it reflect a one-time extension of customer order win
Is the record 1.31 book-to-bill a sustainable indicator of multi-quarter AI infrastructure demand, or does it reflect a one-time extension of customer order windows that will lead to a 'digestion' period in mid-2026?
- Question 2
Can Amphenol successfully navigate the ~100 basis point margin headwind from the CommScope (CCS) acquisition in Q1 2026 and demonstrate a clear path toward returning to the record 27.5% operating margin level?
- Question 3
Will the newly expanded 'A-to-Z' fiber and copper portfolio from the CCS acquisition allow Amphenol to capture enough incremental AI content to offset the significant seasonal declines (30% in Mobile, 10% in Auto) expected in Q1 2026?
Earnings Transcript Summary
· 2025Q4 Earnings Call
| 3 Things Management Is Most Focused On | Call Takeaway & Tone | Prior Quarter'S Y/Y Growth By Segment | 3 Things Analysts Most Pressed On (And Mgmt Responses) | Revenue Segments |
|---|---|---|---|---|
| 1. AI Infrastructure Leadership: Capitalizing on the 'revolution' in AI which drove a record $8.4B in orders and 110% growth in IT Datacom. 2. M&A Integration and Scaling: Successfully closing the CCS (CommScope) and Trexon acquisitions to expand fiber optic and high-reliability defense capabilities. 3. Operational Excellence: Maintaining record 27.5% operating margins and high conversion rates (mid-30s) even while doubling the company's size over the last four years. | Takeaway: Amphenol delivered a 'uniquely successful' year, effectively doubling its revenue in four years. The company is perfectly positioned to capture the next phase of AI growth by combining its copper leadership with new fiber capabilities from CCS. Tone: Extremely positive and confident, characterized by pride in operational execution and excitement for the 2026 outlook. | Q3 2025 Y/Y Growth: Communications Solutions: +94% (Decelerated in Q4); Harsh Environment Solutions: +24% (Accelerated in Q4); Interconnect and Sensor Systems: +14% (Accelerated in Q4). | 1. Sustainability of Record Bookings: Analysts asked if the 1.31 book-to-bill was a pull-forward; Mgmt clarified that customers are opening longer order windows for AI capacity planning, representing firm commitments rather than temporary lead-time hedging. 2. Fiber vs. Copper Strategy: Analysts questioned the shift toward optics; Mgmt responded that the CCS acquisition makes Amphenol agnostic, providing an 'A-to-Z' interconnect portfolio for any data center architecture. 3. Margin Impact of Acquisitions: Analysts pressed on the dilutive effect of CCS; Mgmt acknowledged a ~100bps headwind in Q1 but emphasized their track record of bringing acquired businesses up to the corporate margin average over time. | Communications Solutions: +78% Y/Y (+60% organic); Harsh Environment Solutions: +31% Y/Y (+21% organic); Interconnect and Sensor Systems: +21% Y/Y (+16% organic). |
Transcript Tidbits
| About Expanding Eligible Market | About Competition | About The Broader Industry | Where Things Are Headed | Updates On Theme | Broader Themes Emerging | Bullish-Leaning Quotes (Short) | Bearish-Leaning Quotes (Short) | Hiring |
|---|---|---|---|---|---|---|---|---|
| The acquisition of CCS (CommScope) significantly expands Amphenol's footprint in fiber optic interconnect for IT datacom, communications networks, and industrial building connectivity. Management stated CCS 'vaults us into a position of breadth and depth in the technology around fiber optic interconnect that is a real expansion of our capabilities.' Additionally, the Trexon acquisition expands high-reliability interconnect and cable assemblies specifically for the defense market, enabling a 'complete solution' of high-technology products. | Amphenol positions itself as a uniquely agnostic partner, capable of supporting customers regardless of their choice between copper and fiber architectures. A key competitive advantage cited is the company's ability to perform the 'vast majority' of complex product automation in-house. Management noted they are 'proud to be considered in the same breadth' as other major industry players securing high-profile hyperscaler deals, while maintaining the 'broadest range' of high-speed power and fiber products. | The 'revolution in AI' is described as a structural shift driving massive investments in accelerated computing and next-generation data center architectures. The defense industry is seeing broad-based growth as countries expand investments in radar, space, and unmanned vehicles due to a 'dynamic geopolitical environment.' The industrial market is undergoing multiple 'electronic revolutions' across medical, alternative energy, and e-mobility sectors. | For Q1 2026, Amphenol guides for sales between $6.9B and $7.0B, with CommScope contributing approximately $900M. AI-related demand is expected to remain at 'very elevated levels' organically. For the full year 2026, the CommScope business is expected to generate $4.1B in sales and $0.15 in EPS accretion. Management expects to continue their strategy of bringing acquired businesses' margins up to the corporate average over time. | Sensing | The transition to 'accelerated computing' is becoming a global standard. AI is expected to move from data centers to the 'edge,' potentially creating a 'step function' in the capabilities of autonomous vehicles, robotics, and mobile devices. | Record $8.431 billion [orders]; Book-to-bill ratio of 1.31:1; More than doubled Amphenol's revenues in the past 4 years; Uniquely successful year; Broadest range of high-speed power and fiber optic interconnect products. | Seasonal decline... roughly in the 30% range; 100 basis point impact on our margins in the first quarter; Moderation in sales related to smartphones; Shift in income mix to higher tax jurisdictions. |
Notes
| Date | Comment | Comment Type | Comment Sentiment | Link | Price Reaction |
|---|---|---|---|---|---|
| 2025-10-22 | Amphenol delivered another record quarter with broad-based strength and AI/datacom sales up 128% y/y. Operating margin hit 27.5%, above expectations, supported by pricing power and high-tech mix. Industrial and defense growth accelerated, M&A integration is on track, and management guided for continued momentum into Q4. Investors viewed results as confirmation of durable AI-driven demand and margin resilience. | Earnings Transcript | Bullish | +7.54% (vs SPY: +6.65%) | |
| 2025-09-03 | Management reaffirmed robust, broad-based demand; AI data-center interconnect needs rising with both copper and optics, and CCS expands fiber for an “A–Z” offering. Margin ambition near 30% reiterated; CCS/Trexon initially dilutive but EPS accretive. Industrial recovery (incl. Europe) looks end-demand driven; lumpiness acknowledged. | Conference Presentation | Neutral | ||
| 2025-07-23 | Amphenol posted record Q2 results with revenue +57% y/y, EPS +84%, and margins above 25%, led by AI-driven IT datacom strength. Broad-based growth across segments, strong cash generation, and raised margin outlook reinforced confidence. Management guided to continued robust but slightly moderating Q3. | Earnings Transcript | Bullish | +4.28% (vs SPY: +3.85%) | |
| 2026-01-28 | Amphenol reported record Q4 results with a massive 1.31 book-to-bill ratio, fueled by AI-driven IT Datacom demand and the early CommScope acquisition close. However, the stock tumbled 10%, significantly underperforming the SPY. This negative reaction suggests the market is looking past record orders, potentially concerned by the higher 25.5% tax rate, near-term margin dilution from acquisitions, or fears that AI demand has peaked. | Earnings Transcript | Bearish | https://www.amphenol.com/investors | -10.03% (vs SPY: -9.82%) |