✦ CommScope: $4.6 Billion in Year OneNarrow moat

Amphenol (APH) — the future bets

CommScope's cable business is on course for $4.6 billion of 2026 sales, half a billion above plan, because its data-centre fibre sales have doubled.

The bet that will decide 2026 is the one already closed. Amphenol bought CommScope's Connectivity and Cable Solutions business for about $10.5 billion1, and at closing expected 2026 sales of about $4.1 billion and accretion of about $0.15 a share2, on the pre-split basis. By July it expected "full-year sales of $4.6 billion" and accretion of $0.303, which is $0.15 on today's basis4.

CommScope CCS net sales ($bn)2.8220243.7520254.62026 outlookCCS audited financial statements FY2024-FY2025; Amphenol Q2 2026 results release (outlook)
Growing about a third a year before and after the purchase.

The business has grown fast. On its own audited accounts it sold $2,823.2 million in 2024 and $3,754.5 million in 20255, up 33.0%6. From the closing date to 30 June 2026 it contributed $2,100.9 million of Amphenol's sales7, 12.8% of the half8.

The growth is coming from data centres. CommScope's cable business operated as three units: data-centre connectivity, broadband communications and building connectivity9. Amphenol now expects IT datacom to be "just a bit less than half of CommScope's total sales for the full year", against "about a third of their sales. In 2025"10. The chief executive said the business's IT datacom sales were "essentially double" year on year11.

That is also the risk. The purchase was bought to add fibre capacity to an AI boom already concentrated in Communications Solutions, and it concentrates the company further. Its other two units serve markets that are weaker: communications networks fell 6% organically in the June quarter12.

The first quarter was already built in. The January guidance for the March quarter included "approximately $900 million in sales" from the business13. The first half's $2,100.9 million14 means about $2.5 billion is needed in the second half to reach $4.6 billion15. CommScope's first-half net income, $190.2 million, was about 7% of Amphenol's1617. The accretion estimate doubled in the same revision, from $0.15 to $0.30 a share before the split18, or $0.15 after it.

The outlook is specific enough to test. If CommScope's 2026 sales fall short of $4.6 billion, or if IT datacom stops growing inside it before its 2027 comparison, the price, about 2.8 times sales, will have assumed more than the business delivers.

Moat trajectory: Widening

2026 sales outlook raised to $4.6bn; accretion doubled.

The number that tests this moat
Reported
CommScope sales since acquisition
$2,100.9M (9 Jan-30 Jun 2026)

The first test of the largest deal; a second half below $2.5bn would miss the $4.6bn outlook.

Source: Amphenol Form 10-Q, Q2 2026 ↗
References
  1. ReportedAmphenol bought CommScope's Connectivity and Cable Solutions business for about $10.5 billion, and at closing expected 2026 sales of about $4.1 billion and accretion of about $0.15 a share, on the pre-split basis.
    Amphenol Corporation Form 10-K for fiscal 2025 (year ended 31 December 2025) - acquisitions: Andrew, Trexon, CommScope, goodwill and the acquisition strategy. — FY2025 · publ. 11 February 2026 · source ↗
  2. ReportedAmphenol bought CommScope's Connectivity and Cable Solutions business for about $10.5 billion, and at closing expected 2026 sales of about $4.1 billion and accretion of about $0.15 a share, on the pre-split basis.
    Amphenol release of 12 January 2026, Form 8-K exhibit 99.1 - completion of the CCS acquisition and about 20,000 employees joining. — January 2026 · publ. 12 January 2026 · source ↗
  3. ReportedBy July it expected "full-year sales of $4.6 billion" and accretion of $0.30, which is $0.15 on today's basis.
    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 - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
  4. Moat Explorer calcBy July it expected "full-year sales of $4.6 billion" and accretion of $0.30, which is $0.15 on today's basis.
    Moat Explorer calculation from Amphenol's reported figures ($ 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.
  5. ReportedOn its own audited accounts it sold $2,823.2 million in 2024 and $3,754.5 million in 2025, up 33.0%.
    Audited combined financial statements of CommScope's Connectivity and Cable Solutions business for 2025 and 2024, Amphenol Form 8-K/A exhibit 99.1 (in thousands). — FY2025 · publ. 2026 · source ↗
  6. Moat Explorer calcOn its own audited accounts it sold $2,823.2 million in 2024 and $3,754.5 million in 2025, up 33.0%.
    Moat Explorer calculation from Amphenol's reported figures ($ 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.
  7. ReportedFrom the closing date to 30 June 2026 it contributed $2,100.9 million of Amphenol's sales, 12.8% of the half.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  8. Moat Explorer calcFrom the closing date to 30 June 2026 it contributed $2,100.9 million of Amphenol's sales, 12.8% of the half.
    Moat Explorer calculation from Amphenol's reported figures ($ 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.
  9. ReportedCommScope's cable business operated as three units: data-centre connectivity, broadband communications and building connectivity.
    Amphenol release of 4 August 2025, Form 8-K exhibit 99.1 - agreement to buy CommScope's Connectivity and Cable Solutions business for $10.5 billion in cash. — August 2025 · publ. 4 August 2025 · source ↗
  10. ReportedIn 2025".
    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 ↗
  11. ReportedThe chief executive said the business's IT datacom sales were "essentially double" year on year.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  12. ReportedIts other two units serve markets that are weaker: communications networks fell 6% organically in the June quarter.
    Amphenol second-quarter 2026 earnings call transcript (Motley Fool) - end-market shares and growth, CommScope, orders, debt and leverage - end-market shares and growth. — Q2 2026 · publ. August 2026 · source ↗
  13. ReportedThe January guidance for the March quarter included "approximately $900 million in sales" from the business.
    Amphenol fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1. — FY2025 · publ. 28 January 2026 · source ↗
  14. ReportedThe first half's $2,100.9 million means about $2.5 billion is needed in the second half to reach $4.6 billion.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  15. Moat Explorer calcThe first half's $2,100.9 million means about $2.5 billion is needed in the second half to reach $4.6 billion.
    Moat Explorer calculation from Amphenol's reported figures ($ 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.
  16. ReportedCommScope's first-half net income, $190.2 million, was about 7% of Amphenol's.
    Amphenol Corporation Form 10-Q for the quarter ended 30 June 2026 - the CommScope purchase price allocation, CommScope's contribution, China sales, debt and buyback authorisation. — Q2 2026 · publ. 31 July 2026 · source ↗
  17. Moat Explorer calcCommScope's first-half net income, $190.2 million, was about 7% of Amphenol's.
    Moat Explorer calculation from Amphenol's reported figures ($ 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% - acquisitions, goodwill and the CommScope purchase. — 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.
  18. ReportedThe accretion estimate doubled in the same revision, from $0.15 to $0.30 a share before the split, or $0.15 after it.
    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 - highlights, orders, CommScope outlook and third-quarter guidance. — Q2 2026 · publ. 29 July 2026 · source ↗
Sources
Generated September 28, 2026