Amphenol posted a typically stellar quarter with results far ahead of guidance. Sales rose 65% year on year (37% organically) to $10.2 billion, and non-GAAP operating margin hit another record at 29.7% (up 220 basis points year on year). Guidance implies further strength into the fourth quarter.
Amphenol is the most diversified component supplier we cover, giving it better insulation from cyclical downturns in any one market.
Amphenol relies on bolt-on M&A to maintain its top-line growth. Rising valuations could cause it to overpay for a target or make an ill-advised purchase.
Metric | APH | TEL | LFUS |
|---|---|---|---|
Price/Earnings (Normalized) | 32.04 | 19.58 | 24.04 |
Price/Book Value | 11.52 | 4.61 | 3.57 |
Price/Sales | 6.24 | 3.22 | 3.51 |
Price/Cash Flow | 26.46 | 12.88 | 18.29 |
Metric | APH | TEL | LFUS |
|---|---|---|---|
Quick Ratio | 1.30 | 1.03 | 1.86 |
Current Ratio | 1.94 | 1.73 | 2.67 |
Interest Coverage | 12.15 | 32.13 | 6.05 |
Metric | APH | TEL | LFUS |
|---|---|---|---|
Return on Assets (Normalized) | 16.29% | 13.13% | 13.59% |
Return on Equity (Normalized) | 44.32% | 25.81% | 21.22% |
Return on Invested Capital (Normalized) | 22.90% | 17.99% | 16.89% |
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