Debt to Equity
since 2005
Calculation
Amphenol Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Long-term debt, including current portion1 | ÷ | Stockholders’ equity attributable to Amphenol Corporation1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.52 | = | 4,337,300) | ÷ | 8,346,500) |
| Dec 31, 2022 | 0.65 | = | 4,577,700) | ÷ | 7,015,600) |
| Dec 31, 2021 | 0.76 | = | 4,799,900) | ÷ | 6,302,000) |
| Dec 31, 2020 | 0.72 | = | 3,866,500) | ÷ | 5,384,900) |
| Dec 31, 2019 | 0.80 | = | 3,606,700) | ÷ | 4,530,300) |
| Dec 31, 2018 | 0.89 | = | 3,570,700) | ÷ | 4,017,000) |
| Dec 31, 2017 | 0.89 | = | 3,542,600) | ÷ | 3,989,800) |
| Dec 31, 2016 | 0.82 | = | 3,010,700) | ÷ | 3,674,900) |
| Dec 31, 2015 | 0.87 | = | 2,813,500) | ÷ | 3,238,500) |
| Dec 31, 2014 | 0.92 | = | 2,673,900) | ÷ | 2,907,400) |
| Dec 31, 2013 | 0.75 | = | 2,132,874) | ÷ | 2,859,509) |
| Dec 31, 2012 | 0.70 | = | 1,706,497) | ÷ | 2,429,959) |
| Dec 31, 2011 | 0.63 | = | 1,377,129) | ÷ | 2,171,769) |
| Dec 31, 2010 | 0.34 | = | 799,992) | ÷ | 2,320,855) |
| Dec 31, 2009 | 0.43 | = | 753,449) | ÷ | 1,746,077) |
| Dec 31, 2008 | 0.58 | = | 786,459) | ÷ | 1,349,425) |
| Dec 31, 2007 | 0.57 | = | 722,636) | ÷ | 1,264,914) |
| Dec 31, 2006 | 0.75 | = | 680,414) | ÷ | 902,994) |
| Dec 31, 2005 | 1.13 | = | 781,000) | ÷ | 689,235) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The financial trajectory of the debt-to-equity ratio reflects three distinct phases of capital structure management over the analyzed period, characterized by an initial deleveraging, a subsequent period of debt expansion, and a final phase of balanced growth.
- Initial Deleveraging Period (2005–2010)
- A significant reduction in financial leverage is observed, with the debt-to-equity ratio declining from 1.13 in 2005 to a period low of 0.34 in 2010. This trend was primarily driven by a substantial increase in stockholders' equity, which grew from 689.2 million to 2.32 billion, while long-term debt remained relatively stable, fluctuating between 680 million and 800 million.
- Debt Expansion Phase (2011–2014)
- The period between 2011 and 2014 is marked by a sharp increase in leverage, with the ratio rising from 0.34 back to 0.92. This shift coincided with a rapid acceleration in long-term debt accumulation, which surged from approximately 800 million in 2010 to 2.67 billion by 2014, significantly outstripping the growth rate of equity during these years.
- Stabilization and Recent Deleveraging (2015–2023)
- From 2015 through 2023, the debt-to-equity ratio exhibited a stabilizing trend followed by a gradual decline. Although total debt continued to increase in absolute terms, peaking at 4.799 billion in 2021, stockholders' equity grew more aggressively, reaching 8.346 billion by 2023. As a result, the ratio decreased from its 2014 peak of 0.92 to 0.52 by the end of 2023, indicating a strengthening of the equity base relative to total liabilities.
Overall, the long-term trend demonstrates a transition from a highly leveraged position in 2005 to a more conservative capital structure by 2023. The data indicates that while the company has scaled its total debt significantly over the eighteen-year period, it has simultaneously expanded its equity base at a rate that has effectively lowered its overall financial risk profile.
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Comparison to Competitors
Amphenol Corp., debt to equity, long-term trends, comparison to competitors
| Amphenol Corp. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2023 | 0.52 | 1.79 | 0.00 | 0.19 | — | 0.23 | 0.15 |
| Dec 31, 2022 | 0.65 | 2.37 | 0.00 | 0.24 | — | 1.00 | 0.42 |
| Dec 31, 2021 | 0.76 | 1.98 | 0.00 | 0.28 | 19.36 | 0.60 | 0.09 |
| Dec 31, 2020 | 0.72 | 1.72 | 0.00 | 0.38 | — | 0.64 | 0.03 |
| Dec 31, 2019 | 0.80 | 1.19 | 0.00 | 0.73 | — | 0.56 | 0.03 |
| Dec 31, 2018 | 0.89 | 1.07 | 0.02 | 0.59 | — | 0.36 | 0.14 |
| Dec 31, 2017 | 0.89 | 0.86 | 0.02 | 0.51 | — | 0.51 | 0.21 |
| Dec 31, 2016 | 0.82 | 0.68 | 0.04 | 0.45 | — | 0.00 | 0.13 |
| Dec 31, 2015 | 0.87 | 0.54 | 0.05 | 0.42 | — | 0.00 | 0.15 |
| Dec 31, 2014 | 0.92 | 0.32 | 0.08 | 0.37 | — | — | 0.10 |
| Dec 31, 2013 | 0.75 | 0.14 | — | 0.27 | — | — | 0.09 |
| Dec 31, 2012 | 0.70 | 0.00 | — | 0.32 | — | — | 0.10 |
| Dec 31, 2011 | 0.63 | 0.00 | — | 0.36 | — | — | 0.10 |
| Dec 31, 2010 | 0.34 | 0.00 | — | 0.35 | — | — | 0.08 |
| Dec 31, 2009 | 0.43 | 0.00 | — | 0.27 | — | — | 0.06 |
| Dec 31, 2008 | 0.58 | 0.00 | — | 0.20 | — | — | 0.07 |
| Dec 31, 2007 | 0.57 | 0.00 | — | 0.20 | — | — | 0.10 |
| Dec 31, 2006 | 0.75 | 0.00 | — | 0.26 | — | — | — |
| Dec 31, 2005 | 1.13 | 0.00 | — | 0.00 | — | — | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Technology Hardware & Equipment)
Amphenol Corp., debt to equity, long-term trends, comparison to sector (technology hardware & equipment)
| Amphenol Corp. | Technology Hardware & Equipment | |
|---|---|---|
| Dec 31, 2023 | 0.52 | 1.31 |
| Dec 31, 2022 | 0.65 | 1.64 |
| Dec 31, 2021 | 0.76 | 1.63 |
| Dec 31, 2020 | 0.72 | 1.67 |
| Dec 31, 2019 | 0.80 | 1.51 |
| Dec 31, 2018 | 0.89 | 0.91 |
| Dec 31, 2017 | 0.89 | 0.74 |
| Dec 31, 2016 | 0.82 | 0.60 |
| Dec 31, 2015 | 0.87 | 0.50 |
| Dec 31, 2014 | 0.92 | 0.33 |
| Dec 31, 2013 | 0.75 | 0.18 |
| Dec 31, 2012 | 0.70 | 0.10 |
| Dec 31, 2011 | 0.63 | 0.14 |
| Dec 31, 2010 | 0.34 | 0.17 |
| Dec 31, 2009 | 0.43 | 0.15 |
| Dec 31, 2008 | 0.58 | 0.12 |
| Dec 31, 2007 | 0.57 | 0.14 |
| Dec 31, 2006 | 0.75 | 0.19 |
| Dec 31, 2005 | 1.13 | 0.00 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
Amphenol Corp., debt to equity, long-term trends, comparison to industry (information technology)
| Amphenol Corp. | Information Technology | |
|---|---|---|
| Dec 31, 2023 | 0.52 | 0.65 |
| Dec 31, 2022 | 0.65 | 0.70 |
| Dec 31, 2021 | 0.76 | 0.82 |
| Dec 31, 2020 | 0.72 | 0.95 |
| Dec 31, 2019 | 0.80 | 0.97 |
| Dec 31, 2018 | 0.89 | 0.82 |
| Dec 31, 2017 | 0.89 | 0.80 |
| Dec 31, 2016 | 0.82 | 0.65 |
| Dec 31, 2015 | 0.87 | 0.56 |
| Dec 31, 2014 | 0.92 | 0.38 |
| Dec 31, 2013 | 0.75 | 0.28 |
| Dec 31, 2012 | 0.70 | 0.24 |
| Dec 31, 2011 | 0.63 | 0.27 |
| Dec 31, 2010 | 0.34 | 0.24 |
| Dec 31, 2009 | 0.43 | 0.25 |
| Dec 31, 2008 | 0.58 | 0.28 |
| Dec 31, 2007 | 0.57 | 0.26 |
| Dec 31, 2006 | 0.75 | 0.19 |
| Dec 31, 2005 | 1.13 | 0.15 |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).