Price to Sales (P/S)
since 2005
Calculation
Amphenol Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2024 | 4.98 | = | 104.26 | ÷ | 20.93 | 20.93 | = | 12,554,700 | ÷ | 599,854,853 | |
| Feb 8, 2023 | 3.83 | = | 81.28 | ÷ | 21.23 | 21.23 | = | 12,623,000 | ÷ | 594,604,514 | |
| Feb 9, 2022 | 4.40 | = | 79.99 | ÷ | 18.16 | 18.16 | = | 10,876,300 | ÷ | 598,939,773 | |
| Feb 10, 2021 | 4.58 | = | 65.66 | ÷ | 14.35 | 14.35 | = | 8,598,900 | ÷ | 599,153,422 | |
| Feb 12, 2020 | 3.75 | = | 51.78 | ÷ | 13.80 | 13.80 | = | 8,225,400 | ÷ | 596,202,310 | |
| Feb 13, 2019 | 3.34 | = | 45.93 | ÷ | 13.76 | 13.76 | = | 8,202,000 | ÷ | 596,174,420 | |
| Feb 21, 2018 | 3.94 | = | 45.21 | ÷ | 11.48 | 11.48 | = | 7,011,300 | ÷ | 610,967,560 | |
| Feb 17, 2017 | 3.40 | = | 34.73 | ÷ | 10.22 | 10.22 | = | 6,286,400 | ÷ | 615,328,656 | |
| Feb 19, 2016 | 2.88 | = | 26.05 | ÷ | 9.04 | 9.04 | = | 5,568,700 | ÷ | 616,076,154 | |
| Feb 20, 2015 | 3.30 | = | 28.46 | ÷ | 8.62 | 8.62 | = | 5,345,500 | ÷ | 620,391,200 | |
| Feb 21, 2014 | 3.02 | = | 22.04 | ÷ | 7.29 | 7.29 | = | 4,614,669 | ÷ | 632,798,072 | |
| Feb 22, 2013 | 2.63 | = | 17.70 | ÷ | 6.72 | 6.72 | = | 4,292,065 | ÷ | 638,792,392 | |
| Feb 24, 2012 | 2.33 | = | 14.08 | ÷ | 6.03 | 6.03 | = | 3,939,786 | ÷ | 653,329,832 | |
| Feb 28, 2011 | 2.85 | = | 14.37 | ÷ | 5.05 | 5.05 | = | 3,554,101 | ÷ | 703,734,272 | |
| Feb 23, 2010 | 2.53 | = | 10.31 | ÷ | 4.07 | 4.07 | = | 2,820,065 | ÷ | 692,930,404 | |
| Feb 23, 2009 | 1.32 | = | 6.25 | ÷ | 4.73 | 4.73 | = | 3,236,471 | ÷ | 684,749,272 | |
| Feb 26, 2008 | 2.38 | = | 9.58 | ÷ | 4.03 | 4.03 | = | 2,851,041 | ÷ | 708,261,032 | |
| Feb 21, 2007 | 2.45 | = | 8.49 | ÷ | 3.47 | 3.47 | = | 2,471,430 | ÷ | 712,220,144 | |
| Mar 16, 2006 | 2.59 | = | 6.43 | ÷ | 2.48 | 2.48 | = | 1,808,147 | ÷ | 727,738,264 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Amphenol Corp. Annual Report.
The financial trajectory from 2006 to 2024 is characterized by significant growth in both market valuation and operational revenue, with the Price to Sales (P/S) ratio reflecting a general expansion in the multiple the market is willing to pay for each dollar of revenue.
- Revenue and Market Price Growth
- Share price exhibited a strong upward trend, increasing from 6.43 US$ in 2006 to 104.26 US$ in 2024. Parallel to this, sales per share grew from 2.48 US$ to 20.93 US$ over the same period. While both metrics increased substantially, the rate of share price appreciation exceeded the growth rate of sales per share, leading to a higher valuation multiple.
- P/S Ratio Volatility and Cycles
- The P/S ratio remained relatively stable between 2.38 and 2.59 from 2006 to 2008 before experiencing a sharp contraction to 1.32 in 2009, marking the lowest valuation in the observed period. A recovery phase followed, with the ratio returning to the 2.50 to 3.00 range by 2010 and maintaining a gradual upward trajectory through 2016.
- Long-term Valuation Expansion
- A notable shift in valuation is observed from 2017 onward, where the P/S ratio consistently remained above 3.00. This period saw a peak of 4.58 in 2021 and a final increase to 4.98 in 2024. The expansion of the P/S ratio from a historical average of approximately 2.50 in the early years to nearly 5.00 by 2024 suggests increased market confidence or an improvement in the perceived quality and profitability of the revenue generated.
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Comparison to Competitors
Amphenol Corp., P/S, 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. | |
|---|---|---|---|---|---|---|---|
| Feb 7, 2024 | 4.98 | 7.17 | 14.17 | 4.04 | 0.28 | 2.01 | 1.90 |
| Feb 8, 2023 | 3.83 | 6.28 | 9.89 | 3.62 | 0.40 | 3.62 | 0.70 |
| Feb 9, 2022 | 4.40 | 6.72 | 13.57 | 4.96 | 0.72 | 3.61 | 0.51 |
| Feb 10, 2021 | 4.58 | 6.74 | 10.24 | 3.52 | 0.31 | 3.76 | 0.43 |
| Feb 12, 2020 | 3.75 | 4.25 | 7.09 | 3.96 | 0.47 | 2.65 | 0.32 |
| Feb 13, 2019 | 3.34 | 3.60 | 9.29 | 4.38 | — | 3.46 | 0.33 |
| Feb 21, 2018 | 3.94 | 3.86 | 11.20 | 3.28 | — | 3.44 | 0.40 |
| Feb 17, 2017 | 3.40 | 2.86 | 7.49 | 3.20 | — | 2.34 | 0.47 |
| Feb 19, 2016 | 2.88 | 2.85 | 5.52 | 2.71 | — | 1.20 | 0.65 |
| Feb 20, 2015 | 3.30 | 3.37 | 7.82 | 2.69 | — | — | 0.82 |
| Feb 21, 2014 | 3.02 | 2.76 | — | 2.66 | — | — | 0.48 |
| Feb 22, 2013 | 2.63 | 3.58 | — | 2.19 | — | — | 0.54 |
| Feb 24, 2012 | 2.33 | 3.44 | — | 2.03 | — | — | 0.54 |
| Feb 28, 2011 | 2.85 | 4.33 | — | 3.02 | — | — | 0.51 |
| Feb 23, 2010 | 2.53 | 4.87 | — | 3.70 | — | — | 0.55 |
| Feb 23, 2009 | 1.32 | 2.83 | — | 3.33 | — | — | 0.62 |
| Feb 26, 2008 | 2.38 | 5.99 | — | 5.59 | — | — | 0.61 |
| Feb 21, 2007 | 2.45 | 3.77 | — | 4.87 | — | — | — |
| Mar 16, 2006 | 2.59 | 4.34 | — | 4.60 | — | — | — |
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., P/S, long-term trends, comparison to sector (technology hardware & equipment)
| Amphenol Corp. | Technology Hardware & Equipment | |
|---|---|---|
| Feb 7, 2024 | 4.98 | 5.57 |
| Feb 8, 2023 | 3.83 | 4.94 |
| Feb 9, 2022 | 4.40 | 5.44 |
| Feb 10, 2021 | 4.58 | 4.92 |
| Feb 12, 2020 | 3.75 | 3.35 |
| Feb 13, 2019 | 3.34 | 3.72 |
| Feb 21, 2018 | 3.94 | 3.77 |
| Feb 17, 2017 | 3.40 | 2.92 |
| Feb 19, 2016 | 2.88 | 2.81 |
| Feb 20, 2015 | 3.30 | 3.23 |
| Feb 21, 2014 | 3.02 | 2.73 |
| Feb 22, 2013 | 2.63 | 3.25 |
| Feb 24, 2012 | 2.33 | 3.02 |
| Feb 28, 2011 | 2.85 | 3.81 |
| Feb 23, 2010 | 2.53 | 4.26 |
| Feb 23, 2009 | 1.32 | 3.08 |
| Feb 26, 2008 | 2.38 | 5.72 |
| Feb 21, 2007 | 2.45 | 4.43 |
| Mar 16, 2006 | 2.59 | 4.50 |
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., P/S, long-term trends, comparison to industry (information technology)
| Amphenol Corp. | Information Technology | |
|---|---|---|
| Feb 7, 2024 | 4.98 | 7.31 |
| Feb 8, 2023 | 3.83 | 6.01 |
| Feb 9, 2022 | 4.40 | 6.98 |
| Feb 10, 2021 | 4.58 | 6.11 |
| Feb 12, 2020 | 3.75 | 4.62 |
| Feb 13, 2019 | 3.34 | 4.31 |
| Feb 21, 2018 | 3.94 | 4.18 |
| Feb 17, 2017 | 3.40 | 3.46 |
| Feb 19, 2016 | 2.88 | 3.03 |
| Feb 20, 2015 | 3.30 | 3.31 |
| Feb 21, 2014 | 3.02 | 2.85 |
| Feb 22, 2013 | 2.63 | 2.88 |
| Feb 24, 2012 | 2.33 | 2.84 |
| Feb 28, 2011 | 2.85 | 3.04 |
| Feb 23, 2010 | 2.53 | 3.11 |
| Feb 23, 2009 | 1.32 | 2.38 |
| Feb 26, 2008 | 2.38 | 5.73 |
| Feb 21, 2007 | 2.45 | 5.21 |
| Mar 16, 2006 | 2.59 | 5.62 |
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).