Selected Financial Data
since 2005
Income Statement
Amphenol Corp., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Net sales | Operating income | Net income attributable to Amphenol Corporation |
|---|---|---|---|
| Dec 31, 2023 | 12,554,700) | 2,559,600) | 1,928,000) |
| Dec 31, 2022 | 12,623,000) | 2,585,800) | 1,902,300) |
| Dec 31, 2021 | 10,876,300) | 2,105,100) | 1,590,800) |
| Dec 31, 2020 | 8,598,900) | 1,638,400) | 1,203,400) |
| Dec 31, 2019 | 8,225,400) | 1,619,200) | 1,155,000) |
| Dec 31, 2018 | 8,202,000) | 1,686,900) | 1,205,000) |
| Dec 31, 2017 | 7,011,300) | 1,427,600) | 650,500) |
| Dec 31, 2016 | 6,286,400) | 1,205,200) | 822,900) |
| Dec 31, 2015 | 5,568,700) | 1,104,700) | 763,500) |
| Dec 31, 2014 | 5,345,500) | 1,034,600) | 709,100) |
| Dec 31, 2013 | 4,614,669) | 896,813) | 635,672) |
| Dec 31, 2012 | 4,292,065) | 828,345) | 555,317) |
| Dec 31, 2011 | 3,939,786) | 751,678) | 524,191) |
| Dec 31, 2010 | 3,554,101) | 700,357) | 496,405) |
| Dec 31, 2009 | 2,820,065) | 488,913) | 317,834) |
| Dec 31, 2008 | 3,236,471) | 632,239) | 419,151) |
| Dec 31, 2007 | 2,851,041) | 552,858) | 353,194) |
| Dec 31, 2006 | 2,471,430) | 424,592) | 255,691) |
| Dec 31, 2005 | 1,808,147) | 343,327) | 206,339) |
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).
The financial performance from 2005 to 2023 is characterized by sustained long-term growth in revenue and profitability, with a high degree of resilience during economic downturns and a significant acceleration in scale during the early 2020s.
- Revenue Growth Trends
- Net sales increased from 1.8 billion USD in 2005 to 12.55 billion USD in 2023. While the trajectory is predominantly upward, a contraction occurred in 2009, where sales decreased from 3.24 billion USD to 2.82 billion USD. Following this period, revenue entered a phase of consistent expansion, notably accelerating between 2020 and 2022, when net sales rose from 8.60 billion USD to a peak of 12.62 billion USD.
- Operating Efficiency
- Operating income mirrored the growth pattern of net sales, rising from 343 million USD in 2005 to 2.56 billion USD in 2023. The operating margin has remained remarkably stable over the 18-year period, generally fluctuating within a narrow band around 19% to 20%. This stability indicates a consistent ability to manage operating expenses relative to revenue growth, regardless of the company's overall scale.
- Net Income and Profitability
- Net income attributable to the corporation grew from 206 million USD in 2005 to 1.93 billion USD in 2023. A notable divergence between revenue and net income occurred in 2017, where net income dropped to 650 million USD despite an increase in net sales to 7.01 billion USD. However, this was followed by a sharp recovery in 2018, with net income jumping to 1.21 billion USD. In the most recent years, net income growth has outpaced revenue growth, suggesting improved bottom-line efficiency or a reduction in non-operating expenses.
- Recent Performance Stability
- Between 2022 and 2023, a plateau in performance is observed. Net sales saw a marginal decline from 12.62 billion USD to 12.55 billion USD, while operating income decreased slightly from 2.59 billion USD to 2.56 billion USD. Conversely, net income remained resilient, increasing slightly from 1.90 billion USD to 1.93 billion USD, indicating a slight improvement in net profit margins during the most recent fiscal year.
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Balance Sheet: Assets
Amphenol Corp., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 6,835,300) | 16,526,400) |
| Dec 31, 2022 | 6,479,100) | 15,326,200) |
| Dec 31, 2021 | 5,958,200) | 14,678,400) |
| Dec 31, 2020 | 5,490,800) | 12,327,300) |
| Dec 31, 2019 | 4,211,200) | 10,815,500) |
| Dec 31, 2018 | 4,571,600) | 10,044,900) |
| Dec 31, 2017 | 4,656,000) | 10,003,900) |
| Dec 31, 2016 | 3,591,200) | 8,498,700) |
| Dec 31, 2015 | 3,850,000) | 7,458,400) |
| Dec 31, 2014 | 3,504,100) | 7,027,000) |
| Dec 31, 2013 | 3,157,567) | 6,168,028) |
| Dec 31, 2012 | 2,706,915) | 5,215,463) |
| Dec 31, 2011 | 2,181,237) | 4,445,225) |
| Dec 31, 2010 | 1,992,130) | 4,015,857) |
| Dec 31, 2009 | 1,420,395) | 3,219,184) |
| Dec 31, 2008 | 1,335,864) | 2,994,159) |
| Dec 31, 2007 | 1,223,808) | 2,675,733) |
| Dec 31, 2006 | 934,605) | 2,195,397) |
| Dec 31, 2005 | 709,814) | 1,932,540) |
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).
A consistent and substantial expansion of the balance sheet is evident from 2005 through 2023. Total assets grew from approximately $1.93 billion to $16.53 billion, representing a cumulative increase of roughly 755% over the analyzed period. This growth trajectory indicates a significant scaling of the corporate asset base over nearly two decades.
- Current Asset Growth and Volatility
- Current assets exhibited a strong upward trend, rising from $709.8 million in 2005 to $6.84 billion in 2023. This growth was characterized by a notable acceleration between 2009 and 2010, where values increased by approximately 40%. A brief contraction occurred in 2016, with current assets declining from $3.85 billion to $3.59 billion, before the trend resumed an upward trajectory through 2023.
- Asset Composition and Liquidity Shifts
- The proportion of current assets relative to total assets shifted significantly over the period. In 2005, current assets represented approximately 36.7% of total assets. This percentage grew steadily, peaking around 2015 at approximately 51.6%, which suggests a period of increased liquidity or a higher concentration of short-term resources. By 2023, this ratio moderated to 41.3%, indicating a relative increase in the allocation of capital toward non-current assets.
- Long-term Asset Base Expansion
- The growth in total assets remained more linear and consistent than that of current assets. The total asset base surpassed the $10 billion threshold in 2017 and continued to expand aggressively, adding over $6 billion in additional assets between 2017 and 2023. This suggests a sustained strategy of capital investment and balance sheet expansion.
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Balance Sheet: Liabilities and Stockholders’ Equity
Amphenol Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt, including current portion | Stockholders’ equity attributable to Amphenol Corporation | |
|---|---|---|---|---|
| Dec 31, 2023 | 3,152,700) | 8,099,900) | 4,337,300) | 8,346,500) |
| Dec 31, 2022 | 2,676,100) | 8,232,100) | 4,577,700) | 7,015,600) |
| Dec 31, 2021 | 2,447,100) | 8,299,300) | 4,799,900) | 6,302,000) |
| Dec 31, 2020 | 2,304,300) | 6,875,400) | 3,866,500) | 5,384,900) |
| Dec 31, 2019 | 2,132,700) | —) | 3,606,700) | 4,530,300) |
| Dec 31, 2018 | 2,451,300) | —) | 3,570,700) | 4,017,000) |
| Dec 31, 2017 | 1,579,400) | —) | 3,542,600) | 3,989,800) |
| Dec 31, 2016 | 1,635,200) | —) | 3,010,700) | 3,674,900) |
| Dec 31, 2015 | 1,008,400) | —) | 2,813,500) | 3,238,500) |
| Dec 31, 2014 | 1,045,600) | —) | 2,673,900) | 2,907,400) |
| Dec 31, 2013 | 1,609,878) | —) | 2,132,874) | 2,859,509) |
| Dec 31, 2012 | 888,514) | —) | 1,706,497) | 2,429,959) |
| Dec 31, 2011 | 642,415) | —) | 1,377,129) | 2,171,769) |
| Dec 31, 2010 | 654,990) | —) | 799,992) | 2,320,855) |
| Dec 31, 2009 | 503,159) | —) | 753,449) | 1,746,077) |
| Dec 31, 2008 | 634,832) | —) | 786,459) | 1,349,425) |
| Dec 31, 2007 | 520,481) | —) | 722,636) | 1,264,914) |
| Dec 31, 2006 | 447,659) | —) | 680,414) | 902,994) |
| Dec 31, 2005 | 335,930) | —) | 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).
The financial data reflects a period of significant balance sheet expansion between 2005 and 2023. A consistent upward trajectory is observed across current liabilities, long-term debt, and stockholders' equity, indicating a substantial increase in the scale of operations and capital investment over the nineteen-year period.
- Current Liabilities Trends
- Short-term obligations grew from 335.9 million USD in 2005 to 3.15 billion USD in 2023. A period of accelerated growth is evident between 2012 and 2013, where current liabilities increased from 888.5 million USD to 1.61 billion USD, suggesting a significant shift in short-term financing requirements or operational scaling during that interval.
- Long-term Debt Analysis
- Long-term debt, including the current portion, showed a sustained increase from 781 million USD in 2005 to a peak of 4.8 billion USD in 2021. Following this peak, a moderate contraction occurred, with debt levels declining to 4.34 billion USD by the end of 2023, indicating a potential shift toward debt repayment or a reduction in new long-term borrowing.
- Stockholders' Equity Expansion
- Equity attributable to the corporation exhibited robust and continuous growth, rising from 689.2 million USD in 2005 to 8.35 billion USD in 2023. This growth pattern is more consistent than that of the liabilities, reflecting strong retained earnings and a steady increase in the company's net asset value.
- Capital Structure and Solvency
- The balance between debt and equity shifted favorably over the analyzed period. In 2005, long-term debt exceeded stockholders' equity; however, by 2023, equity had grown to nearly double the value of long-term debt. This trend signifies a decrease in financial leverage and a strengthened solvency position, as the company became less reliant on borrowed capital relative to its own equity base.
- Total Liabilities Observation
- Based on available data from 2020 to 2023, total liabilities increased from 6.88 billion USD to 8.1 billion USD. This growth in total obligations is balanced by the concurrent rise in equity, maintaining a stable overall financial structure.
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Cash Flow Statement
Amphenol Corp., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 2,528,700) | (1,393,700) | (1,012,400) |
| Dec 31, 2022 | 2,174,600) | (731,100) | (1,196,700) |
| Dec 31, 2021 | 1,523,900) | (2,604,400) | (145,100) |
| Dec 31, 2020 | 1,592,000) | (333,500) | (516,600) |
| Dec 31, 2019 | 1,502,300) | (1,228,800) | (648,400) |
| Dec 31, 2018 | 1,112,700) | (441,800) | (1,070,100) |
| Dec 31, 2017 | 1,144,200) | (380,200) | (140,100) |
| Dec 31, 2016 | 1,077,600) | (1,612,700) | (133,500) |
| Dec 31, 2015 | 1,030,500) | (27,300) | (180,100) |
| Dec 31, 2014 | 880,900) | (781,900) | 14,100) |
| Dec 31, 2013 | 769,050) | (693,314) | 108,589) |
| Dec 31, 2012 | 674,679) | (493,599) | (13,084) |
| Dec 31, 2011 | 565,207) | (430,884) | (151,148) |
| Dec 31, 2010 | 424,893) | (348,225) | 64,721) |
| Dec 31, 2009 | 582,297) | (373,190) | (34,322) |
| Dec 31, 2008 | 481,523) | (246,085) | (193,940) |
| Dec 31, 2007 | 387,899) | (279,078) | (4,441) |
| Dec 31, 2006 | 289,597) | (98,973) | (155,158) |
| Dec 31, 2005 | 229,624) | (569,428) | 348,301) |
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).
The financial trajectory from 2005 to 2023 is characterized by a substantial and consistent expansion in operational cash generation, which has progressively funded aggressive investment strategies and significant capital returns to shareholders or debt reductions.
- Operating Cash Flow Trends
- Net cash provided by operating activities exhibits a strong upward trajectory, growing from 229,624 thousand US dollars in 2005 to 2,528,700 thousand US dollars in 2023. This represents a more than ten-fold increase over the period. While the growth was largely linear between 2005 and 2017, a more pronounced acceleration occurred after 2018, with operating cash flows exceeding 2 billion US dollars annually starting in 2022.
- Investing Activity Patterns
- Cash used in investing activities has remained consistently negative, indicating ongoing capital expenditures or acquisitions. The spending pattern is characterized by intermittent spikes rather than steady growth. Notable surges in investing outflows occurred in 2016 (1,612,700 thousand US dollars), 2019 (1,228,800 thousand US dollars), and 2021 (2,604,400 thousand US dollars). The 2021 peak represents the highest historical investment level, followed by another significant outflow of 1,393,700 thousand US dollars in 2023.
- Financing Activity and Capital Allocation
- Financing activities shifted from a mix of inflows and outflows in the first decade to predominantly large outflows in the later years. From 2015 onward, net cash used in financing activities became the norm, with significant outflows recorded in 2018 (1,070,100 thousand US dollars), 2022 (1,196,700 thousand US dollars), and 2023 (1,012,400 thousand US dollars). This trend suggests a strategic pivot toward returning capital to investors or reducing long-term liabilities using the surplus generated from operations.
- Integrated Cash Flow Analysis
- The relationship between the three cash flow components reveals a self-sustaining growth model. The steady increase in operating cash flow has provided the necessary liquidity to fund both large-scale periodic investments and substantial financing outflows. By 2023, the operating cash flow of 2,528,700 thousand US dollars was sufficient to cover both the investing outflows of 1,393,700 thousand US dollars and the financing outflows of 1,012,400 thousand US dollars, indicating a high level of internal financial autonomy.
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Per Share Data
Amphenol Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 3.23 | 3.11 | 0.85 |
| Dec 31, 2022 | 3.19 | 3.06 | 0.81 |
| Dec 31, 2021 | 2.66 | 2.54 | 0.64 |
| Dec 31, 2020 | 2.02 | 1.96 | 0.52 |
| Dec 31, 2019 | 1.94 | 1.88 | 0.48 |
| Dec 31, 2018 | 2.00 | 1.93 | 0.44 |
| Dec 31, 2017 | 1.07 | 1.03 | 0.35 |
| Dec 31, 2016 | 1.34 | 1.31 | 0.29 |
| Dec 31, 2015 | 1.24 | 1.21 | 0.27 |
| Dec 31, 2014 | 1.13 | 1.11 | 0.23 |
| Dec 31, 2013 | 1.00 | 0.98 | 0.16 |
| Dec 31, 2012 | 0.86 | 0.85 | 0.11 |
| Dec 31, 2011 | 0.78 | 0.77 | 0.02 |
| Dec 31, 2010 | 0.72 | 0.71 | 0.02 |
| Dec 31, 2009 | 0.47 | 0.46 | 0.02 |
| Dec 31, 2008 | 0.60 | 0.59 | 0.02 |
| Dec 31, 2007 | 0.50 | 0.49 | 0.02 |
| Dec 31, 2006 | 0.36 | 0.35 | 0.02 |
| Dec 31, 2005 | 0.30 | 0.29 | 0.02 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial per share data from 2005 through 2023 reveals a consistent long-term growth trajectory in profitability, characterized by a significant acceleration in earnings during the latter part of the period.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share exhibit a strong positive correlation, both trending upward over the 19-year period. Basic EPS rose from 0.30 USD in 2005 to 3.23 USD in 2023. A steady growth phase was observed between 2005 and 2016, with a brief contraction in 2017 where Basic EPS declined to 1.07 USD. This was followed by a substantial increase in 2018 to 2.00 USD, marking a shift toward a higher earnings baseline. Between 2018 and 2023, earnings continued to climb, reflecting sustained growth in net income relative to the number of outstanding shares.
- Dilution Analysis
- The variance between Basic EPS and Diluted EPS remains minimal throughout the entire reporting period. For instance, in 2023, the difference was 0.12 USD (3.23 USD Basic vs. 3.11 USD Diluted). This narrow gap indicates a limited impact from dilutive securities, such as stock options or convertible bonds, suggesting a stable capital structure regarding share count.
- Dividend Distribution Patterns
- Dividend per share remained stagnant at 0.02 USD from 2005 through 2011. A strategic shift in capital allocation is evident starting in 2012, when the dividend increased to 0.11 USD. From 2012 to 2023, dividends have increased annually without exception, reaching 0.85 USD by the end of 2023. This represents a transition from a nominal dividend policy to a progressive growth policy.
- Earnings and Dividend Correlation
- While both earnings and dividends have increased, the growth in earnings has significantly outpaced the growth in dividend payouts. The dividend remains a relatively small fraction of the total earnings per share, indicating that a substantial portion of net income is retained for reinvestment into the business or used for other corporate purposes, even as the absolute value of the dividend payout grows.
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