Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Profitability Ratios (Summary)
Amphenol Corp., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Profit Margin
- The gross profit margin shows a consistent upward trend over the observed periods. Starting at 31.34% in March 2020, the margin experienced minor fluctuations in 2020 but steadily increased from early 2021 onward, reaching 32.95% by March 2024. This gradual improvement suggests enhanced production efficiency or pricing power over time.
- Operating Profit Margin
- The operating profit margin also demonstrates a stable upward tendency. Beginning at 19.19% in March 2020, it dipped slightly mid-2020 but then rose gradually, peaking at 20.66% by March 2024. The margin's stability with moderate growth indicates effective control of operating expenses in relation to revenues.
- Net Profit Margin
- The net profit margin maintained a steady increase throughout the periods analyzed. From 13.9% in March 2020, it showed consistency with incremental rises to 15.87% by March 2024. This reflects potentially improving overall profitability and efficient cost and tax management.
- Return on Equity (ROE)
- ROE exhibited more variability than profit margins. It declined from 25.76% in March 2020 to a low near 22.35% by December 2020. Subsequently, it recovered and peaked at 28.3% in September 2022, before tapering to 23.47% in March 2024. This fluctuation could reflect changes in leverage, equity base, or net income volatility impacting shareholder returns.
- Return on Assets (ROA)
- ROA demonstrated a generally positive trend, increasing from 9.35% in March 2020 to a high of 12.49% in June 2023. This was followed by some slight variability, ending at 12.18% in March 2024. The rising ROA suggests improving asset utilization efficiency, generating better returns from the company’s asset base.
Return on Sales
Return on Investment
Gross Profit Margin
Amphenol Corp., gross profit margin calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Gross profit | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Gross profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Gross profit margin = 100
× (Gross profitQ1 2024
+ Gross profitQ4 2023
+ Gross profitQ3 2023
+ Gross profitQ2 2023)
÷ (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Gross Profit
- The gross profit exhibited a generally upward trend over the observed quarters. Starting at approximately 560 million US dollars in Q1 2020, it increased steadily with occasional fluctuations, reaching a peak around 1.1 billion US dollars at the end of 2023. The values in 2024 began slightly lower than the peak but remained substantially higher than the initial periods, indicating sustained profitability growth.
- Net Sales
- Net sales demonstrated consistent growth throughout the period, rising from about 1.86 billion US dollars in the first quarter of 2020 to a peak of around 3.33 billion US dollars near the end of 2023. The growth rate was somewhat steady, with notable acceleration in certain quarters, especially between mid-2020 and late 2021. Early 2024 figures showed a slight dip compared to the peak but remained significantly above the initial levels.
- Gross Profit Margin
- The gross profit margin showed a gradual improvement over the entire timeframe. Starting at around 31.3% in early 2020, it hovered near 31% to 31.5% until mid-2021. From that point forward, the margin improved steadily each quarter, reaching nearly 33% by the first quarter of 2024. This steady increase suggests enhanced operational efficiency or improved pricing power over time.
- Overall Analysis
- The data reveals a positive financial performance trajectory, marked by increasing net sales and gross profit, coupled with a rising gross profit margin. The company's ability to grow sales volume while simultaneously improving profitability ratios indicates effective cost management and possibly favorable market conditions or product mix improvements. The slight fluctuations towards the end of the period merit monitoring, but the longer-term trend is robust and indicative of strengthening financial health.
Operating Profit Margin
Amphenol Corp., operating profit margin calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Operating income | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Operating profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Operating profit margin = 100
× (Operating incomeQ1 2024
+ Operating incomeQ4 2023
+ Operating incomeQ3 2023
+ Operating incomeQ2 2023)
÷ (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Net Sales Trend
- Net sales demonstrated a general upward trajectory from March 2020 through June 2022, increasing from approximately $1.86 billion to over $3.13 billion. After peaking in the second quarter of 2022, net sales experienced some fluctuations, with decreases observed in the first quarter of 2023 and a slight recovery toward the end of 2023 and into the first quarter of 2024.
- Operating Income Analysis
- Operating income showed consistent growth from March 2020, starting near $317 million, and rising steadily to a peak of nearly $690 million in December 2023. Notably, despite minor fluctuations, the operating income remained relatively robust even when net sales declined temporarily in early 2023. The latest quarter revealed a small decline to $685 million but generally maintained a strong performance.
- Operating Profit Margin Insights
- The operating profit margin maintained a generally stable and slightly increasing trend, starting at about 19.2% in early 2020 and gradually improving to above 20% in recent periods. This margin peaked above 20.6% in the first quarter of 2024, indicating an enhancement in operational efficiency or cost management even as net sales showed some variability.
- Overall Observations
- The company's financial performance over the observed periods reflects a strong growth phase in sales and income, with operational profitability consistently improving. The resilience of the operating profit margin amidst fluctuations in net sales suggests effective margin management. Periods of sales decline did not correspond to equally pronounced decreases in operating income, further emphasizing operational strength.
Net Profit Margin
Amphenol Corp., net profit margin calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net income attributable to Amphenol Corporation | |||||||||||||||||||||||
| Net sales | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| Net profit margin1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
Net profit margin = 100
× (Net income attributable to Amphenol CorporationQ1 2024
+ Net income attributable to Amphenol CorporationQ4 2023
+ Net income attributable to Amphenol CorporationQ3 2023
+ Net income attributable to Amphenol CorporationQ2 2023)
÷ (Net salesQ1 2024
+ Net salesQ4 2023
+ Net salesQ3 2023
+ Net salesQ2 2023)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The financial performance of the company exhibits several notable trends over the examined periods. Net income attributable to the company has shown a consistent upward trajectory from the first quarter of 2020 through the first quarter of 2024. Starting at approximately $242 million in March 2020, net income rose steadily to reach nearly $549 million by March 2024. This growth demonstrates the company’s ability to increase profitability over time, notwithstanding some periods of more accelerated gains, especially noticeable in the intervals following the initial pandemic impact period.
Net sales followed a generally increasing trend, rising from $1.86 billion in March 2020 to a peak of slightly above $3.3 billion in December 2023, before slightly declining to about $3.26 billion in March 2024. The sales growth is substantial, nearly doubling over the four-year timeframe, signaling the company’s effective expansion of its revenue base. However, the slight dip in the most recent quarter may indicate the beginning of some market challenges or seasonal fluctuations, which should be monitored further.
The net profit margin consistently improved over the period under review, starting at 13.9% in March 2020 and reaching 15.87% by March 2024. This steady increase in margin percentage indicates enhanced operational efficiency or favorable product mix adjustments that allowed for better earnings relative to sales. The margin expansion alongside rising net income and sales suggests the company is effectively managing costs and sustaining profitability in a growing revenue environment.
- Net Income
- Demonstrated a steady upward trend, increasing from $242 million to $549 million.
- Net Sales
- Nearly doubled over the analyzed period, with a peak in late 2023 and a slight dip thereafter.
- Net Profit Margin
- Gradually increased from about 13.9% to nearly 16%, indicating improved profitability metrics.
In conclusion, the company has exhibited strong financial performance marked by sustained growth in net income and sales, complemented by gradually improving profitability margins. Continued observation will be important to confirm whether the latest slowdown in sales represents a temporary adjustment or the start of a longer-term trend.
Return on Equity (ROE)
Amphenol Corp., ROE calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net income attributable to Amphenol Corporation | |||||||||||||||||||||||
| Stockholders’ equity attributable to Amphenol Corporation | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROE1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
ROE = 100
× (Net income attributable to Amphenol CorporationQ1 2024
+ Net income attributable to Amphenol CorporationQ4 2023
+ Net income attributable to Amphenol CorporationQ3 2023
+ Net income attributable to Amphenol CorporationQ2 2023)
÷ Stockholders’ equity attributable to Amphenol Corporation
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income Attributable to Amphenol Corporation
- The net income exhibited a generally increasing trend over the reported periods. Starting at approximately $242.1 million in the first quarter of 2020, it rose notably through 2021 and 2022, with some slight fluctuations. The peak value during this timeframe reached around $514.4 million by the end of 2023, with a further increase to $548.7 million in the first quarter of 2024. This growth reflects a strong financial performance and potentially effective operational execution.
- Stockholders’ Equity Attributable to Amphenol Corporation
- Stockholders' equity shows a consistent upward trajectory across the analyzed quarters. Beginning at approximately $4.39 billion in early 2020, equity rose steadily and attained an estimated $8.68 billion by the first quarter of 2024. This increase indicates a strengthening balance sheet and possibly retained earnings accumulation, alongside possible equity injections or asset revaluations.
- Return on Equity (ROE)
- The return on equity demonstrated some variability but maintained a generally high range throughout. ROE started at 25.76% in the first quarter of 2020, experienced a brief decline during mid-2020 to below 23.2%, and subsequently showed a recovery and stabilization around the mid 20% level. By early 2024, ROE settled near 23.5%. Despite the fluctuations, the company sustained strong profitability relative to equity, indicating effective use of shareholder capital over the periods.
Return on Assets (ROA)
Amphenol Corp., ROA calculation (quarterly data)
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||
| Net income attributable to Amphenol Corporation | |||||||||||||||||||||||
| Total assets | |||||||||||||||||||||||
| Profitability Ratio | |||||||||||||||||||||||
| ROA1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||
| Apple Inc. | |||||||||||||||||||||||
| Arista Networks Inc. | |||||||||||||||||||||||
| Cisco Systems Inc. | |||||||||||||||||||||||
| Dell Technologies Inc. | |||||||||||||||||||||||
| Super Micro Computer Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q1 2024 Calculation
ROA = 100
× (Net income attributable to Amphenol CorporationQ1 2024
+ Net income attributable to Amphenol CorporationQ4 2023
+ Net income attributable to Amphenol CorporationQ3 2023
+ Net income attributable to Amphenol CorporationQ2 2023)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income attributable to Amphenol Corporation
-
The net income demonstrates an overall increasing trend over the observed period. Beginning at $242.1 million in the first quarter of 2020, the figures rose steadily with some seasonal fluctuations, reaching $548.7 million by the first quarter of 2024. Notably, there was a significant increase from late 2020 through 2021, with values rising from approximately $357 million to $464.9 million, and this growth continued at a generally stable pace into 2023 and 2024. The data suggests consistent profitability improvements quarter over quarter.
- Total Assets
-
Total assets displayed a generally upward trend throughout the entire timeline. From approximately $12.1 billion in the first quarter of 2020, the asset base expanded to around $16.7 billion by the first quarter of 2024. Growth in total assets was steady, with occasional minor dips observed in late 2021 and mid-2023. The expansion of assets indicates an ongoing buildup of resources, potentially supporting business growth and operational capacity enhancements.
- Return on Assets (ROA)
-
The return on assets ratio shows a clear improvement over the period, increasing from 9.35% in the first quarter of 2020 to a peak of 12.49% in mid-2023. This upward movement highlights gains in operational efficiency in generating net income from the asset base. There are small fluctuations in the later quarters of 2023 and early 2024, showing a slight decrease but remaining above 11.5%, indicating sustained strong asset utilization performance.
- Summary
-
The company exhibited robust financial growth between early 2020 and early 2024, characterized by a consistent rise in net income and total assets. The improving ROA confirms enhanced efficiency in the use of asset resources. Together, these trends suggest strengthening profitability and expansion, reflecting positively on the company’s operational and financial management practices during the period.