Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Amphenol Corp., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income attributable to Amphenol Corporation	1,928,000)	1,902,300)	1,590,800)	1,203,400)	1,155,000)
Add: Net income attributable to noncontrolling interest	17,500)	14,500)	10,700)	9,900)	9,000)
Less: Income from discontinued operations, net of income taxes	—)	—)	21,400)	—)	—)
Add: Income tax expense	509,300)	550,600)	409,100)	313,300)	331,900)
Earnings before tax (EBT)	2,454,800)	2,467,400)	1,989,200)	1,526,600)	1,495,900)
Add: Interest expense	139,500)	128,400)	115,500)	115,400)	117,600)
Earnings before interest and tax (EBIT)	2,594,300)	2,595,800)	2,104,700)	1,642,000)	1,613,500)
Add: Depreciation and amortization	406,400)	392,900)	395,600)	308,100)	312,100)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,000,700)	2,988,700)	2,500,300)	1,950,100)	1,925,600)

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).

Amphenol Corp. demonstrated a consistent upward trajectory in earnings across all primary metrics from 2019 through 2022, followed by a period of stabilization in 2023. The most significant growth phase occurred between 2020 and 2022, during which the company experienced a substantial acceleration in operating profitability.

EBITDA Growth and Stability: Earnings before interest, tax, depreciation and amortization grew from 1,925,600 thousand US dollars in 2019 to 3,000,700 thousand US dollars in 2023, representing a total increase of approximately 56%. The most pronounced growth was observed between 2020 and 2021, with an increase of 28.2%, followed by a further 19.5% rise in 2022. By 2023, growth reached a plateau, with a marginal increase of 0.4%.
Operating Profitability Trends: Earnings before interest and tax (EBIT) closely mirrored the EBITDA trend, rising from 1,613,500 thousand US dollars in 2019 to a peak of 2,595,800 thousand US dollars in 2022. The minimal variance between the 2022 and 2023 EBIT figures indicates a stabilization of core operating performance.
Depreciation and Amortization Analysis: The delta between EBITDA and EBIT, which represents depreciation and amortization expenses, showed a gradual increase over the five-year period. This expense rose from 312,100 thousand US dollars in 2019 to 406,400 thousand US dollars in 2023, suggesting a consistent investment in capital assets and infrastructure to support scaled operations.
Net Income Conversion: Net income attributable to the corporation grew from 1,155,000 thousand US dollars in 2019 to 1,928,000 thousand US dollars in 2023. The growth in net income outperformed the growth in EBITDA on a percentage basis, increasing by roughly 67% over the period, which points toward improved tax efficiencies or a reduction in the relative impact of interest expenses over time.

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Amphenol Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	75,093,168)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,000,700)
Valuation Ratio
EV/EBITDA	25.03
Benchmarks
EV/EBITDA, Competitors¹
Apple Inc.	34.78
Arista Networks Inc.	57.78
Cisco Systems Inc.	21.69
Dell Technologies Inc.	31.88
Lumentum Holdings Inc.	—
Super Micro Computer Inc.	11.13
EV/EBITDA, Sector
Technology Hardware & Equipment	39.17
EV/EBITDA, Industry
Information Technology	58.11

Based on: 10-K (reporting date: 2023-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Amphenol Corp., historical EV/EBITDA calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	65,267,267)	51,530,855)	51,525,792)	41,535,814)	33,635,356)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,000,700)	2,988,700)	2,500,300)	1,950,100)	1,925,600)
Valuation Ratio
EV/EBITDA³	21.75	17.24	20.61	21.30	17.47
Benchmarks
EV/EBITDA, Competitors⁴
Apple Inc.	21.66	19.15	20.47	23.12	—
Arista Networks Inc.	31.29	24.52	37.29	—	—
Cisco Systems Inc.	12.16	10.52	15.05	—	—
Dell Technologies Inc.	6.61	4.85	9.32	—	—
Lumentum Holdings Inc.	23.03	11.47	7.83	—	—
Super Micro Computer Inc.	16.77	10.50	11.19	—	—
EV/EBITDA, Sector
Technology Hardware & Equipment	20.01	17.24	19.12	—	—
EV/EBITDA, Industry
Information Technology	23.55	18.32	20.52	—	—

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).

¹ See details »

² See details »

³ 2023 Calculation
EV/EBITDA = EV ÷ EBITDA
= 65,267,267 ÷ 3,000,700 = 21.75

⁴ Click competitor name to see calculations.

The analysis of Enterprise Value (EV) and EBITDA from 2019 to 2023 indicates a significant expansion in overall company valuation coupled with a steady, though eventually plateauing, growth in operational earnings.

Enterprise Value Trends: Enterprise value demonstrated a consistent upward trend, rising from 33,635,356 thousand US dollars in 2019 to 65,267,267 thousand US dollars in 2023. This growth was characterized by a sharp increase between 2019 and 2021, a period of stagnation during 2022 where the value remained nearly flat at approximately 51.5 billion US dollars, and a subsequent surge of roughly 26% in 2023.
EBITDA Performance: Earnings before interest, tax, depreciation and amortization grew from 1,925,600 thousand US dollars in 2019 to 3,000,700 thousand US dollars in 2023. The most significant growth phase occurred between 2020 and 2022, with a substantial increase in earnings. However, growth stalled in 2023, with EBITDA remaining virtually unchanged compared to 2022 levels.
EV/EBITDA Ratio Analysis: The EV/EBITDA ratio experienced notable volatility, fluctuating between 17.24 and 21.75. The ratio expanded in 2020, contracted slightly in 2021, and reached its lowest point in 2022 at 17.24; this decline was driven by strong EBITDA growth occurring while enterprise value remained stagnant. In 2023, the ratio rose to its five-year peak of 21.75, as a significant increase in enterprise value occurred despite flat operational earnings, indicating an increase in the valuation multiple applied to the company's cash flow.

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Amphenol Corp. (NYSE:APH)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical