Amphenol
APH · Electronic Components
$74.09
1.4%Coherent
COHR · Electronic Components
$209.29
0.7%The short version
- Amphenol is the larger business, with $23.1B of revenue in fiscal 2025 against $7.1B for Coherent, about 3.2 times as much.
- Amphenol grew revenue faster (51.7%, against 22.5%).
- Amphenol turned more of its sales into free cash flow (19.0% FCF margin, against −14.4% FCF margin).
- Amphenol earned a higher return on the capital invested in it (29.1%, against 9.1%).
- Investors pay more for each dollar of Coherent’s earnings: a P/E of 50.8x against 18.6x for Amphenol.
| Latest fiscal year | APH · FY25 | COHR · FY26 |
|---|---|---|
| Size | ||
| Market cap | $95.5B | $40.9B |
| Revenue | $23.1B | $7.1B |
| Free cash flow | $4.4B | −$1.0B |
| Net income | $4.3B | $805M |
| Growth | ||
| Revenue growth | 51.7% | 22.5% |
| 5-year growth | 21.9% | 18.0% |
| Share count change | 1.1% | 26.3% |
| Profitability | ||
| Gross margin | 36.9% | 37.5% |
| Operating margin | 25.4% | — |
| Net margin | 18.5% | 11.3% |
| FCF margin | 19.0% | −14.4% |
| Return on capital | 29.1% | 9.1% |
| Return on equity | 36.8% | 9.7% |
| Balance sheet | ||
| Net debt | $4.1B | $1.2B |
| Net debt / EBITDA | 0.6x | 0.8x |
| Dividends and buybacks | $1.5B | $11.4M |
| Valuation & quality | ||
| P/E | 18.6x | 50.8x |
| Piotroski F-score | 7 | 7 |
FY17
APH $7.0B
COHR $972M
FY18
APH $8.2B
COHR $1.2B
FY19
APH $8.2B
COHR $1.4B
FY20
APH $8.6B
COHR $2.4B
FY21
APH $10.9B
COHR $3.1B
FY22
APH $12.6B
COHR $3.3B
FY23
APH $12.6B
COHR $5.2B
FY24
APH $15.2B
COHR $4.7B
FY25
APH $23.1B
COHR $5.8B
FY26
APH —
COHR $7.1B
APH
COHR
FY17
APH 20.4%
COHR 11.9%
FY18
APH 20.6%
COHR 11.8%
FY19
APH 19.7%
COHR 10.9%
FY20
APH 19.1%
COHR 1.7%
FY21
APH 19.4%
COHR 13.0%
FY22
APH 20.5%
COHR 12.5%
FY23
APH 20.4%
COHR −0.7%
FY24
APH 20.7%
COHR 2.0%
FY25
APH 25.4%
COHR —
FY26
APH —
COHR —
APH
COHR
FY17
APH $918M
COHR −$19.9M
FY18
APH $802M
COHR $7.6M
FY19
APH $1.2B
COHR $41.4M
FY20
APH $1.3B
COHR $160M
FY21
APH $1.2B
COHR $428M
FY22
APH $1.8B
COHR $99.0M
FY23
APH $2.2B
COHR $198M
FY24
APH $2.1B
COHR $199M
FY25
APH $4.4B
COHR $193M
FY26
APH —
COHR −$1.0B
APH
COHR
FY17
APH 12.5%
COHR 10.5%
FY18
APH 21.2%
COHR 9.0%
FY19
APH 18.5%
COHR 9.5%
FY20
APH 17.5%
COHR 1.2%
FY21
APH 19.1%
COHR 9.6%
FY22
APH 20.0%
COHR 10.5%
FY23
APH 19.1%
COHR −0.5%
FY24
APH 20.9%
COHR 0.9%
FY25
APH 29.1%
COHR 2.0%
FY26
APH —
COHR 9.1%
APH
COHR
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.