Amphenol vs CDW
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The short version
- Amphenol is the larger business, with $23.1B of revenue in fiscal 2025 against $22.4B for CDW.
- Amphenol grew revenue faster (51.7%, against 6.8%).
- Amphenol kept more of each dollar of sales as operating profit (25.4% operating margin, against 7.4%).
- Amphenol turned more of its sales into free cash flow (19.0% FCF margin, against 4.9%).
- Amphenol earned a higher return on the capital invested in it (29.1%, against 16.4%).
- Investors pay more for each dollar of CDW’s earnings: a P/E of 19.8x against 18.6x for Amphenol.
| Latest fiscal year | APH · FY25 | CDW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.5B | $21.0B |
| Revenue | $23.1B | $22.4B |
| Free cash flow | $4.4B | $1.1B |
| Net income | $4.3B | $1.1B |
| Growth | ||
| Revenue growth | 51.7% | 6.8% |
| 5-year growth | 21.9% | 4.0% |
| Share count change | 1.1% | −2.3% |
| Profitability | ||
| Gross margin | 36.9% | 21.7% |
| Operating margin | 25.4% | 7.4% |
| Net margin | 18.5% | 4.8% |
| FCF margin | 19.0% | 4.9% |
| Return on capital | 29.1% | 16.4% |
| Return on equity | 36.8% | 43.0% |
| Balance sheet | ||
| Net debt | $4.1B | $5.0B |
| Net debt / EBITDA | 0.6x | 2.6x |
| Dividends and buybacks | $1.5B | $982M |
| Valuation & quality | ||
| P/E | 18.6x | 19.8x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
APH $6.3B
CDW $13.7B
FY17
APH $7.0B
CDW $14.8B
FY18
APH $8.2B
CDW $16.2B
FY19
APH $8.2B
CDW $18.0B
FY20
APH $8.6B
CDW $18.5B
FY21
APH $10.9B
CDW $20.8B
FY22
APH $12.6B
CDW $23.7B
FY23
APH $12.6B
CDW $21.4B
FY24
APH $15.2B
CDW $21.0B
FY25
APH $23.1B
CDW $22.4B
APH
CDW
Operating margin
FY16
APH 19.2%
CDW 6.0%
FY17
APH 20.4%
CDW 5.8%
FY18
APH 20.6%
CDW 6.1%
FY19
APH 19.7%
CDW 6.3%
FY20
APH 19.1%
CDW 6.4%
FY21
APH 19.4%
CDW 6.8%
FY22
APH 20.5%
CDW 7.3%
FY23
APH 20.4%
CDW 7.9%
FY24
APH 20.7%
CDW 7.9%
FY25
APH 25.4%
CDW 7.4%
APH
CDW
Free cash flow
FY16
APH $887M
CDW $541M
FY17
APH $918M
CDW $697M
FY18
APH $802M
CDW $820M
FY19
APH $1.2B
CDW $791M
FY20
APH $1.3B
CDW $1.2B
FY21
APH $1.2B
CDW $685M
FY22
APH $1.8B
CDW $1.2B
FY23
APH $2.2B
CDW $1.5B
FY24
APH $2.1B
CDW $1.2B
FY25
APH $4.4B
CDW $1.1B
APH
CDW
Return on capital
FY16
APH 17.8%
CDW 12.4%
FY17
APH 12.5%
CDW 17.0%
FY18
APH 21.2%
CDW 18.8%
FY19
APH 18.5%
CDW 21.7%
FY20
APH 17.5%
CDW 23.4%
FY21
APH 19.1%
CDW 19.4%
FY22
APH 20.0%
CDW 17.9%
FY23
APH 19.1%
CDW 17.9%
FY24
APH 20.9%
CDW 17.0%
FY25
APH 29.1%
CDW 16.4%
APH
CDW
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.