Amphenol vs Belden
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The short version
- Amphenol is the larger business, with $23.1B of revenue in fiscal 2025 against $2.7B for Belden, about 8.5 times as much.
- Amphenol grew revenue faster (51.7%, against 10.3%).
- Amphenol kept more of each dollar of sales as operating profit (25.4% operating margin, against 11.6%).
- Amphenol turned more of its sales into free cash flow (19.0% FCF margin, against 8.1%).
- Amphenol earned a higher return on the capital invested in it (29.1%, against 13.3%).
- Investors pay more for each dollar of Amphenol’s earnings: a P/E of 18.6x against 16.9x for Belden.
| Latest fiscal year | APH · FY25 | BDC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $95.5B | $4.1B |
| Revenue | $23.1B | $2.7B |
| Free cash flow | $4.4B | $219M |
| Net income | $4.3B | $238M |
| Growth | ||
| Revenue growth | 51.7% | 10.3% |
| 5-year growth | 21.9% | 9.2% |
| Share count change | 1.1% | −2.6% |
| Profitability | ||
| Gross margin | 36.9% | 38.0% |
| Operating margin | 25.4% | 11.6% |
| Net margin | 18.5% | 8.8% |
| FCF margin | 19.0% | 8.1% |
| Return on capital | 29.1% | 13.3% |
| Return on equity | 36.8% | 18.6% |
| Balance sheet | ||
| Net debt | $4.1B | $906M |
| Net debt / EBITDA | 0.6x | 2.0x |
| Dividends and buybacks | $1.5B | $8.0M |
| Valuation & quality | ||
| P/E | 18.6x | 16.9x |
| Piotroski F-score | 7 | 8 |
Revenue
FY16
APH $6.3B
BDC $2.4B
FY17
APH $7.0B
BDC $2.1B
FY18
APH $8.2B
BDC $2.2B
FY19
APH $8.2B
BDC $2.1B
FY20
APH $8.6B
BDC $1.8B
FY21
APH $10.9B
BDC $2.3B
FY22
APH $12.6B
BDC $2.6B
FY23
APH $12.6B
BDC $2.5B
FY24
APH $15.2B
BDC $2.5B
FY25
APH $23.1B
BDC $2.7B
APH
BDC
Operating margin
FY16
APH 19.2%
BDC 9.9%
FY17
APH 20.4%
BDC 11.2%
FY18
APH 20.6%
BDC 14.5%
FY19
APH 19.7%
BDC 9.7%
FY20
APH 19.1%
BDC 8.6%
FY21
APH 19.4%
BDC 11.5%
FY22
APH 20.5%
BDC 13.9%
FY23
APH 20.4%
BDC 12.6%
FY24
APH 20.7%
BDC 10.8%
FY25
APH 25.4%
BDC 11.6%
APH
BDC
Free cash flow
FY16
APH $887M
BDC $261M
FY17
APH $918M
BDC $191M
FY18
APH $802M
BDC $191M
FY19
APH $1.2B
BDC $167M
FY20
APH $1.3B
BDC $83.2M
FY21
APH $1.2B
BDC $181M
FY22
APH $1.8B
BDC $176M
FY23
APH $2.2B
BDC $203M
FY24
APH $2.1B
BDC $223M
FY25
APH $4.4B
BDC $219M
APH
BDC
Return on capital
FY16
APH 17.8%
BDC 10.2%
FY17
APH 12.5%
BDC 10.0%
FY18
APH 21.2%
BDC 9.3%
FY19
APH 18.5%
BDC 6.7%
FY20
APH 17.5%
BDC 6.1%
FY21
APH 19.1%
BDC 12.8%
FY22
APH 20.0%
BDC 18.0%
FY23
APH 19.1%
BDC 15.8%
FY24
APH 20.9%
BDC 12.1%
FY25
APH 29.1%
BDC 13.3%
APH
BDC
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.