Amphenol (APH) 10-K Summary — Year Ended Dec 31, 2023
Amphenol Corporation designs and manufactures electronic connectors and interconnect systems for diverse markets. In the most recent annual period, revenue held steady compared to the prior year, while profitability and cash generation remained strong.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
Amphenol Corporation designs and manufactures electronic connectors and interconnect systems for diverse markets. In the most recent annual period, revenue held steady compared to the prior year, while profitability and cash generation remained strong.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$12.6B
Revenue reported for the fiscal year.
Operating income
$2.6B
Income from operations reported for the year.
Net income
$1.9B
Net income reported for the year.
Operating cash flow
$2.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $10.9B | n/a |
| Dec 31, 2022 | $12.6B | +16.1% |
| Dec 31, 2023 | $12.6B | -0.5% |
Business overview
The company operates through multiple reportable segments, serving markets such as automotive, industrial, aerospace, and telecommunications. It focuses on strategy, manufacturing, research and development, and intellectual property, and faces competition from other interconnect suppliers.
Financial performance
Revenue was essentially unchanged from the prior year. Operating income, net income, and operating cash flow all reflected solid performance, supporting the company's financial stability.
Material risks
The company's credit agreements and senior notes contain financial covenants, including a limit on the ratio of debt to earnings before interest, taxes, depreciation, and amortization. A breach of these covenants could lead to a default, acceleration of outstanding debt, and a material adverse effect on the company.
Liquidity and capital
The company maintains access to unsecured credit facilities and commercial paper programs to support liquidity, but these are subject to financial and other covenants that could limit borrowing capacity if breached.
What to watch
Monitor whether the company remains in compliance with its debt covenants, as any breach could trigger acceleration of indebtedness.