Stock Analysis on Net
Stock Analysis on Net

Amphenol Corp. (NYSE:APH)

This company has been moved to the archive! The financial data has not been updated since April 26, 2024.

Analysis of Income Taxes

Microsoft Excel

Income Tax Expense (Benefit)

Amphenol Corp., income tax expense (benefit), continuing operations

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
United States 55,100 97,700 86,800 (5,700) 22,900
Foreign 513,000 457,600 351,900 288,200 293,800
Current tax provision 568,100 555,300 438,700 282,500 316,700
United States (10,000) (31,500) (35,400) 43,000 35,800
Foreign (48,800) 26,800 5,800 (12,200) (20,600)
Deferred tax provision (benefit) (58,800) (4,700) (29,600) 30,800 15,200
Provision for income taxes 509,300 550,600 409,100 313,300 331,900

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).

Item Description The company
Current tax provision Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations. Amphenol Corp. current tax provision increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax provision (benefit) Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations. Amphenol Corp. deferred tax provision (benefit) increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Provision for income taxes Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Amphenol Corp. provision for income taxes increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Effective Income Tax Rate (EITR)

Amphenol Corp., effective income tax rate (EITR) reconciliation

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
U.S. statutory federal tax rate 21.00% 21.00% 21.00% 21.00% 21.00%
State and local taxes, net 0.60% 0.60% 0.80% 0.80% 0.70%
Foreign earnings and dividends taxed at different rates 2.20% 2.30% 1.80% 2.10% 1.40%
U.S. tax on foreign income 0.00% 0.50% 0.60% 0.80% 1.20%
Excess tax benefits related to stock-based compensation -3.40% -2.30% -3.20% -2.80% -2.50%
Settlements of uncertain tax positions in foreign jurisdictions including refund claims and related deferred taxes 0.00% 0.00% -0.70% -1.30% 0.00%
Other, net 0.30% 0.20% 0.30% -0.10% 0.40%
Effective income tax rate 20.70% 22.30% 20.60% 20.50% 22.20%

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).

Item Description The company
Effective income tax rate Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Amphenol Corp. effective income tax rate increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.

Components of Deferred Tax Assets and Liabilities

Amphenol Corp., components of deferred tax assets and liabilities

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Accrued liabilities and reserves 78,000 72,400 60,000 54,200 41,800
Operating lease liabilities 70,700 66,600 56,400 52,700 45,700
Operating loss, interest, and tax credit carryforwards 76,900 57,400 62,600 62,800 81,300
Pensions 16,700 15,000 20,300 36,400 26,200
Inventories 86,000 77,800 60,200 49,000 39,300
Employee benefits 45,100 42,900 37,900 35,200 36,000
Deferred tax assets 373,400 332,100 297,400 290,300 270,300
Valuation allowance (46,600) (42,200) (44,900) (40,100) (35,200)
Deferred tax assets, net of valuation allowances 326,800 289,900 252,500 250,200 235,100
Goodwill (270,500) (251,700) (234,200) (202,100) (179,500)
Depreciation and amortization (130,900) (140,300) (176,000) (81,500) (74,100)
Operating lease right-of-use assets (70,700) (66,600) (56,400) (52,700) (45,700)
Unremitted foreign earnings (123,200) (154,200) (119,100) (114,900) (115,800)
Deferred tax liabilities (595,300) (612,800) (585,700) (451,200) (415,100)
Net deferred tax asset (liability) (268,500) (322,900) (333,200) (201,000) (180,000)

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).

Item Description The company
Deferred tax assets Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Amphenol Corp. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets, net of valuation allowances Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards. Amphenol Corp. deferred tax assets, net of valuation allowances increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax asset (liability) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting. Amphenol Corp. net deferred tax asset (liability) increased from 2021 to 2022 and from 2022 to 2023.

Deferred Tax Assets and Liabilities, Classification

Amphenol Corp., deferred tax assets and liabilities, classification

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Deferred tax assets (included in Other long-term assets) 98,500 86,900 91,000 98,100 80,400
Deferred tax liabilities 367,000 409,800 424,200 299,100 260,400

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).

Item Description The company
Deferred tax assets (included in Other long-term assets) Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent. Amphenol Corp. deferred tax assets (included in Other long-term assets) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Deferred tax liabilities Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent. Amphenol Corp. deferred tax liabilities decreased from 2021 to 2022 and from 2022 to 2023.

Adjustments to Financial Statements: Removal of Deferred Taxes

Amphenol Corp., adjustments to financial statements

US$ in thousands

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported) 16,526,400 15,326,200 14,678,400 12,327,300 10,815,500
Less: Noncurrent deferred tax assets, net 98,500 86,900 91,000 98,100 80,400
Total assets (adjusted) 16,427,900 15,239,300 14,587,400 12,229,200 10,735,100
Adjustment to Total Liabilities
Total liabilities (as reported) 8,099,900 8,232,100 8,299,300 6,875,400 6,219,300
Less: Noncurrent deferred tax liabilities, net 367,000 409,800 424,200 299,100 260,400
Total liabilities (adjusted) 7,732,900 7,822,300 7,875,100 6,576,300 5,958,900
Adjustment to Stockholders’ Equity Attributable To Amphenol Corporation
Stockholders’ equity attributable to Amphenol Corporation (as reported) 8,346,500 7,015,600 6,302,000 5,384,900 4,530,300
Less: Net deferred tax assets (liabilities) (268,500) (322,900) (333,200) (201,000) (180,000)
Stockholders’ equity attributable to Amphenol Corporation (adjusted) 8,615,000 7,338,500 6,635,200 5,585,900 4,710,300
Adjustment to Net Income Attributable To Amphenol Corporation
Net income attributable to Amphenol Corporation (as reported) 1,928,000 1,902,300 1,590,800 1,203,400 1,155,000
Add: Deferred income tax expense (benefit) (58,800) (4,700) (29,600) 30,800 15,200
Net income attributable to Amphenol Corporation (adjusted) 1,869,200 1,897,600 1,561,200 1,234,200 1,170,200

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., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Amphenol Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net Profit Margin
Reported net profit margin 15.36% 15.07% 14.63% 13.99% 14.04%
Adjusted net profit margin 14.89% 15.03% 14.35% 14.35% 14.23%
Total Asset Turnover
Reported total asset turnover 0.76 0.82 0.74 0.70 0.76
Adjusted total asset turnover 0.76 0.83 0.75 0.70 0.77
Financial Leverage
Reported financial leverage 1.98 2.18 2.33 2.29 2.39
Adjusted financial leverage 1.91 2.08 2.20 2.19 2.28
Return on Equity (ROE)
Reported ROE 23.10% 27.12% 25.24% 22.35% 25.50%
Adjusted ROE 21.70% 25.86% 23.53% 22.09% 24.84%
Return on Assets (ROA)
Reported ROA 11.67% 12.41% 10.84% 9.76% 10.68%
Adjusted ROA 11.38% 12.45% 10.70% 10.09% 10.90%

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).

Financial ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Amphenol Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Amphenol Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Amphenol Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Amphenol Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Amphenol Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Amphenol Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Amphenol Corporation 1,928,000 1,902,300 1,590,800 1,203,400 1,155,000
Net sales 12,554,700 12,623,000 10,876,300 8,598,900 8,225,400
Profitability Ratio
Net profit margin1 15.36% 15.07% 14.63% 13.99% 14.04%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Amphenol Corporation 1,869,200 1,897,600 1,561,200 1,234,200 1,170,200
Net sales 12,554,700 12,623,000 10,876,300 8,598,900 8,225,400
Profitability Ratio
Adjusted net profit margin2 14.89% 15.03% 14.35% 14.35% 14.23%

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).

2023 Calculations

1 Net profit margin = 100 × Net income attributable to Amphenol Corporation ÷ Net sales
= 100 × 1,928,000 ÷ 12,554,700 = 15.36%

2 Adjusted net profit margin = 100 × Adjusted net income attributable to Amphenol Corporation ÷ Net sales
= 100 × 1,869,200 ÷ 12,554,700 = 14.89%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Amphenol Corp. adjusted net profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net sales 12,554,700 12,623,000 10,876,300 8,598,900 8,225,400
Total assets 16,526,400 15,326,200 14,678,400 12,327,300 10,815,500
Activity Ratio
Total asset turnover1 0.76 0.82 0.74 0.70 0.76
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Net sales 12,554,700 12,623,000 10,876,300 8,598,900 8,225,400
Adjusted total assets 16,427,900 15,239,300 14,587,400 12,229,200 10,735,100
Activity Ratio
Adjusted total asset turnover2 0.76 0.83 0.75 0.70 0.77

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).

2023 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 12,554,700 ÷ 16,526,400 = 0.76

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 12,554,700 ÷ 16,427,900 = 0.76

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Amphenol Corp. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Total assets 16,526,400 15,326,200 14,678,400 12,327,300 10,815,500
Stockholders’ equity attributable to Amphenol Corporation 8,346,500 7,015,600 6,302,000 5,384,900 4,530,300
Solvency Ratio
Financial leverage1 1.98 2.18 2.33 2.29 2.39
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets 16,427,900 15,239,300 14,587,400 12,229,200 10,735,100
Adjusted stockholders’ equity attributable to Amphenol Corporation 8,615,000 7,338,500 6,635,200 5,585,900 4,710,300
Solvency Ratio
Adjusted financial leverage2 1.91 2.08 2.20 2.19 2.28

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).

2023 Calculations

1 Financial leverage = Total assets ÷ Stockholders’ equity attributable to Amphenol Corporation
= 16,526,400 ÷ 8,346,500 = 1.98

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity attributable to Amphenol Corporation
= 16,427,900 ÷ 8,615,000 = 1.91

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Amphenol Corp. adjusted financial leverage ratio decreased from 2021 to 2022 and from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Amphenol Corporation 1,928,000 1,902,300 1,590,800 1,203,400 1,155,000
Stockholders’ equity attributable to Amphenol Corporation 8,346,500 7,015,600 6,302,000 5,384,900 4,530,300
Profitability Ratio
ROE1 23.10% 27.12% 25.24% 22.35% 25.50%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Amphenol Corporation 1,869,200 1,897,600 1,561,200 1,234,200 1,170,200
Adjusted stockholders’ equity attributable to Amphenol Corporation 8,615,000 7,338,500 6,635,200 5,585,900 4,710,300
Profitability Ratio
Adjusted ROE2 21.70% 25.86% 23.53% 22.09% 24.84%

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).

2023 Calculations

1 ROE = 100 × Net income attributable to Amphenol Corporation ÷ Stockholders’ equity attributable to Amphenol Corporation
= 100 × 1,928,000 ÷ 8,346,500 = 23.10%

2 Adjusted ROE = 100 × Adjusted net income attributable to Amphenol Corporation ÷ Adjusted stockholders’ equity attributable to Amphenol Corporation
= 100 × 1,869,200 ÷ 8,615,000 = 21.70%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. Amphenol Corp. adjusted ROE improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
As Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Amphenol Corporation 1,928,000 1,902,300 1,590,800 1,203,400 1,155,000
Total assets 16,526,400 15,326,200 14,678,400 12,327,300 10,815,500
Profitability Ratio
ROA1 11.67% 12.41% 10.84% 9.76% 10.68%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income attributable to Amphenol Corporation 1,869,200 1,897,600 1,561,200 1,234,200 1,170,200
Adjusted total assets 16,427,900 15,239,300 14,587,400 12,229,200 10,735,100
Profitability Ratio
Adjusted ROA2 11.38% 12.45% 10.70% 10.09% 10.90%

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).

2023 Calculations

1 ROA = 100 × Net income attributable to Amphenol Corporation ÷ Total assets
= 100 × 1,928,000 ÷ 16,526,400 = 11.67%

2 Adjusted ROA = 100 × Adjusted net income attributable to Amphenol Corporation ÷ Adjusted total assets
= 100 × 1,869,200 ÷ 16,427,900 = 11.38%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Amphenol Corp. adjusted ROA improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.