Analysis of Geographic Areas
Amphenol Corp. operates in 3 regions: United States; China; and Other foreign locations.
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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Area Asset Turnover
Amphenol Corp., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| China | |||||
| Other foreign locations |
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).
- United States
- The asset turnover ratio for the United States shows an initial slight decline from 7.11 in 2019 to 7.07 in 2020. This is followed by a significant increase to 8.72 in 2021, indicating improved efficiency in asset utilization during that period. The upward trend continues into 2022, reaching a peak of 10.76, representing the highest value observed across the years. In 2023, there is a notable decrease to 9.95, though the ratio remains substantially higher than the levels prior to 2021.
- China
- The asset turnover ratio in China reflects a gradual decline over the five-year period. It starts at 6.72 in 2019 and decreases marginally to 6.50 in 2020. Small fluctuations are observed thereafter, with a slight recovery to 6.74 in 2021 and a modest increase to 6.95 in 2022. However, the ratio declines again to 6.33 in 2023, ending lower than the initial value. The trend suggests relatively stable but slightly weakening asset efficiency in this region.
- Other foreign locations
- The other foreign locations category exhibits moderate growth in asset turnover ratio from 6.82 in 2019 to 6.66 in 2020, showing a minimal decrease initially. Then, the ratio rises to 7.71 in 2021 and continues to increase to 8.16 in 2022, marking the highest point in the period analyzed. This trend reverses in 2023 with a decline to 7.33, indicating some reduction in asset utilization efficiency. Overall, the data suggests a positive trend through 2022, followed by a weakening in the most recent year.
Area Asset Turnover: United States
Amphenol Corp.; United States; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
- Net Sales
- Net sales exhibited a fluctuating but overall increasing trend over the five-year period. Starting at approximately 2.52 billion USD in 2019, sales slightly declined to about 2.49 billion USD in 2020. Following this dip, net sales showed a significant increase in 2021 to approximately 3.16 billion USD, with continued growth through 2022 and 2023, reaching about 4.41 billion USD. This represents a nearly 75% increase in net sales from 2019 to 2023.
- Long-Lived Assets
- Long-lived assets remained relatively stable between 2019 and 2021, ranging from 352.7 million to 362.1 million USD. However, beginning in 2022, there was a noticeable upward trend, with assets increasing to 386.1 million USD and further to 442.6 million USD in 2023. This increase suggests potential capital investments or asset acquisitions during the latter period.
- Area Asset Turnover
- The area asset turnover ratio demonstrated an overall positive trend, indicating improved efficiency in utilizing assets to generate sales. The ratio slightly declined from 7.11 in 2019 to 7.07 in 2020, coinciding with the downturn in net sales. Subsequently, there was a marked improvement to 8.72 in 2021, peaking at 10.76 in 2022, before moderating to 9.95 in 2023. Despite the slight decrease in the last year, turnover remains significantly higher than at the beginning of the period, reflecting enhanced asset productivity.
Area Asset Turnover: China
Amphenol Corp.; China; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
- Net Sales
- Net sales showed a generally upward trend from 2019 through 2022, increasing from approximately 2,306,400 thousand US dollars in 2019 to a peak of 3,265,000 thousand US dollars in 2022. However, in 2023 there was a notable decline to 2,884,000 thousand US dollars, which represents a reduction following four years of growth.
- Long-lived Assets
- Long-lived assets exhibited steady growth between 2019 and 2022, rising from 343,100 thousand US dollars to 470,100 thousand US dollars. In 2023, there was a slight decrease to 455,500 thousand US dollars, indicating a minor reduction after several years of asset accumulation.
- Area Asset Turnover Ratio
- The area asset turnover ratio, which measures the efficiency of asset use in generating sales, fluctuated within a relatively narrow band over the five-year period. The ratio decreased slightly from 6.72 in 2019 to 6.5 in 2020, then rebounded to 6.74 in 2021 and peaked at 6.95 in 2022. In 2023, there was a decline to 6.33, reflecting reduced efficiency consistent with the decrease in net sales observed that year.
Area Asset Turnover: Other foreign locations
Amphenol Corp.; Other foreign locations; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2023 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
- Net Sales
- The net sales exhibit a general upward trajectory over the five-year span, increasing from $3,394,300 thousand in 2019 to $5,265,300 thousand in 2023. Notably, the most significant growth occurred between 2020 and 2021, where net sales experienced a sharp rise from approximately $3,507,400 thousand to $4,676,000 thousand, indicating a strong recovery or expansion in market presence. The growth persisted, albeit at a slower pace, from 2021 through 2023.
- Long-Lived Assets
- The value of long-lived assets showed a consistent increase each year, growing from $497,600 thousand in 2019 to $718,100 thousand by the end of 2023. This steady rise suggests ongoing investment in physical or intangible assets, contributing potentially to the company’s operational capacity or technological capabilities. The rate of increase appears moderate, reflecting a stable asset base expansion aligned with business growth.
- Area Asset Turnover
- The area asset turnover ratio, measuring the efficiency of asset utilization to generate sales, fluctuated throughout the period. It began at 6.82 in 2019 and experienced a slight decline to 6.66 in 2020, potentially reflecting the impact of external conditions on operational efficiency. From 2020 to 2022, the ratio improved markedly, reaching a peak of 8.16, indicating enhanced efficiency in asset use. However, in 2023, the ratio decreased to 7.33, suggesting a reduction in turnover efficiency despite the continued growth in net sales and assets.
- Summary
- Overall, the data reveal sustained growth in net sales and long-lived assets over the examined period, signifying expansion and asset augmentation. The area asset turnover ratio's movement points to initially decreased efficiency during 2020, followed by improvement in the subsequent years, and a slight setback in 2023. These patterns suggest that while the company has expanded both sales and asset base significantly, it encounters fluctuations in how effectively assets are utilized to generate revenue, notably facing some efficiency challenges in the most recent year.
Net sales
Amphenol Corp., net sales by geographic area
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| China | |||||
| Other foreign locations | |||||
| Total |
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).
- United States Sales
- Net sales in the United States showed a steady increase over the five-year period. Starting at 2,524,700 thousand US dollars in 2019, the sales slightly decreased in 2020 to 2,494,000 thousand US dollars but then rose significantly in the following years, reaching 3,155,900 thousand in 2021 and peaking at 4,405,400 thousand in 2023. This indicates a strong growth trend in the domestic market, particularly notable from 2020 onward.
- China Sales
- Sales in China experienced growth from 2,306,400 thousand US dollars in 2019 to a peak of 3,265,000 thousand in 2022. However, there was a decline in 2023 to 2,884,000 thousand US dollars, suggesting some challenges or adjustments in this market after several years of growth.
- Other Foreign Locations Sales
- The category for other foreign locations showed consistent growth throughout the period. Starting at 3,394,300 thousand US dollars in 2019, sales increased gradually each year to reach 5,265,300 thousand in 2023. This steady upward trend points to expanding international operations outside the United States and China.
- Total Net Sales
- Total net sales followed an overall upward trajectory, increasing from 8,225,400 thousand US dollars in 2019 to a high of 12,623,000 thousand in 2022, with a slight decrease to 12,554,700 thousand in 2023. The growth is primarily driven by increases in the United States and other foreign locations, though the slight dip in total sales in 2023 may be attributed to the decline observed in China.
Long-lived assets
Amphenol Corp., long-lived assets by geographic area
US$ in thousands
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| United States | |||||
| China | |||||
| Other foreign locations | |||||
| Total |
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).
The analysis of long-lived assets by geographic region reveals differing growth patterns over the five-year period ending December 31, 2023.
- United States
- The long-lived assets in the United States showed a modest increase overall. Starting at $355,000 thousand in 2019, there was a slight dip in 2020 to $352,700 thousand, followed by consistent growth each subsequent year, reaching $442,600 thousand in 2023. This represents a total increase of approximately 24.6% from 2019 to 2023, indicating steady investment and expansion in this region.
- China
- The assets in China exhibited more dynamic changes. There was a significant rise from $343,100 thousand in 2019 to a peak of $470,100 thousand in 2022. However, in 2023, there was a moderate decline to $455,500 thousand. Overall, the value increased by about 32.8% over the five-year span, reflective of strong growth followed by a slight contraction in the latest year.
- Other Foreign Locations
- This category showed the most robust growth among the three geographic segments. Beginning at $497,600 thousand in 2019, the assets consistently increased each year, reaching $718,100 thousand in 2023. This represents an aggregate growth of roughly 44.3%, highlighting significant expansion and asset accumulation in various other international markets.
- Total
- The aggregate long-lived assets across all geographic areas grew steadily from $1,195,700 thousand in 2019 to $1,616,200 thousand in 2023. This overall increase of about 35.2% underscores the company’s broad strategy of asset growth internationally, with especially strong contributions from other foreign locations and China, complemented by steady gains in the United States.