Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Amphenol Corp., current price multiples
| Amphenol Corp. | Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Super Micro Computer Inc. | Technology Hardware & Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | $120.49 | ||||||||||
| No. shares of common stock outstanding | 600,603,947 | ||||||||||
| Growth rate (g) | 18.48% | ||||||||||
| Earnings per share (EPS) | $3.21 | ||||||||||
| Next year expected EPS | $3.80 | ||||||||||
| Operating profit per share | $4.26 | ||||||||||
| Sales per share | $20.90 | ||||||||||
| Book value per share (BVPS) | $13.90 | ||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | 37.53 | 33.65 | 47.81 | 26.07 | 18.75 | 25.50 | 32.02 | 62.54 | |||
| Price to next year expected earnings | 31.68 | 16.32 | 38.20 | 22.94 | 6.90 | 21.83 | 18.06 | 49.44 | |||
| Price-earnings-growth (PEG) | 2.03 | 0.32 | 1.90 | 1.91 | 0.11 | 1.52 | 0.41 | 2.36 | |||
| Price to operating profit (P/OP) | 28.27 | 25.60 | 46.31 | 22.09 | 13.80 | 24.27 | 26.61 | 52.07 | |||
| Price to sales (P/S) | 5.76 | 8.07 | 19.47 | 5.00 | 0.90 | 1.96 | 6.61 | 12.75 | |||
| Price to book value (P/BV) | 8.67 | 55.38 | 13.64 | 5.92 | — | 5.42 | 32.64 | 20.02 | |||
Based on: 10-K (reporting date: 2023-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Amphenol Corp., historical price multiples
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).
- Price to Earnings Ratio (P/E)
- The P/E ratio exhibited a general fluctuation over the observed period. Starting at 26.73 in 2019, it peaked at 32.69 in 2020, then declined to 30.12 in 2021 and further to 25.41 in 2022. In 2023, it rose again to 32.44. This pattern indicates varying market expectations of future earnings and possibly changes in investor sentiment or earnings volatility during these years.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio mirrored a similar pattern to the P/E ratio with some variation. It began at 19.07 in 2019, increased to 24.01 in 2020, decreased slightly to 22.76 in 2021, reached a low of 18.69 in 2022, then sharply increased to 24.43 in 2023. This suggests fluctuations in the valuation relative to operating profit, potentially reflecting profitability changes or operational performance impacts over the years.
- Price to Sales Ratio (P/S)
- The P/S ratio showed growth over the time span. Beginning at 3.75 in 2019, it climbed to 4.58 in 2020, then slightly decreased to 4.4 in 2021. It dipped further to 3.83 in 2022 before reaching its highest point at 4.98 in 2023. This trend might indicate increased market valuation relative to sales, possibly due to improved revenue quality or growth prospects.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio remained relatively stable but displayed minor fluctuations. It started at 6.81 in 2019, increased moderately to 7.31 in 2020 and 7.6 in 2021, then dipped to 6.89 in 2022 before rising again to 7.49 in 2023. This stability suggests consistent market valuation relative to the company's book value with slight market adjustment considerations during the period.
Price to Earnings (P/E)
Amphenol Corp., historical P/E calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 599,854,853 | 594,604,514 | 598,939,773 | 599,153,422 | 596,202,310 | |
| Selected Financial Data (US$) | ||||||
| Net income attributable to Amphenol Corporation (in thousands) | 1,928,000) | 1,902,300) | 1,590,800) | 1,203,400) | 1,155,000) | |
| Earnings per share (EPS)2 | 3.21 | 3.20 | 2.66 | 2.01 | 1.94 | |
| Share price1, 3 | 104.26 | 81.28 | 79.99 | 65.66 | 51.78 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 32.44 | 25.41 | 30.12 | 32.69 | 26.73 | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Apple Inc. | 28.33 | 24.82 | 25.96 | 32.24 | 20.00 | |
| Arista Networks Inc. | 39.77 | 32.05 | 47.57 | 37.42 | — | |
| Cisco Systems Inc. | 18.26 | 15.78 | 23.34 | 15.46 | 17.69 | |
| Dell Technologies Inc. | 11.94 | 7.31 | 20.88 | 6.21 | — | |
| Super Micro Computer Inc. | 21.10 | 12.72 | 16.15 | 17.04 | 15.81 | |
| P/E Ratio, Sector | ||||||
| Technology Hardware & Equipment | 27.04 | 23.16 | 25.71 | 28.10 | — | |
| P/E Ratio, Industry | ||||||
| Information Technology | 35.92 | 26.81 | 29.49 | 31.10 | — | |
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 Data adjusted for splits and stock dividends.
2 2023 Calculation
EPS = Net income attributable to Amphenol Corporation ÷ No. shares of common stock outstanding
= 1,928,000,000 ÷ 599,854,853 = 3.21
3 Closing price as at the filing date of Amphenol Corp. Annual Report.
4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 104.26 ÷ 3.21 = 32.44
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibits a consistent upward trajectory over the five-year period. Starting at $51.78 at the end of 2019, it rose steadily each year, reaching $104.26 by the end of 2023. This more than doubling in share price indicates strong market confidence and appreciation in the company's value over the period assessed.
- Earnings Per Share (EPS) Development
- EPS increased steadily from $1.94 in 2019 to $3.21 in 2023, reflecting improving profitability. The earnings growth appears consistent, with notable increments especially between 2020 and 2021 and maintaining growth through 2023, albeit at a slower rate in the final year. This suggests the company has been able to enhance its earnings capacity effectively over this timeframe.
- Price-to-Earnings Ratio (P/E) Behavior
- The P/E ratio shows variability throughout the period, starting at 26.73 in 2019 and peaking at 32.69 in 2020. It then decreased to 25.41 in 2022 before rising again to 32.44 in 2023. This fluctuation reflects changing market perceptions relative to earnings, as well as possible shifts in growth expectations or investor sentiment. The elevated P/E ratios in 2020 and 2023 suggest periods when investors were willing to pay a higher premium for earnings, potentially driven by perceived growth prospects or market conditions.
Price to Operating Profit (P/OP)
Amphenol Corp., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 599,854,853 | 594,604,514 | 598,939,773 | 599,153,422 | 596,202,310 | |
| Selected Financial Data (US$) | ||||||
| Operating income (in thousands) | 2,559,600) | 2,585,800) | 2,105,100) | 1,638,400) | 1,619,200) | |
| Operating profit per share2 | 4.27 | 4.35 | 3.51 | 2.73 | 2.72 | |
| Share price1, 3 | 104.26 | 81.28 | 79.99 | 65.66 | 51.78 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 24.43 | 18.69 | 22.76 | 24.01 | 19.07 | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Apple Inc. | 24.04 | 20.74 | 22.56 | 27.92 | 17.29 | |
| Arista Networks Inc. | 36.78 | 28.39 | 43.25 | 33.93 | — | |
| Cisco Systems Inc. | 15.32 | 13.35 | 19.26 | 12.73 | 14.46 | |
| Dell Technologies Inc. | 5.05 | 8.73 | 13.19 | 10.93 | — | |
| Super Micro Computer Inc. | 17.74 | 10.82 | 14.57 | 16.77 | 11.69 | |
| P/OP Ratio, Sector | ||||||
| Technology Hardware & Equipment | 22.47 | 19.66 | 21.99 | 24.94 | — | |
| P/OP Ratio, Industry | ||||||
| Information Technology | 29.91 | 22.75 | 26.04 | 26.91 | — | |
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 Data adjusted for splits and stock dividends.
2 2023 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 2,559,600,000 ÷ 599,854,853 = 4.27
3 Closing price as at the filing date of Amphenol Corp. Annual Report.
4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 104.26 ÷ 4.27 = 24.43
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a consistent upward trajectory over the five-year period, increasing from $51.78 at the end of 2019 to $104.26 by the end of 2023. The most substantial increment occurred between 2022 and 2023, suggesting heightened investor confidence or improved market conditions during that final year.
- Operating Profit Per Share Trend
- Operating profit per share exhibited steady growth from $2.72 in 2019 to a peak of $4.35 in 2022. However, there was a slight decline in 2023 to $4.27. Despite this minor decrease, the overall upward trend suggests improved operational efficiency and profitability over the analyzed timeframe.
- Price-to-Operating-Profit (P/OP) Ratio
- The P/OP ratio fluctuated throughout the period. It rose notably from 19.07 in 2019 to a high of 24.01 in 2020, followed by a slight reduction to 22.76 in 2021 and a further drop to 18.69 in 2022. In 2023, it increased sharply again to 24.43. These variations indicate changing market valuations relative to operating profit, with a notable peak valuing profits more richly in 2020 and 2023.
- Overall Insights
- The data indicates strong growth in both market valuation and operational profitability. The share price more than doubled over five years, underpinned by improving operating profit per share. The variability in the P/OP ratio reflects shifts in investor sentiment or external market factors affecting the stock’s valuation independent of operational earnings. The slight dip in operating profit per share in 2023 amidst a rising share price and P/OP ratio suggests that investors remained optimistic about future earnings potential despite the near-term earnings moderation.
Price to Sales (P/S)
Amphenol Corp., historical P/S calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 599,854,853 | 594,604,514 | 598,939,773 | 599,153,422 | 596,202,310 | |
| Selected Financial Data (US$) | ||||||
| Net sales (in thousands) | 12,554,700) | 12,623,000) | 10,876,300) | 8,598,900) | 8,225,400) | |
| Sales per share2 | 20.93 | 21.23 | 18.16 | 14.35 | 13.80 | |
| Share price1, 3 | 104.26 | 81.28 | 79.99 | 65.66 | 51.78 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 4.98 | 3.83 | 4.40 | 4.58 | 3.75 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Apple Inc. | 7.17 | 6.28 | 6.72 | 6.74 | 4.25 | |
| Arista Networks Inc. | 14.17 | 9.89 | 13.57 | 10.24 | — | |
| Cisco Systems Inc. | 4.04 | 3.62 | 4.96 | 3.52 | 3.96 | |
| Dell Technologies Inc. | 0.28 | 0.40 | 0.72 | 0.31 | — | |
| Super Micro Computer Inc. | 1.90 | 0.70 | 0.51 | 0.43 | 0.32 | |
| P/S Ratio, Sector | ||||||
| Technology Hardware & Equipment | 5.59 | 4.94 | 5.45 | 4.93 | — | |
| P/S Ratio, Industry | ||||||
| Information Technology | 7.33 | 6.01 | 6.96 | 6.11 | — | |
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 Data adjusted for splits and stock dividends.
2 2023 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= 12,554,700,000 ÷ 599,854,853 = 20.93
3 Closing price as at the filing date of Amphenol Corp. Annual Report.
4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 104.26 ÷ 20.93 = 4.98
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the five-year period. It increased steadily from $51.78 in 2019 to $104.26 in 2023, which represents approximately a doubling in value. The most significant annual increase occurred between 2022 and 2023.
- Sales per Share
- Sales per share showed a general upward trajectory from 2019 through 2022, expanding from $13.80 to $21.23. However, in 2023, there was a slight decline to $20.93, indicating a minor reduction in sales efficiency per share compared to the previous year.
- Price-to-Sales (P/S) Ratio
- The P/S ratio fluctuated over the period observed. It rose from 3.75 in 2019 to a peak of 4.58 in 2020, then declined to 3.83 in 2022 before increasing again to 4.98 in 2023. This suggests varying investor valuation relative to sales, with a notable premium placed on the stock in 2023 despite a slight drop in sales per share that year.
Price to Book Value (P/BV)
Amphenol Corp., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 599,854,853 | 594,604,514 | 598,939,773 | 599,153,422 | 596,202,310 | |
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity attributable to Amphenol Corporation (in thousands) | 8,346,500) | 7,015,600) | 6,302,000) | 5,384,900) | 4,530,300) | |
| Book value per share (BVPS)2 | 13.91 | 11.80 | 10.52 | 8.99 | 7.60 | |
| Share price1, 3 | 104.26 | 81.28 | 79.99 | 65.66 | 51.78 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 7.49 | 6.89 | 7.60 | 7.31 | 6.81 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Apple Inc. | 44.21 | 48.89 | 38.96 | 28.33 | 12.21 | |
| Arista Networks Inc. | 11.50 | 8.87 | 10.05 | 7.15 | — | |
| Cisco Systems Inc. | 5.19 | 4.69 | 5.99 | 4.57 | 6.12 | |
| Dell Technologies Inc. | — | — | 27.38 | — | — | |
| Super Micro Computer Inc. | 6.85 | 2.54 | 1.65 | 1.35 | 1.21 | |
| P/BV Ratio, Sector | ||||||
| Technology Hardware & Equipment | 27.57 | 28.94 | 25.15 | 19.59 | — | |
| P/BV Ratio, Industry | ||||||
| Information Technology | 11.50 | 10.49 | 12.51 | 11.10 | — | |
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 Data adjusted for splits and stock dividends.
2 2023 Calculation
BVPS = Stockholders’ equity attributable to Amphenol Corporation ÷ No. shares of common stock outstanding
= 8,346,500,000 ÷ 599,854,853 = 13.91
3 Closing price as at the filing date of Amphenol Corp. Annual Report.
4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 104.26 ÷ 13.91 = 7.49
5 Click competitor name to see calculations.
The data over the five-year period reveals consistent growth in the share price, increasing from $51.78 at the end of 2019 to $104.26 by the end of 2023. This represents a doubling in stock value, highlighting positive market sentiment or company performance during this period.
Similarly, the book value per share (BVPS) shows a steady upward trend, increasing from $7.60 in 2019 to $13.91 in 2023. This growth in BVPS suggests an enhancement in the company's net asset value per share, reflecting the accumulation of equity and possibly retained earnings over time.
The price-to-book value ratio (P/BV) fluctuates modestly throughout the period, ranging from a low of 6.81 in 2019 to a high of 7.60 in 2021 before settling at 7.49 in 2023. While there is some variability, the P/BV ratio remains relatively stable around an average of approximately 7, suggesting that the market consistently values the company’s shares at about seven times their book value.
- Share Price Trend
- Demonstrates significant and steady appreciation over five years, nearly doubling.
- Book Value Per Share (BVPS)
- Exhibits continuous growth, indicating strengthening shareholder equity.
- Price-to-Book Value Ratio (P/BV)
- Relatively stable with minor fluctuations, indicating consistent market valuation relative to book equity.