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DCF valuation

What is Amphenol Corp worth?

With the base-case assumptions below, a discounted cash flow model on Amphenol Corp's reported free cash flow gives $102.21 per share. The share price was $84.09 on September 25, 2026, 18% below that value.

Inputs from the filings

Free cash flow, fiscal 2025
$4.38B
Average free cash flow, last 5 years
$2.33B
Cash
$4.73B
balance sheet of June 30, 2026
Debt
$18.81B
balance sheet of June 30, 2026
Diluted shares, fiscal 2025
1,277,500,000
Revenue growth per year, last 5 years
21.8%

Three sets of assumptions

CaseGrowth yrs 1-5Growth yrs 6-10After year 10Discount rateValue per shareValue vs price
Bear10.0%6.0%2.0%10.0%$57.77-31%
Base15.0%9.0%2.5%9.0%$102.21+22%
Bull20.0%11.5%3.0%8.0%$184.94+120%

Sensitivity: base case value per share

Discount rate down the side, growth after year 10 across the top. Everything else as in the base case.

1.5%2.0%2.5%3.0%3.5%
7.0%$135.84$146.33$159.15$175.18$195.78
8.0%$110.57$117.38$125.42$135.06$146.85
9.0%$92.19$96.84$102.21$108.47$115.86
10.0%$78.25$81.55$85.30$89.59$94.53
11.0%$67.34$69.76$72.47$75.52$78.98

Where the presets come from

Base: years 1 to 5 grow at Amphenol Corp's revenue growth rate over the last 5 fiscal years (21.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.

Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.

Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.

This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.

Adjust the assumptions

Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.

Adjust the assumptions

Amphenol Corp company page