Amphenol vs Mastercard: Revenue, Profit and Business Model

Amphenol reported $23.1B of revenue in FY2025 and $4.3B of net income. Mastercard reported $32.8B of revenue in FY2025 and $15B of net income.

Latest financial snapshot

Amphenol

Latest revenue: $23.1B (FY2025)
Net income: $4.3B
Net margin: 18.5%
Revenue growth: +15.6% a year, FY2016–FY2025

Mastercard

Latest revenue: $32.8B (FY2025)
Net income: $15B
Net margin: 45.6%
Revenue growth: +13.2% a year, FY2016–FY2025

Financial summary

Amphenol compounds through acquisition in a fragmented industry. Net sales rose from $12.55 billion in 2023 to $15.22 billion in 2024 and $23.09 billion in 2025, and net income rose from $1.93 billion to $2.42 billion and then $4.27 billion across the same three years. Fiscal 2025 produced a 25.4% GAAP operating margin, $5.4 billion of operating cash flow and $4.4 billion of free cash flow, and the company returned nearly $1.5 billion to shareholders while completing five acquisitions. The pattern is consistent: buy niche connector, cable and sensor makers, leave their management and brands in place, add purchasing scale, and fund the next deal from cash flow and investment grade debt.

Mastercard

Mastercard's net revenue grew from $10.8 billion in 2016 to $32.8 billion in FY2025, with net income of $14.97 billion in FY2025, a net margin near 46%. Growth continued in 2026: second-quarter net revenue rose 14% to $9.28 billion and net income reached $4.39 billion, with a GAAP operating margin of 60.2%. Because incremental transactions cost little to process, most of that cash goes to share buybacks, dividends and acquisitions such as Recorded Future ($2.65 billion, 2024) and BVNK (up to $1.8 billion, 2026).

Revenue and profit by year

Amphenol

Amphenol revenue, net income, margin and growth by fiscal year
Year	Revenue	Net income	Margin	Growth	Source
FY2025	$23.1B	$4.3B	18.5%	+51.7%	Source
FY2024	$15.2B	$2.4B	15.9%	+21.3%	Source
FY2023	$12.6B	$1.9B	15.4%	-0.5%	Source
FY2022	$12.6B	$1.9B	15.1%	+16.1%	Source
FY2021	$10.9B	$1.6B	14.6%	+26.5%	Source
FY2020	$8.6B	$1.2B	14.0%	+4.5%	Source
FY2019	$8.2B	$1.2B	14.0%	+0.3%	Source
FY2018	$8.2B	$1.2B	14.7%	+17.0%	Source
FY2017	$7B	$650.5M	9.3%	+11.5%	Source
FY2016	$6.3B	$822.9M	13.1%	—	Source

Full Amphenol financials

Mastercard

Mastercard revenue, net income, margin and growth by fiscal year
Year	Revenue	Net income	Margin	Growth	Source
FY2025	$32.8B	$15B	45.6%	+16.4%	Source
FY2024	$28.2B	$12.9B	45.7%	+12.2%	Source
FY2023	$25.1B	$11.2B	44.6%	+12.9%	Source
FY2022	$22.2B	$9.9B	44.7%	+17.8%	Source
FY2021	$18.9B	$8.7B	46.0%	+23.4%	Source
FY2020	$15.3B	$6.4B	41.9%	-9.4%	Source
FY2019	$16.9B	$8.1B	48.1%	+12.9%	Source
FY2018	$14.9B	$5.9B	39.2%	+19.6%	Source
FY2017	$12.5B	$3.9B	31.3%	+16.0%	Source
FY2016	$10.8B	$4.1B	37.7%	—	Source

Full Mastercard financials

Where the revenue comes from

Amphenol

Communications Solutions~52%
High-speed board-to-board and backplane connectors, fiber optic interconnects, RF and microwave connectors, antennas, and cable assemblies for IT datacom, mobile networks, mobile devices, automotive, and broadband communications. FY2025 revenue of $12.1 billion, up 91% YoY, driven by $4.6 billion in incremental AI datacom sales.
Harsh Environment Solutions~25%
Ruggedized connectors, cable assemblies, and interconnect systems for defense, commercial aerospace, industrial, and automotive applications that must withstand extreme temperatures, vibration, moisture, and electromagnetic interference. FY2025 revenue of $5.9 billion, up 33% YoY, with significant contributions from the Carlisle Interconnect Technologies acquisition.
Interconnect and Sensor Systems~22%
Sensor technologies, value-added cable assemblies, and specialized interconnect products for automotive, industrial, IT datacom, and medical applications. FY2025 revenue of $5.2 billion, up 15% YoY, with growth in industrial sensors and the August 2025 acquisition of Rochester Sensors.

Mastercard

Payment network~59%
Assessments on gross dollar volume, transaction switching fees and cross-border fees, net of customer incentives. About $19.48 billion in FY2025.
Value-added services and solutions~41%
Fraud and security, cyber and threat intelligence, data analytics, consulting, loyalty, open banking and processing services. Grew 23% in FY2025 to about $13.3 billion.

Business model and strategy

Amphenol

How it makes money

The business model is high volume, highly specialized B2B component manufacturing. Amphenol sells hundreds of thousands of connector, cable, antenna and sensor variants to thousands of customers, and no single end market dominates: in 2025, data centers and information technology accounted for 36% of sales, industrial 19%, automotive 15%, communications networks 10%, defense 9%, mobile devices 6% and commercial aeros…

Growth strategy

Amphenol's growth strategy has two parts: sell into secular demand and buy specialized suppliers. On the first, it builds high speed copper and optical interconnects for AI clusters, including the Celerity mezzanine connector family rated to 224 Gb/s PAM4 and XtremePass co-packaged copper interconnects aimed at 448G class links, plus high voltage connectors and sensors for electric vehicles, which carry more wiring a…

Competitive advantage

Amphenol's competitive advantage rests on switching costs and the cost of failure. A connector may cost a few cents, but if it fails the aircraft, satellite or server rack around it stops working, so buyers qualify suppliers rather than shop on price.

Amphenol business model in full

Mastercard

How it makes money

Mastercard earns money in two ways. Payment network revenue ($19.48 billion in FY2025, about 59% of net revenue) comes from assessments based on gross dollar volume, fees for switching transactions, and higher-yield cross-border fees, reduced by incentives paid to issuers and merchants.

Growth strategy

Mastercard's growth plan rests on three levers: moving more consumer spending from cash to cards and tokenized digital wallets, capturing new flows such as B2B payments, disbursements and cross-border remittances, and selling more services that are not tied to card volume. Services grew 23% in FY2025, faster than the network.

Competitive advantage

Mastercard's advantage is a two-sided network that took decades to build: about 3.7 billion Mastercard and Maestro cards issued by partners and acceptance at tens of millions of merchant locations worldwide. A new rival would need both sides at once. That scale also feeds its fraud models, tokenization service and data products, which makes the services business harder to copy.

Mastercard business model in full

Questions about Amphenol vs Mastercard

Which company has higher revenue — Amphenol Corporation or Mastercard Incorporated?

Amphenol Corporation reported $23.1B (FY2025), while Mastercard Incorporated reported $32.8B (FY2025). By last reported revenue, Mastercard Incorporated is the larger business, with Amphenol Corporation reporting a smaller revenue base.

What is the market cap of Amphenol Corporation vs Mastercard Incorporated?

Amphenol Corporation's market capitalisation stands at $208.6B, while Mastercard Incorporated's is $495.4B. Mastercard Incorporated carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Amphenol Corporation.

Which is more financially efficient — Amphenol Corporation or Mastercard Incorporated?

Amphenol Corporation generates $136k / employee in revenue per employee, while Mastercard Incorporated generates $824k / employee. Mastercard Incorporated shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.

How do Amphenol Corporation and Mastercard Incorporated make money?

Amphenol Corporation and Mastercard Incorporated generate revenue in fundamentally different ways. Amphenol Corporation: The business model is high volume, highly specialized B2B component manufacturing. Mastercard Incorporated: Mastercard earns money in two ways.

Which company is valued higher relative to revenue — Amphenol Corporation or Mastercard Incorporated?

On a price-to-sales (P/S) basis, Amphenol Corporation trades at 9.0x P/S and Mastercard Incorporated at 15.1x P/S. Mastercard Incorporated commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Amphenol Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is Amphenol Corporation bigger than Mastercard Incorporated?

By last reported revenue, Mastercard Incorporated ($32.8B (FY2025)) is the larger company compared to Amphenol Corporation ($23.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.

Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Amphenol vs Mastercard overview