Amphenol vs TDK: Revenue, Profit and Business Model
Amphenol had $23.1B of annual revenue in FY2025 and $4.3B of net income. TDK had ~$16.8B of annual revenue in FY2026 and ~$1.3B of net income.
Latest financial snapshot
Financial summary
Amphenol
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. Amphenol Corporation is a major global manufacturer of electronic interconnect systems, sustaining a strong market valuation frequently above $60 billion.
TDK
TDK reported record FY March 2026 results: net sales of ~$16.8 billion (¥2,504.8 billion), up 13.6%; operating profit of ~$1.83 billion (¥272.4 billion), up 21.5%, for a 10.9% margin; and net profit attributable to owners of ~$1.31 billion (¥195.7 billion). Growth came from small batteries and sensors for ICT devices and from HDD heads and suspensions, while automotive passive components weakened with slow BEV sales. For FY March 2027 TDK initially guided to net sales of ~$17.3 billion (¥2,580 billion), operating profit of ~$1.98 billion (¥295 billion) and net profit of ~$1.51 billion (¥225 billion). The year started strongly: first-quarter net sales rose 38.3% to ~$4.96 billion (¥741.0 billion) and operating profit rose 53.0% to ~$578 million (¥86.3 billion), both first-quarter records, driven by AI data center demand.
Revenue and profit by year
Amphenol
| 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 |
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.
TDK
- Energy Application Products~55%
Small-capacity lithium-ion polymer batteries from ATL for smartphones, laptops, tablets and wearables, plus TDK-Lambda power supplies. About $9.18 billion (¥1.37 trillion) of FY2026 net sales.
- Passive Components~20%
Ceramic, aluminum electrolytic and film capacitors, inductors, high-frequency and piezo components sold under the TDK and EPCOS brands, with automotive and industrial as major markets.
- Sensor Application Products~10%
MEMS motion sensors and microphones (InvenSense), Hall-effect sensors (Micronas) and TMR magnetic sensors for phones, cars and industrial equipment.
- Magnetic Application Products~10%
HDD heads and suspension assemblies, driven by nearline drives for data centers. About $1.76 billion (¥262.9 billion) of FY2026 net sales.
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.
TDK
How it makes money
TDK sells components to device and equipment makers rather than to consumers. It reports four segments. Energy Application Products, the largest at about 55% of FY2026 net sales, combines ATL's small-capacity lithium-ion polymer batteries for smartphones, tablets, laptops and wearables with power supplies for industrial and ICT equipment.
Growth strategy
Under its medium-term plan, TDK is steering growth toward three themes it calls DX, EX and AI-related demand: components and sensors for AI servers and data centers, batteries and power supplies for devices and industrial equipment, and passive components and sensors for electrified vehicles and renewable energy.
Competitive advantage
TDK's advantage comes from materials know-how built since 1935 and from scale in a few niches where qualification takes years. ATL is one of the largest suppliers of small lithium-ion polymer cells, and phone makers rarely switch suppliers mid-cycle because of the safety testing involved.
Questions about Amphenol vs TDK
Which company has higher revenue — Amphenol Corporation or TDK Corporation?
Amphenol Corporation had $23.1B (FY2025), while TDK Corporation had ~$16.8B (FY2026). By latest annual revenue, Amphenol Corporation is the larger business, with TDK Corporation showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Amphenol Corporation vs TDK Corporation?
Amphenol Corporation's market capitalisation stands at $208.6B, while TDK Corporation's is $35.9B. Amphenol Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to TDK Corporation.
How does revenue per employee compare for Amphenol Corporation and TDK Corporation?
Amphenol Corporation has $136k / employee in revenue per employee, while TDK Corporation has $158k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Amphenol Corporation and TDK Corporation make money?
Amphenol Corporation and TDK Corporation generate revenue in fundamentally different ways. Amphenol Corporation: The business model is high volume, highly specialized B2B component manufacturing. TDK Corporation: TDK sells components to device and equipment makers rather than to consumers.
Which company is valued higher relative to revenue — Amphenol Corporation or TDK Corporation?
On a price-to-sales (P/S) basis, Amphenol Corporation trades at 9.0x P/S and TDK Corporation at 2.1x P/S. Amphenol Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TDK Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amphenol Corporation bigger than TDK Corporation?
By last reported revenue, Amphenol Corporation ($23.1B (FY2025)) is the larger company compared to TDK Corporation (~$16.8B (FY2026)). 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 TDK overview