Amphenol vs TE Connectivity: Revenue, Profit and Business Model
Amphenol reported $23.1B of revenue in FY2025 and $4.3B of net income. TE Connectivity reported $17.3B of revenue in FY2025 and $1.8B 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
TE Connectivity
- Latest revenue
- $17.3B (FY2025)
- Net income
- $1.8B
- Net margin
- 10.7%
- Revenue growth
- +4.8% a year, FY2016–FY2025
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.
TE Connectivity
TE Connectivity reported FY2025 (year ended September 26, 2025) net sales of $17.262 billion, up 8.9% from $15.845 billion, and net income of $1.842 billion. Fiscal 2026 has been stronger: Q3 FY2026 (ended June 26, 2026) sales were a record $5.16 billion, up 14% reported and 12% organically, adjusted EPS rose 22% to $2.94, adjusted operating margin reached 22%, and orders hit a record $5.7 billion. Year-to-date free cash flow was $2.2 billion and TE returned $2.0 billion to shareholders. Guidance for Q4 FY2026 called for about $5.25 billion in sales and adjusted EPS of about $3.05.
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 |
TE Connectivity
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $17.3B | $1.8B | 10.7% | +8.9% | Source |
| FY2024 | $15.8B | $3.2B | 20.2% | -1.2% | Source |
| FY2023 | $16B | $1.9B | 11.9% | -1.5% | Source |
| FY2022 | $16.3B | $2.4B | 14.9% | +9.1% | Source |
| FY2021 | $14.9B | $2.3B | 15.2% | +22.6% | Source |
| FY2020 | $12.2B | -$241M | -2.0% | -9.5% | Source |
| FY2019 | $13.4B | $1.8B | 13.7% | -3.9% | Source |
| FY2018 | $14B | $2.6B | 18.3% | +14.8% | Source |
| FY2017 | $12.2B | $1.7B | 13.8% | +7.3% | Source |
| FY2016 | $11.4B | $2B | 17.7% | — | 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.
TE Connectivity
- Transportation Solutions~54%
Automotive, commercial transportation and sensor products (FY2025).
- Industrial Solutions~46%
Automation, aerospace and defense, energy, digital data networks and medical products (FY2025).
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.
TE Connectivity
How it makes money
TE Connectivity earns revenue by selling engineered connectors, sensors, relays, terminals, wire and cable assemblies to manufacturers that design them into long-lived products. Engineers co-design parts with automakers, industrial OEMs, data-center hardware makers, utilities and aerospace and medical customers; once a part is qualified for a platform, it tends to ship for the life of that program.
Growth strategy
TE's growth plan rests on three levers. First, content growth in vehicles: more high-voltage and high-speed data connectors per car than a combustion vehicle needs, which let Transportation grow 5% organically in Q3 FY2026 while end markets were softer. Second, AI and energy infrastructure in Industrial Solutions, where sales grew more than 20% in Q3 FY2026.
Competitive advantage
TE's advantage comes from being designed into customer platforms early, the cost and time of requalifying a replacement part, broad harsh-environment product range and a global manufacturing footprint close to automotive and industrial customers.
Questions about Amphenol vs TE Connectivity
Which company has higher revenue — Amphenol Corporation or TE Connectivity plc?
Amphenol Corporation reported $23.1B (FY2025), while TE Connectivity plc reported $17.3B (FY2025). By last reported revenue, Amphenol Corporation is the larger business, with TE Connectivity plc reporting a smaller revenue base.
What is the market cap of Amphenol Corporation vs TE Connectivity plc?
Amphenol Corporation's market capitalisation stands at $208.6B, while TE Connectivity plc's is $61.2B. Amphenol Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to TE Connectivity plc.
Which is more financially efficient — Amphenol Corporation or TE Connectivity plc?
Amphenol Corporation generates $136k / employee in revenue per employee, while TE Connectivity plc generates $192k / employee. TE Connectivity plc 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 TE Connectivity plc make money?
Amphenol Corporation and TE Connectivity plc generate revenue in fundamentally different ways. Amphenol Corporation: The business model is high volume, highly specialized B2B component manufacturing. TE Connectivity plc: TE Connectivity earns revenue by selling engineered connectors, sensors, relays, terminals, wire and cable assemblies to manufacturers that design them into long-lived products.
Which company is valued higher relative to revenue — Amphenol Corporation or TE Connectivity plc?
On a price-to-sales (P/S) basis, Amphenol Corporation trades at 9.0x P/S and TE Connectivity plc at 3.5x P/S. Amphenol Corporation commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to TE Connectivity plc. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amphenol Corporation bigger than TE Connectivity plc?
By last reported revenue, Amphenol Corporation ($23.1B (FY2025)) is the larger company compared to TE Connectivity plc ($17.3B (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 TE Connectivity overview