Margins varied 10.3% around their average (limit 35%), and no loss years were recorded (limit 2).
- 10y median
- 20.5%
- Worst year
- 19.2%
- Latest · LTM
- 26.0%
# Amphenol (APH.US) Canonical: https://gigainvestors.com/s/APH Analysis as of: 2026-10-16T07:26:32.969Z. Financial observations: FY1996–FY2026. Listing currency: USD. Reporting currency: USD. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: $81.49 per share; close as of 2026-10-15. Estimated value: low $24.94 per share, central $32.07 per share, high $37.18 per share. Buy at or below the central value $32.07 per share. Valuation as of 2026-10-16T07:26:32.969Z; scenarios are not confidence intervals. Expected annual return: 5.7% at the stated quote. About 5.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points). ## Checklist ### understandable: pass - 1 revenue decline in the last 10 years (informational) - Financial history: 10 years - Years with declining revenue: 1 - Years with a net loss: 0 - Operating margin variation: 0.10× Chart: Operating margin; fiscal year observations. - FY2017: 0.20× - FY2018: 0.21× - FY2019: 0.20× - FY2020: 0.19× - FY2021: 0.20× - FY2022: 0.21× - FY2023: 0.20× - FY2024: 0.22× - FY2025: 0.25× - LTM to Mar 2026: 0.26× ### moat: pass - ROIC, median of available years: 53.9% - ROIC, second-lowest year: 48.4% - Typical minus recent gross margin: -4.8 pp - Typical gross margin (annual median): 32.4% - Recent gross margin (lower of latest and 3-year median): 37.2% - Years with nonpositive capital: 0 - Capital spending / revenue: 3.5% - ROIC including acquisitions, ten-year median: 16.7% Chart: ROIC excluding acquisitions; fiscal year observations. - FY2017: 53.6% - FY2018: 59.2% - FY2019: 54.2% - FY2020: 52.8% - FY2021: 49.6% - FY2022: 54.6% - FY2023: 65.1% - FY2024: 48.4% - FY2025: 65.3% - LTM to Mar 2026: 45.5% ### economics: pass - Owner earnings / net income, 5-yr: 1.01× - Cash conversion uses consolidated totals: No - Owner earnings, five-year total: $15B - Net income, five-year total: $15B - Return on incremental invested capital: 76.1% - Working capital / revenue, annual change: -0.1 pp - Working capital / revenue, change between three-year averages: -0.8 pp - Working capital / revenue, final three-year average: 25.4% Chart: Annual owner cash / profit; fiscal year observations. - FY2022: 1.00× - FY2023: 1.02× - FY2024: 1.00× - FY2025: 1.00× - LTM to Mar 2026: 1.02× ### management: fail - Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years) - potential debt-funded buybacks (informational) - buybacks leaned toward cheaper years (informational) - ROIC first 3 years vs last 3 years: 53.6% vs 65.1% - Per-share earnings: 0.60 to 0.96 (three-year endpoint medians) - five-year and ten-year diluted share growth both above threshold - Management verdict uses per-share economic progress: Yes - Ordinary dilution, 10-year annual growth: 7.3% - Ordinary dilution, 5-year annual growth: 15.7% - Market cap gain: $247B - Cumulative retained earnings: $6.7B - Diluted shares, 10-year annual growth: 7.3% - Diluted shares, 5-year annual growth: 15.7% - $1 test, starting fiscal year: FY2016 - $1 test, ending fiscal year: FY2025 - Per-share value growth: 6.0% - Per-share value change: $0.36 - Per-share value, starting three-year median: $0.60 - Per-share value, ending three-year median: $0.96 - Buybacks concentrated in cheaper years (correlation): 0.32 - Average buyback yield: 0.5% - Buyback history: 10 years - Debt-funded buybacks: Yes - Acquisition spending: $9.8B - Cumulative net income, 10 years: $17B - ROIC, first three-year median: 53.6% - ROIC, last three-year median: 65.1% Chart: Earnings per share; fiscal year observations. - FY2016: $0.65 - FY2017: $0.51 - FY2018: $0.96 - FY2019: $0.94 - FY2020: $0.98 - FY2021: $1.27 - FY2022: $1.54 - FY2023: $0.78 - FY2024: $0.96 - FY2025: $1.67 ### accounting: pass - Sloan accruals: -3.0% - Receivables to sales index (DSRI): 0.95× - Restructuring years, last five: 2 - Stock compensation / operating cash flow: 2.5% - Earnings backed by cash: Yes - Operating cash / earnings: 1.26× - Accounting red flags: 0 - Goodwill and intangibles / equity: 0.96× Chart: Sloan accruals; fiscal year observations. - FY2016: -3.0% - FY2017: -4.9% - FY2018: 0.9% - FY2019: -3.2% - FY2020: -3.2% - FY2021: 0.3% - FY2022: -1.8% - FY2023: -3.6% - FY2024: -1.8% - FY2025: -3.0% ## Holders - [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts. - [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts. ## Price story Down 54% since Jun 2026 · "Constrained supply chain and rising commodity prices are a concern for Amphenol’s prospects." (finance.yahoo.com, Apr 2026) · sales +12.2% Story as of 2026-10-16T09:58:19.017Z; price observation 2026-10-15. Price needs cash profits to grow 16.7% a year for ten years - 2025-04-24: Amphenol (NYSE:APH) Reports Strong Q1 Earnings, Announces Buyback and Positive Q2 Guidance ([finance.yahoo.com](https://finance.yahoo.com/news/amphenol-nyse-aph-reports-strong-173448280.html)) - 2025-05-12: APH Q1 Earnings Call: IT Datacom Drives Revenue Upside While Guidance Lags Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/aph-q1-earnings-call-datacom-070307702.html)) - 2025-07-25: APH Q2 Deep Dive: AI Demand and Acquisitions Boost Growth, Margin Outlook Raised ([finance.yahoo.com](https://finance.yahoo.com/news/aph-q2-deep-dive-ai-132642365.html)) - 2025-10-22: Amphenol surges after record quarter, boosts dividend on AI-driven demand ([finance.yahoo.com](https://finance.yahoo.com/news/amphenol-surges-record-quarter-boosts-125950969.html)) - 2026-04-29: Amphenol forecasts upbeat quarterly results on AI data center demand ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/amphenol-forecasts-upbeat-quarterly-results-123649876.html)) - 2026-06-04: Amphenol Deepens AI Data Center Role With CommScope CCS Acquisition ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/amphenol-deepens-ai-data-center-110948440.html)) ### Sales · FY2025–2026 sales +12.2%; source https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm; observed 2026-02-11. - FY2017: $7.0B - FY2018: $8.2B - FY2019: $8.2B - FY2020: $8.6B - FY2021: $11B - FY2022: $13B - FY2023: $13B - FY2024: $15B - FY2025: $23B - FY2026: $26B ### Gross margin · FY2026 gross margin 37.3%; source https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm; observed 2026-02-11. - FY2017: 32.9% - FY2018: 32.4% - FY2019: 31.8% - FY2020: 31.0% - FY2021: 31.3% - FY2022: 31.9% - FY2023: 32.5% - FY2024: 33.8% - FY2025: 37.2% - FY2026: 37.3% ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in electronic components; annual sales are USD 23.1 billion. - Source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm (filed 2026-02-11); FY2025: revenue 23094700000; grossProfit 8595500000; margin = grossProfit / revenue. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APH.US: Amphenol Corporation, together with its subsidiaries, designs, manufactures, and markets electrical, electronic, and fiber optic connectors in the United States, China, and internationally. It operates through three segments: Communications Solutions, Harsh Environment Solutions, and Interconnect and Sensor Systems. The company offers connectors and connector systems, including high speed, radio frequency, power, fiber optic and other interconnect products; busbars and power distribution systems; power interconnect products; and other products. It also provides value-add products, such as backplane interconnect systems, cable assemblies and harnesses, and cable management products; and other products comprising flexible and rigid printed circuit boards, hinges, other mechanical, and production related products. In addition, the company offers consumer device, network infrastructure, and other antennas; coaxial, power, and specialty cables; and sensors and sensor-based products. It sells its products through its sales force, independent representatives, and a network of electronics distributors to original equipment manufacturers, electronic manufacturing services companies, original design manufacturers, and service providers in the automotive, commercial aerospace, communications networks, defense, industrial, information technology and data communications, mobile devices markets. Additionally, the company provides telecommunication and IT networking solutions. The company was founded in 1932 and is headquartered in Wallingford, Connecticut. ### Why customers stay Margins ranged from 32.5% to 37.2% during 2023–25; it earns 53.9% on its capital. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 32.5%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 33.8%. - Source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 37.2%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2017,0.5360319106042278],[2018,0.5923360555655647],[2019,0.541950394730308],[2020,0.5284924526847765],[2021,0.4960488665373953],[2022,0.5455107278687857],[2023,0.6510989010989011],[2024,0.484023807455674],[2025,0.6532816935332528],[2026,0.45549053484542035]]; median 0.5389911526672679. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Can it raise prices Kept about a 32% gross margin through 2022 cost inflation. - Source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm (filed 2026-02-11); Gross margin observations: [[2021,0.3127718065886377],[2022,0.3191158995484433],[2023,0.3253044676495655]]; range within 2 percentage points. ### Where the cash goes Spends 1.7% of cash earnings on expansion; earns 76.1% on new investment. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 0; upkeep 190800000; owner earnings 849100000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 0; upkeep 226600000; owner earnings 650700000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 10900000; upkeep 299700000; owner earnings 1205000000. Growth capex / owner earnings = 0.009045643153526971. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 0; upkeep 295000000; owner earnings 1172100000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 276800000; owner earnings 1234700000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 0; upkeep 360400000; owner earnings 1626000000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 0; upkeep 383800000; owner earnings 1911400000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 372800000; owner earnings 1961600000. Growth capex / owner earnings = 0. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 92900000; upkeep 572500000; owner earnings 2424000000. Growth capex / owner earnings = 0.03832508250825083. - Source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm (filed 2026-02-11); FY2025: growth capex 74200000; upkeep 922400000; owner earnings 4270300000. Growth capex / owner earnings = 0.01737582839613142. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Incremental return on capital 0.760684651403689, from the economics test's unchanged annual inputs. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,172700000],[2017,205000000],[2018,253700000],[2019,279500000],[2020,297600000],[2021,346700000],[2022,477400000],[2023,500600000],[2024,595100000],[2025,802200000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm (filed 2026-02-11); FY2025: cash repurchases 665200000 USD. ### Are managers owners Insiders own 0.5% of the company. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); APH.US SharesStats.PercentInsiders = 0.5329999999999999 percentage points; cache date 2026-10-16. ### What the price says The price assumes cash profits grow 16.7% yearly over ten years; actual growth was 10.7%. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.22923582236959245. Price 81.49; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.6030805687203792 → FY2025 1.6713502935420743. Closing-price date 2026-10-15. ## Monthly share-price history (USD per share) - 2016-10: $65.93 per share - 2016-11: $68.26 per share - 2016-12: $67.20 per share - 2017-01: $67.49 per share - 2017-02: $69.21 per share - 2017-03: $71.17 per share - 2017-04: $72.31 per share - 2017-05: $74.60 per share - 2017-06: $73.82 per share - 2017-07: $76.62 per share - 2017-08: $80.94 per share - 2017-09: $84.64 per share - 2017-10: $87.00 per share - 2017-11: $90.59 per share - 2017-12: $87.80 per share - 2018-01: $92.77 per share - 2018-02: $91.39 per share - 2018-03: $86.13 per share - 2018-04: $83.71 per share - 2018-05: $86.93 per share - 2018-06: $87.15 per share - 2018-07: $93.51 per share - 2018-08: $94.58 per share - 2018-09: $94.02 per share - 2018-10: $89.50 per share - 2018-11: $87.94 per share - 2018-12: $81.02 per share - 2019-01: $87.92 per share - 2019-02: $93.97 per share - 2019-03: $94.44 per share - 2019-04: $99.56 per share - 2019-05: $87.00 per share - 2019-06: $95.94 per share - 2019-07: $93.32 per share - 2019-08: $87.54 per share - 2019-09: $96.50 per share - 2019-10: $100.33 per share - 2019-11: $104.00 per share - 2019-12: $108.23 per share - 2020-01: $99.47 per share - 2020-02: $91.68 per share - 2020-03: $72.88 per share - 2020-04: $88.26 per share - 2020-05: $96.56 per share - 2020-06: $95.81 per share - 2020-07: $105.76 per share - 2020-08: $109.80 per share - 2020-09: $108.27 per share - 2020-10: $112.84 per share - 2020-11: $130.81 per share - 2020-12: $130.77 per share - 2021-01: $124.88 per share - 2021-02: $125.68 per share - 2021-03: $65.97 per share - 2021-04: $67.34 per share - 2021-05: $67.26 per share - 2021-06: $68.41 per share - 2021-07: $72.49 per share - 2021-08: $76.63 per share - 2021-09: $73.23 per share - 2021-10: $76.77 per share - 2021-11: $80.58 per share - 2021-12: $87.46 per share - 2022-01: $79.59 per share - 2022-02: $76.01 per share - 2022-03: $75.35 per share - 2022-04: $71.50 per share - 2022-05: $70.86 per share - 2022-06: $64.38 per share - 2022-07: $77.13 per share - 2022-08: $73.53 per share - 2022-09: $66.96 per share - 2022-10: $75.83 per share - 2022-11: $80.43 per share - 2022-12: $76.14 per share - 2023-01: $79.77 per share - 2023-02: $77.52 per share - 2023-03: $81.72 per share - 2023-04: $75.47 per share - 2023-05: $75.45 per share - 2023-06: $84.95 per share - 2023-07: $88.31 per share - 2023-08: $88.38 per share - 2023-09: $83.99 per share - 2023-10: $80.55 per share - 2023-11: $90.99 per share - 2023-12: $99.13 per share - 2024-01: $101.10 per share - 2024-02: $109.24 per share - 2024-03: $115.35 per share - 2024-04: $120.77 per share - 2024-05: $132.37 per share - 2024-06: $67.37 per share - 2024-07: $64.26 per share - 2024-08: $67.45 per share - 2024-09: $65.16 per share - 2024-10: $67.02 per share - 2024-11: $72.65 per share - 2024-12: $69.45 per share - 2025-01: $70.78 per share - 2025-02: $66.60 per share - 2025-03: $65.59 per share - 2025-04: $76.95 per share - 2025-05: $89.93 per share - 2025-06: $98.75 per share - 2025-07: $106.51 per share - 2025-08: $108.86 per share - 2025-09: $123.75 per share - 2025-10: $139.34 per share - 2025-11: $140.90 per share - 2025-12: $135.14 per share - 2026-01: $144.08 per share - 2026-02: $146.06 per share - 2026-03: $126.35 per share - 2026-04: $147.27 per share - 2026-05: $148.76 per share - 2026-06: $176.32 per share - 2026-07: $160.70 per share - 2026-08: $158.55 per share - 2026-09: $84.30 per share - 2026-10: $85.89 per share ## Annual estimated value (USD per share) - FY2016: low $10.59 per share, central $15.07 per share, high $17.57 per share - FY2017: low $11.12 per share, central $14.36 per share, high $16.60 per share - FY2018: low $13.23 per share, central $18.13 per share, high $21.12 per share - FY2019: low $13.90 per share, central $20.00 per share, high $23.40 per share - FY2020: low $14.85 per share, central $19.87 per share, high $23.08 per share - FY2021: low $18.56 per share, central $26.16 per share, high $30.58 per share - FY2022: low $22.69 per share, central $32.66 per share, high $38.22 per share - FY2023: low $9.22 per share, central $10.91 per share, high $12.61 per share - FY2024: low $11.74 per share, central $13.92 per share, high $16.02 per share - FY2025: low $21.95 per share, central $27.42 per share, high $31.35 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates Prior published observations retained from 2026-10-15T06:32:09.401Z where newer inputs omit a numeric field or fiscal period. ## Sources [Original 10-K filing](https://www.sec.gov/Archives/edgar/data/820313/000110465926013549/aph-20251231x10k.htm); period 2025-12-31, filed 2026-02-11. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
Amphenol
APH · US
S&P 500
Not a wonderful business
1 quality test fails. A lower price would not fix the business.
- Share price
- $81.49
- Buy up to
- $32.07
- Expected / yr
- 5.7% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Can it raise prices
- Where the cash goes
- Are managers owners
- What the price says
1. Is this a good business?
Capital return excluding acquisitions: median 53.9% (minimum 15%), and the second-worst year 48.4% (minimum 10%).
- 10y median
- 53.9%
- Worst year
- 45.5%
- Latest · LTM
- 45.5%
Each $1 of profit left $1.01 for owners over five years (minimum $0.80).
- Five-year totals
- 1.01×
- Annual median
- 1.00×
- Latest · LTM
- 1.02×
Share growth was 7.3% over ten years and 15.7% over five (either must be at most 1% a year).
- 10y median
- $0.96
- Worst year
- $0.51
- Latest · 2025
- $1.67
Profits were backed by cash: accruals were -3% of assets (limit 10%).
- 10y median
- -3.0%
- Worst year
- 0.9%
- Latest · 2025
- -3.0%
Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 20.8%, three-year average owner earnings per share 1.14 USD.
2. Is the price low enough?
| Value range | $24.94 – $37.18 |
|---|---|
| Buy at or below | Central value $32.07 |
| Discount to value | 1 − 81.49 / 32.07 = -154.1% |
| Return / year | About 5.7% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Owner cash USD 1.84/share; 4.9% growth for 5 years, then fades to 3.0%; excess cash USD 1.96/share today. |
| Required return | 10.0% / year, earned by construction at the central value |
Revenue$26B
FY2017 · Revenue: $7.0B; FY2018 · Revenue: $8.2B; FY2019 · Revenue: $8.2B; FY2020 · Revenue: $8.6B; FY2021 · Revenue: $11B; FY2022 · Revenue: $13B; FY2023 · Revenue: $13B; FY2024 · Revenue: $15B; FY2025 · Revenue: $23B; FY2026 · Revenue: $26B
Owner earnings$4.5B
FY2017 · Owner earnings: $651M; FY2018 · Owner earnings: $1.2B; FY2019 · Owner earnings: $1.2B; FY2020 · Owner earnings: $1.2B; FY2021 · Owner earnings: $1.6B; FY2022 · Owner earnings: $1.9B; FY2023 · Owner earnings: $2.0B; FY2024 · Owner earnings: $2.4B; FY2025 · Owner earnings: $4.3B; FY2026 · Owner earnings: $4.5B
Operating margin26.0%
FY2017 · Operating margin: 20.4%; FY2018 · Operating margin: 20.7%; FY2019 · Operating margin: 20.0%; FY2020 · Operating margin: 19.2%; FY2021 · Operating margin: 20.0%; FY2022 · Operating margin: 20.7%; FY2023 · Operating margin: 20.4%; FY2024 · Operating margin: 21.6%; FY2025 · Operating margin: 25.4%; FY2026 · Operating margin: 26.0%
Net cash / debt-$4.1B
FY2016 · Net cash / debt: -$1.8B; FY2017 · Net cash / debt: -$1.8B; FY2018 · Net cash / debt: -$2.3B; FY2019 · Net cash / debt: -$2.7B; FY2020 · Net cash / debt: -$2.1B; FY2021 · Net cash / debt: -$3.6B; FY2022 · Net cash / debt: -$3.1B; FY2023 · Net cash / debt: -$2.7B; FY2024 · Net cash / debt: -$3.9B; FY2025 · Net cash / debt: -$4.1B
Diluted shares2.6B
FY2016 · Diluted shares: 1.3B; FY2017 · Diluted shares: 1.3B; FY2018 · Diluted shares: 1.3B; FY2019 · Diluted shares: 1.2B; FY2020 · Diluted shares: 1.2B; FY2021 · Diluted shares: 1.3B; FY2022 · Diluted shares: 1.2B; FY2023 · Diluted shares: 2.5B; FY2024 · Diluted shares: 2.5B; FY2025 · Diluted shares: 2.6B
Prices 15 Oct 2026 · FY2025Original filing ↗ ·