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APH 10-K Analysis: 31% Margins in Hardware and the $10.5B Dilution Trade-Off

Amphenol's FY2025 10-K contains a number that doesn't belong in a connector company's filing: 31% operating margins in Communications Solutions. The segment nearly doubled revenue to $12.1 billion, generating software-like profitability on physical connectors. But the same filing reveals that APH's $10.5 billion CommScope CCS acquisition — the second piece of a $12.6 billion systematic dismantlement — will dilute those margins by 150-300 basis points in 2026. The investment question: is the franchise expanding faster than margins are diluting?

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15 min

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