AMPHENOL CORP /DE/ vs Micron Technology, Inc., two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The defining number is Micron's 80.4% operating margin, memory pricing at the top of its arc, against Amphenol's 24%, the same figure it earns in most weathers. Micron at 25.6 times earnings looks like the bargain until the cyclicality is priced in; Amphenol at 47 times looks rich until the persistence is. Both convert about 2% of price into free cash, which is the quiet tell that the market has already adjusted for what each margin means. Amphenol carries the leverage, 1.18 to equity; Micron is nearly debt-free with a 3.4 current ratio, built for the downturn its own margins predict. The pair is one question asked twice: what is a peak worth, and what is a plateau worth?
Comparison updated 2026-07-10.
| Metric | APH | MU |
|---|---|---|
| Price | $163.47 | $1129.73 |
| Market cap | $210.8B | $1.29T |
| Sector | Semiconductors | Semiconductors |
| Stage | Growth | Growth |
| Implied growth (priced in) | — | +35.4% |
| P/E | 47.0 | 25.6 |
| P/B | 14.97 | 12.84 |
| P/S | 8.14 | 14.33 |
| EV/EBITDA | 28.4 | 18.6 |
| Revenue growth | +54.4% | +161.2% |
| Gross margin | 36.8% | 84.6% |
| Operating margin | 24.0% | 80.4% |
| Net margin | 17.2% | 55.9% |
| Return on equity | 31.7% | 50.1% |
| Return on assets | 10.6% | 37.6% |
| Return on invested capital | 12.5% | 46.2% |
| FCF yield | 2.2% | 2.0% |
| Dividend yield | 0.5% | 0.0% |
| Debt / equity | 1.18 | 0.01 |
| Current ratio | 1.71 | 3.42 |
| Altman Z (solvency) | 5.80 | 8.90 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.