AMPHENOL CORP /DE/ vs Taiwan Semiconductor Manufacturing Company Limited, two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
What is priced in differs by an order of confidence: TSMC at 63.5 times earnings is priced as the irreplaceable foundry of the AI era, Amphenol at 47 times as the connector maker whose parts are in everything but named by no one. TSMC's economics justify the grander claim, a 45.3% operating margin and 55.6% gross, against Amphenol's 24% and 36.8%. Amphenol earns the higher return on equity, 31.7% to 27.1%, though with 1.18 of debt to equity doing some of the lifting where TSMC carries none. Both are expensive against their own histories of quieter markets. The difference is that TSMC's price requires the AI buildout specifically; Amphenol's merely requires electronics.
Comparison updated 2026-07-10.
| Metric | APH | TSM |
|---|---|---|
| Price | $163.47 | $431.91 |
| Market cap | $210.8B | $2.24T |
| Sector | Semiconductors | Semiconductors |
| Stage | Growth | Growth |
| P/E | 47.0 | 63.5 |
| P/B | 14.97 | 17.16 |
| P/S | 8.14 | 25.15 |
| EV/EBITDA | 28.4 | 53.9 |
| Revenue growth | +54.4% | +22.6% |
| Gross margin | 36.8% | 55.6% |
| Operating margin | 24.0% | 45.3% |
| Net margin | 17.2% | 39.6% |
| Return on equity | 31.7% | 27.1% |
| Return on assets | 10.6% | 17.3% |
| Return on invested capital | 12.5% | 25.4% |
| FCF yield | 2.2% | 1.2% |
| Dividend yield | 0.5% | — |
| Debt / equity | 1.18 | 0.00 |
| Current ratio | 1.71 | 2.36 |
| Altman Z (solvency) | 5.80 | 8.22 |
| 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.