Amphenol Corp (APH) is undervalued and Flex Ltd (FLEX) is overvalued.
Against our estimates of intrinsic value, APH trades at the wider discount: a margin of safety of +38%, against -137% for FLEX.
Values as of the 22 Sept 2026 close.
A 11.4x revenue multiple, adjusted for growth and margin, values the shares at $133.20; the price of $82.84 is 38% below that value.
Leak Score 81/100 on 10 of 12 signals
Discounting its cash flows at 11.8% (average of 3 methods) values the shares at $48.24; the price of $114.45 is 137% above that value, and 67% of that value comes from beyond year five.
Leak Score 56/100 on 10 of 12 signals
| Metric | APH | FLEX |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $82.84 | $114.45 |
| Intrinsic value | $133.20 | $48.24 |
| Margin of safety | +38% | -137% |
| Leak Score | 81/100 (10/12) | 56/100 (10/12) |
| Market cap | $204.3B | $42.3B |
| Revenue growth, 5 years | 21.9% | 3.0% |
| Operating margin | 28.1% | 5.6% |
| Net margin | 17.7% | 3.3% |
| Return on equity | 38.1% | 18.4% |
| Debt to equity | 1.21 | 1.08 |
| P/E | 41.5x | 44.2x |
| Forward P/E | 25.6x | 16.1x |
| P/B | 13.2x | 7.7x |
| Dividend yield | 0.6% | — |