What types of connectors does Amphenol make and where are they used?

Military/aerospace: ruggedized circular connectors with screw-lock rings for aircraft instruments, missile guidance, and naval electronics — Amphenol's heritage product since 1932; MIL-SPEC rated for vibration, temperature, and moisture resistance. Automotive: EV charging connectors (the port on the side of any EV), body connectors (hundreds of connectors inside a car for sensors, lights, climate control), and engine management connectors. Data communications: high-speed backplane connectors for server chassis connecting PCIe cards to motherboards, SFP/QSFP optical transceivers for network switches, power connectors for 700W+ GPUs in AI accelerators. Industrial: factory automation sensors, HVAC control systems, energy management. Mobile: micro-connectors inside smartphones (camera modules, battery connectors, SIM card sockets). One connector = one product line; Amphenol makes millions of distinct connector part numbers across all these categories.

What is Amphenol's acquisition strategy?

Amphenol acquires 5-15 smaller connector companies per year; target profile is a small-to-mid specialty connector maker (often family-owned or PE-backed) with proprietary technology in a specific end-market; typical purchase price is 6-10x EBITDA. Integration model: acquired companies join as new business units managed by former owner/management team — they gain Amphenol's global distribution, procurement scale, and customer relationships while retaining entrepreneurial autonomy; founders prefer Amphenol over private equity because the business continues operating rather than being absorbed into an anonymous corporate bureaucracy. Compound effect: Amphenol has made 100+ acquisitions since the 1990s; revenue has grown from approximately $700M in 2000 to $14B+ — roughly half organic and half acquisitions; ROIC from acquisitions has consistently exceeded cost of capital.

What is the AI data center connector opportunity for Amphenol?

AI training clusters (NVIDIA H100 or B100 GPU clusters) communicate between GPUs at extreme speeds: NVLink at 900 Gbps between GPUs, InfiniBand at 400 Gbps between nodes, PCIe at 256 Gbps within servers — every connection requires high-speed connectors with precise electrical specifications. Amphenol products for AI: high-speed backplane connectors (PCIe cards to server motherboards), cable assemblies (high-bandwidth copper cables within racks connecting GPU modules), and power connectors (GPUs consume 700W+ each; power delivery connectors must handle enormous current). Market size: hyperscaler AI data center capex (Microsoft, Google, Amazon, Meta) runs at $50B+ annually; each new AI data center requires billions of connectors; Amphenol has estimated the AI data center opportunity as hundreds of millions in incremental annual revenue, growing as data center construction accelerates.

brimindinvest.com / compare / mod-vs-aph-connectorLIVE

MODV

ModivCare Inc. · Healthcare - Managed Care / Non-Emergency Medical Transportation

$0.43

N/A this month

VERSUS

⟷

COMPARE

APH

Amphenol Corporation · Technology - Electronic Components & Connectors

$158.22

+10.18% this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

MODV

0

APH

1

APH LEADS 1/5

Comparison scoreboard

APH LEADS 1/5

AI Score

MODV 21.9

APH ✓67.5

1Y Return

MODV N/A

APH +60.55%

Fwd P/E

MODV N/A

APH 28.74

Target Up.

MODV N/A

APH +11.79%

Op. Margin

MODV N/A

APH 27.30%

Metrics last refreshed: 7/9/2026

Quick take

MODV vs APH Stock Comparison: AI Score, Valuation, Performance and Upside

MODV (ModivCare) and APH (Amphenol) are unrelated by industry — ModivCare is a Medicaid managed care company in non-emergency medical transportation with an SDOH mission, while Amphenol is a global electronic connector manufacturing powerhouse benefiting from AI infrastructure spending. MODV is a leveraged healthcare services play on Medicaid transportation management; APH is a high-quality compounder in electronic components with secular growth from data centers, EVs, and military.

MODV vs APH is Medicaid NEMT managed care with social determinants of health policy tailwinds and high leverage (ModivCare's dominant position managing 90M+ medical trips for Medicaid members, medical cost ratio risk, and debt burden from acquisition growth) versus diversified global connector manufacturer benefiting from AI infrastructure and defense spending (Amphenol's decentralized 70+ business unit model, high-speed data center connector growth, and prolific acquisition compounder strategy) — leveraged healthcare services versus compounding industrial technology leader.

Live analysis · updated 7/9/2026

APH holds the edge across 1 of 5 key metrics in this comparison.

Normalized 1Y performance

MODV

APH

Not enough data to chart yet.

Recent returns

MODV

APH

Analyst price targets & sentiment

MODV

Price target data unavailable

N/A

APH · 17 analysts

STRONG BUYHOLDSTRONG SELL

Buy (1.9/5.0)

Price target range

analyst low$70.00
analyst mean$184.00
current price$158.22

+11.8% upside to analyst mean

Who should consider this stock?

MODV may suit investors who:

→Believe ModivCare's dominant NEMT position and scale advantages make it difficult for Medicaid plans to replace, creating durable contract renewals
→See SDOH policy momentum driving Medicaid plan investment in transportation as preventive care, expanding ModivCare's addressable market
→Are willing to accept the NEMT medical cost ratio risk and high leverage in exchange for a below-market valuation on the dominant managed transportation services platform

APH may suit investors who:

→Want exposure to AI data center infrastructure spending through a high-quality connector manufacturer with decades of compounding track record
→Value Amphenol's decentralized operating model as a sustainable competitive advantage creating faster innovation and higher management accountability than centralized competitors
→Seek a consistent earnings compounder growing through economic cycles via organic growth, operating leverage, and disciplined acquisitions

Performance & AI score

Metric	MODV	APH
AI score	21.9	67.5
AI rank	#4488	#52
Latest close	$0.43	$158.22
1M return	N/A	+10.18%
6M return	N/A	+11.91%
1Y return	N/A	+60.55%

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	MODV	APH
1Y ago	N/A	$16.24K (+62.4%) started 2025-07-08
5Y ago	N/A	$48.45K (+384.5%) started 2021-07-09
10Y ago	N/A	$130.64K (+1206.4%) started 2016-07-11

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	MODV	APH
Market cap	N/A	$202.48B
Trailing P/E	N/A	47.43
Forward P/E	N/A	28.74
Price/Sales	0.00	6.73
EV/Revenue	N/A	8.37
Analyst target	N/A	$184.00
Target upside	N/A	+11.79%

Growth, profitability & risk

Metric	MODV	APH
Revenue growth	N/A	58.40%
Earnings growth	N/A	24.10%
EPS growth	N/A	+24.10%
FCF margin	N/A	+13.76%
Operating margin	N/A	27.30%
Profit margin	N/A	17.24%
ROIC proxy	N/A	36.83%
Return on equity	N/A	36.83%
Dividend yield	N/A	0.61%
Beta	-1.71	1.24
Debt/equity	N/A	133.05
Current ratio	N/A	1.71
Quick ratio	N/A	1.17

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

MODV max drawdownN/A

APH max drawdown28.33%

MODV max wkly dropN/A

APH max wkly drop14.67%

5Y risk snapshot

MODV max drawdownN/A

APH max drawdown28.73%

MODV max wkly dropN/A

APH max wkly drop14.67%

10Y risk snapshot

MODV max drawdownN/A

APH max drawdown37.56%

MODV max wkly dropN/A

APH max wkly drop20.93%

Performance metrics by period

Period	Metric	MODV	APH
1Y	Growth	N/A	+62.43%
	CAGR	N/A	+62.54%
	Sharpe ratio	N/A	1.25
	Max drawdown	N/A	28.33%
	Max daily drop	N/A	12.20%
	Max wkly drop	N/A	14.67%
5Y	Growth	N/A	+366.84%
	CAGR	N/A	+36.11%
	Sharpe ratio	N/A	1.01
	Max drawdown	N/A	28.73%
	Max daily drop	N/A	12.57%
	Max wkly drop	N/A	14.67%
10Y	Growth	N/A	+1096.04%
	CAGR	N/A	+28.19%
	Sharpe ratio	N/A	0.87
	Max drawdown	N/A	37.56%
	Max daily drop	N/A	13.88%
	Max wkly drop	N/A	20.93%

Business comparison

Category	MODV	APH
Company	ModivCare Inc.	Amphenol Corporation
Sector	Healthcare - Managed Care / Non-Emergency Medical Transportation	Technology
Industry	N/A	Electronic Components
Core business	ModivCare is a tech-enabled managed care company focused on non-medical services addressing social determinants of health for Medicaid and Medicare Advantage populations. Three segments: Non-Emergency Medical Transportation (NEMT) — manages transportation benefits for Medicaid members connecting patients with rides to medical appointments through a nationwide driver network (approximately 90M+ NEMT trips annually for 30M+ members); Remote Patient Monitoring (RPM) — provides devices and software for monitoring chronic disease patients remotely; Personal Care Services — homecare worker staffing for Medicaid members needing assistance with daily activities. Medicaid and Medicare Advantage plans pay ModivCare fixed per-member-per-month (PMPM) fees to manage transportation benefits.	Amphenol is one of the world's largest manufacturers of electrical, electronic, and fiber optic connectors and interconnect systems. Applications span military and aerospace (ruggedized connectors for missiles, aircraft, naval systems), automotive (EV charging connectors, vehicle body and engine management connectors), data communications (high-speed connectors for data center servers, networking switches, AI accelerator modules), industrial (factory automation, sensors, energy infrastructure), mobile devices, and broadband. Amphenol is a global manufacturer with a highly decentralized structure running over 70 independent business units.
Investor focus	Investors track ModivCare's medical cost ratio (actual transportation spend versus PMPM fees received), NEMT contract wins and renewals, RPM subscriber growth, and free cash flow generation.	Investors track Amphenol's organic revenue growth by segment (especially IT datacom and military), operating margins, acquisition pipeline, and exposure to AI infrastructure spending (high-speed connectors for AI data centers).

MODV strengths

→Dominant managed NEMT platform with scale advantages — ModivCare is the largest U.S. NEMT managed care company; managing 90M+ trips annually provides transportation cost data, driver network density, and Medicaid plan relationships competitors cannot replicate
→Social determinants of health (SDOH) policy tailwind — healthcare policy increasingly emphasizes addressing non-clinical needs (transportation, housing) affecting outcomes; NEMT prevents missed appointments that worsen chronic disease and increase costly ER visits
→RPM and personal care diversification reduces NEMT concentration — adding remote monitoring and personal care services creates multiple revenue streams within the same Medicaid population ModivCare already serves

APH strengths

→Decentralized business unit model drives superior management accountability and fast decision-making — 70+ independently managed P&L centers operate like entrepreneurial small companies with Amphenol resources; this model outperforms centralized connector manufacturers in innovation speed
→Diversification across military, automotive, datacom, industrial, and mobile creates resilience — segment diversification smooths the revenue cycle versus single-segment makers
→AI infrastructure build-out is a powerful growth driver — AI data centers require enormous quantities of high-speed connectors for GPU-to-GPU interconnects, PCIe backplanes, power delivery, and networking; Amphenol's high-speed data center connectors are growing substantially faster than the overall business

Risks to watch — MODV

→NEMT medical cost ratio risk — if actual trip costs exceed contracted PMPM fees, ModivCare absorbs the loss; fuel price spikes, driver shortages, or higher trip volumes compress margins
→Medicaid redetermination cycles create membership volatility — when members lose Medicaid eligibility, ModivCare loses PMPM revenue; large membership fluctuations create revenue uncertainty
→High debt load from acquisitions constrains flexibility — ModivCare executed several acquisitions building scale; resulting debt requires FCF allocation to debt reduction, limiting strategic investments

Risks to watch — APH

→Automotive connector exposure creates cyclical risk — auto production volumes are cyclical; EV transition creates short-term uncertainty as OEMs navigate model transitions
→Competition from TE Connectivity, Molex, and Samtec in key markets — share is maintained through product innovation and acquisitions but faces motivated competitors
→Acquisition pace creates integration complexity — Amphenol acquires 5-15 connector companies per year; managing quality and culture across dozens of simultaneous acquisitions requires consistent execution

Frequently asked questions

NEMT covers rides to and from medical appointments that are medically necessary but not emergencies — a dialysis patient getting three rides per week to a dialysis center, a pregnant woman attending prenatal appointments, a diabetic patient seeing their endocrinologist. Federal requirement: the federal government has required states to provide NEMT benefits to Medicaid recipients since 1966 (Social Security Act); missed appointments lead to disease progression, hospitalizations, and higher long-term Medicaid costs. ModivCare's role: rather than Medicaid plans managing driver networks across 50 states, plans hire ModivCare as a managed NEMT company; ModivCare takes a per-member-per-month fee and manages dispatch, driver network, trip verification, and fraud prevention. Market: the NEMT market is approximately $6-7B annually; ModivCare manages roughly 40-50% of all managed NEMT in the U.S.

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