TE Connectivity

TEL · NYSE · Information Technology · Financials, fiscal 2016 to 2025

TEL · Last close · October 26, 2026

$213.86

TE Connectivity's revenue rose 8.9% to $17.3 billion in fiscal 2025. Its operating margin was 18.6%, up from 17.6% a year earlier. Free cash flow was $3.2 billion, up 14.5%. It paid out $2.1 billion in dividends and buybacks, 67% of free cash flow. The diluted share count fell 3.2%.

TE CONNECTIVITY PLC Latest fiscal year ended September 26, 2025 10-K filed November 10, 2025 · 0001104659-25-109150 Updated October 9, 2026

Revenue

$17.3B

8.9%

Operating margin

18.6%

1.0 pts

Net income

$1.8B

42.3%

Free cash flow

$3.2B

14.5%

Return on capital

12.1%

8.0 pts

Market cap

$62.7B

Oct 26 close

P/E

20.9x

On $10.21 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What TE Connectivity does

TE Connectivity makes connectors and sensors, which are parts that carry power, signals and data between pieces of equipment or measure things such as pressure and temperature. They are used in cars, factories, data centers, aircraft, medical devices, homes and energy networks. Its customers are mostly manufacturers that build these parts into their own products.

It has two reportable segments. Transportation Solutions sells terminals, connector systems, sensors, relays and heat shrink tubing, with automotive its largest end market. Industrial Solutions sells connectors, interventional medical components, relays, wire and cable and filters for markets such as digital data networks, factory automation, appliances, aerospace and defense, energy and medical devices. In fiscal 2025 Transportation Solutions was the larger of the two.

TE says it competes with thousands of companies, from large multinational firms to local manufacturers, and that it faces steady downward pressure on prices. Competitors named for Transportation Solutions include Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex and Amphenol. It employed about 93,000 people worldwide, including 13,000 contract workers. Its fiscal year ends on the last Friday of September.

Its biggest risks, as it describes them

A slowdown in the automotive and other industries it depends on.
Whether new products win acceptance and whether it keeps up with fast technology change.
Pressure to lower its prices from customers and competitors.
Currency swings, since much of its business is outside the United States.
Business interruptions from severe weather, natural disasters and similar events.

From TE Connectivity's annual report on Form 10-K, filed November 10, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 1.4% a year and net income fell 1.0% a year, as buybacks cut the share count by 19%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value TE Connectivity yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from TE Connectivity's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from TE Connectivity's fiscal 2025 free cash flow of $3.2B, net cash of −$3.6B at September 26, 2025 and 299 million diluted shares, from its filings. The scenarios are fitted to TE Connectivity: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.0% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Electronic Manufacturing Services), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at September 26, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to TE Connectivity's own revenue growth, as above. Cautious: growth of 0% then 1% a year, 2% after year 10, a 11% discount rate. Base: growth of 2% then 2% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 4% then 3.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $213.86
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from TE Connectivity's earnings per share of $10.21 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 28.6×, the middle of TE Connectivity's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 26, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Celestica, Flex, Jabil, Sanmina.

Earnings growth in the years ahead (% a year) Starts at TE Connectivity's revenue growth over the last 3 years, 2.0% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $213.86
Value at this multiple, against the last close: —
TE Connectivity's P/E at the last close: 20.9×

Company	Last close	Earnings per share	P/E today
FlexFLEX	$76.99	$2.59	29.7×
SanminaSANM	$161.34	$5.59	28.9×
JabilJBL	$275.68	$9.75	28.3×
CelesticaCLS	$246.65	$10.56	23.4×
TE ConnectivityTEL	$213.86	$10.21	20.9×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1,203	1,088	1,661	1,319	1,255
Debt incl. finance leases	3,589	3,292	3,529	3,332	4,842
Net debt (negative means net cash)	2,386	2,204	1,868	2,013	3,587
Net debt to EBITDA	0.7x	0.6x	0.6x	0.6x	0.9x
Debt to equity	0.3x	0.3x	0.3x	0.3x	0.4x
Interest coverage	43.5x	41.8x	28.8x	39.9x	41.7x
Current ratio	1.6x	1.6x	1.8x	1.6x	1.6x
Quick ratio	1.0x	1.0x	1.2x	1.1x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought TE Connectivity shares on the open market, and 5 insiders sold $52.5 million, $22.7 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 1, 2026	Shadrak W KroegerPres., Industrial Solutions	Sold plan	9,400	$215.00	$2.0 million	Form 4
May 6, 2026	Shadrak W KroegerPres., Industrial Solutions	Sold plan	9,400	$215.00	$2.0 million	Form 4
Apr 8, 2026	Shadrak W KroegerPres., Industrial Solutions	Sold plan	9,400	$223.26	$2.1 million	Form 4
Mar 2, 2026	Shadrak W KroegerPres., Industrial Solutions	Sold plan	9,400	$222.52	$2.1 million	Form 4
Feb 13, 2026	Shadrak W KroegerPres., Industrial Solutions	Sold plan	9,400	$233.82	$2.2 million	Form 4
Feb 13, 2026	Shadrak W KroegerPres., Industrial Solutions	Sold	6,565	$233.64	$1.5 million	Form 4
Feb 13, 2026	Reuben M. ShafferSVP and Corporate Controller	Sold	1,425	$234.23	$333,860	Form 4
Feb 9, 2026	John S JenkinsEVP & General Counsel	Sold	6,155	$222.81	$1.4 million	Form 4
Dec 19, 2025	Terrence R CurtinChief Exec. Officer & Director, Director	Sold plan	20,817	$228.67	$4.8 million	Form 4
Dec 19, 2025	Heath A MittsEVP & Chief Financial Officer, Director	Sold plan	6,269	$226.86	$1.4 million	Form 4
Dec 18, 2025	Terrence R CurtinChief Exec. Officer & Director, Director	Sold plan	20,817	$225.47	$4.7 million	Form 4
Dec 18, 2025	Heath A MittsEVP & Chief Financial Officer, Director	Sold plan	6,269	$225.97	$1.4 million	Form 4

The latest 12 of 14 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	Fail	Pass	Pass
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	7 of 9	6 of 9
Accruals ratio	−5.8%	−1.3%	−9.6%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put TE Connectivity side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
TE Connectivity	FY25	8.9%	18.6%	18.6%	12.1%	0.9x	6
Celestica	FY25	28.5%	8.4%	3.7%	37.8%	0.1x	7	Compare
Flex	FY26	8.1%	4.9%	3.8%	16.3%	0.7x	9	Compare
Jabil	FY26	20.6%	4.7%	3.8%	39.3%	0.8x	8	Compare
Sanmina	FY25	7.4%	4.4%	5.8%	14.2%	−1.4x	8	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	11,352	12,185	13,988	13,448	12,172	14,923	16,281	16,034	15,845	17,262
Revenue growth	−7.2%	7.3%	14.8%	−3.9%	−9.5%	22.6%	9.1%	−1.5%	−1.2%	8.9%
Gross profit	3,827	4,183	4,745	4,394	3,735	4,887	5,244	5,055	5,456	6,079
Research and development	525	548	606	572	539	612	610	593	621	699
Operating income	1,808	1,876	2,331	1,978	537	2,434	2,756	2,304	2,796	3,211
Net income	2,009	1,683	2,565	1,844	−241	2,261	2,428	1,910	3,193	1,842
Diluted EPS (US$)	5.44	4.70	7.27	5.42	−0.73	6.79	7.47	6.03	10.33	6.16
Diluted shares (millions)	369	358	353	340	332	333	325	317	309	299
Cash flow
Cash from operations	1,947	2,321	2,451	2,422	1,992	2,676	2,468	3,132	3,477	4,139
Capital expenditure	603	679	935	749	560	690	768	732	680	936
Free cash flow	1,344	1,642	1,516	1,673	1,432	1,986	1,700	2,400	2,797	3,203
Dividends paid	509	546	588	608	625	647	685	725	760	803
Share buybacks	2,787	614	879	1,091	523	831	1,412	945	2,062	1,347
Acquisitions	1,336	250	153	283	339	423	220	110	339	2,628
Stock-based compensation	87	95	95	75	74	94	119	123	127	149
Balance sheet at fiscal year end
Cash and short-term investments	647	1,218	848	927	945	1,203	1,088	1,661	1,319	1,255
Debt incl. finance leases	4,070	4,344	4,000	3,395	3,452	3,589	3,292	3,529	3,332	4,842
Total assets	17,608	19,403	20,386	19,694	19,242	21,462	20,782	21,712	22,854	25,081
Total liabilities	9,123	9,652	9,555	9,124	9,747	10,714	9,885	10,057	10,368	12,351
Shareholders' equity	8,485	9,751	10,831	10,570	9,383	10,634	10,802	11,551	12,355	12,585
Margins and ratios
Gross margin	33.7%	34.3%	33.9%	32.7%	30.7%	32.8%	32.2%	31.5%	34.4%	35.2%
Operating margin	15.9%	15.4%	16.7%	14.7%	4.4%	16.3%	16.9%	14.4%	17.6%	18.6%
Net margin	17.7%	13.8%	18.3%	13.7%	−2.0%	15.2%	14.9%	11.9%	20.1%	10.7%
Free cash flow margin	11.8%	13.5%	10.8%	12.4%	11.8%	13.3%	10.4%	15.0%	17.6%	18.6%
Return on capital	16.4%	13.6%	17.4%	14.6%	2.1%	18.5%	18.8%	14.6%	20.1%	12.1%
Return on equity	22.2%	18.5%	24.9%	17.2%	−2.4%	22.6%	22.6%	17.1%	26.7%	14.8%
Return on assets	10.5%	9.1%	12.9%	9.2%	−1.2%	11.1%	11.5%	9.0%	14.3%	7.7%
Net debt to EBITDA	1.4x	1.3x	1.1x	0.9x	2.0x	0.7x	0.6x	0.6x	0.6x	0.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: TE Connectivity's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with TE Connectivity.