Tearsheet

Amdocs (DOX)

Market Price (12/23/2025): $80.095 | Market Cap: $8.6 Bil
Sector: Information Technology | Industry: Systems Software

Amdocs (DOX)

Market Price (12/23/2025): $80.095
Market Cap: $8.6 Bil
Sector: Information Technology
Industry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 7.5%	Weak multi-year price returns 2Y Excs Rtn is -49%, 3Y Excs Rtn is -79%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -9.0%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%		Key risks DOX key risks include [1] a stalled sales pipeline and stagnant backlog resulting from intense competition, Show more.
2	Low stock price volatility Vol 12M is 22%
3	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Wireless Services, Telecom Infrastructure, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.2%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%, FCF Yield is 7.5%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Low stock price volatility Vol 12M is 22%
3	Megatrend and thematic drivers Megatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Wireless Services, Telecom Infrastructure, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -49%, 3Y Excs Rtn is -79%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -9.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -9.0%
6	Key risks DOX key risks include [1] a stalled sales pipeline and stagnant backlog resulting from intense competition, Show more.

Valuation, Metrics & Events

	12/23/25	2024	2023	2022
Share Price CYE	$80.09	$83.61	$84.39	$85.62
Market Cap CYE ($ Bil)	8.6	9.3	9.7	10.2
Total Debt ($ Bil)	0.8	0.8	0.8	0.8
Total Cash ($ Bil)	0.3	0.3	0.5	0.7
Enterprise Value ($ Bil)	9.1	10.1	10.5	11.0
Valuation Ratios
P/S TTM	1.9	2.0	2.0	2.2
P/EBIT TTM	11.7	12.6	15.9	16.2
P/E TTM	15.2	16.4	20.2	19.8
P/FCF TTM	13.3	14.4	16.1	15.3
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6
P/EBIT TTM (Sector)	3.1	2.3	-0.2	-0.7
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8
P/FCF TTM (Sector)	12.4	13.7	12.2	6.9

	12/23/25	2024	2023
Share Price CYE	$80.09	$83.61	$84.39
Market Cap CYE ($ Bil)	8.6	9.3	9.7
Total Debt ($ Bil)	0.8	0.8	0.8
Total Cash ($ Bil)	0.3	0.3	0.5
Enterprise Value ($ Bil)	9.1	10.1	10.5
Valuation Ratios
P/S TTM	1.9	2.0	2.0
P/EBIT TTM	11.7	12.6	15.9
P/E TTM	15.2	16.4	20.2
P/FCF TTM	13.3	14.4	16.1
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.1	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.4	13.7	12.2

	DOX	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	4.5
Rev Chg Q	-9.0%	7.3%
Rev Chg LTM	-9.4%	6.0%
Rev Chg 3Y Avg	-0.1%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.8
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.6
Op Mgn LTM	17.9%	18.8%
CFO/Rev LTM	16.5%	20.4%
Net Inc Mgn	12.5%	13.1%
VALUATION	LOW
P/S	1.9	3.2
P/CFO	11.5	15.5
P/FCF	13.3	20.7
P/E	15.2	23.5
STABILITY	GOOD
Debt/Equity	0.10	0.21
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
12-Month Backlog	$4.15 billion	6302025	Link
Managed Services Revenue as a Percentage of Total Revenue	67%	6302025	Link
Number of Communications and Media Providers	over 350	11062025	Link
Number of Content Creator Relationships	over 600	11062025	Link
Managed Services Renewal Rate	close to 100%	2042025	Link

Upcoming
12/31/2025	Dividend	Amount: $0.53 Payment On: 1/30/2026
2/03/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $1.75 (E)

DOX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Amdocs (DOX) stock experienced a decline in the approximate time period from August 31, 2025, to December 23, 2025, with key factors contributing to this movement. For instance, the stock was trading around $85.00 on September 12, 2025, and by December 19, 2025, it had closed at $80.48, representing a decline of over 5% within this period. 1. Narrow Miss on Q4 2025 Revenue Expectations.

Amdocs' fourth-quarter fiscal year 2025 revenue of $1.15 billion narrowly missed the analyst consensus estimate of approximately $1.157 billion. While the company reported an overall 2.8% increase in revenue year-over-year on a pro forma constant currency basis, the reported revenue declined by 9.0% due to the strategic phase-out of certain low-margin business activities. This slight miss on top-line expectations, despite efforts to improve profitability, likely contributed to investor caution. 2. Stock Decline Following Q4 2025 Earnings Release.

Despite announcing positive Q4 2025 earnings for fiscal year 2025, Amdocs' stock experienced a decline of 1.79% on November 11, 2025, closing at $85.49. This suggests that the market reacted with some disappointment or took profits despite generally positive financial performance. Show more Amdocs (DOX) stock experienced a decline in the approximate time period from August 31, 2025, to December 23, 2025, with key factors contributing to this movement. For instance, the stock was trading around $85.00 on September 12, 2025, and by December 19, 2025, it had closed at $80.48, representing a decline of over 5% within this period. 1. Narrow Miss on Q4 2025 Revenue Expectations.

Amdocs' fourth-quarter fiscal year 2025 revenue of $1.15 billion narrowly missed the analyst consensus estimate of approximately $1.157 billion. While the company reported an overall 2.8% increase in revenue year-over-year on a pro forma constant currency basis, the reported revenue declined by 9.0% due to the strategic phase-out of certain low-margin business activities. This slight miss on top-line expectations, despite efforts to improve profitability, likely contributed to investor caution. 2. Stock Decline Following Q4 2025 Earnings Release.

Despite announcing positive Q4 2025 earnings for fiscal year 2025, Amdocs' stock experienced a decline of 1.79% on November 11, 2025, closing at $85.49. This suggests that the market reacted with some disappointment or took profits despite generally positive financial performance. 3. Restructuring Charge for Workforce and Technology Optimization.

The company recorded a restructuring charge of $0.60 per share in its Q4 2025 results. This charge was attributed to workforce and technology optimization efforts aimed at adopting generative AI, which may have led to short-term investor concerns about increased expenses or transitional impacts. 4. Softer Fiscal Year 2026 Guidance and Cautious Investor Sentiment.

Amdocs provided an outlook for the first quarter of fiscal year 2026 with revenue guidance slightly below analyst sales estimates. Additionally, there were three downward revisions to the company's EPS forecast in the 90 days leading up to the Q4 report, indicating a cautious investor sentiment and potential concerns about future growth prospects. 5. Challenges in the Demand Environment.

Analysts highlighted challenges in the demand environment, including slower pipeline conversion and increased scrutiny of customer expenses. These factors raised concerns for Amdocs' future revenue stability and overall growth prospects, potentially influencing the stock's downward trajectory. Show less

Stock Movement Drivers

Fundamental Drivers

The -4.7% change in DOX stock from 9/22/2025 to 12/22/2025 was primarily driven by a -7.5% change in the company's P/E Multiple.

	9222025	12222025	Change
Stock Price ($)	84.07	80.10	-4.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4646.58	4532.91	-2.45%
Net Income Margin (%)	11.94%	12.46%	4.33%
P/E Multiple	16.45	15.21	-7.54%
Shares Outstanding (Mil)	108.53	107.20	1.22%
Cumulative Contribution			-4.74%

LTM = Last Twelve Months as of date shown

Market Drivers

9/22/2025 to 12/22/2025

	Return	Correlation
DOX	-4.7%
Market (SPY)	2.7%	23.0%
Sector (XLK)	2.7%	12.8%

Fundamental Drivers

The -11.8% change in DOX stock from 6/23/2025 to 12/22/2025 was primarily driven by a -17.5% change in the company's P/E Multiple.

	6232025	12222025	Change
Stock Price ($)	90.81	80.10	-11.79%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4752.20	4532.91	-4.61%
Net Income Margin (%)	11.39%	12.46%	9.41%
P/E Multiple	18.43	15.21	-17.51%
Shares Outstanding (Mil)	109.85	107.20	2.41%
Cumulative Contribution			-11.84%

LTM = Last Twelve Months as of date shown

Market Drivers

6/23/2025 to 12/22/2025

	Return	Correlation
DOX	-11.8%
Market (SPY)	14.4%	23.8%
Sector (XLK)	19.7%	11.5%

Fundamental Drivers

The -5.7% change in DOX stock from 12/22/2024 to 12/22/2025 was primarily driven by a -20.9% change in the company's P/E Multiple.

	12222024	12222025	Change
Stock Price ($)	84.97	80.10	-5.73%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	5004.99	4532.91	-9.43%
Net Income Margin (%)	9.85%	12.46%	26.42%
P/E Multiple	19.22	15.21	-20.87%
Shares Outstanding (Mil)	111.53	107.20	3.89%
Cumulative Contribution			-5.87%

LTM = Last Twelve Months as of date shown

Market Drivers

12/22/2024 to 12/22/2025

	Return	Correlation
DOX	-5.7%
Market (SPY)	16.9%	51.3%
Sector (XLK)	23.8%	40.3%

Fundamental Drivers

The -4.4% change in DOX stock from 12/23/2022 to 12/22/2025 was primarily driven by a -12.8% change in the company's P/E Multiple.

	12232022	12222025	Change
Stock Price ($)	83.80	80.10	-4.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4576.70	4532.91	-0.96%
Net Income Margin (%)	12.01%	12.46%	3.76%
P/E Multiple	17.44	15.21	-12.83%
Shares Outstanding (Mil)	114.39	107.20	6.29%
Cumulative Contribution			-4.79%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2023 to 12/22/2025

	Return	Correlation
DOX	-4.7%
Market (SPY)	47.7%	48.3%
Sector (XLK)	52.9%	37.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DOX Return	0%	7%	24%	-1%	-1%	-4%	26%
Peers Return	15%	32%	-15%	36%	25%	14%	149%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	113%
Monthly Win Rates [3]
DOX Win Rate	33%	42%	67%	50%	42%	58%
Peers Win Rate	57%	62%	38%	57%	60%	47%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
DOX Max Drawdown	-36%	-2%	-1%	-12%	-14%	-10%
Peers Max Drawdown	-27%	-6%	-27%	-7%	-13%	-19%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: CSGS, ORCL, ACN, IBM, CRM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/22/2025 (YTD)

How Low Can It Go

Unique Key	Event	DOX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-20.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	25.6%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-39.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	64.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	322 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	31.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	213 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-60.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	152.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,705 days	1,480 days

Compare to GEN, PATH, CVLT, S, AGPU

In The Past

Amdocs's stock fell -20.4% during the 2022 Inflation Shock from a high on 6/30/2023. A -20.4% loss requires a 25.6% gain to breakeven.

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About Amdocs (DOX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Amdocs Limited, through its subsidiaries, provides software and services worldwide. The company designs, develops, operates, implements, supports, and markets open and modular cloud portfolio. It provides CES21, a 5G and cloud-native microservices-based market-leading customer experience suite, that enables service providers to build, deliver, and monetize advanced services; the Commerce and Care suite for order capture, handling, and customer engagement; the Monetization suite for charging, billing, policy, and revenue management; Intelligent Networking suite with a set of modular, flexible, and open service lifecycle management capabilities for network automation journeys; MarketONE, a cloud-native business ecosystem; Digital Brands Suite, a pre-integrated digital business suite for digital telecom brands and small-scale service providers; and eSIM Cloud for service providers. It also offers AI-powered, cloud-native, and home operating systems; data intelligence solutions and applications; media services for media publishers, TV networks, and video streaming and service providers; end-to-end application development and maintenance services; and ongoing services. In addition, the company provides a line of services designed for various stages of a service provider's lifecycle includes design, delivery, quality engineering, operations, systems integration, mobile network services, consulting, and content services; managed services comprising application development, modernization and maintenance, IT and infrastructure services, testing and professional services that are designed to assist customers in the selection, implementation, operation, management, and maintenance of IT systems. It serves to the communications, cable and satellite, entertainment, and media industry service providers, as well as mobile virtual network operators and directory publishers. Amdocs Limited was founded in 1988 and is headquartered in Chesterfield, Missouri.

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Salesforce for telecom companies
SAP for telecom companies

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Amdocs Customer Experience Suite: Provides comprehensive software solutions for billing, customer relationship management (CRM), and order management to enhance subscriber interactions and lifecycle.
Amdocs Network Solutions: Offers software and services for automating, managing, and optimizing network operations, including 5G, fiber, and cloud-native networks.
Amdocs Digital and Cloud Services: Delivers consulting, system integration, and managed services for digital transformation, cloud migration, and optimization across various industry domains.
Amdocs Media and Financial Services Solutions: Provides specialized platforms and services designed to help media companies and financial service providers manage operations, monetization, and customer experiences.

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Amdocs (DOX) primarily sells its software and services to other companies, specifically communication service providers (CSPs) globally. Its major customers are large telecommunications, cable, and satellite operators.

Based on industry reports, investor presentations, and public announcements of strategic partnerships, Amdocs' major customer companies include:

AT&T Inc. (T)
Verizon Communications Inc. (VZ)
T-Mobile US, Inc. (TMUS)
Comcast Corporation (CMCSA)
Vodafone Group Plc (VOD.L)
BT Group plc (BT.A.L)

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Amazon Web Services (AWS), subsidiary of Amazon.com, Inc. (AMZN)
Microsoft Azure, part of Microsoft Corporation (MSFT)
Oracle Corporation (ORCL)
Google Cloud, part of Alphabet Inc. (GOOGL, GOOG)

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Shuky Sheffer President & Chief Executive Officer

Shuky Sheffer has served as President and Chief Executive Officer of Amdocs since October 1, 2018. He joined Amdocs in 1986 and held various managerial positions, including President of the Emerging Markets Divisions. From 2009 until its acquisition by NCR Corporation in 2013, Mr. Sheffer was the Chief Executive Officer of Retalix Ltd., a global software company. Following the acquisition, he served as a General Manager of Retalix through September 2013, before returning to Amdocs as Senior Vice President and President of the Global Business Group. He holds a BA in Computer Science from Tel Aviv University.

Tamar Rapaport-Dagim Chief Financial Officer & Chief Operating Officer

Tamar Rapaport-Dagim has been Amdocs' Chief Financial Officer since 2007 and Chief Operating Officer since October 1, 2018. She initially joined Amdocs in 2004 as Vice President of Finance. Prior to Amdocs, Ms. Rapaport-Dagim served as the Chief Financial Officer of Emblaze, a provider of multimedia solutions over wireless and IP networks, from 2000 to 2004. She also held the position of controller at Teledata Networks, a private company whose major shareholders included the Kardan group, Elron Electronic Industries, and Infinity Venture Capital Fund. She holds an MBA and a Bachelor's degree in accounting and economics from Tel Aviv University and is a certified public accountant.

Anthony Goonetilleke Group President, Technology & Head of Strategy

Anthony Goonetilleke is the Group President, Technology and Head of Strategy at Amdocs, overseeing the company's technology vision and strategic long-term growth plans. He began his career with Amdocs in 1999 and has held various senior roles, including president of the AT&T division. He was instrumental in building the first managed services outsourced data center for a Telstra subsidiary. Prior to joining Amdocs, he was part of a team that developed one of the first IP-based heterogeneous networks for the University of Melbourne and was an active developer within the early Linux community. Mr. Goonetilleke has an MBA from the Van Loan School of Graduate Studies and a Bachelor of Science from Victoria University.

Rajat Raheja Division President, Amdocs Development Centre India LLP

Rajat Raheja serves as the Division President for Amdocs Development Centre India LLP, a position he has held since February 2016. His career spans over two decades, including significant roles at Deloitte Consulting. Within Amdocs, he has also held positions such as Head of HR and Vice President - Human Resources APAC & India. Mr. Raheja's background includes leadership roles at Arthur Andersen, PricewaterhouseCoopers, and Tata Telecom. He holds an MBA in HR from XLRI Jamshedpur and a BE in Electronics from Nagpur University.

Matthew E. Smith Secretary, Head of Investor Relations

Matthew E. Smith has been the Secretary of Amdocs Limited since January 2015. He joined Amdocs in October 2012, initially working as an investor relations professional.

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Amdocs (DOX) faces several key risks to its business, primarily stemming from the dynamic nature of the technology and telecommunications sectors it serves. The most significant risks include:

Rapid Technological Shifts and the Need for Continuous Innovation: Amdocs operates in a technology sector characterized by rapid evolution and compressed innovation cycles. The company faces a continuous need to enhance its products and service offerings, introduce new features, and adopt and monetize emerging technologies, such as Artificial Intelligence (AI) and Generative AI (GenAI). Failure to continually innovate and adapt to these rapid technological shifts could render Amdocs' products and services obsolete, making it difficult to retain existing customers and attract new ones.
Intense Competition and Market Saturation: The digital transformation and IT services market is highly competitive, with major global IT service providers like IBM, Accenture, and Capgemini posing significant challenges. Amdocs faces risks related to competition, including substitute offerings, pricing pressures, and market penetration. Evidence suggests challenges in winning new orders and potential market saturation, as indicated by a stalled sales pipeline and a lack of growth in the company's backlog over the last two years.
Concentrated Revenue Stream and Reliance on Telecommunications Service Providers: A substantial portion of Amdocs' total revenue, approximately 85% as of 2023, is derived from telecommunications service providers. This high concentration exposes the company to significant market risks, including fluctuations in the spending decisions of its key customers and broader industry pressures within the telecommunications sector. The potential loss of a major customer within this concentrated segment is also a notable risk.

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The aggressive expansion of hyperscale cloud providers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud) into the telecommunications software and services stack represents a clear emerging threat. These hyperscalers are actively developing and acquiring capabilities to offer cloud-native network functions, business support systems (BSS), and operational support systems (OSS) directly to communication service providers (CSPs). Their offerings include network automation, orchestration, private 5G solutions, and platforms for running critical telecom workloads. This trend directly competes with Amdocs' core business of providing BSS, OSS, and network solutions, as CSPs may increasingly opt to consolidate their infrastructure and software on a hyperscaler's platform, potentially bypassing traditional vendors.

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Amdocs (symbol: DOX) operates in several key addressable markets for its main products and services, primarily serving communications, media, and entertainment service providers. Here are the estimated market sizes for their principal offerings:

Operations Support Systems (OSS) & Business Support Systems (BSS):
- The global OSS & BSS market was valued at USD 65.81 billion in 2024 and is estimated to reach USD 148.26 billion by 2033.
- Another estimate places the global OSS & BSS market at USD 68.79 billion in 2024, projected to grow to USD 222.83 billion by 2033.
- The global Next Generation OSS and BSS Market was estimated at USD 57.45 billion in 2023 and is anticipated to reach USD 132.43 billion by 2030.
- North America is a significant region in this market, holding over 35.6% of the global OSS & BSS market share in 2024.
Digital Transformation Services:
- The global Digital Transformation Services market is projected to be USD 478.3 billion in 2025 and is expected to reach USD 1036.2 billion by 2033.
- Another report indicates the global digital transformation market size was valued at USD 960.27 billion in 2024 and is expected to grow to USD 3404.64 billion by 2033.
- The global digital transformation market size was estimated at USD 1,070,426.4 million in 2024 and is projected to reach USD 4,617,780.9 million by 2030.
- North America holds the largest market share in digital transformation services.
Cloud Migration Services:
- The global cloud migration services market size was estimated at USD 16.90 billion in 2024 and is projected to reach USD 70.34 billion by 2030.
- Another source states the global cloud migration services market size was valued at USD 11.2 billion in 2024 and is anticipated to grow at a CAGR of 26% from 2025 to 2034.
- North America held the largest share of the cloud migration services market, over 33.0% in 2024.
Network Automation and Optimization (including 5G and Fiber):
- The global telecommunications cloud market, which supports network optimization, was valued at USD 18.81 billion in 2023 and is projected to reach USD 139.31 billion by 2032.
- The global Telco Transformation Market is estimated to be valued at USD 42.2 billion in 2025 and is projected to reach USD 258.9 billion by 2035.
AI & Generative AI Solutions:
- Amdocs offers AI and Generative AI capabilities, but a specific addressable market size for these solutions tailored to Amdocs' offerings within the telecom sector is not explicitly available in the provided search results.
Customer Experience Systems:
- While Amdocs provides customer experience systems as part of its core services, a distinct addressable market size for this specific category, separate from broader OSS/BSS or digital transformation markets, is not explicitly available in the provided search results.

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Amdocs (DOX) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:

Cloud Migration and Services: Amdocs consistently highlights strong double-digit growth in its cloud business, which accounted for approximately 25% of its total revenue in fiscal year 2024. The company continues to secure significant cloud migration deals, such as those with Vodafone Italy and NTT Infranet, and views cloud as a crucial growth engine as service providers increasingly adopt cloud technologies. Amdocs anticipates another year of double-digit growth in cloud for fiscal 2025.
Managed Services Expansion: Managed services remain a substantial part of Amdocs' business, representing approximately 58% of total revenue in fiscal 2024. The company has a high managed services renewal rate, trending close to 100%, and continues to expand existing engagements and sign new multi-year contracts, including large digital transformation programs and cloud operations services agreements with major operators. This provides strong revenue visibility, with the 12-month backlog growing to $4.15 billion, representing approximately 90% of Amdocs' forward 12-month revenue.
Digital Transformation and AI/Generative AI Solutions: Amdocs is focusing on supporting its customers' strategic business imperatives with innovative cloud, digital, and AI-based solutions. The company has achieved strong sales momentum in Generative AI, viewing it as a key part of its strategic growth framework. Amdocs is engaged in significant projects, such as deploying next-generation monetization platforms for clients like T-Mobile.
Market Leadership in Monetization, BSS/OSS, and IT Services: Amdocs' strong competitive position as a recognized leader in monetization platforms, Business Support Systems (BSS), Operations Support Systems (OSS), and telco IT software and services positions it to capture ongoing market opportunities. This leadership is affirmed by various independent analyst firms, including Analysys Mason, GlobalData, Omdia, and AppledoreResearch.

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Share Repurchases

Amdocs authorized a new share repurchase program of up to $1,000 million in May 2025, with no expiration date.
An additional share repurchase program of up to $1,100 million was authorized in August 2023, also with no expiration date.
The company repurchased $135 million of ordinary shares during the second quarter of fiscal 2025 and $144 million in the first quarter of fiscal 2025.

Share Issuance

The number of Amdocs' shares outstanding decreased by 2.32% in one year, indicating that share repurchases have outweighed any share issuances during this period.

Inbound Investments

Amdocs has not raised any external funding rounds from third-parties.

Outbound Investments

Amdocs has made 11 investments in other companies, including Illumex in June 2024 and Senser in September 2023.
Notable acquisitions include MYCOM OSI for $188 million in May 2022 and Sourced Group for $75 million in May 2021.
Net acquisitions/divestitures were approximately $-262 million for the twelve months ending June 30, 2025, $-87 million in 2024, and $-122 million in 2023.

Capital Expenditures

Capital expenditures for the last 12 months were approximately $98.55 million.
The primary focus of capital expenditures aligns with accelerating service providers' migration to the cloud, enabling differentiation in 5G, and digitalizing and automating operations.

Better Bets than Amdocs (DOX)

INDUSTRY: Systems Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOX: -0.1% | 1.9x)

STNE (21.3% | 0.3x)

StoneCo

PAGS (10.6% | 0.1x)

PagSeguro Digital

PGY (23.3% | 1.5x)

Pagaya Technologies

FIVN (14.9% | 1.4x)

Five9

GCT (41.6% | 1.2x)

GigaCloud Technology

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOX: -0.1% | 10.6x)

GEN (16.5% | 10.1x)

Gen Digital

STNE (21.3% | 0.5x)

StoneCo

PAGS (10.6% | 0.4x)

PagSeguro Digital

PGY (23.3% | 9.8x)

Pagaya Technologies

OSPN (3.0% | 9.8x)

OneSpan

Higher Rev Chg LTM (Value for DOX: -9.4%)

NET (28.1%)

Cloudflare

CRWD (22.0%)

CrowdStrike

NOW (21.1%)

ServiceNow

MSFT (15.6%)

Microsoft

PANW (15.3%)

Palo Alto Networks

Higher Rev Chg 3Y Avg (Value for DOX: -0.1%)

CRWD (31.1%)

CrowdStrike

NET (31.1%)

Cloudflare

NOW (22.3%)

ServiceNow

PANW (18.1%)

Palo Alto Networks

MSFT (13.2%)

Microsoft

Higher Op Mgn LTM (Value for DOX: 17.9%)

STNE (48.0%)

StoneCo

MSFT (46.3%)

Microsoft

GEN (37.9%)

Gen Digital

QLYS (32.5%)

Qualys

FTNT (31.0%)

Fortinet

Higher CFO/Rev LTM (Value for DOX: 16.5%)

MSFT (50.0%)

Microsoft

PANW (41.6%)

Palo Alto Networks

NOW (38.2%)

ServiceNow

CRWD (32.0%)

CrowdStrike

NET (26.8%)

Cloudflare

Higher FCF/Rev LTM (Value for DOX: 14.2%)

PANW (38.6%)

Palo Alto Networks

FTNT (30.9%)

Fortinet

NOW (30.8%)

ServiceNow

MSFT (26.6%)

Microsoft

CRWD (24.2%)

CrowdStrike

Higher Total Yield (Value for DOX: 9.2%)

PAGS (85.3%)

PagSeguro Digital

EXOD (23.6%)

Exodus Movement

CCSI (18.6%)

Consensus Cloud Solutions

PRTH (12.0%)

Priority Technology

OSPN (11.9%)

OneSpan

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOX: -0.1% | 1.9x)

DELL (0.2% | 0.8x)

Dell Technologies

FISV (6.8% | 1.8x)

Fiserv

HPE (6.5% | 1.0x)

Hewlett Packard Enterprise

GIB (7.4% | 1.3x)

CGI

SMCI (63.1% | 0.9x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOX: -0.1% | 10.6x)

FISV (6.8% | 6.1x)

Fiserv

GIB (7.4% | 7.8x)

CGI

GEN (16.5% | 10.1x)

Gen Digital

OTEX (15.8% | 8.0x)

Open Text

INGM (0.0% | 6.3x)

Ingram Micro

Higher Rev Chg LTM (Value for DOX: -9.4%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

ORCL (11.1%)

Oracle

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for DOX: -0.1%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for DOX: 17.9%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for DOX: 16.5%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

AAPL (26.6%)

Apple

Higher FCF/Rev LTM (Value for DOX: 14.2%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for DOX: 9.2%)

COMM (22.9%)

CommScope

MSTR (16.9%)

Strategy

HPQ (14.1%)

FISV (9.7%)

Fiserv

SWKS (9.4%)

Skyworks Solutions

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOX: -0.1% | 1.9x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.3x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

T (1.1% | 1.4x)

AT&T

VZ (0.5% | 1.2x)

Verizon Communications

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOX: -0.1% | 10.6x)

T (1.1% | 7.2x)

AT&T

VZ (0.5% | 5.3x)

Verizon Communications

BUD (0.8% | 8.2x)

Anheuser-Busch InBev SA/NV

HCA (6.6% | 10.2x)

HCA Healthcare

BMY (1.0% | 9.7x)

Bristol-Myers Squibb

Higher Rev Chg LTM (Value for DOX: -9.4%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

TSLA (-1.6%)

Tesla

Higher Rev Chg 3Y Avg (Value for DOX: -0.1%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for DOX: 17.9%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for DOX: 16.5%)

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

GOOGL (39.3%)

Alphabet

LLY (20.5%)

Eli Lilly

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for DOX: 14.2%)

V (53.9%)

Visa

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

JNJ (20.3%)

Johnson & Johnson

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for DOX: 9.2%)

VZ (18.5%)

Verizon Communications

T (12.8%)

AT&T

MRK (10.4%)

Merck

UBER (9.8%)

Uber Technologies

XOM (9.3%)

Exxon Mobil

		Best Bets In Information Technology Sector
	DOX	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	15.2	28.3	17.2	45.0	44.8	30.0	16.9	14.8	19.6	23.9	20.0
P/EBIT	11.7	20.5	14.0	38.4	38.2	10.6	24.5	12.0	21.4	65.4	22.8
What You Get
Rev Chg Q	-9.0%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	-9.4%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	-0.1%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	13.6%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Would You Still Hold Amdocs Stock If It Fell 30%?	Return
2	DOX Dip Buy Analysis
3	Amdocs (DOX) Valuation Ratios Comparison	Financials
4	Should You Buy Amdocs Stock?	Buy or Fear
5	Amdocs (DOX) Operating Cash Flow Comparison	Financials
6	Amdocs (DOX) Net Income Comparison	Financials
7	Amdocs (DOX) Operating Income Comparison	Financials
8	Amdocs (DOX) Revenue Comparison	Financials
9	Fundamental Metrics: ...
10	ARTICLES
11	Stocks Trading At 52-Week Low		December 3rd, 2025

	Title
0	DASHBOARDS
1	Would You Still Hold Amdocs Stock If It Fell 30%?
2	DOX Dip Buy Analysis
3	Amdocs (DOX) Valuation Ratios Comparison
4	Should You Buy Amdocs Stock?
5	Amdocs (DOX) Operating Cash Flow Comparison
6	Amdocs (DOX) Net Income Comparison
7	Amdocs (DOX) Operating Income Comparison
8	Amdocs (DOX) Revenue Comparison
9	Fundamental Metrics: ...
10	ARTICLES
11	Stocks Trading At 52-Week Low

Trade Ideas

Select ideas related to DOX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	16.1%	16.1%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	12.0%	12.0%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.7%	16.7%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	12.8%	12.8%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	7.8%	7.8%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ADEA	Adeia	1.8	30.5%	21.0%
AAOI	Applied Optoelectronics	2.5	24.8%	6.1%
QBTS	D-Wave Quantum	11.0	20.0%	283.2%
ZBIO	Zenas BioPharma	1.8	17.1%	416.8%
UNF	UniFirst	3.6	16.1%	16.4%
FLY	Firefly Aerospace	4.0	16.0%
UAMY	United States Antimony	0.7	16.0%	215.8%
RZLT	Rezolute	0.2	15.8%	-58.2%
RCAT	Red Cat	0.8	14.5%	-28.2%
KURA	Kura Oncology	1.0	14.5%	29.4%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	7.0	-66.3%	-72.5%
EWTX	Edgewise Therapeutics	2.2	-18.0%	-21.6%
DJT	Trump Media & Technology	4.0	-10.4%	-57.7%
AVO	Mission Produce	0.8	-9.7%	-17.0%
GTN-A	Gray Media	1.0	-8.0%	43.1%
ANGX	Angel Studios	0.8	-8.0%
DDS	Dillard's	9.6	-7.7%	48.3%
NKTR	Nektar Therapeutics	0.6	-7.2%	211.7%
MPLT	MapLight Therapeutics	0.8	-6.7%
TLRY	Tilray Brands	11.0	-6.6%	-21.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	2.0	50.1%	-8.1%
FBYD	Falcons Beyond Global	0.7	46.4%	129.2%
TE	T1 Energy	1.1	44.3%
HUT	Hut 8	5.3	42.2%	145.9%
FLY	Firefly Aerospace	4.0	40.5%
RKLB	Rocket Lab	39.9	40.0%	204.5%
DJT	Trump Media & Technology	4.0	37.8%	-57.7%
QBTS	D-Wave Quantum	11.0	35.6%	283.2%
EEX	Emerald	0.9	34.2%	-0.1%
AAOI	Applied Optoelectronics	2.5	30.8%	6.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-79.5%	-26.1%
TPL	Texas Pacific Land	7.0	-63.9%	-72.5%
LW	Lamb Weston	6.0	-28.0%	-34.3%
OLMA	Olema Pharmaceuticals	2.4	-21.4%	383.4%
FDMT	4D Molecular Therapeutics	0.5	-20.5%	56.4%
NKTR	Nektar Therapeutics	0.6	-18.4%	211.7%
INSP	Inspire Medical Systems	2.9	-17.9%	-47.2%
PLAY	Dave & Buster's Entertainment	0.6	-17.9%	-45.0%
NKE	Nike	84.5	-15.6%	-22.6%
HPP	Hudson Pacific Properties	4.6	-14.9%	-51.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	168.4%
WVE	WAVE Life Sciences	2.9	166.0%	45.3%
LUNR	Intuitive Machines	2.0	107.3%	-8.1%
AAOI	Applied Optoelectronics	2.5	100.6%	6.1%
RKLB	Rocket Lab	39.9	96.4%	204.5%
VERA	Vera Therapeutics	3.4	93.0%	27.2%
ANF	Abercrombie & Fitch	5.9	83.9%	-16.6%
PL	Planet Labs PBC	6.3	83.4%	409.9%
ARWR	Arrowhead Pharmaceuticals	9.6	81.1%	267.0%
FTRE	Fortrea	1.6	76.2%	-5.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-78.8%	-58.2%
TPL	Texas Pacific Land	7.0	-65.7%	-72.5%
JANX	Janux Therapeutics	0.9	-50.7%	-73.7%
FRMI	Fermi	6.2	-42.4%
LENZ	LENZ Therapeutics	0.5	-36.4%	-39.0%
GOGO	Gogo	0.6	-30.3%	-41.9%
UP	Wheels Up Experience	0.4	-27.4%	-62.1%
ACLX	Arcellx	3.7	-27.2%	-15.0%
ORIC	ORIC Pharmaceuticals	0.7	-26.8%	4.1%
KOS	Kosmos Energy	0.5	-26.5%	-71.8%

Peer Comparisons for Amdocs

Peers to compare with:

Financials

	DOX	CSGS	ORCL	ACN	IBM	CRM	Median
Name	Amdocs	CSG Syst.	Oracle	Accenture	Internat.	Salesfor.
Mkt Price	80.10	76.98	198.38	270.67	302.79	264.63	231.50
Mkt Cap	8.6	2.1	568.2	167.6	282.8	250.9	209.2
Rev LTM	4,533	1,217	61,017	70,726	65,402	40,317	50,667
Op Inc LTM	812	151	19,490	10,151	11,544	8,880	9,515
FCF LTM	645	162	-13,181	11,512	11,854	12,895	6,078
FCF 3Y Avg	654	117	2,155	9,865	11,753	11,194	6,010
CFO LTM	749	179	22,296	12,116	13,483	13,502	12,800
CFO 3Y Avg	765	139	19,874	10,433	13,498	11,882	11,157

Growth & Margins

	DOX	CSGS	ORCL	ACN	IBM	CRM	Median
Name	Amdocs	CSG Syst.	Oracle	Accenture	Internat.	Salesfor.
Rev Chg LTM	-9.4%	3.3%	11.1%	6.6%	4.5%	8.4%	5.5%
Rev Chg 3Y Avg	-0.1%	4.3%	9.8%	4.3%	2.6%	10.0%	4.3%
Rev Chg Q	-9.0%	2.9%	14.2%	6.0%	9.1%	8.6%	7.3%
QoQ Delta Rev Chg LTM	-2.4%	0.7%	3.4%	1.5%	2.1%	2.1%	1.8%
Op Mgn LTM	17.9%	12.4%	31.9%	14.4%	17.7%	22.0%	17.8%
Op Mgn 3Y Avg	16.0%	12.0%	30.8%	14.3%	16.4%	19.2%	16.2%
QoQ Delta Op Mgn LTM	0.7%	0.0%	0.3%	-0.3%	0.6%	0.8%	0.4%
CFO/Rev LTM	16.5%	14.7%	36.5%	17.1%	20.6%	33.5%	18.9%
CFO/Rev 3Y Avg	15.9%	11.7%	35.5%	15.5%	21.4%	31.8%	18.7%
FCF/Rev LTM	14.2%	13.3%	-21.6%	16.3%	18.1%	32.0%	15.3%
FCF/Rev 3Y Avg	13.6%	9.8%	5.1%	14.6%	18.6%	30.0%	14.1%

Valuation

	DOX	CSGS	ORCL	ACN	IBM	CRM	Median
Name	Amdocs	CSG Syst.	Oracle	Accenture	Internat.	Salesfor.
Mkt Cap	8.6	2.1	568.2	167.6	282.8	250.9	209.2
P/S	1.9	1.7	9.3	2.4	4.3	6.2	3.3
P/EBIT	11.7	15.4	26.8	15.9	24.9	28.3	20.4
P/E	15.2	25.5	36.8	22.0	35.8	34.7	30.1
P/CFO	11.5	11.9	25.5	13.8	21.0	18.6	16.2
Total Yield	9.2%	5.2%	3.7%	6.8%	5.0%	3.3%	5.1%
Dividend Yield	2.6%	1.3%	0.9%	2.3%	2.2%	0.5%	1.7%
FCF Yield 3Y Avg	6.9%	7.4%	1.3%	5.4%	6.4%	4.9%	5.9%
D/E	0.1	0.3	0.2	0.0	0.2	0.0	0.2
Net D/E	0.1	0.2	0.2	-0.0	0.2	-0.0	0.1

Returns

	DOX	CSGS	ORCL	ACN	IBM	CRM	Median
Name	Amdocs	CSG Syst.	Oracle	Accenture	Internat.	Salesfor.
1M Rtn	5.2%	-0.7%	-0.2%	7.5%	1.8%	16.7%	3.5%
3M Rtn	-4.7%	16.8%	-39.4%	13.5%	12.2%	6.2%	9.2%
6M Rtn	-11.8%	22.9%	-3.8%	-7.2%	6.0%	0.8%	-1.5%
12M Rtn	-5.7%	53.2%	18.1%	-24.6%	39.1%	-22.5%	6.2%
3Y Rtn	-4.4%	44.8%	154.6%	7.2%	138.5%	106.9%	75.9%
1M Excs Rtn	1.6%	-5.6%	-11.0%	7.2%	-0.9%	12.4%	0.4%
3M Excs Rtn	-7.1%	14.2%	-40.0%	12.4%	8.5%	5.1%	6.8%
6M Excs Rtn	-25.4%	8.2%	-20.4%	-21.9%	-8.6%	-15.0%	-17.7%
12M Excs Rtn	-21.3%	37.1%	4.0%	-37.6%	23.9%	-38.2%	-8.7%
3Y Excs Rtn	-79.4%	-29.8%	80.6%	-75.1%	60.7%	28.8%	-0.5%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

null

Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 9/30	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	9/30/2025	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020
Filing Date	12/15/2025	12/15/2025	12/17/2024	12/13/2023	12/13/2022	12/9/2021	12/14/2020
Key Financials
Total Revenue	4,533	4,533	5,005	4,888	4,577	4,289	4,169
EBITDA	931	931	821	857	890	1,044	792
Operating Income	812	812	760	725	665	599	595
Net Income	565	565	493	541	550	688	498
EPS	5.07	5.08	4.27	4.52	4.47	5.36	3.73
Growth Rates
Total Revenue Growth	-9.4%	-9.4%	2.4%	6.8%	6.7%	2.9%	2.0%
EBITDA Growth	13.4%	13.4%	-4.2%	-3.6%	-14.8%	31.8%	1.9%
Operating Income Growth	6.9%	6.9%	4.8%	9.0%	11.0%	0.7%	4.4%
Net Income Growth	14.5%	14.5%	-8.8%	-1.6%	-20.2%	38.3%	3.8%
Margins
EBITDA Margin	20.5%	20.5%	16.4%	17.5%	19.4%	24.4%	19.0%
Operating Income Margin	17.9%	17.9%	15.2%	14.8%	14.5%	14.0%	14.3%
Net Income Margin	12.5%	12.5%	9.9%	11.1%	12.0%	16.1%	11.9%
Cash & Debt
Total Cash	325	325	514	743	818	966	984
Total Debt	826	826	790	807	827	881	1,033
Net Debt / (Cash)	501	501	275	65	9	-84	49
Cash Flows
Net Cash from Operations	749	749	724	823	757	926	658
Free Cash from Operations	645	645	619	698	530	715	453
Returns to Shareholders
Dividends	224	224	212	199	186	177	164
Share Repurchases	551	551	563	490	508	680	361

$ Mil \| FY: 9/30	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	12/15/2025	8/18/2025	5/19/2025	2/18/2025	12/17/2024	8/19/2024	5/20/2024	2/20/2024	12/13/2023	8/14/2023	5/22/2023	2/13/2023
Key Financials Quarterly
Total Revenue	1,150	1,144	1,128	1,110	1,264	1,250	1,246	1,245	1,243	1,236	1,223	1,186
Ebitda	190	252	244	245	162	222	208	230	169	228	224	211
Operating Income	206	202	198	206	196	191	189	184	185	183	182	175
Net Income	96	154	163	151	86	140	119	148	102	159	150	130
EPS	0.88	1.39	1.46	1.34	0.76	1.22	1.02	1.27	0.86	1.33	1.24	1.07
Key Financials TTM
Total Revenue TTM	4,533	4,647	4,752	4,870	5,005	4,984	4,970	4,947	4,888	4,811	4,736	4,658
Ebitda TTM	931	903	873	836	821	829	835	852	833	886	900	890
Operating Income TTM	812	802	790	781	760	749	741	735	725	711	698	679
Net Income TTM	565	555	541	496	493	509	528	559	541	568	537	546
Growth Rates Quarterly
Total Revenue Growth	-9.0%	-8.4%	-9.4%	-10.9%	1.7%	1.1%	1.8%	5.0%	6.5%	6.5%	6.8%	7.3%
EBITDA Growth	17.4%	13.7%	17.5%	6.5%	-4.6%	-2.8%	-7.4%	9.0%	-23.7%	-6.1%	4.9%	-4.5%
Operating Income Growth	5.4%	6.2%	4.7%	11.5%	5.7%	4.3%	3.6%	5.6%	7.9%	7.9%	11.4%	9.0%
Net Income Growth	11.4%	9.8%	37.8%	2.1%	-15.3%	-12.0%	-20.8%	14.1%	-20.9%	24.1%	-5.6%	-2.9%
Margins Quarterly
EBITDA Margin	16.5%	22.0%	21.6%	22.1%	12.8%	17.7%	16.7%	18.5%	13.6%	18.5%	18.3%	17.8%
Operating Income Margin	17.9%	17.7%	17.5%	18.5%	15.5%	15.2%	15.2%	14.8%	14.9%	14.8%	14.9%	14.7%
Net Income Margin	8.4%	13.5%	14.5%	13.6%	6.8%	11.2%	9.5%	11.9%	8.2%	12.9%	12.2%	10.9%
Cash & Debt
Total Cash	325	342	324	349	514	502	544	601	743	750	862	735
Total Debt	826	839	788	794	790	799	803	804	807	797	804	807
Net Debt / (Cash)	501	496	464	445	275	297	259	203	65	48	-58	73
Cash Flows Quarterly
FCF from Operations	230	241	172	106	218	191	133	182	272	173	294	83
Cash Flows TTM
FCF from Operations TTM	749	737	687	648	724	779	760	922	823	767	761	636
Returns to Shareholders Quarterly
Dividends	58	59	54	54	55	56	51	51	52	52	48	48
Share Repurchases	136	135	135	144	120	169	115	159	155	129	106	100
Return on Invested Capital (ROIC) Quarterly
ROIC	132.4%	132.5%	147.7%	145.9%	239.8%	214.3%	241.9%	308.8%	879.1%	1381.4%	-	857.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	132.7%	133.4%	141.6%	144.0%	231.6%	207.9%	241.0%	304.7%	954.8%	1277.6%	-	812.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Managed Services arrangements	2,905	2,857	2,755	2,546	2,399
Others	2,100	2,031	1,821	1,742	1,770
Total	5,005	4,888	4,577	4,289	4,169

Price Behavior

Price Behavior

Market Price	$80.10
Market Cap ($ Bil)	8.9
First Trading Date	06/19/1998
Distance from 52W High	-13.8%
	50 Days	200 Days
DMA Price	$80.07	$85.28
DMA Trend	down	down
Distance from DMA	0.0%	-6.1%
	3M	1YR
Volatility	22.5%	21.7%
Downside Capture	26.79	47.03
Upside Capture	-0.28	33.89
Correlation (SPY)	23.9%	51.4%

DOX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.43	0.37	0.44	0.60	0.57	0.59
Up Beta	1.86	1.29	1.29	1.41	0.67	0.67
Down Beta	1.01	0.96	0.80	0.77	0.67	0.56
Up Capture	-82%	-37%	-25%	-4%	21%	18%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	19	27	57	125	377
Down Capture	48%	11%	33%	62%	59%	84%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	35	68	123	369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of DOX With Other Asset Classes (Last 1Y)
	DOX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-5.6%	21.7%	14.7%	67.3%	6.8%	-0.5%	-16.6%
Annualized Volatility	21.7%	27.8%	19.7%	19.3%	15.2%	17.6%	35.4%
Sharpe Ratio	-0.35	0.69	0.57	2.54	0.23	-0.18	-0.25
Correlation With Other Assets		40.8%	51.6%	-0.3%	17.2%	56.4%	22.7%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of DOX With Other Asset Classes (Last 5Y)
	DOX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.5%	19.4%	15.0%	18.9%	11.8%	5.1%	35.8%
Annualized Volatility	20.0%	24.7%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.20	0.71	0.71	0.98	0.51	0.18	0.63
Correlation With Other Assets		42.2%	51.3%	8.6%	14.9%	45.8%	19.8%

Based On 10-Year Data

		Comparison of DOX With Other Asset Classes (Last 10Y)
	DOX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.7%	22.4%	14.9%	14.9%	6.7%	5.5%	69.9%
Annualized Volatility	20.8%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.24	0.85	0.71	0.84	0.30	0.23	0.90
Correlation With Other Assets		52.4%	60.1%	5.4%	21.0%	52.0%	15.7%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	4,648,200
Short Interest: % Change Since 11152025	-2.4%
Average Daily Volume	1,077,191
Days-to-Cover Short Interest	4.32
Basic Shares Quantity	107,200,000
Short % of Basic Shares	4.3%

Returns Analyses

	Title
0	Would You Still Hold Amdocs Stock If It Fell 30%?

SEC Filings

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Report Date	Filing Date	Filing
9302025	12152025	20-F 9/30/2025
6302025	8182025	6-K 6/30/2025
3312025	5192025	6-K 3/31/2025
12312024	2182025	6-K 12/31/2024
9302024	12172024	20-F 9/30/2024
6302024	8192024	6-K 6/30/2024
3312024	5202024	6-K 3/31/2024
12312023	2202024	6-K 12/31/2023
9302023	12132023	20-F 9/30/2023
6302023	8142023	6-K 6/30/2023
3312023	5222023	6-K 3/31/2023
12312022	2132023	6-K 12/31/2022
9302022	12132022	20-F 9/30/2022
6302022	8152022	6-K 6/30/2022
3312022	5242022	6-K 3/31/2022
12312021	2142022	6-K 12/31/2021

Insider Activity

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Industry Resources

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Software Development Times

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Amdocs (DOX)

Market Price (12/23/2025): $80.095 | Market Cap: $8.6 BilSector: Information Technology | Industry: Systems Software

Amdocs (DOX)

Market Price (12/23/2025): $80.095Market Cap: $8.6 BilSector: Information TechnologyIndustry: Systems Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

DOX Stock

Why The Stock Moved

Qualitative Assessment

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About Amdocs (DOX)

Interactive Breakdown

Better Bets than Amdocs (DOX)

INDUSTRY: Systems Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOX: -0.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOX: -0.1% | 10.6x)

Higher Rev Chg LTM (Value for DOX: -9.4%)

Higher Rev Chg 3Y Avg (Value for DOX: -0.1%)

Higher Op Mgn LTM (Value for DOX: 17.9%)

Higher CFO/Rev LTM (Value for DOX: 16.5%)

Higher FCF/Rev LTM (Value for DOX: 14.2%)

Higher Total Yield (Value for DOX: 9.2%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOX: -0.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOX: -0.1% | 10.6x)

Higher Rev Chg LTM (Value for DOX: -9.4%)

Higher Rev Chg 3Y Avg (Value for DOX: -0.1%)

Higher Op Mgn LTM (Value for DOX: 17.9%)

Higher CFO/Rev LTM (Value for DOX: 16.5%)

Higher FCF/Rev LTM (Value for DOX: 14.2%)

Higher Total Yield (Value for DOX: 9.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOX: -0.1% | 1.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOX: -0.1% | 10.6x)

Higher Rev Chg LTM (Value for DOX: -9.4%)

Higher Rev Chg 3Y Avg (Value for DOX: -0.1%)

Higher Op Mgn LTM (Value for DOX: 17.9%)

Higher CFO/Rev LTM (Value for DOX: 16.5%)

Higher FCF/Rev LTM (Value for DOX: 14.2%)

Higher Total Yield (Value for DOX: 9.2%)

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Market Price (12/23/2025): $80.095 | Market Cap: $8.6 Bil
Sector: Information Technology | Industry: Systems Software

Market Price (12/23/2025): $80.095
Market Cap: $8.6 Bil
Sector: Information Technology
Industry: Systems Software