Amdocs (DOX)
Market Price (7/22/2026): $51.58 | Market Cap: $5.5 BilSector: Information Technology | Industry: Systems Software
Amdocs (DOX)
Market Price (7/22/2026): $51.58Market Cap: $5.5 BilSector: Information TechnologyIndustry: Systems Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 12% Attractive cash flow generationCFO/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 15% Stock buyback supportStock Buyback 3Y Total is 1.7 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Wireless Services, Telecom Infrastructure, Show more. | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -109% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7% Key risksDOX key risks include [1] a stalled sales pipeline and stagnant backlog resulting from intense competition, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.6%, FCF Yield is 12% |
| Attractive cash flow generationCFO/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 15% |
| Stock buyback supportStock Buyback 3Y Total is 1.7 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity, and Cloud Computing. Themes include Wireless Services, Telecom Infrastructure, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -109% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.7%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7% |
| Key risksDOX key risks include [1] a stalled sales pipeline and stagnant backlog resulting from intense competition, Show more. |
Qualitative Assessment
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Amdocs (DOX) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Decline in GAAP Earnings Per Share and Scrutiny on Profit Margins. Amdocs reported its fiscal Q2 2026 results (period ending March 31, 2026) with a GAAP diluted EPS of $1.28, a notable decrease from $1.45 in fiscal Q2 2025, which included restructuring and other items. While non-GAAP diluted EPS of $1.78 met or slightly exceeded analyst expectations, the decline in GAAP earnings raised concerns about the durability of the company's net profit margins. Despite quarterly revenue rising to $1.17 billion, net income (excluding extra items) decreased from $160.2 million in fiscal Q2 2025 to $135.0 million in fiscal Q2 2026, indicating pressure on overall profitability.
2. Cautious Outlook and Persistent Telecommunications Sector Headwinds. Despite reiterating the midpoints for its fiscal year 2026 revenue and EPS growth guidance, Amdocs tightened its guidance ranges, signaling a cautious outlook. Management highlighted ongoing macroeconomic and telecommunication spending uncertainties. The broader telecommunications sector is facing significant headwinds, including declining consumer sentiment (at 53.30 as of March 2026), which impacts discretionary spending. Furthermore, telecom operators are experiencing a "crisis of customer value and brand loyalty" with high annual churn rates (around 22%) and stagnant Average Revenue Per User (ARPU) due to the commoditization of connectivity services. These industry-wide challenges contributed to investor apprehension regarding Amdocs' near-term growth prospects.
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Amdocs (DOX) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Decline in GAAP Earnings Per Share and Scrutiny on Profit Margins. Amdocs reported its fiscal Q2 2026 results (period ending March 31, 2026) with a GAAP diluted EPS of $1.28, a notable decrease from $1.45 in fiscal Q2 2025, which included restructuring and other items. While non-GAAP diluted EPS of $1.78 met or slightly exceeded analyst expectations, the decline in GAAP earnings raised concerns about the durability of the company's net profit margins. Despite quarterly revenue rising to $1.17 billion, net income (excluding extra items) decreased from $160.2 million in fiscal Q2 2025 to $135.0 million in fiscal Q2 2026, indicating pressure on overall profitability.
2. Cautious Outlook and Persistent Telecommunications Sector Headwinds. Despite reiterating the midpoints for its fiscal year 2026 revenue and EPS growth guidance, Amdocs tightened its guidance ranges, signaling a cautious outlook. Management highlighted ongoing macroeconomic and telecommunication spending uncertainties. The broader telecommunications sector is facing significant headwinds, including declining consumer sentiment (at 53.30 as of March 2026), which impacts discretionary spending. Furthermore, telecom operators are experiencing a "crisis of customer value and brand loyalty" with high annual churn rates (around 22%) and stagnant Average Revenue Per User (ARPU) due to the commoditization of connectivity services. These industry-wide challenges contributed to investor apprehension regarding Amdocs' near-term growth prospects.
3. Negative Analyst Sentiment and Price Target Reductions. Several Wall Street analysts adjusted their price targets for Amdocs downward following the fiscal Q2 2026 earnings report, reflecting tempered expectations. For instance, Stifel lowered its price target from $88.00 to $71.00 in May 2026, while Barclays had previously reduced its target from $111.00 to $92.00 in February. KeyBanc also initiated coverage with a "neutral" Sector Weight rating. This pattern of price target cuts, even while maintaining an overall "Hold" consensus rating with an average target of $86.67, indicated growing divergence and a cautious stance from the analyst community, contributing to negative investor sentiment.
4. Leadership Transition Announcement. The company's announcement of a planned CFO transition to Tal Rozenfeld from Tamar Rapaport-Dagim, accompanying the fiscal Q2 2026 earnings report, introduced an element of uncertainty for investors. While the transition was structured for continuity, a change in key executive leadership, particularly during a period of broader market and industry challenges, can contribute to investor caution and impact stock performance.
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Stock Movement Drivers
Fundamental Drivers
The -20.0% change in DOX stock from 3/31/2026 to 7/21/2026 was primarily driven by a -15.4% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 64.54 | 51.61 | -20.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,579 | 4,623 | 1.0% |
| Net Income Margin (%) | 12.5% | 11.8% | -5.4% |
| P/E Multiple | 12.0 | 10.1 | -15.4% |
| Shares Outstanding (Mil) | 106 | 107 | -1.1% |
| Cumulative Contribution | -20.0% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| DOX | -20.0% | |
| Market (SPY) | 15.1% | -3.8% |
| Sector (XLK) | 36.0% | -17.3% |
Fundamental Drivers
The -34.6% change in DOX stock from 12/31/2025 to 7/21/2026 was primarily driven by a -32.4% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 78.92 | 51.61 | -34.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,533 | 4,623 | 2.0% |
| Net Income Margin (%) | 12.5% | 11.8% | -5.2% |
| P/E Multiple | 15.0 | 10.1 | -32.4% |
| Shares Outstanding (Mil) | 107 | 107 | 0.1% |
| Cumulative Contribution | -34.6% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| DOX | -34.6% | |
| Market (SPY) | 10.0% | 14.9% |
| Sector (XLK) | 25.7% | 0.7% |
Fundamental Drivers
The -41.5% change in DOX stock from 6/30/2025 to 7/21/2026 was primarily driven by a -44.6% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 88.28 | 51.61 | -41.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,752 | 4,623 | -2.7% |
| Net Income Margin (%) | 11.4% | 11.8% | 3.7% |
| P/E Multiple | 18.3 | 10.1 | -44.6% |
| Shares Outstanding (Mil) | 112 | 107 | 4.5% |
| Cumulative Contribution | -41.5% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| DOX | -41.5% | |
| Market (SPY) | 22.1% | 18.0% |
| Sector (XLK) | 43.4% | 3.8% |
Fundamental Drivers
The -43.6% change in DOX stock from 6/30/2023 to 7/21/2026 was primarily driven by a -49.8% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 91.51 | 51.61 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,736 | 4,623 | -2.4% |
| Net Income Margin (%) | 11.3% | 11.8% | 4.2% |
| P/E Multiple | 20.2 | 10.1 | -49.8% |
| Shares Outstanding (Mil) | 118 | 107 | 10.6% |
| Cumulative Contribution | -43.6% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| DOX | -43.6% | |
| Market (SPY) | 74.8% | 38.2% |
| Sector (XLK) | 111.9% | 25.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DOX Return | 7% | 24% | -1% | -1% | -3% | -33% | -15% |
| Peers Return | 32% | -19% | 46% | 32% | 3% | -36% | 37% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| DOX Win Rate | 42% | 67% | 50% | 42% | 58% | 29% | |
| Peers Win Rate | 60% | 37% | 60% | 65% | 44% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| DOX Max Drawdown | -16% | -13% | -20% | -20% | -19% | -40% | |
| Peers Max Drawdown | -16% | -34% | -17% | -22% | -36% | -47% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: 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] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | DOX | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -17.9% | -9.5% |
| % Gain to Breakeven | 21.8% | 10.5% |
| Time to Breakeven | 592 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -37.7% | -33.7% |
| % Gain to Breakeven | 60.6% | 50.9% |
| Time to Breakeven | 315 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -13.2% | -19.2% |
| % Gain to Breakeven | 15.2% | 23.8% |
| Time to Breakeven | 240 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.0% | -12.2% |
| % Gain to Breakeven | 16.3% | 13.9% |
| Time to Breakeven | 68 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -18.0% | -17.9% |
| % Gain to Breakeven | 21.9% | 21.8% |
| Time to Breakeven | 227 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -16.4% | -15.4% |
| % Gain to Breakeven | 19.5% | 18.2% |
| Time to Breakeven | 385 days | 125 days |
In The Past
Amdocs's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.7% gain to breakeven.
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Asset Allocation
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| Event | DOX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -37.7% | -33.7% |
| % Gain to Breakeven | 60.6% | 50.9% |
| Time to Breakeven | 315 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.4% | -53.4% |
| % Gain to Breakeven | 114.7% | 114.4% |
| Time to Breakeven | 1373 days | 1085 days |
In The Past
Amdocs's stock fell -9.7% during the 2025 US Tariff Shock. Such a loss loss requires a 10.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Amdocs (DOX)
Amdocs Limited is a global provider of software and services primarily to communication, cable, satellite, entertainment, and media industry service providers. The company designs, develops, operates, implements, supports, and markets an open and modular cloud portfolio. Its core mission is to enable these service providers to build, deliver, and monetize advanced services, helping them navigate digital transformation and enhance their customer experiences, especially in the era of 5G and cloud-native technologies.
Amdocs' main products and services encompass a wide array of solutions. Key offerings include the CES21 customer experience suite, which is 5G and cloud-native, as well as Commerce and Care for customer engagement and order handling, and a Monetization suite for charging, billing, and revenue management. It also provides an Intelligent Networking suite for network automation, MarketONE for business ecosystems, and a Digital Brands Suite for digital telecom brands. Beyond these software platforms, Amdocs offers comprehensive services such as end-to-end application development and maintenance, quality engineering, systems integration, consulting, and managed services for IT and infrastructure.
The company's primary customers are service providers across various sectors, including communications, cable and satellite operators, entertainment and media companies, mobile virtual network operators (MVNOs), and directory publishers. Amdocs helps these clients manage critical business functions, improve operational efficiency, and innovate their service offerings to better serve their end-users.
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Amdocs is like the:
- Oracle or SAP for telecom and media companies, providing comprehensive software solutions for customer experience, billing, and network operations.
- Accenture for the telecom and media industry, offering specialized IT services, consulting, and managed operations to help them run and transform their businesses.
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- CES21 Suite: A 5G and cloud-native microservices-based customer experience suite for service providers.
- Commerce and Care Suite: Solutions enabling order capture, handling, and customer engagement.
- Monetization Suite: Tools for charging, billing, policy, and revenue management.
- Intelligent Networking Suite: Capabilities for network automation and service lifecycle management.
- MarketONE: A cloud-native business ecosystem platform.
- Digital Brands Suite: A pre-integrated digital business suite for digital telecom brands and small service providers.
- eSIM Cloud: A solution for managing eSIM services for service providers.
- Home Operating Systems: AI-powered, cloud-native systems designed for home environments.
- Data Intelligence Solutions: Applications and solutions for data analysis and insights.
- Media Services: Specialized services for media publishers, TV networks, and video streaming and service providers.
- Application Development and Maintenance Services: End-to-end services for developing, modernizing, and maintaining applications.
- Professional and Consulting Services: Services including design, delivery, quality engineering, operations, systems integration, mobile network services, and consulting.
- Managed Services: Comprehensive services covering application development, IT, infrastructure, testing, and ongoing support.
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Amdocs (DOX) primarily sells to other companies. Based on the provided background, its major customers are categorized by industry and type. The background does not list specific public or private company names as customers, but rather describes the types of companies served:
- Communications industry service providers
- Cable and satellite industry service providers
- Entertainment and media industry service providers (including media publishers, TV networks, and video streaming and service providers)
- Mobile virtual network operators
- Directory publishers
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Shuky Sheffer, President and Chief Executive Officer (Retiring March 31, 2026)
Shuky Sheffer joined Amdocs in 1986 and has held various managerial positions. He served as Chief Executive Officer of Retalix Ltd., a global software company, from 2009 until its acquisition by NCR Corporation for approximately $650 million in 2013. He has served as President and CEO of Amdocs since October 2018, leading the company's strategy toward digital transformation, cloud adoption, and 5G monetization. Mr. Sheffer is scheduled to retire on March 31, 2026.
Shimie Hortig, Group President of the Americas Business Group (Incoming President and Chief Executive Officer, effective March 31, 2026)
Shimie Hortig has over two decades of experience in the technology and telecommunications industry, all with Amdocs. He has held a series of senior corporate and finance roles, followed by business leadership positions of increasing responsibility across Amdocs’ largest and most strategic customers and growth domains. As President of the Americas Group, he has led Amdocs' largest region. Mr. Hortig holds a Master of Business Administration (MBA) and a Bachelor's degree in Economics from Tel Aviv University.
Tamar Rapaport-Dagim, Chief Financial Officer & Chief Operating Officer
Tamar Rapaport-Dagim joined Amdocs in 2004 as Vice President of Finance, became Chief Financial Officer in 2007, and Chief Operating Officer in October 2018. Prior to joining Amdocs, she 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 and held various finance management positions in public accounting.
Rajat Raheja, Division President, Amdocs Development Centre India LLP
Rajat Raheja has served as Division President for India operations since February 2016. He possesses nearly 25 years of experience, including leadership roles at Deloitte Consulting, Arthur Andersen, PricewaterhouseCoopers, and Tata Telecom.
Anthony Goonetilleke, Group President, Technology & Head of Strategy
Anthony Goonetilleke has over two decades of progressive experience in various senior roles at Amdocs, having joined the company in 1999. He was instrumental in building the first managed services outsourced data center for a Telstra subsidiary. He is responsible for formulating the company's strategy and heads its product and technology groups.
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Key Risks to Amdocs (DOX) Business
- Intense Market Competition and Technological Disruption: Amdocs operates in a rapidly evolving and highly competitive telecommunications software and services sector. The continuous and swift advancements in technologies such as 5G, cloud-native architectures, and Artificial Intelligence (AI) necessitate ongoing adaptation and significant investment from Amdocs to maintain its market position. The company faces stiff competition not only from established industry players and agile, newer entrants offering specialized solutions but also from hyperscalers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, which are expanding their direct service offerings to communication service providers (CSPs). Failure to keep pace with these technological shifts and competitive pressures could impact profit margins and market share.
- Customer Concentration Risk: Amdocs' revenue is significantly concentrated among a few large clients, particularly major North American Tier-1 telecommunications companies like AT&T and T-Mobile. This narrow customer base exposes Amdocs to substantial risk. For instance, a projected revenue decline with T-Mobile in fiscal year 2026 due to anticipated lower spending highlights the vulnerability associated with over-reliance on a limited number of key customers. Any reduction in spending or loss of a major client could have a disproportionately negative impact on Amdocs' financial performance.
- Macroeconomic Factors and Client Spending Fluctuations: Amdocs' business is susceptible to global macroeconomic conditions, including economic uncertainties, inflationary pressures, and geopolitical events. These factors can influence the spending decisions of its communication and media industry clients. Economic downturns or uncertainty may lead clients to trim or delay large, discretionary digital transformation projects and other IT budgets, directly impacting Amdocs' ability to secure new deals and achieve its revenue growth targets.
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The increasing penetration and capabilities of hyperscale cloud providers (e.g., Amazon Web Services, Microsoft Azure, Google Cloud Platform) in the telecommunications sector. These platforms are not only hosting telco infrastructure but are increasingly offering telecom-specific services and tools that empower new, agile communication service providers (CSPs) to build and operate their BSS/OSS (Business Support Systems/Operations Support Systems) stacks with greater modularity and potentially lower reliance on traditional, integrated suite vendors like Amdocs. This trend could also enable existing CSPs to adopt more fragmented, best-of-breed approaches or develop more in-house solutions leveraging cloud services, thereby eroding Amdocs' market share for comprehensive, integrated solutions and traditional managed services.AI Analysis | Feedback
Amdocs Limited (DOX) operates within several significant and growing addressable markets globally, driven by the ongoing digital transformation within the telecommunications, cable, satellite, entertainment, and media industries.
Addressable Markets for Amdocs' Main Products and Services:
- OSS/BSS Market (Operations Support Systems/Business Support Systems): This market, which encompasses Amdocs' CES21, Commerce and Care, and Monetization suites, was valued at approximately USD 78.39 billion globally in 2025 and is projected to reach USD 222.83 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 13.95%.
- Cloud OSS/BSS Market: Specifically focusing on cloud-native solutions, a key area for Amdocs, this global market is projected to grow from USD 43.35 billion in 2025 to USD 59.02 billion by 2032, at a CAGR of 4.2%.
- Telecom Managed Services Market: Amdocs' managed services, including application development, modernization, maintenance, and IT and infrastructure services, target this market. The global telecom managed services market is projected to rise from approximately USD 30.16 billion in 2025 to USD 69.41 billion by 2032, registering a CAGR of 12.7%.
- Customer Experience Management (CEM) in Telecommunication Market: Amdocs' customer experience offerings, such as CES21 and elements within the Commerce and Care suite, address this market. The global Customer Experience Management (CEM) in Telecommunication Market is estimated to be valued at USD 17.8 billion in 2025 and is projected to reach USD 79.9 billion by 2035, registering a CAGR of 16.2%.
- Network Automation Market: Amdocs' Intelligent Networking suite with network automation capabilities falls within this market. The global network automation market size stood at USD 36.86 billion in 2026 and is projected to reach USD 86.16 billion by 2031, reflecting an 18.51% CAGR.
- eSIM Market: The eSIM Cloud offering by Amdocs directly addresses the global eSIM market. This market was valued at USD 14.68 billion in 2024 and is poised to grow from USD 17.1 billion in 2025 to USD 58.03 billion by 2033, growing at a CAGR of 16.5%.
- Digital Transformation Market (Overall, with significant telecom component): Amdocs' broad range of software and services contributes to the digital transformation efforts of its clients. The global digital transformation market size was valued at USD 2,632.49 billion in 2025 and is projected to grow from USD 3,140.86 billion in 2026 to USD 14,847.91 billion by 2034, exhibiting a CAGR of 21.40%.
- Telco Transformation Market: This overarching market encompasses many of Amdocs' offerings aimed at modernizing service delivery and improving efficiency for telecom operators. The global telco transformation market value is estimated at USD 42.2 billion in 2025 and is forecast to reach USD 258.9 billion by 2035, with a CAGR of 19.9%.
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Amdocs (DOX) is poised for future revenue growth over the next two to three years, driven by several strategic initiatives and market trends:
- Expansion of Managed Services: Amdocs has shown consistent growth in its Managed Services revenue, which increased from 52% of total revenue in fiscal year 2018 to 59% in the third quarter of fiscal year 2024. This expansion is a key strategic initiative aimed at enhancing profitability and margins. The company has secured new multi-year agreements, including one with T-Mobile, which contribute to this growth, although some integration activities may be nonrecurring.
- Growth in Cloud Services and Migration: Amdocs is actively transitioning towards cloud services, with cloud revenue exceeding 30% of total revenue in fiscal year 2025, up from approximately 25% in the prior year. This shift aligns with broader industry trends of digital transformation and cloud migration, indicating strong potential for continued double-digit growth in this segment.
- Advancements in Generative AI and Data Solutions: Amdocs is strategically positioning itself as a market leader in the Generative AI (GenAI) era, focusing on accelerating long-term growth by monetizing opportunities across generative AI and data. The company is building on its amAIz platform, developing AI factory use cases, and supporting GenAI with data. Progress in AI-driven automation projects is expected to be a key indicator of strategic execution.
- Strategic Acquisitions: Amdocs has been utilizing strategic acquisitions to bolster its capabilities and market position. For instance, the acquisition of MATRIXX Software extends Amdocs' capabilities in billing and monetization solutions, addressing tier-two charge management and consolidating its leadership in this area. Such inorganic growth is expected to contribute to overall revenue.
- 5G and Network Modernization Projects: The company is well-positioned to meet strong demand for fiber deployment, orchestration, and data infrastructure management as global service providers accelerate their fiber expansion investments to launch converged broadband and mobile services. Amdocs' focus on customer modernization projects, particularly those involving 5G, has already been a primary driver of revenue growth.
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Capital Allocation Decisions for Amdocs (DOX)
Share Repurchases
- Amdocs had a remaining share repurchase capacity of $1.12 billion as of August 18, 2025.
- From July 1, 2025, to September 30, 2025, the company repurchased 162,832 shares for $13.6 million, completing a buyback plan announced on May 8, 2025.
- Amdocs's buyback yield for the fiscal years ending September 2021 to 2025 averaged 5.3%.
Share Issuance
- Amdocs's shares outstanding consistently declined over the last few years, with 0.11 billion shares in 2025 (a 3.77% decline from 2024), 0.114 billion in 2024 (a 3.82% decline from 2023), and 0.118 billion in 2023 (a 2.79% decline from 2022).
- A small issuance of 2,285 shares, with an aggregate market value of $195,367.50, was reported on September 2, 2025, stemming from a stock option exercise for compensation.
Outbound Investments
- Amdocs completed 25 acquisitions across eight countries, primarily focusing on OSS & BSS solutions.
- Over the last five years (2020–2025), Amdocs averaged 0.4 acquisitions per year.
- Notable acquisitions include MYCOM OSI in May 2022 for $188 million, Openet in July 2020 for $180 million, and ASTADIA in November 2023 for $75 million.
Capital Expenditures
- Capital expenditures over the last 12 months totaled -$108.84 million.
- In the most recent quarter, capital expenditures amounted to -$31.21 million.
- Amdocs's free cash flow margin averaged 13% over the last five years, indicating a trend towards becoming a less capital-intensive business.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Amdocs Stock If It Fell 30%? | 10/17/2025 | |
| DOX Dip Buy Analysis | 07/10/2025 | |
| Amdocs (DOX) Valuation Ratios Comparison | 05/15/2025 | |
| Should You Buy Amdocs Stock? | 02/28/2025 | |
| Amdocs (DOX) Operating Cash Flow Comparison | 02/17/2025 | |
| Amdocs (DOX) Net Income Comparison | 02/15/2025 | |
| Amdocs (DOX) Operating Income Comparison | 02/14/2025 | |
| Amdocs (DOX) Revenue Comparison | 02/13/2025 | |
| Fundamental Metrics: ... | 06/19/2024 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 12/03/2025 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 140.86 |
| Mkt Cap | 147.6 |
| Rev LTM | 67,358 |
| Op Inc LTM | 11,515 |
| FCF LTM | 12,258 |
| FCF 3Y Avg | 10,498 |
| CFO LTM | 13,992 |
| CFO 3Y Avg | 13,511 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.7% |
| Rev Chg 3Y Avg | 4.8% |
| Rev Chg Q | 9.5% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 18.2% |
| Op Inc Chg 3Y Avg | 15.6% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 16.8% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 21.7% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 15.2% |
Price Behavior
| Market Price | $51.61 | |
| Market Cap ($ Bil) | 5.5 | |
| First Trading Date | 06/19/1998 | |
| Distance from 52W High | -40.5% | |
| 50 Days | 200 Days | |
| DMA Price | $56.21 | $68.98 |
| DMA Trend | down | down |
| Distance from DMA | -8.2% | -25.2% |
| 3M | 1YR | |
| Volatility | 30.9% | 27.2% |
| Downside Capture | -9.00 | 62.27 |
| Upside Capture | -110.78 | -10.01 |
| Correlation (SPY) | -8.3% | 18.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.28 | -0.16 | 0.16 | 0.41 | 0.44 | 0.56 |
| Up Beta | 0.12 | -0.29 | 0.16 | 0.31 | 0.55 | 0.63 |
| Down Beta | 0.35 | 0.74 | 0.41 | 0.49 | 0.61 | 0.58 |
| Up Capture | -176% | -105% | -34% | -10% | -4% | 10% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 6 | 16 | 26 | 54 | 116 | 373 |
| Down Capture | 46% | 26% | 71% | 102% | 82% | 88% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 14 | 24 | 36 | 68 | 133 | 371 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOX | |
|---|---|---|---|---|
| DOX | -40.5% | 27.2% | -1.92 | - |
| Sector ETF (XLK) | 39.3% | 24.7% | 1.29 | 3.6% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 17.9% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | -3.7% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | -5.8% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 29.0% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 23.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOX | |
|---|---|---|---|---|
| DOX | -5.9% | 21.0% | -0.36 | - |
| Sector ETF (XLK) | 19.8% | 25.6% | 0.69 | 36.1% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 46.5% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 4.5% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 10.3% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 42.0% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 22.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOX | |
|---|---|---|---|---|
| DOX | 0.8% | 21.5% | 0.01 | - |
| Sector ETF (XLK) | 24.6% | 24.8% | 0.90 | 47.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 56.2% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 5.8% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 17.4% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 49.4% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 15.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 12/31/2025 | 02/17/2026 | 6-K |
| 09/30/2025 | 12/15/2025 | 20-F |
| 06/30/2025 | 08/18/2025 | 6-K |
| 03/31/2025 | 05/19/2025 | 6-K |
| 12/31/2024 | 02/18/2025 | 6-K |
| 09/30/2024 | 12/17/2024 | 20-F |
| 06/30/2024 | 08/19/2024 | 6-K |
| 03/31/2024 | 05/20/2024 | 6-K |
| 12/31/2023 | 02/20/2024 | 6-K |
| 09/30/2023 | 12/13/2023 | 20-F |
| 06/30/2023 | 08/14/2023 | 6-K |
| 03/31/2023 | 05/22/2023 | 6-K |
| 12/31/2022 | 02/13/2023 | 6-K |
| 09/30/2022 | 12/13/2022 | 20-F |
| 06/30/2022 | 08/15/2022 | 6-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 6-K |
| 12/31/2025 | 02/17/2026 | 6-K |
| 09/30/2025 | 12/15/2025 | 20-F |
| 06/30/2025 | 08/18/2025 | 6-K |
| 03/31/2025 | 05/19/2025 | 6-K |
| 12/31/2024 | 02/18/2025 | 6-K |
| 09/30/2024 | 12/17/2024 | 20-F |
| 06/30/2024 | 08/19/2024 | 6-K |
| 03/31/2024 | 05/20/2024 | 6-K |
| 12/31/2023 | 02/20/2024 | 6-K |
| 09/30/2023 | 12/13/2023 | 20-F |
| 06/30/2023 | 08/14/2023 | 6-K |
| 03/31/2023 | 05/22/2023 | 6-K |
| 12/31/2022 | 02/13/2023 | 6-K |
| 09/30/2022 | 12/13/2022 | 20-F |
| 06/30/2022 | 08/15/2022 | 6-K |
| 03/31/2022 | 05/24/2022 | 6-K |
| 12/31/2021 | 02/14/2022 | 6-K |
| 09/30/2021 | 12/09/2021 | 20-F |
| 06/30/2021 | 08/16/2021 | 6-K |
| 03/31/2021 | 05/24/2021 | 6-K |
| 12/31/2020 | 02/16/2021 | 6-K |
| 09/30/2020 | 12/14/2020 | 20-F |
| 06/30/2020 | 08/17/2020 | 6-K |
| 03/31/2020 | 05/18/2020 | 6-K |
| 12/31/2019 | 02/18/2020 | 6-K |
| 09/30/2019 | 12/16/2019 | 20-F |
| 06/30/2019 | 08/19/2019 | 6-K |
Insider Activity
Updated 6/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Matthew E | See Remarks | Direct | Sell | 6022026 | 62.51 | 464 | 29,005 | 96,890 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Smith, Matthew E | See Remarks | Direct | Sell | 6022026 | 62.51 | 464 | 29,005 | 96,890 | Form |
Investor Activity (13F)
Updated Jul 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Amdocs — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Systems Software Resources |
| CNET |
| ZDNet |
| Gartner |
| Software Development Times |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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