# Amadeus IT Group (AMS.MC)

Canonical: https://gigainvestors.com/s/AMS.MC

Analysis as of: 2026-10-16T07:34:30.935Z. Financial observations: FY2006–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 53.70 per share; close as of 2026-10-15.

Estimated value: low EUR 35.86 per share, central EUR 40.53 per share, high EUR 46.74 per share. Buy at or below the central value EUR 40.53 per share. Valuation as of 2026-10-16T07:34:30.935Z; scenarios are not confidence intervals.

Expected annual return: 8.2% at the stated quote. About 8.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; ES 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.85×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.27×

- FY2017: 0.27×

- FY2018: 0.28×

- FY2019: 0.26×

- FY2020: -0.22×

- FY2021: -0.01×

- FY2022: 0.21×

- FY2023: 0.26×

- FY2024: 0.27×

- FY2025: 0.28×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 16.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 37.8%

- ROIC, second-lowest year: -0.7%

- Typical minus recent gross margin: 16.0 pp

- Typical gross margin (annual median): 43.8%

- Recent gross margin (lower of latest and 3-year median): 27.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.0%

- ROIC including acquisitions, ten-year median: 15.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 46.7%

- FY2017: 70.8%

- FY2018: 36.0%

- FY2019: 37.0%

- FY2020: -11.0%

- FY2021: -0.7%

- FY2022: 22.8%

- FY2023: 38.5%

- FY2024: 40.9%

- FY2025: 44.7%

### economics: pass

- Owner earnings / net income, 5-yr: 1.18×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.0B

- Net income, five-year total: EUR 4.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.0 pp

- Working capital / revenue, change between three-year averages: -0.4 pp

- Working capital / revenue, final three-year average: -3.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.22×

- FY2022: 1.05×

- FY2023: 1.00×

- FY2024: 0.97×

- FY2025: 1.45×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 46.7% vs 40.9%

- Per-share earnings: 1.89 to 2.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.7%

- Market cap gain: EUR 8.4B

- Cumulative retained earnings: EUR 4.6B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.9%

- Per-share value change: EUR 0.88

- Per-share value, starting three-year median: EUR 1.89

- Per-share value, ending three-year median: EUR 2.77

- Buybacks concentrated in cheaper years (correlation): 0.52

- Average buyback yield: 1.1%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 3.9B

- Cumulative net income, 10 years: EUR 7.5B

- ROIC, first three-year median: 46.7%

- ROIC, last three-year median: 40.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 1.89

- FY2017: EUR 2.29

- FY2018: EUR 2.33

- FY2019: EUR 2.58

- FY2020: EUR -1.39

- FY2021: EUR -0.32

- FY2022: EUR 1.43

- FY2023: EUR 2.44

- FY2024: EUR 2.77

- FY2025: EUR 3.08

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 1.32×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.61×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.70×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.6%

- FY2017: -7.0%

- FY2018: -7.1%

- FY2019: -6.6%

- FY2020: -5.6%

- FY2021: -7.0%

- FY2022: -6.6%

- FY2023: -6.3%

- FY2024: -7.6%

- FY2025: -7.1%

## Holders

## Price story

Down 27% since May 2025 · sales +6.1%

Story as of 2026-10-16T10:00:00.938Z; price observation 2026-10-15.

Price needs cash profits to grow 4.6% a year for ten years

### Sales · FY2024–2025

sales +6.1%; source https://filings.xbrl.org/9598004A3FTY3TEHHN09/2024-12-31/ESEF/ES/0/9598004A3FTY3TEHHN09-20241231-es/reports/9598004A3FTY3TEHHN09-20241231-es.xhtml; observed 2025-05-08.

- FY2016: EUR 4.5B 

- FY2017: EUR 4.9B 

- FY2018: EUR 4.9B 

- FY2019: EUR 5.6B 

- FY2020: EUR 2.2B 

- FY2021: EUR 2.7B 

- FY2022: EUR 4.5B 

- FY2023: EUR 5.4B 

- FY2024: EUR 6.1B 

- FY2025: EUR 6.5B 

### Gross margin · FY2025

gross margin 27.8%; source https://filings.xbrl.org/9598004A3FTY3TEHHN09/2024-12-31/ESEF/ES/0/9598004A3FTY3TEHHN09-20241231-es/reports/9598004A3FTY3TEHHN09-20241231-es.xhtml; observed 2025-05-08.

- FY2016: 45.7% 

- FY2017: 45.8% 

- FY2018: 47.5% 

- FY2019: 46.6% 

- FY2020: 13.8% 

- FY2021: 31.3% 

- FY2022: 41.7% 

- FY2023: 44.3% 

- FY2024: 43.2% 

- FY2025: 27.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are EUR 6.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: revenue 6517000000; grossProfit 1810600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMS.MC: Amadeus IT Group, S.A., together with its subsidiaries, operates as a transaction processor for the travel and tourism industry in Europe, Central and South America, the Middle East, Africa, and Asia Pacific. It operates in three segments: Air Distribution, Air IT Solutions, and Hospitality & Other Solutions. The company acts as an international network providing real-time search, pricing, booking, ticketing, and other processing solutions through Amadeus GDS, Alt"a Passenger Service System, and New Skies platforms. It also offers travel providers a portfolio of technology solutions, which automate certain mission-critical business processes, such as reservations, inventory management, payments, and departure control. In addition, the company is involved in the installation of industrial machinery and equipment; provision of mobility, insurance and ferry, travel advertising, software development and definition, software distribution, distribution, regional support and management, data processing, intermediation, computer consulting, consultancy and technology development for digital invoicing and payments, and information technology services; and e-commerce business. It serves providers of travel products and services, such as network, domestic, low-cost, and charter carrier airlines; airports; independent property and big chain hotels; mainstream, specialist, and vertically integrated tour operators; insurance companies; land and sea transport companies, including car rental, railway, cruise line, and ferry line companies; travel sellers and brokers, such as offline and online travel agencies; and travel buyers. Amadeus IT Group S.A. has strategic collaborate with Accenture plc to develop Amadeus travel advertising platform. The company was formerly known as Amadeus IT Holding, S.A. and changed its name to Amadeus IT Group, S.A. in August 2016. Amadeus IT Group, S.A. was founded in 1987 and is headquartered in Madrid, Spain.

### Why customers stay

Margins ranged from 27.8% to 44.3% during 2023–25; it earns 37.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: grossProfit / revenue = 44.3%.

- Source: https://filings.xbrl.org/9598004A3FTY3TEHHN09/2024-12-31/ESEF/ES/0/9598004A3FTY3TEHHN09-20241231-es/reports/9598004A3FTY3TEHHN09-20241231-es.xhtml (filed 2025-05-08); FY2024: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: grossProfit / revenue = 27.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); 10-year return on capital observations [[2016,0.4670220799724285],[2017,0.7080851154870366],[2018,0.3603832236065774],[2019,0.3700670646166532],[2020,-0.11026559367999057],[2021,-0.006857090092031149],[2022,0.22791570850691156],[2023,0.3851563418311544],[2024,0.40916381808656016],[2025,0.4474852509422692]]; median 0.3776117032239038. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back EUR 1.3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2016: growth capex 58633940.37248325; upkeep 536466059.62751675; owner earnings 749833940.3724833. Growth capex / owner earnings = 0.07819590073951119.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2017: growth capex 39449220.972337484; upkeep 572650779.0276625; owner earnings 954449220.9723375. Growth capex / owner earnings = 0.041331922228559116.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2018: growth capex 9629956.68268478; upkeep 708570043.3173152; owner earnings 919829956.6826848. Growth capex / owner earnings = 0.0104692792539772.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2019: growth capex 0; upkeep 736100000; owner earnings 1052920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2021: growth capex 0; upkeep 460200000; owner earnings 31240000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2022: growth capex 0; upkeep 566700000; owner earnings 695920000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2023: growth capex 0; upkeep 600500000; owner earnings 1117900000. Growth capex / owner earnings = 0.

- Source: https://filings.xbrl.org/9598004A3FTY3TEHHN09/2024-12-31/ESEF/ES/0/9598004A3FTY3TEHHN09-20241231-es/reports/9598004A3FTY3TEHHN09-20241231-es.xhtml (filed 2025-05-08); FY2024: growth capex 87900000; upkeep 700200000; owner earnings 1211860000. Growth capex / owner earnings = 0.07253313088970673.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: growth capex 0; upkeep 60400000; owner earnings 1931020000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Dividend observations: [[2016,338500000],[2017,411300000],[2018,494300000],[2019,506200000],[2020,241400000],[2021,0],[2022,0],[2023,332500000],[2024,541900000],[2025,615100000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); FY2025: cash repurchases 1335500000 EUR.

### Are managers owners

Insiders own 2.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMS.MC SharesStats.PercentInsiders = 2.646 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.6% yearly over ten years; actual growth was 12.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-05-08); Ten-year compound average after fade. Initial solved rate 0.052623355037139746. Price 53.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.369735620057089 → FY2025 4.447192724274604. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 43.00 per share

- 2016-11: EUR 42.76 per share

- 2016-12: EUR 43.17 per share

- 2017-01: EUR 42.75 per share

- 2017-02: EUR 43.91 per share

- 2017-03: EUR 47.56 per share

- 2017-04: EUR 49.50 per share

- 2017-05: EUR 51.85 per share

- 2017-06: EUR 52.35 per share

- 2017-07: EUR 52.06 per share

- 2017-08: EUR 52.07 per share

- 2017-09: EUR 54.99 per share

- 2017-10: EUR 58.25 per share

- 2017-11: EUR 60.57 per share

- 2017-12: EUR 60.11 per share

- 2018-01: EUR 62.48 per share

- 2018-02: EUR 60.56 per share

- 2018-03: EUR 59.98 per share

- 2018-04: EUR 60.70 per share

- 2018-05: EUR 67.90 per share

- 2018-06: EUR 67.60 per share

- 2018-07: EUR 73.00 per share

- 2018-08: EUR 79.92 per share

- 2018-09: EUR 80.02 per share

- 2018-10: EUR 71.18 per share

- 2018-11: EUR 63.26 per share

- 2018-12: EUR 60.84 per share

- 2019-01: EUR 63.48 per share

- 2019-02: EUR 66.20 per share

- 2019-03: EUR 71.40 per share

- 2019-04: EUR 70.92 per share

- 2019-05: EUR 68.36 per share

- 2019-06: EUR 69.66 per share

- 2019-07: EUR 71.36 per share

- 2019-08: EUR 67.76 per share

- 2019-09: EUR 65.72 per share

- 2019-10: EUR 66.34 per share

- 2019-11: EUR 72.30 per share

- 2019-12: EUR 72.80 per share

- 2020-01: EUR 70.82 per share

- 2020-02: EUR 63.50 per share

- 2020-03: EUR 43.20 per share

- 2020-04: EUR 43.92 per share

- 2020-05: EUR 46.94 per share

- 2020-06: EUR 46.38 per share

- 2020-07: EUR 42.36 per share

- 2020-08: EUR 46.91 per share

- 2020-09: EUR 47.59 per share

- 2020-10: EUR 40.99 per share

- 2020-11: EUR 57.46 per share

- 2020-12: EUR 59.56 per share

- 2021-01: EUR 52.54 per share

- 2021-02: EUR 57.50 per share

- 2021-03: EUR 60.38 per share

- 2021-04: EUR 56.70 per share

- 2021-05: EUR 61.74 per share

- 2021-06: EUR 59.32 per share

- 2021-07: EUR 55.24 per share

- 2021-08: EUR 51.72 per share

- 2021-09: EUR 56.88 per share

- 2021-10: EUR 57.84 per share

- 2021-11: EUR 56.48 per share

- 2021-12: EUR 59.64 per share

- 2022-01: EUR 60.54 per share

- 2022-02: EUR 59.94 per share

- 2022-03: EUR 59.18 per share

- 2022-04: EUR 60.40 per share

- 2022-05: EUR 57.84 per share

- 2022-06: EUR 53.16 per share

- 2022-07: EUR 56.68 per share

- 2022-08: EUR 52.62 per share

- 2022-09: EUR 47.91 per share

- 2022-10: EUR 52.74 per share

- 2022-11: EUR 51.26 per share

- 2022-12: EUR 48.55 per share

- 2023-01: EUR 57.70 per share

- 2023-02: EUR 59.40 per share

- 2023-03: EUR 61.66 per share

- 2023-04: EUR 63.74 per share

- 2023-05: EUR 66.90 per share

- 2023-06: EUR 69.70 per share

- 2023-07: EUR 65.22 per share

- 2023-08: EUR 63.30 per share

- 2023-09: EUR 57.28 per share

- 2023-10: EUR 53.82 per share

- 2023-11: EUR 62.82 per share

- 2023-12: EUR 64.88 per share

- 2024-01: EUR 65.06 per share

- 2024-02: EUR 54.38 per share

- 2024-03: EUR 59.44 per share

- 2024-04: EUR 59.76 per share

- 2024-05: EUR 65.34 per share

- 2024-06: EUR 62.14 per share

- 2024-07: EUR 60.74 per share

- 2024-08: EUR 60.94 per share

- 2024-09: EUR 64.92 per share

- 2024-10: EUR 66.60 per share

- 2024-11: EUR 66.42 per share

- 2024-12: EUR 68.20 per share

- 2025-01: EUR 71.00 per share

- 2025-02: EUR 72.72 per share

- 2025-03: EUR 70.50 per share

- 2025-04: EUR 69.18 per share

- 2025-05: EUR 73.38 per share

- 2025-06: EUR 71.48 per share

- 2025-07: EUR 70.42 per share

- 2025-08: EUR 71.60 per share

- 2025-09: EUR 67.50 per share

- 2025-10: EUR 66.32 per share

- 2025-11: EUR 63.34 per share

- 2025-12: EUR 62.84 per share

- 2026-01: EUR 56.62 per share

- 2026-02: EUR 52.74 per share

- 2026-03: EUR 48.68 per share

- 2026-04: EUR 49.00 per share

- 2026-05: EUR 54.74 per share

- 2026-06: EUR 51.08 per share

- 2026-07: EUR 53.34 per share

- 2026-08: EUR 58.22 per share

- 2026-09: EUR 51.82 per share

- 2026-10: EUR 52.62 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 17.97 per share, central EUR 20.33 per share, high EUR 23.47 per share

- FY2017: low EUR 26.90 per share, central EUR 37.02 per share, high EUR 43.24 per share

- FY2018: low EUR 29.68 per share, central EUR 42.79 per share, high EUR 50.10 per share

- FY2019: low EUR 30.16 per share, central EUR 36.27 per share, high EUR 42.13 per share

- FY2020: low EUR 15.23 per share, central EUR 16.59 per share, high EUR 18.39 per share

- FY2021: low EUR 16.02 per share, central EUR 17.69 per share, high EUR 19.91 per share

- FY2022: low EUR 20.44 per share, central EUR 22.69 per share, high EUR 25.69 per share

- FY2023: low EUR 23.42 per share, central EUR 27.91 per share, high EUR 32.17 per share

- FY2024: low EUR 25.27 per share, central EUR 28.44 per share, high EUR 32.67 per share

- FY2025: low EUR 34.34 per share, central EUR 38.81 per share, high EUR 44.75 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:18.324Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/9598004A3FTY3TEHHN09/2024-12-31/ESEF/ES/0/9598004A3FTY3TEHHN09-20241231-es/reports/9598004A3FTY3TEHHN09-20241231-es.xhtml); period 2024-12-31, filed 2025-05-08.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.