# Amdocs (DOX.US)

Canonical: https://gigainvestors.com/s/DOX

Analysis as of: 2026-10-16T07:28:05.696Z. Financial observations: FY1997–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: $60.68 per share; close as of 2026-10-15.

Estimated value: low $73.74 per share, central $96.03 per share, high $112.20 per share. Buy at or below the central value $96.03 per share. Valuation as of 2026-10-16T07:28:05.696Z; scenarios are not confidence intervals.

Expected annual return: 14.0% at the stated quote. About 14.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.13×

- FY2017: 0.13×

- FY2018: 0.11×

- FY2019: 0.14×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.15×

- FY2023: 0.13×

- FY2024: 0.13×

- FY2025: 0.18×

### moat: pass

- ROIC, median of available years: 62.2%

- ROIC, second-lowest year: 46.4%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 35.1%

- Recent gross margin (lower of latest and 3-year median): 35.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 15.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 58.9%

- FY2018: 70.2%

- FY2019: 37.1%

- FY2020: 46.4%

- FY2021: 57.1%

- FY2022: 65.2%

- FY2023: 66.5%

- FY2024: 59.5%

- FY2025: 64.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.1B

- Net income, five-year total: $2.8B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 13.4%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.13×

- FY2024: 1.18×

- FY2025: 1.16×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 70.2% vs 64.8%

- Per-share earnings: 2.94 to 4.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.3%

- Ordinary dilution, 5-year annual growth: -3.6%

- Market cap gain: -$374M

- Cumulative retained earnings: $2.7B

- Diluted shares, 10-year annual growth: -3.3%

- Diluted shares, 5-year annual growth: -3.6%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.0%

- Per-share value change: $1.74

- Per-share value, starting three-year median: $2.94

- Per-share value, ending three-year median: $4.68

- Buybacks concentrated in cheaper years (correlation): 0.65

- Average buyback yield: 5.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $923M

- Cumulative net income, 10 years: $5.0B

- ROIC, first three-year median: 70.2%

- ROIC, last three-year median: 64.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.78

- FY2017: $3.03

- FY2018: $2.52

- FY2019: $3.56

- FY2020: $3.82

- FY2021: $5.57

- FY2022: $4.52

- FY2023: $4.68

- FY2024: $4.35

- FY2025: $5.20

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.33×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.89×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.0%

- FY2017: -3.8%

- FY2018: -3.8%

- FY2019: -3.3%

- FY2020: -2.5%

- FY2021: -3.6%

- FY2022: -3.2%

- FY2023: -4.4%

- FY2024: -3.6%

- FY2025: -3.0%

## Holders

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Richard Pzena](https://gigainvestors.com/PIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Jun 2023 · "Amdocs (DOX) Adapts Mature Business Model to Counter AI Billed Revenue Headwinds" (finance.yahoo.com, Oct 2026) · sales -9.4%

Story as of 2026-10-16T09:58:39.261Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.9% a year for ten years

- 2025-05-08: Amdocs Q2 Earnings Top Estimates, Stock Falls on Dim Q3 Profit Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/amdocs-q2-earnings-top-estimates-094500782.html))

- 2026-02-04: Amdocs (DOX) Is Down 10.1% After Lowering 2026 Guidance And Announcing CEO Transition ([finance.yahoo.com](https://finance.yahoo.com/news/amdocs-dox-down-10-1-220902716.html))

### Sales · FY2024–2025

sales -9.4%; source https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm; observed 2025-12-15.

- FY2016: $3.7B 

- FY2017: $3.9B 

- FY2018: $4.0B 

- FY2019: $4.1B 

- FY2020: $4.2B 

- FY2021: $4.3B 

- FY2022: $4.6B 

- FY2023: $4.9B 

- FY2024: $5.0B 

- FY2025: $4.5B 

### Gross margin · FY2025

gross margin 36.6%; source https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm; observed 2025-12-15.

- FY2016: 35.2% 

- FY2017: 35.2% 

- FY2018: 34.7% 

- FY2019: 35.1% 

- FY2020: 33.9% 

- FY2021: 34.5% 

- FY2022: 35.4% 

- FY2023: 35.3% 

- FY2024: 35.1% 

- FY2025: 36.6% 

## Owner memo

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

### How it makes money

Operates in software infrastructure; annual sales are USD 4.5 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm (filed 2025-12-15); FY2025: revenue 4532913000; grossProfit 1658075000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOX.US: Amdocs Limited, through its subsidiaries, provides software and services to communications, entertainment, media, and other service providers worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud offering. The company also provides CES25, a telco-native, GenAI-led customer experience suite, spanning business, and operations and network domains that is embedded with AI and related tools. In addition, it offers GenAI agents, and which include Customer Engagement Platform, a telecom-specific customer relationship management (CRM) solution; Amdocs Monetization Suite which enables customers to monetize their broad set of services and offerings; Amdocs Intelligent Networking Suite, a set of solutions that provide end-to-end service orchestration; Amdocs Charging; Amdocs eSIM Cloud that enables service providers to offer digital SIM (eSIM); Amdocs MarketONE, a based Software-as-a-Service (SaaS)-based platform that includes pre-integrated digital services, ranging from media, gaming, eLearning, sports and retail to security, and business services; and Amdocs connectX, a cloud-native telco-in-a-box software-as-a-service platform for digital telecom brands, as well as Amdocs CatalogONE that spans the entire CES25 suite and combines embedded business intelligence with telecom-specific GenAI agents. Further, the company provides consulting, experience design, data, cloud, network services, delivery, quality engineering, operations, systems integration, and content services to various platforms and technologies; maintenance, enhancement design and development, and operational support services; network deployment and optimization services; and managed services, including AI and related tools, predictive analytics, and robotic process automation, as well as quality engineering, mobile network, cloud, and professional services. Amdocs Limited was founded in 1982 and is headquartered in Saint Louis, Missouri.

### Why customers stay

Margins ranged from 35.1% to 36.6% during 2023–25; it earns 62.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2023: grossProfit / revenue = 35.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2024: grossProfit / revenue = 35.1%.

- Source: https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm (filed 2025-12-15); FY2025: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); 10-year return on capital observations [[2016,1.1785594474034777],[2017,0.588701388267401],[2018,0.7024513329385623],[2019,0.37052979816790377],[2020,0.46429955313957566],[2021,0.5714747169180996],[2022,0.6522285830969766],[2023,0.6646880018262501],[2024,0.5947655377588882],[2025,0.6482937807044326]]; median 0.6215296592316604. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 35% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm (filed 2025-12-15); Gross margin observations: [[2021,0.34455515035069395],[2022,0.35378134056067073],[2023,0.35347137113686816]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 551.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2016: growth capex 0; upkeep 130086000; owner earnings 491036000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2017: growth capex 0; upkeep 133392000; owner earnings 518319000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2018: growth capex 10167437.842225045; upkeep 220978562.15777496; owner earnings 344641437.8422251. Growth capex / owner earnings = 0.02950149554238931.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2019: growth capex 0; upkeep 128086000; owner earnings 557132000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2020: growth capex 7101000; upkeep 198409000; owner earnings 497840000. Growth capex / owner earnings = 0.014263618833360116.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2021: growth capex 1608000; upkeep 208830000; owner earnings 688374000. Growth capex / owner earnings = 0.002335939474762266.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2022: growth capex 2684000; upkeep 224535000; owner earnings 549501000. Growth capex / owner earnings = 0.004884431511498614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2023: growth capex 0; upkeep 124362000; owner earnings 612048000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); FY2024: growth capex 0; upkeep 105495000; owner earnings 580768000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm (filed 2025-12-15); FY2025: growth capex 0; upkeep 103952000; owner earnings 656187000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); Dividend observations: [[2016,109304000],[2017,121503000],[2018,134292000],[2019,147616000],[2020,164061000],[2021,177472000],[2022,186073000],[2023,199460000],[2024,211967000],[2025,224394000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm (filed 2025-12-15); FY2025: cash repurchases 551340000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DOX.US SharesStats.PercentInsiders = 1.2349999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.9% yearly over ten years; actual growth was 6.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-15); Ten-year compound average after fade. Initial solved rate -0.04682472585198266. Price 60.68; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.3016552643211043 → FY2025 6.047137643762902. Closing-price date 2026-10-15.

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

- 2016-10: $58.45 per share

- 2016-11: $58.97 per share

- 2016-12: $58.25 per share

- 2017-01: $58.71 per share

- 2017-02: $60.65 per share

- 2017-03: $60.99 per share

- 2017-04: $61.24 per share

- 2017-05: $64.78 per share

- 2017-06: $64.46 per share

- 2017-07: $67.17 per share

- 2017-08: $64.79 per share

- 2017-09: $64.32 per share

- 2017-10: $65.10 per share

- 2017-11: $65.29 per share

- 2017-12: $65.48 per share

- 2018-01: $68.40 per share

- 2018-02: $65.79 per share

- 2018-03: $66.72 per share

- 2018-04: $67.25 per share

- 2018-05: $67.46 per share

- 2018-06: $66.19 per share

- 2018-07: $67.58 per share

- 2018-08: $65.28 per share

- 2018-09: $65.98 per share

- 2018-10: $63.27 per share

- 2018-11: $64.91 per share

- 2018-12: $58.58 per share

- 2019-01: $55.88 per share

- 2019-02: $55.57 per share

- 2019-03: $54.11 per share

- 2019-04: $55.08 per share

- 2019-05: $59.42 per share

- 2019-06: $62.09 per share

- 2019-07: $63.99 per share

- 2019-08: $64.74 per share

- 2019-09: $66.11 per share

- 2019-10: $65.20 per share

- 2019-11: $69.30 per share

- 2019-12: $72.19 per share

- 2020-01: $71.95 per share

- 2020-02: $63.75 per share

- 2020-03: $54.97 per share

- 2020-04: $64.44 per share

- 2020-05: $62.26 per share

- 2020-06: $60.88 per share

- 2020-07: $62.10 per share

- 2020-08: $61.23 per share

- 2020-09: $57.41 per share

- 2020-10: $56.38 per share

- 2020-11: $65.81 per share

- 2020-12: $70.93 per share

- 2021-01: $70.62 per share

- 2021-02: $75.81 per share

- 2021-03: $70.15 per share

- 2021-04: $76.74 per share

- 2021-05: $78.10 per share

- 2021-06: $77.36 per share

- 2021-07: $77.11 per share

- 2021-08: $77.03 per share

- 2021-09: $75.71 per share

- 2021-10: $77.84 per share

- 2021-11: $69.82 per share

- 2021-12: $74.84 per share

- 2022-01: $75.89 per share

- 2022-02: $78.70 per share

- 2022-03: $82.21 per share

- 2022-04: $79.69 per share

- 2022-05: $86.89 per share

- 2022-06: $83.31 per share

- 2022-07: $87.06 per share

- 2022-08: $85.47 per share

- 2022-09: $79.45 per share

- 2022-10: $86.31 per share

- 2022-11: $88.86 per share

- 2022-12: $90.90 per share

- 2023-01: $91.93 per share

- 2023-02: $91.61 per share

- 2023-03: $96.03 per share

- 2023-04: $91.25 per share

- 2023-05: $94.17 per share

- 2023-06: $98.85 per share

- 2023-07: $93.64 per share

- 2023-08: $89.20 per share

- 2023-09: $84.49 per share

- 2023-10: $80.16 per share

- 2023-11: $83.77 per share

- 2023-12: $87.89 per share

- 2024-01: $91.68 per share

- 2024-02: $91.20 per share

- 2024-03: $90.37 per share

- 2024-04: $83.99 per share

- 2024-05: $79.00 per share

- 2024-06: $78.92 per share

- 2024-07: $87.47 per share

- 2024-08: $86.97 per share

- 2024-09: $87.48 per share

- 2024-10: $87.75 per share

- 2024-11: $86.72 per share

- 2024-12: $85.14 per share

- 2025-01: $88.19 per share

- 2025-02: $87.25 per share

- 2025-03: $91.50 per share

- 2025-04: $88.58 per share

- 2025-05: $91.76 per share

- 2025-06: $91.24 per share

- 2025-07: $85.36 per share

- 2025-08: $85.57 per share

- 2025-09: $82.05 per share

- 2025-10: $84.26 per share

- 2025-11: $76.48 per share

- 2025-12: $80.51 per share

- 2026-01: $81.94 per share

- 2026-02: $69.80 per share

- 2026-03: $65.26 per share

- 2026-04: $64.67 per share

- 2026-05: $62.97 per share

- 2026-06: $50.54 per share

- 2026-07: $55.72 per share

- 2026-08: $63.06 per share

- 2026-09: $57.18 per share

- 2026-10: $60.68 per share

## Annual estimated value (USD per share)

- FY2016: low $43.62 per share, central $48.68 per share, high $55.41 per share

- FY2017: low $45.36 per share, central $50.75 per share, high $57.93 per share

- FY2018: low $44.20 per share, central $49.86 per share, high $57.40 per share

- FY2019: low $48.67 per share, central $56.64 per share, high $65.41 per share

- FY2020: low $56.32 per share, central $67.36 per share, high $77.38 per share

- FY2021: low $72.55 per share, central $99.68 per share, high $115.79 per share

- FY2022: low $64.11 per share, central $80.96 per share, high $93.68 per share

- FY2023: low $75.34 per share, central $97.72 per share, high $113.45 per share

- FY2024: low $71.44 per share, central $90.71 per share, high $105.47 per share

- FY2025: low $61.81 per share, central $70.15 per share, high $81.26 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

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1062579/000119312525319187/dox-20250930.htm); period 2025-09-30, filed 2025-12-15.

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.