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olivLaw · US equity research

Amdocs Limited DOX

Services-Computer Programming Services · SIC 7371

43.66USD−30.07% · 1 dayClose 04 Nov 2026

Amdocs is a global provider of software and services to communications and media operators, helping customers migrate to the cloud, deploy 5G and fiber networks and integrate artificial intelligence. The company serves approximately 400 customers, and in fiscal 2025 North America accounted for 65.8% of revenue.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Amdocs Limited (DOX) stock was 43.66 USD (−30.07% on the day), with market capitalisation 4.9 bn USD, P/E 10.3 on diluted EPS of 4.25 USD over the last 12 months, dividend yield 4.29%, beta 0.39, 52-week range 43.66–85.49 USD. Latest reported quarter (Q4 2024): revenue of 1.3 bn USD (+1.7% YoY), net income of 86.4 m USD (−15.3% YoY), diluted EPS 0.76 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
4.9 bn USD
shares as of 30 Sept 2024
P/E (TTM)
10.3
Diluted EPS TTM 4.25 · TTM to 30 Sept 2024
E/P (TTM)
9.73%
TTM to 30 Sept 2024
Dividend yield
4.29%
DPS 12m 1.87
Beta (2y)
0.39
Volatility (1y) 46%
52-week range
43.6685.49

Price history

Loading chart…

Technical reading

RSI (14)
18.3
oversold (≤ 30)
Bollinger (20, 2)
52.12 – 68.63
below the lower band · %B -0.51 · band width 27.3%
SMA 50 / 200
60.27 / 62.20
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.61 / 0.49
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−25.3%−1.1%−24.2 pp—
3 months−21.0%−0.5%−20.6 pp—
6 months−31.7%+4.4%−36.1 pp—
Year to date−45.8%+12.3%−58.1 pp—
1 year−47.7%+13.5%−61.2 pp—
3 years−47.1%+76.4%−123.5 pp—
5 years−42.3%+63.7%−106.0 pp—
Max drawdown (1y)
−48.9%
10 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−55.8%
30 Jun 2023 → 04 Nov 2026
Compound annual growth (5y)
−10.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2024 · 30 Sept 2024

Revenue
1.3 bn USD
+1.7% YoY
Net income
86.4 m USD
−15.3% YoY
Diluted EPS
0.76
−11.6% YoY
net / operating
6.8% / 8.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '23Q2 '23Q3 '23Q4 '23Q1 '24Q2 '24Q3 '24Q4 '24
Revenue1.2 bn1.2 bn1.2 bn1.2 bn1.2 bn1.2 bn1.3 bn1.3 bn
Operating income150.1 m182.3 m182.7 m138.9 m184.3 m155.7 m175.9 m112.7 m
Net income129.7 m149.6 m159.4 m102.0 m148.0 m118.5 m140.3 m86.4 m
Diluted EPS1.071.231.320.861.261.011.210.76

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 0 percentile of its own 32-quarter history (min 13.8, median 20.2, max 26.9; quarters with earnings only).

Fiscal years

Fiscal year20172018201920202021202220232024
Revenue3.9 bn4.0 bn4.1 bn4.2 bn4.3 bn4.6 bn4.9 bn5.0 bn
Revenue YoY+4.0%+2.8%+2.8%+2.0%+2.9%+6.7%+6.8%+2.4%
Net income436.8 m354.4 m479.4 m497.8 m688.4 m549.5 m540.7 m493.2 m
Net income YoY+6.7%−18.9%+35.3%+3.8%+38.3%−20.2%−1.6%−8.8%
Diluted EPS2.962.473.473.715.324.444.494.25
Diluted EPS YoY+9.2%−16.6%+40.5%+6.9%+43.4%−16.5%+1.1%−5.3%
net %11.3%8.9%11.7%11.9%16.1%12.0%11.1%9.9%
Free cash flow502.7 m326.1 munavailableunavailable715.4 m529.5 m698.3 m618.9 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2024 · 30 Sept 2024

Cash
346.1 m USD
Financial debt
646.3 m USD
Net debt
300.2 m USD
Equity
3.5 bn USD
Total assets
6.4 bn USD
Debt / equity
0.18x
Current ratio
1.20x
ROE
14.0%
ROA
7.7%
FCF margin
12.4%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2022
4.6 bn
2023
4.9 bn
2024
5.0 bn

SEC (XBRL)· 17 Dec 2024verified

Cost of revenue
2022
3.0 bn
2023
3.2 bn
2024
3.2 bn

SEC (XBRL)· 17 Dec 2024verified

Gross profit
2022
1.6 bn ≈
2023
1.7 bn ≈
2024
1.8 bn ≈

SEC (XBRL)· 17 Dec 2024derived

SG&A
2022
528.6 m
2023
570.7 m
2024
572.8 m

SEC (XBRL)· 17 Dec 2024verified

Operating income
2022
664.8 m
2023
654.0 m
2024
628.6 m

SEC (XBRL)· 17 Dec 2024verified

Depreciation & amortisation
2022
224.5 m
2023
—
2024
—

SEC (XBRL)· 13 Dec 2022verified

EBITDA
2022
889.3 m ≈
2023
—
2024
—

SEC (XBRL)· 13 Dec 2022derived

Interest expense
2022
16.9 m
2023
23.1 m
2024
34.9 m

SEC (XBRL)· 17 Dec 2024verified

Pre-tax income
2022
648.4 m
2023
636.4 m
2024
591.1 m

SEC (XBRL)· 17 Dec 2024verified

Income tax
2022
98.9 m
2023
93.4 m
2024
94.8 m

SEC (XBRL)· 17 Dec 2024verified

Net income
2022
549.5 m
2023
540.7 m
2024
493.2 m

SEC (XBRL)· 17 Dec 2024verified

Diluted EPS
2022
4.44
2023
4.49
2024
4.25

SEC (XBRL)· 17 Dec 2024verified

Weighted average diluted shares
2022
121.9 m
2023
118.5 m
2024
—

SEC (XBRL)· 13 Dec 2023verified

Dividend per share
2022
1.55
2023
1.70
2024
1.87

SEC (XBRL)· 17 Dec 2024verified

Balance sheet · USD

Cash
2022
573.4 m
2023
520.1 m
2024
346.1 m

SEC (XBRL)· 17 Dec 2024verified

Receivables
2022
946.8 m
2023
944.5 m
2024
1.0 bn

SEC (XBRL)· 17 Dec 2024verified

Current assets
2022
2.0 bn
2023
1.9 bn
2024
1.8 bn

SEC (XBRL)· 17 Dec 2024verified

Property, plant & equipment, net
2022
794.3 m
2023
790.9 m
2024
755.6 m

SEC (XBRL)· 17 Dec 2024verified

Goodwill
2022
2.7 bn
2023
2.7 bn
2024
2.8 bn

SEC (XBRL)· 17 Dec 2024verified

Intangibles (excl. goodwill)
2022
178.3 m
2023
181.5 m
2024
160.7 m

SEC (XBRL)· 17 Dec 2024verified

Total assets
2022
6.4 bn
2023
6.4 bn
2024
6.4 bn

SEC (XBRL)· 17 Dec 2024verified

Accounts payable
2022
134.4 m
2023
293.3 m
2024
305.9 m

SEC (XBRL)· 17 Dec 2024verified

Short-term debt
2022
—
2023
—
2024
—

SEC (XBRL)· 09 Dec 2021verified

Long-term debt
2022
645.1 m
2023
645.7 m
2024
646.3 m

SEC (XBRL)· 17 Dec 2024verified

Current liabilities
2022
1.3 bn
2023
1.4 bn
2024
1.5 bn

SEC (XBRL)· 17 Dec 2024verified

Total liabilities
2022
2.8 bn
2023
2.9 bn
2024
2.9 bn

SEC (XBRL)· 17 Dec 2024verified

Equity
2022
3.6 bn
2023
3.6 bn
2024
3.5 bn

SEC (XBRL)· 17 Dec 2024verified

Shares outstanding at year end
2022
120.8 m
2023
117.3 m
2024
112.9 m

SEC (XBRL)· 17 Dec 2024verified

Cash flow · USD

Operating cash flow
2022
756.7 m
2023
822.6 m
2024
724.4 m

SEC (XBRL)· 17 Dec 2024verified

Capex
2022
227.2 m
2023
124.4 m
2024
105.5 m

SEC (XBRL)· 17 Dec 2024verified

Free cash flow
2022
529.5 m ≈
2023
698.3 m ≈
2024
618.9 m ≈

SEC (XBRL)· 17 Dec 2024derived

Investing cash flow
2022
-262.5 m
2023
-224.5 m
2024
-127.4 m

SEC (XBRL)· 17 Dec 2024verified

Financing cash flow
2022
-629.9 m
2023
-651.4 m
2024
-771.0 m

SEC (XBRL)· 17 Dec 2024verified

Dividends paid
2022
186.1 m
2023
199.5 m
2024
212.0 m

SEC (XBRL)· 17 Dec 2024verified

Share repurchases
2022
508.5 m
2023
489.5 m
2024
563.1 m

SEC (XBRL)· 17 Dec 2024verified

Computed indicators

Growth

Revenue growth (YoY)
2.4%
computed by olivLawFY 2024
Revenue CAGR 3Y
5.3%
computed by olivLawFY 2021 → FY 2024
Revenue CAGR 5Y
4.1%
computed by olivLawFY 2019 → FY 2024
EBIT growth (YoY)
-3.9%
computed by olivLawFY 2024
Net income growth (YoY)
-8.8%
computed by olivLawFY 2024
Net income CAGR 3Y
-10.5%
computed by olivLawFY 2021 → FY 2024
Net income CAGR 5Y
0.6%
computed by olivLawFY 2019 → FY 2024
EPS growth (YoY)
-5.3%
computed by olivLawFY 2024
EPS CAGR 3Y
-7.2%
computed by olivLawFY 2021 → FY 2024
EPS CAGR 5Y
4.1%
computed by olivLawFY 2019 → FY 2024
FCF growth (YoY)
-11.4%
computed by olivLawFY 2024

Profitability

Gross margin
35.1%
computed by olivLawFY 2024
EBITDA margin
unavailable
input data missing
EBIT margin
12.6%
computed by olivLawFY 2024
Net margin
9.9%
computed by olivLawFY 2024
FCF margin
12.4%
computed by olivLawFY 2024

Returns

ROE
14.1%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
ROA
7.7%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
ROIC
14.1%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
ROCE
12.8%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
Payout ratio (EPS)
44.0%
computed by olivLawFY 2024
Payout ratio (FCF)
34.2%
computed by olivLawFY 2024

Balance sheet

Net debt
300.2 m USD
computed by olivLawbalance sheet at 30 Sept 2024
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.2x
computed by olivLawbalance sheet at 30 Sept 2024
Interest coverage
18.0x
computed by olivLawFY 2024

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 30 Sept 2024
Cash ratio
0.2x
computed by olivLawbalance sheet at 30 Sept 2024

Cash

Operating cash flow
724.4 m USD
computed by olivLawFY 2024
Capital expenditure
105.5 m USD
computed by olivLawFY 2024
Free cash flow
618.9 m USD
computed by olivLawFY 2024
FCF conversion
125.5%
computed by olivLawFY 2024
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
72 days
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
Days payables outstanding
34 days
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024

Market and valuation

Market capitalisation
4.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2024
Enterprise value
5.2 bn USD
computed by olivLawbalance sheet at 30 Sept 2024
Market cap / net income TTM
10.0x
computed by olivLawFY 2024
P/E (TTM)
10.3x
computed by olivLawFY 2024
Earnings yield
9.7%
computed by olivLawFY 2024
P/B
1.4x
computed by olivLawbalance sheet at 30 Sept 2024
P/S
1.0x
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
EV/EBITDA
unavailable
input data missing
EV/EBIT
8.3x
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
EV/Sales
1.0x
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
P/FCF
8.0x
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
FCF yield
12.6%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
Dividend yield
4.3%
computed by olivLawFY 2024
Shareholder yield (distributions)
15.7%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 52 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

43.66 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 4.9 bn USD

Key indicators

Market capitalisation
4.9 bn USD
computed by olivLawbalance sheet at 30 Sept 2024
P/E (TTM)
10.3x
computed by olivLawFY 2024
P/B
1.4x
computed by olivLawbalance sheet at 30 Sept 2024
EV/EBITDA
unavailable
input data missing
ROE
14.1%
computed by olivLawFY 2024 · balance sheet at 30 Sept 2024
Net margin
9.9%
computed by olivLawFY 2024
Revenue growth (YoY)
2.4%
computed by olivLawFY 2024
Dividend yield
4.3%
computed by olivLawFY 2024

Coverage and freshness

35/37 reporting lines present
Latest full fiscal year: 2024
Latest reported period: 30 Sept 2024
Latest balance sheet date: 30 Sept 2024
Share count (cover of the latest filing), as of: 30 Sept 2024
Source: SEC (XBRL)published 17 Dec 2024
verified 862

The data is older than the freshness threshold.

Score by group

  • Valuation100
  • Returns100
  • Quality31
  • Balance sheet24
  • Growth17

Estimated value range

Low
78.94
USD per share
Mid
96.79
USD per share
High
125.69
USD per share
Price: 43.66 USD
The price is below the range
Potential to the central value: 121.7% (value / price − 1)
Margin of safety: 54.9% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 78.94 – 125.69 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)78.94 – 125.69 (Mid 96.79)
    WACC 8.8% · starting FCFF 648.2 m USD · terminal value share of EV 74%
    The WACC × g sensitivity gives the method's bounds; these are not probabilities.
    Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -24.9%
  • Peers: EV/Salesunavailable · not enough peers
  • Peers: EV/EBITDAunavailable · input data missing
Multiple comparisons use the SIC vertical

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 52/100

FactorValueScoreWeight used
Gross margin · Quality35.1%0 (on a fixed band)11%
EBIT margin · Quality12.6%50 (on a fixed band)9%
FCF margin · Quality12.4%49 (on a fixed band)9%
Revenue CAGR 3Y · Growth5.3%21 (on a fixed band)18%
Revenue growth (YoY) · Growth2.4%10 (on a fixed band)9%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.2x24 (on a fixed band)7%
EV/Sales · Valuation1.0x100 (on a fixed band)18%
FCF yield · Valuation12.6%100 (on a fixed band)14%
Shareholder yield (distributions) · Returns15.7%100 (on a fixed band)5%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial24/100 · 1/2 factors with a value
  • Growth17/100 · 2/2 factors with a value
  • Quality31/100 · 3/3 factors with a value
  • Returns100/100 · 1/1 factors with a value
  • Valuation100/100 · 2/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AMDOCS LIMITED (DOX). Latest full fiscal year: 2024; data up to 2024-09-30.

Figures computed from the financial statements: revenue 5.0 bn USD in 2024; YoY growth 2.4%; net margin 9.9%; ROE 14.1%.

The estimated value range is 78.94–125.69 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 96.79 USD, the price of 43.66 USD leaves a potential of 121.7% (value / price − 1) and a margin of safety of 54.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • EV/Sales: 1.0x
  • FCF yield: 12.6%
  • Shareholder yield (distributions): 15.7%
  • The price is below the estimated value range

What contradicts it

  • Gross margin: 35.1%
  • Revenue CAGR 3Y: 5.3%
  • Revenue growth (YoY): 2.4%
  • Current ratio: 1.2x

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.

Versus the vertical median

Not enough comparable companies with data for an average.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
26.74
Total return -35% · Per year -35%
47.25
Total return 13% · Per year 13%
71.15
Total return 69% · Per year 69%
3 years
26.36
Total return -29% · Per year -11%
52.38
Total return 35% · Per year 10%
86.54
Total return 117% · Per year 29%
5 years
25.99
Total return -23% · Per year -5%
58.06
Total return 59% · Per year 10%
105.25
Total return 175% · Per year 22%
What moves the 3-year price the most
  • Exit P/E± 13.09
  • Net margin± 9.17
  • Annual revenue growth± 7.47
  • Annual dilution± 0.77

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Dec 2025; since then the company filed 6-K (04 Nov 2026), 6-K (18 Aug 2026), 6-K (06 Aug 2026), 6-K (26 May 2026), 6-K (14 May 2026), 6-K (23 Mar 2026).

In brief

Amdocs is a global provider of software and services to communications and media operators, helping customers migrate to the cloud, deploy 5G and fiber networks and integrate artificial intelligence. The company serves approximately 400 customers, and in fiscal 2025 North America accounted for 65.8% of revenue 1.

SWOT

Strengths

  • The company has long-standing relationships with many leading operators and recurring revenue from managed services 1.
  • Specialization in communications and media and experience with large-scale complex solutions are cited as competitive advantages 1.
  • Global presence with development centers in several countries supports efficient project delivery 1.

Weaknesses

  • Dependence on a few large customers concentrates revenue in relationships with a small number of operators 1.
  • Managed services contracts tend to have lower margins at the start, improving gradually over time 1.
  • Geographic exposure is concentrated in North America, which makes the company sensitive to conditions there 1.

Opportunities

  • Operators' migration to cloud and deployment of 5G and fiber could generate new demand for solutions and services 1.
  • Generative and agentic AI could open new applications in customer care and network operations 1.
  • Operator consolidation could create demand for systems integration, an area where the company has experience 1.

Threats

  • Pricing pressure and commoditization could reduce margins in less differentiated segments 1.
  • Competition from OTT platforms and non-traditional players could change customers' business models 1.
  • Reduced operator budgets or delayed investments could postpone transformation projects 1.

Risks

  • Customer concentrationhigh

    A small number of operators generate a large share of revenue, so losing or reducing an important contract could affect results 1.

  • Pricing pressuremedium

    Commoditization and pricing pressure in the sector may limit margin growth, especially in more standardized activities 1.

  • Exposure to North Americamedium

    Most revenue comes from this region, so changes there could have a significant effect 1.

  • Acquisition integrationmedium

    Repeated acquisitions may bring integration difficulties and delays in realizing the expected synergies 1.

  • Rapid technology changemedium

    A fast shift to AI and new architectures may require large investments and could make some products less relevant 1.

Investment thesis

What would need to be true (bull case)

  • If operators continue migrating to the cloud and deploying 5G and fiber, demand for Amdocs solutions could remain solid 1.
  • Recurring revenue from managed services provides a stable base, and automation could improve margins over time 1.
  • Exiting low-margin activities could focus the company on areas with greater profitability potential 1.

What would break the thesis

  • Dependence on a few large customers could make results vulnerable to their budget or vendor decisions 1.
  • Pricing pressure and commoditization could limit margin growth in part of the portfolio 1.
  • Competition from non-traditional players and OTT platforms could change demand for traditional solutions 1.

What to watch

  • Share of revenue from large customers, especially AT&T and T-Mobile2026
  • Effect of exiting low-margin activities on revenue2026

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 15 Dec 2025; since then the company filed 6-K (04 Nov 2026), 6-K (18 Aug 2026), 6-K (06 Aug 2026), 6-K (26 May 2026), 6-K (14 May 2026), 6-K (23 Mar 2026).

The business

Amdocs Limited, organized in Guernsey in 1988, operates as a holding company for subsidiaries that conduct its business worldwide 1. It offers software and services to telecom, cable, satellite and media companies, including AT&T, T-Mobile, Verizon and Vodafone. The offering covers monetization, commerce and care, service and network automation, as well as managed and systems integration services 1.

The business model combines developing mission-critical software with deploying and operating it over time, which generates long-term recurring revenue 1. Revenue from managed services arrangements was approximately 3.00 billion USD in fiscal 2025, versus 2.90 billion USD in fiscal 2024 1. The company made acquisitions such as TEOCO, Astadia and Profinit to expand its capabilities in 5G, fiber, cloud and data 1.

In fiscal 2025 Amdocs phased out several low-margin activities considered commoditized, including transactional video on demand and certain software and hardware partner activities 1. These activities had generated revenue of approximately 600 million USD in fiscal 2024 1.

Segments

Managed services

Managed services contracts provide multi-year recurring revenue by managing customers' IT processes and applications 1. Revenue from this area reached approximately 3.00 billion USD in fiscal 2025 1. Margins tend to be lower early on and improve as automation and AI are applied 1.

Software and customer solutions

The software portfolio covers monetization, commerce, customer care, and network and service automation, built on a modular microservices architecture 1. It is designed to allow modular expansion as the operator evolves 1.

Consulting and digital services

Services cover consulting, experience design, data, cloud, network services, testing, operations and systems integration, and in fiscal 2025 the company launched Amdocs Studios, a high-end digital services offering 1. They support customers across the service provider lifecycle 1.

Market context

Demand for Amdocs solutions is driven by customers' migration to the cloud, deployment of 5G standalone, FWA and fiber networks, and their transformation into digital service providers 1. The company operates in a sector where operators focus investment on new revenue streams and cost reduction 1. Competitive pressure also comes from OTT platforms competing for customer attention in entertainment 1.

Trends

  • Migration to cloud and cloud-nativetailwind

    Operators are increasingly moving to cloud and cloud-native platforms, creating demand for migration and modernization work, areas where Amdocs has made acquisitions 1.

  • Generative and agentic AImixed

    Interest in generative AI in telecom operations may open new use cases in customer care and network optimization, but it requires continued investment in products and people 1.

  • Operator consolidationtailwind

    Mergers and acquisitions among operators create a need to consolidate systems, which could create integration opportunities for Amdocs 1.

  • Price pressure and commoditizationheadwind

    The sector faces commoditization and pricing pressure that can reduce margins in less differentiated segments 1. The company has already exited some such activities 1.

Competitive position

Amdocs competes with operator software vendors and systems integrators, and the source also cites non-traditional players and OTT platforms as competitive pressure 1. The company differentiates itself through its focus on communications and media and the scale of its solutions for large customers 1. The source does not provide a detailed comparison of market shares 1.

The company also uses third-party vendors and integrators for complementary products and services, so it both competes and cooperates with other players in its ecosystem 1. Its stated advantage is the ability to deliver complex solutions globally 1.

  • Systems integrators and IT services providers

    Integration and IT services firms compete for modernization and managed services projects, a part of the ecosystem in which Amdocs operates 1.

  • Operator software vendors

    Vendors of operator software compete with Amdocs offerings in billing, commerce and automation, depending on the technology trends of the sector 1.

  • OTT platforms and non-traditional players

    OTT platforms and other non-traditional players compete for customers in entertainment and communications, pushing operators toward new partnerships and solutions 1.

  • Technology partners and cloud providers

    Major cloud providers are cited as part of the ecosystem, and the relationship with them can be both cooperative and competitive in certain segments 1.

News & filings

In the press

The latest news item in our archive is from 28 Aug 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / Amdocs Limited · 15 Dec 2025

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.