olivLaw · European equity research
Amadeus IT Group, S.A. AMS.MC
Spain · BME Madrid · ISIN ES0109067019 · Vertical: Listed companies from Spain
Amadeus IT Group is a global technology company for the travel industry, offering distribution services through its GDS and technology solutions for airlines and hotels. The annual financial statements for fiscal 2025 show significant investment in research and development, both expensed and capitalised.
At the close of 04 Nov 2026, Amadeus IT Group, S.A. (AMS.MC) stock was 59.64 EUR (+1.88% on the day), with market capitalisation 26.2 bn EUR, P/E 19.8 on diluted EPS of 3.01 EUR over the last 12 months, dividend yield 2.35%, beta 0.75, 52-week range 46.64–67.94 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 67.3
- strong (55–70)
- Bollinger (20, 2)
- 50.83 – 60.40
- in the upper half of the band · %B 0.92 · band width 17.2%
- SMA 50 / 200
- 55.13 / 52.84
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.27 / 0.82
- MACD above 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
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +12.4% | +0.4% | +12.0 pp | — |
| 3 months | +3.6% | −3.3% | +6.9 pp | — |
| 6 months | +18.9% | +4.0% | +14.9 pp | — |
| Year to date | −5.1% | +8.1% | −13.2 pp | — |
| 1 year | −9.6% | +10.7% | −20.3 pp | +3.3% |
| 3 years | +5.8% | +50.1% | −44.3 pp | +30.3% |
| 5 years | −3.7% | +43.6% | −47.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
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 3-quarter history (min 20.9, median 24.4, max 26.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.4 bn | 6.1 bn | 6.5 bn |
| Revenue YoY | unavailable | +12.9% | +6.1% |
| Net income | 1.1 bn | 1.3 bn | 1.3 bn |
| Net income YoY | unavailable | +12.1% | +6.6% |
| Diluted EPS | 2.43 | 2.79 | 3.01 |
| Diluted EPS YoY | unavailable | +14.8% | +7.9% |
| net % | 20.5% | 20.4% | 20.5% |
| Free cash flow | 1.7 bn | 2.1 bn | 2.1 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 975.6 m EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.9 bn EUR
- Total assets
- 11.5 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 0.82x
- ROE
- 26.9%
- ROA
- 11.5%
- FCF margin
- 32.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.4 bn | 6.1 bn | 6.5 bn | esef· 20 Oct 2026verified |
| Cost of revenue | 1.3 bn | 1.6 bn | 1.6 bn | esef· 20 Oct 2026verified |
| Gross profit | 4.1 bn ≈ | 4.6 bn ≈ | 4.9 bn ≈ | esef· 20 Oct 2026derived |
| Operating income | 1.4 bn | 1.6 bn | 1.8 bn | esef· 20 Oct 2026verified |
| Depreciation & amortisation | 680.4 m | 700.2 m | 735.0 m | esef· 20 Oct 2026verified |
| EBITDA | 2.1 bn ≈ | 2.3 bn ≈ | 2.5 bn ≈ | esef· 20 Oct 2026derived |
| Pre-tax income | 1.4 bn | 1.5 bn | 1.7 bn | esef· 20 Oct 2026verified |
| Income tax | 242.9 m | 295.6 m | 385.0 m | esef· 20 Oct 2026verified |
| Net income | 1.1 bn | 1.3 bn | 1.3 bn | esef· 20 Oct 2026verified |
| Diluted EPS | 2.43 | 2.79 | 3.01 | esef· 20 Oct 2026verified |
| Dividend per share | 0.74 | 1.24 | 1.40 | esef· 20 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.0 bn | 1.0 bn | 975.6 m | esef· 20 Oct 2026verified |
| Current assets | 2.4 bn | 2.6 bn | 2.5 bn | esef· 20 Oct 2026verified |
| Property, plant & equipment, net | 198.0 m | 195.1 m | 241.3 m | esef· 20 Oct 2026verified |
| Goodwill | 3.7 bn | 4.1 bn | 3.9 bn | esef· 20 Oct 2026verified |
| Intangibles (excl. goodwill) | 3.9 bn | 4.3 bn | 4.3 bn | esef· 20 Oct 2026verified |
| Total assets | 10.8 bn | 11.8 bn | 11.5 bn | esef· 20 Oct 2026verified |
| Current liabilities | 2.5 bn | 3.0 bn | 3.0 bn | esef· 20 Oct 2026verified |
| Equity | 4.5 bn | 5.1 bn | 4.9 bn | esef· 20 Oct 2026verified |
| Shares outstanding at year end | 447.0 m | 436.6 m | 439.4 m | esef· 20 Oct 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.8 bn | 2.1 bn | 2.2 bn | esef· 20 Oct 2026verified |
| Capex | 61.1 m | 72.7 m | 60.4 m | esef· 20 Oct 2026verified |
| Free cash flow | 1.7 bn ≈ | 2.1 bn ≈ | 2.1 bn ≈ | esef· 20 Oct 2026derived |
| Investing cash flow | 4.5 m | -1.1 bn | -776.0 m | esef· 20 Oct 2026verified |
| Financing cash flow | -2.2 bn | -990.1 m | -1.5 bn | esef· 20 Oct 2026verified |
| Dividends paid | 332.5 m | 541.9 m | 615.1 m | esef· 20 Oct 2026verified |
| Share repurchases | 612.8 m | 362.4 m | 1.3 bn | esef· 20 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 26.2 bn EUR
Key indicators
Coverage and freshness
Score by group
46% · Insufficient data
Estimated value range
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: 19.04 – 72.37 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E43.47 – 72.37 (Mid 61.06)20 companies used · median multiple 20.3x · quartiles 14.4x – 24.0xACS.MC, ADX.MC, ADZ.MC, AEDAS.MC, AENA.MC, ANA.MC, CAF.MC, CLEO.MC, CMO.MC, DESA.MC, DIA.MC, EAT.MC, EBRO.MC, EDR.MC, ELE.MC, ENER.MC, ENO.MC, FAE.MC, FCC.MC, FDR.MC
- Dividend discount (DDM)19.04 – 25.96 (Mid 21.97)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 20.5% | 89 (vs peers) | 14% |
| FCF conversion · Quality | 160.3% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 1 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 19.8x | 59 (vs peers) | 23% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 18% |
| Shareholder yield (distributions) · Returns | 7.4% | 100 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | 28.7% | 100 (on a fixed band) | 9% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial1/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality95/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation77/100 · 2/3 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
AMADEUS IT GROUP SOCIEDAD ANONIMA (AMS.MC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 6.5 bn EUR in 2025; YoY growth 6.1%; net margin 20.5%; ROE 26.9%.
The estimated value range is 31.25–49.17 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 41.51 EUR, the price of 59.64 EUR leaves a potential of -30.4% (value / price − 1) and a margin of safety of -43.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 20.5%
- FCF conversion: 160.3%
- FCF yield: 8.2%
- Shareholder yield (distributions): 7.4%
- Payout ratio (FCF): 28.7%
What contradicts it
- Current ratio: 0.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Spain · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ELE.MCEndesa SA | 46.9 bn | 21.4 | 26.4% | 10.5% | +0.5% | +43% / +134% |
| AENA.MCAena S.m.e. SA | 42.4 bn | 19.8 | 24.2% | 34.0% | +8.9% | +20% / +78% |
| AMS.MCAmadeus It Group Sociedad Anonima | 26.2 bn | 19.8 | 26.9% | 20.5% | +6.1% | −6% / −5% |
| ACS.MCAcs Actividades De Construccion Y Servicios, S.A. | 22.6 bn | 23.7 | 19.9% | 1.9% | +19.7% | +10% / +142% |
| ANA.MCAcciona SA | 11.6 bn | 14.5 | 16.9% | 4.0% | +5.5% | +23% / +65% |
| FCC.MCFomento De Construcciones Y Contratas S.A. | 5.0 bn | 30.5 | 5.3% | 1.7% | +6.9% | −8% / −13% |
| FDR.MCFluidra S.A. | 3.8 bn | 21.4 | 10.9% | 7.8% | +4.1% | −17% / +5% |
| DIA.MCDistribuidora Internacional De Alimentacion SA | 2.7 bn | 20.7 | 165.6% | 2.2% | −2.7% | +52% / +383,650% |
| CMO.MCCementos Molins S.A. | 2.5 bn | 13.6 | 14.3% | 18.0% | −3.1% | +31% / unavailable |
| ENO.MCElecnor SA | 2.5 bn | 22.2 | 10.5% | 2.5% | +15.1% | −2% / +60% |
| ALM.MCAlmirall S.A. | 2.3 bn | 50.5 | 3.1% | 4.2% | +12.4% | −12% / +31% |
| FAE.MCFaes Farma SA | 1.5 bn | 19.3 | 10.8% | 13.0% | +23.7% | +3% / +57% |
| AEDAS.MCAedas Homes SA | 1.0 bn | 17.1 | 57.8% | 7.0% | −24.8% | +0% / +38% |
| EDR.MCEdreams Odigeo SA | 571.1 m | 11.4 | 21.0% | 7.8% | −0.4% | +40% / −24% |
| EAT.MCAmRest Holdings SE | 510.6 m | 31.7 | 4.3% | 0.6% | +0.1% | −34% / −61% |
| ADX.MCAudax Renovables S.A. | 489.0 m | 25.0 | 9.3% | 1.0% | −5.4% | −19% / −14% |
| ATRY.MCAtrys Health, S.A. | 199.3 m | — | -49.5% | -71.1% | +8.5% | −3% / −29% |
| ENER.MCEcoener, S.A. | 178.8 m | 32.8 | 4.2% | 6.4% | +3.6% | −32% / −4% |
| ADZ.MCAdolfo Dominguez SA | 62.4 m | 38.1 | 9.0% | 1.2% | +1.8% | +38% / +39% |
| DESA.MCDesarrollos Especiales De Sistemas De Anclaje S.A. | 49.6 m | 10.2 | 152.3% | 10.0% | +2.2% | +32% / unavailable |
| EZE.MCGrupo Ezentis SA | 30.0 m | — | — | -9.3% | +147.2% | −27% / −35% |
| CLEO.MCCompañia Levantina De Edificacion Y Obras Publicas SA | 17.3 m | 14.4 | 4.1% | 3.4% | +13.4% | unavailable / unavailable |
| AYC.MCAyco Grupo Inmobiliario, S.A. | 16.4 m | — | -33.8% | — | −100.0% | unavailable / unavailable |
| EBRO.MCEbro Foods, S.A. | 3.0 m | 0.0 | 10.0% | 7.7% | −4.0% | −0% / +19% |
| A3M.MCAtresmedia Corporacion De Medios De Comunicacion, S.A. | — | — | 7.9% | 6.9% | −2.7% | +12% / +59% |
1- and 3-year price returns: for AMS.MC from daily closes (the same as the performance table), for the other companies from month-end closes.
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.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 36.18 Total return -37% · Per year -37% | 63.92 Total return 10% · Per year 10% | 96.21 Total return 64% · Per year 64% |
| 3 years | 36.26 Total return -34% · Per year -13% | 71.97 Total return 29% · Per year 9% | 118.77 Total return 109% · Per year 28% |
| 5 years | 36.34 Total return -30% · Per year -7% | 81.03 Total return 50% · Per year 8% | 146.63 Total return 165% · Per year 21% |
- Exit P/E± 17.99
- Net margin± 12.59
- Annual revenue growth± 10.18
- Annual dilution± 1.06
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.
In brief
Amadeus IT Group is a global technology company for the travel industry, offering distribution services through its GDS and technology solutions for airlines and hotels. The annual financial statements for fiscal 2025 show significant investment in research and development, both expensed and capitalised 1.
SWOT
Strengths
- Recurring revenue from contracts for the permanent availability of technology services, recognised as the services are used 1.
- Substantial investment in software development supports a complex technology platform that is hard to replicate 1.
- Established position in long-term contractual relationships with travel agencies and travel providers 1.
Weaknesses
Opportunities
- Extending technology solutions to hotels and other non-air customers could generate additional revenue 1.
- Continued digitalisation of the travel industry could increase demand for integrated platforms 1.
- Licensing and subscription models for the technology services catalogue could add more predictable revenue 1.
Risks
- Dependence on booking volumehigh
Variable revenue tracks the number of bookings, so a fall in traffic could quickly affect results 1.
- Pressure from direct channelsmedium
Airlines' direct distribution and online platforms could reduce the share of intermediated distribution 1.
- High development costsmedium
Large research and development spending could limit margins if revenue does not grow in parallel 1.
- Reliance on tax grantslow
Tax benefits for research are conditional and could be reduced or changed 1.
- Concentration on the travel industrymedium
Activity is tied to a single economic sector, which amplifies the effect of any shock to that sector 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
What to watch
- Trend in booking volume and variable distribution revenue2027
- Level of research and development expenses compared with amounts capitalisednext annual report
- Pace of expansion of technology solutions into hotels2027
- Changes to the research tax incentive regimenext annual report
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.
The business
According to the consolidated financial statements for the year ended 31 December 2025, most of the group's revenue comes from contracts for the permanent availability of technology services that customers use when and how they want 1. The GDS platform provides search, pricing, booking and ticketing to travel providers and agencies, and revenue from air bookings is recognised at the time of booking, net of estimated cancellations 1. The group also serves non-air customers, mainly hotels and car rental companies, but this business is less significant 1.
Beyond distribution, the group earns revenue from the Altéa and New Skies passenger service systems, typically through a non-refundable initial fee and a variable fee per transaction 1. Other revenue comes from software licences, professional services, support and subscriptions to its catalogue of technology services 1. The company capitalises development costs and amortises intangible assets such as contractual relationships with agencies and travel providers 1.
The group also receives tax incentives for research and development, mainly from French tax authorities, which are treated as government grants when there is reasonable assurance that the relevant conditions will be met 1. The business therefore depends on continued technology investment and on maintaining long-term contracts with travel industry partners 1.
Segments
Technology distribution services (GDS)
The GDS platform provides real-time search, pricing, booking and ticketing to travel providers and agencies. Revenue is tied to the volume of bookings made, and revenue from air customers is recognised at booking, net of estimated cancellations 1.
Technology solutions (PSS and hotels)
The Altéa and New Skies passenger service systems, along with other hotel solutions, generate a non-refundable initial fee and a variable transaction fee, recognised over the contract term 1.
Licences, professional services and support
Software licences are recognised over the contract term, installation and consulting services as they are delivered, and support and maintenance over the support contract term 1.
Market context
The group's activity is linked to the global air travel and hotel industries, where distribution through reservation systems remains a central part of the sales chain 1. Demand for these services depends on passenger traffic and on the number of bookings processed through the platform 1.
The non-air sector, especially hotels, is a smaller revenue category but relevant for expanding the technology offering 1. If air or hotel bookings declined, distribution revenue could be affected, since it tracks transaction volume 1.
Trends
- Growth in travel volumestailwind
If passenger traffic keeps growing, the volume of bookings processed through the platform could support the group's variable revenue 1.
- Ongoing development investmentheadwind
High research and development costs, both expensed and capitalised, reflect the need to maintain and modernise the platform, which could pressure margins if revenue does not grow enough 1.
- Digitalisation of hotel distributiontailwind
Extending technology solutions to hotels could open new recurring revenue sources as the sector adopts integrated systems 1.
- Reliance on grants and tax rulesmixed
Tax incentives for research and development are subject to conditions and may change over time, adding uncertainty to the net cost of innovation 1.
Competitive position
The group operates in the travel distribution and technology segment, where competition comes from other providers of distribution systems and passenger services. The analysed source does not name competitors explicitly, so the list below is based on general categories.
Competitive pressure could also come from airlines' direct distribution systems and digital platforms that connect hotels directly with customers, which could reduce the share of traditional intermediated distribution 1.
- Sabre CorporationSABR
Provider of global distribution systems and technology solutions for travel, active in the same service category.
- Travelport
Operator of global distribution systems for travel agencies and travel providers, with comparable services.
- Airlines' direct distribution systems
Proprietary sales channels that can reduce reliance on intermediated distribution through global systems.
- Online hotel booking platforms
Digital platforms competing for the direct link with customers in the non-air sector.
News & filings
In the press
- More Asian airlines announce data breaches after attack on Spanish IT provider AmadeusThe Record (Recorded Future) · 04 Nov 2026 · EN
- About 46,000 SIA booking records accessed in data breach involving travel tech company AmadeusCNA (Channel NewsAsia) · 03 Nov 2026 · EN
- Cathay Pacific says data from 53,000 bookings compromised in Amadeus cyberattackBangkok Post · 02 Nov 2026 · EN
- Malaysia Airlines says customers may be affected by Amadeus breachCNA (Channel NewsAsia) · 01 Nov 2026 · EN
- Malaysia Airlines says customers may be affected by Amadeus breachThe Straits Times — Asia · 01 Nov 2026 · EN
- Cathay Pacific says Amadeus breach affected 53,000 bookingsCNA (Channel NewsAsia) · 30 Oct 2026 · EN
- Michael Sheen to star in major iconic Amadeus revivalSurge — GDELT DOC · 25 Sept 2026 · RO
- Amadeus Brings Travel Tech Into ClaudeSkift · 03 Sept 2026 · EN
- Skift Global Forum Preview: Amadeus’s President of Travel on Why the Traveler, Not the Platform, Should Hold the ControlsSkift · 02 Sept 2026 · EN
- ASML, Amadeus and others commit to backing Mistral’s data centre buildoutSifted (EU startups) · 14 Aug 2026 · EN
- StartupCafe.ro: Business CheckIn. Violonista Andreea Runceanu din trupa Amadeus are propria ei afacere. „Muzica este pentru toată lumea”HotNews.ro · 27 Jul 2026 · RO
- Business CheckIn. Violonista Andreea Runceanu din trupa Amadeus are propria ei afacere. „Muzica este pentru toată lumea”StartupCafe.ro · 24 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202520 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Amadeus IT Group, S.A. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.