Amdocs Limited (DOX)
Valor JustoFundamental
77
Precio
$58.05
Capitalización Bursátil
$6.04B
Parte 1 · Cuánto vale la empresa
Resumen
Amdocs builds and runs the back-office software that telecom operators use to bill customers, manage their accounts and orchestrate their networks — the systems behind the scenes every time someone signs up for a phone plan, gets a bill, or has their service activated. It works for a small number of very large telecom carriers rather than for consumers, and often keeps running the software on the customer's behalf for years after installing it, rather than just selling a one-time license.
Cómo genera ingresos
The larger and more stable part of revenue is managed services: Amdocs keeps operating a carrier's billing and network systems on an ongoing contract, which produces recurring, multi-year revenue. The rest comes from project work — building, upgrading or migrating these systems — which is billed as the work is done and is more irregular. Because switching a telecom operator's billing platform is a multi-year undertaking, contracts tend to run for years once signed.
Ventaja competitiva
Costes de cambio · EstrechaA telecom operator's billing and customer-management systems touch every subscriber and every invoice, so replacing them is a multi-year, high-risk project most carriers avoid unless forced to. That inertia favors the incumbent vendor, but it is not exclusive to Amdocs: rival providers run the same kind of systems for other large carriers and can win a contract when one comes up for renewal.
Qué impulsa la demanda
DefensivoTelecom operators must keep billing and serving subscribers regardless of the economic cycle, which supports the managed-services base of Amdocs' revenue. The project-based work that upgrades or migrates systems is more discretionary and can be delayed when a carrier tightens its own capital spending.
Riesgos clave
- Revenue concentrated in a few telecom carriers — A small number of large customers, led by AT&T and T-Mobile, account for a very large share of revenue. Losing or scaling back business with any of them would be difficult to replace.
- Consolidation among telecom operators — Mergers among telecom carriers reduce the number of potential customers and can put existing contracts up for renegotiation when two customers combine their systems.
- Long, complex projects can run over budget — Large system builds and migrations for telecom operators are technically complex and multi-year; delays or cost overruns on fixed-price engagements can hurt margins.
Concentración de clientes
Los principales clientes representan el 45.8% de los ingresos
In fiscal 2025, AT&T alone accounted for 25.9% of revenue and T-Mobile for 19.9%, together nearly half of total revenue, with the ten largest customers accounting for about 70%.
Los argumentos a favor
Buyers argue that the shift toward managed services gives Amdocs increasingly recurring, predictable revenue, that switching costs keep long-standing carrier relationships in place for years, and that telecom operators' need to modernize network and billing systems for cloud and 5G keeps generating new project work.
Los argumentos en contra
Sellers fear that dependence on two customers for close to half of revenue makes results fragile to a single contract decision, that telecom industry consolidation keeps shrinking the pool of potential customers, and that large fixed-scope technology projects carry real execution risk.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de septiembre de 2026 with claude-haiku-4-5 — shared with all users
Oracle Communications sells Billing and Revenue Management, order and catalogue software to the same carriers, competing head-on with the monetization products that are Amdocs' core licence business.
Netcracker sells the same cloud-native BSS/OSS stack — billing, revenue management, customer experience and network automation — to the same telecom operators Amdocs serves, and since taking CSG Systems private in May 2026 it competes with Amdocs across an even wider slice of operator IT spending.
Ericsson's Digital BSS unit bids for the same charging, billing and catalogue contracts with large mobile operators, and can bundle them with the network equipment it already sells them — exactly the 'network equipment providers that offer software systems' Amdocs names as competitors in its 20-F.
Huawei's software business supplies convergent billing and OSS platforms to carriers in Asia, Africa, the Middle East and parts of Europe, and is usually the alternative bid Amdocs faces in those markets.
Nokia's software portfolio — converged charging, monetization, service orchestration and assurance — targets the same 5G monetization and OSS budgets at the same tier-one operators.
Accenture competes for the services half of Amdocs' revenue, bidding on the same telecom systems-integration, transformation and managed-services contracts that Amdocs' 20-F lists first among its competitor types.
Balance y Liquidez
Ingresos
$4.65B
Últimos 12 meses (hasta 30/6/2026)
Beneficio Neto
$454M
Últimos 12 meses (hasta 30/6/2026)
Flujo de Caja Libre
$690M
Patrimonio Neto Total
$3.29B
Pasivo Total
$1.09B
Ratio de Liquidez
0.94
Cobertura de Intereses
-
Deuda/EBITDA
1.05
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$76.94
Precio Actual
$58.05
Margen de Seguridad
+24.6%
Rango de Valor Justo
$50.01 - $103.87
Dispersión entre los métodos de valoración utilizados, no un intervalo de confianza calibrado estadísticamente.
Métodos de Estimación
Métricas de Valoración
Ratio P/E
13.74
ROE
13.3%
Ratio P/B
1.84
P/FCF
8.76
Margen Bruto
38.3%
ROIC
15.1%
Radar de Rentabilidad
Creación de Valor (Ventaja Competitiva)
ROIC
15.1%
WACC
6.8%
ROIC − WACC
+8.3 pp
El ROIC supera el coste del capital: la empresa está creando valor para los accionistas.
Criterios de Análisis Fundamental
Superado (14)
- ROIC 15.1%
- Gross Margin 38.3%
- P/FCF 8.76
- P/B Ratio 1.84
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- DCF valuation (Undervalued)
- ROE 13.4%
- Analyst Consensus 64% Buy
- Earnings Quality (OCF/NI) 1.33
- Net Margin Trend 12.5% vs 9.9%
Fallido (5)
- Price CAGR 0.02%
- Revenue Growth 5Y 1.7%
- Earnings Surprise avg -0.3%
- PEG Ratio 2.07
- Piotroski F-Score 2/9
No disponible (8)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupaciones financieras graves
Calidad de los Beneficios
Alta calidad: beneficios respaldados por efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Participaciones institucionales
No hay declaraciones institucionales para esta empresa.
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Shimie Hortig | President, CEO & Director | - |
| Mr. Tal Rozenfeld | Chief Financial Officer | - |
| Mr. Anthony Goonetilleke | Group President of Technology & Head of Strategy | - |
| Mr. Matthew E. Smith | Secretary & Head of Investor Relations | 53 |
| Idit Duvdevany Aronsohn | Head of Corporate Responsibility, Inclusion & Wellbeing | - |
| Mr. Avishai Sharlin | GM & Division President | 58 |
| Mustafa Oyumi | Head of B2B Strategy | - |
| Mr. Rajat Raheja | Division President of Amdocs Development Centre India LLP | 56 |
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
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