Amdocs Limited (DOX)
UndervaluedFundamental
77
मूल्य
$57.18
मार्केट कैप
$6.04B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
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.
यह पैसा कैसे कमाती है
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.
प्रतिस्पर्धी बढ़त (Moat)
स्विचिंग कॉस्ट · संकीर्णA 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.
मांग को क्या चलाता है
डिफेंसिवTelecom 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.
प्रमुख जोखिम
- 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.
ग्राहक Concentration
शीर्ष ग्राहकों का राजस्व में 45.8% हिस्सा है
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%.
खरीदने के पक्ष में तर्क
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.
बेचने के पक्ष में तर्क
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 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 सितंबर 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.
बैलेंस शीट और तरलता
राजस्व
$4.65B
पिछले 12 महीने (30/6/2026 तक)
शुद्ध आय
$454M
पिछले 12 महीने (30/6/2026 तक)
Free Cash Flow
$690M
कुल इक्विटी
$3.29B
कुल देनदारियाँ
$1.09B
Current Ratio
0.94
Interest Coverage
-
Debt/EBITDA
1.05
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$77.09
वर्तमान मूल्य
$57.18
Margin of Safety
+25.8%
Fair Value सीमा
$50.11 - $104.07
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
13.74
ROE
13.3%
P/B Ratio
1.84
P/FCF
8.76
Gross Margin
38.3%
ROIC
15.1%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC
15.1%
WACC
6.8%
ROIC − WACC
+8.3 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (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%
फेल (5)
- Price CAGR 0.02%
- Revenue Growth 5Y 1.7%
- Earnings Surprise avg -0.3%
- PEG Ratio 2.07
- Piotroski F-Score 2/9
अनुपलब्ध (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
गंभीर वित्तीय चिंताएं
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
इस कंपनी के लिए कोई संस्थागत घोषणा उपलब्ध नहीं है।
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| 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 |
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
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