Amdocs Limited (DOX)
適正価値ファンダメンタル
77
株価
$58.01
時価総額
$6.04B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
競争優位性（moat）
スイッチングコスト · 狭いA 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.
需要を左右する要因
ディフェンシブTelecom 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.
主なリスク
- 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.
顧客集中度
主要顧客が売上高の45.8%を占める
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%.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 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.
貸借対照表と流動性
売上高
$4.65B
直近12か月（2026/6/30まで）
純利益
$454M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$690M
自己資本合計
$3.29B
負債合計
$1.09B
流動比率
0.94
利払い倍率
-
負債/EBITDA
1.05
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$76.94
現在株価
$58.01
安全マージン
+24.6%
適正価値レンジ
$50.01 - $103.87
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
13.74
ROE
13.3%
P/B レシオ
1.84
P/FCF
8.76
粗利益率
38.3%
ROIC
15.1%
収益性レーダー
価値創造（経済的モート）
ROIC
15.1%
WACC
6.8%
ROIC − WACC
+8.3 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（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%
不合格（5）
- Price CAGR 0.02%
- Revenue Growth 5Y 1.7%
- Earnings Surprise avg -0.3%
- PEG Ratio 2.07
- Piotroski F-Score 2/9
データなし（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-スコア
重大な財務上の懸念
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
この企業について機関投資家の報告はありません。
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
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