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Global travel technology company providing reservation/distribution systems (GDS) for airlines, hotels and travel agencies.
Global travel technology company providing reservation/distribution systems (GDS) for airlines, hotels and travel agencies.
Is paid per transaction rather than per product: airlines and hotels pay a fee for each booking made through travel agencies on its network, and airlines pay for each passenger handled on its reservation and check-in systems. Global distribution systems of this kind are few in number, with Sabre and Travelport the other main ones.
In one line: A Spanish Sabre Corporation, but larger.
Moat: wide (network effects, switching costs, installed base). A dominant two-sided GDS network connecting travel agencies and airlines that is costly to displace.
Headquarters: Madrid, Spain · Founded: 1987 · Employees: 20,605
Size Amadeus IT (AMS.MC) is a Spain Information Technology company (Packaged Software) with a market value of $27.4B, the 11th largest of 97 Spain companies the cockpit tracks. Shares closed at €60.52 on 6 Nov 2026.
Performance Over six months the shares gained 18.1%, against +8.9% for the median peer and +8.2% for the Spain market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +23.8%); the operating margin is 27.1% (peer median 7.4%).
Valuation It trades at 17.8× forward earnings against a peer median of 27.1× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +25%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.2 points above its cost of capital (8.3% WACC).
Credit Amadeus IT has 5 bonds outstanding ($2.78B), rated BBB by the agencies and trading like AA at a weighted spread of 60 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €6.59B | €6.52B | €6.14B | €5.44B | €4.49B |
| Revenue growth | — | +6% | +13% | +21% | — |
| Gross profit | €1.90B | €1.81B | €1.68B | €1.45B | €1,000M |
| EBITDA | €2.55B | €2.49B | €2.33B | €2.09B | €1.63B |
| Net income | €1.31B | €1.34B | €1.25B | €1.12B | €664M |
| Free cash flow | €2.07B | €2.09B | €2.02B | €1.69B | €1.33B |
| Capital expenditure | €749M | €815M | €788M | €600M | €567M |
| Total debt | €3.61B | €3.19B | €3.35B | €3.25B | €4.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Amadeus IT AMS.MC | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% |
| Sabre SABR | $680M | -18% | -3% | 14% | 23.0× | n/a |
| TravelSky Technology 0696.HK | $3.59B | -5% | +7% | 28% | 9.8× | -16.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMS.MC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +18.0% | -4.4% | 4th highest of 21 |
| 6-month return | +18.1% | +8.9% | 9th highest of 19 |
| Distance from 52-week high | -11.4% | -31.3% | 5th highest of 21 |
| Revenue growth (TTM) | +3.8% | +23.8% | 2nd lowest of 21 |
| Operating margin | 27.1% | 7.4% | 4th highest of 21 |
| Forward P/E | 17.8× | 27.1× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 4.3% | 27.9% | 2nd least demanding of 16 |
| Growth delivered (Del g) | +24.6% | +19.1% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | -20.3 pp | +1.3 pp | 3rd least demanding of 16 |
| ROIC minus cost of capital | +10.2 pp | -4.6 pp | 5th highest of 20 |
| EV / EBITDA | 10.6× | 18.1× | 2nd cheapest of 13 |
| Net debt / EBITDA | 1.0× | -0.5× | 7th most indebted of 18 |
| Bond spread | 60 bp | 112 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Amadeus IT AMS.MC | Spain | $27.4B | +18% | +4% | 27% | 17.8× | 4.3% | +24.6% |
| Bending Spoons BSP | United States | $27.9B | n/a | +95% | 21% | 25.6× | 45.5% | +94.7% |
| Z.AI Co., Ltd. -H- Reg S 2513.HK | Hong Kong | $26.5B | -56% | +132% | -272% | n/a | n/a | n/a |
| Zoom Communications ZM | United States | $26.2B | -18% | +5% | 24% | 14.7× | 5.8% | +12.9% |
| CoreWeave CRWV | United States | $25.6B | -59% | +115% | -3% | n/a | n/a | n/a |
| Okta OKTA | United States | $29.5B | +101% | +11% | 8% | 41.3× | 39.2% | +28.4% |
| MongoDB MDB | United States | $25.2B | +4% | +25% | -1% | 44.7× | 27.9% | +33.1% |
| Samsara IOT | United States | $24.0B | +38% | +30% | 1% | 48.5× | n/a | n/a |
| Twilio TWLO | United States | $31.3B | 0% | +19% | 8% | 30.7× | 38.2% | +23.5% |
| Zscaler ZS | United States | $32.2B | +30% | +25% | -4% | 40.5× | 20.7% | +37.9% |
| Hithink RoyalFlush Information Network 300033.SZ | China | $22.9B | -14% | +48% | 56% | 32.7× | 37.1% | +16.3% |
| Unity Software U | United States | $22.7B | +83% | +14% | -14% | 49.4× | 33.5% | +19.1% |
| NBIS NBIS | United States | $35.2B | -8% | +461% | -49% | n/a | n/a | n/a |
| PTC PTC | United States | $21.2B | +33% | +20% | 40% | 21.8× | 10.3% | +8.6% |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Atlassian TEAM | United States | $38.7B | +5% | +26% | 4% | 28.7× | 44.7% | +25.8% |
| Dassault Systemes DSY.PA | France | $39.0B | +32% | 0% | 26% | 19.2× | 8.3% | +7.0% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
Amadeus IT has 5 bonds outstanding with $2.78B face value. The agencies rate it BBB; its bonds trade like AA. Weighted yield 3.78%, a spread of 60 bp over government bonds.