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Software and services that telecom carriers use to bill customers and run their networks.
Software and services that telecom carriers use to bill customers and run their networks.
Is paid under multi-year contracts, often to run and update a carrier's billing and customer systems for years, so most revenue recurs. A few North American carriers, led by AT&T, account for a large share, and it grows by adding projects to those systems, such as cloud moves and 5G offers. It is based in Guernsey, with large operations in Israel and the US.
Moat: narrow (switching costs, installed base, customer qualification). Billing systems run carriers' core revenue; replacing them is multi-year and high-risk.
Headquarters: Chesterfield, Missouri, US · Founded: 1982
Size Amdocs (DOX) is a United States Information Technology company (Information Technology Services) with a market value of $4.53B, the 1257th largest of 3,117 United States companies the cockpit tracks. Shares closed at $42.09 on 6 Nov 2026.
Performance Over six months the shares fell 34.0%, against +13.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 3.6% over the last twelve months (peer median +7.9%); the operating margin is 17.0% (peer median 9.1%).
Valuation It trades at 7.7× forward earnings against a peer median of 15.3× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.9 points above its cost of capital (6.7% WACC).
Credit Amdocs has 1 bond outstanding ($650M), rated BBB by the agencies and trading like BBB- at a weighted spread of 126 bp.
Short interest Short interest is 7.7% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | $4.70B | $4.70B | $4.53B | $5.00B | $4.89B |
| Revenue growth | — | +4% | -9% | +2% | — |
| Gross profit | $1.87B | $1.71B | $1.65B | $1.71B | $1.70B |
| EBITDA | $1.16B | $1.05B | $993M | $975M | $972M |
| Net income | $491M | $501M | $554M | $484M | $532M |
| Free cash flow | $562M | $562M | $645M | $619M | $698M |
| Capital expenditure | $111M | $111M | $104M | $105M | $124M |
| Total debt | $1.09B | $1.09B | $826M | $790M | $807M |
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 |
|---|---|---|---|---|---|---|
| Amdocs DOX | $4.53B | -34% | +4% | 17% | 7.7× | -15.8% |
| Nec 6701.T | $36.3B | +5% | +7% | 12% | 18.6× | 5.5% |
| Nokia NOKIA.HE | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
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 | DOX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -30.1% | 0.0% | lowest of 21 |
| 6-month return | -34.0% | +13.9% | 2nd lowest of 21 |
| Distance from 52-week high | -50.9% | -24.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +3.6% | +7.9% | 8th lowest of 21 |
| Operating margin | 17.0% | 9.1% | 3rd highest of 21 |
| Forward P/E | 7.7× | 15.3× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -15.8% | 2.9% | 2nd least demanding of 20 |
| Growth delivered (Del g) | +1.8% | +8.6% | 5th lowest of 20 |
| Hurdle (Req g minus delivered) | -17.6 pp | -1.8 pp | 3rd least demanding of 20 |
| ROIC minus cost of capital | +10.9 pp | +5.3 pp | 5th highest of 20 |
| EV / EBITDA | 4.7× | 10.1× | 2nd cheapest of 16 |
| Net debt / EBITDA | 0.8× | -0.1× | 8th most indebted of 18 |
| Bond spread | 126 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Amdocs DOX | United States | $4.53B | -34% | +4% | 17% | 7.7× | -15.8% | +1.8% |
| Softcat SCT.L | United Kingdom | $4.53B | +14% | +35% | 11% | 17.9× | -4.1% | +20.3% |
| Q2 Holdings, Inc. QTWO | United States | $4.57B | +47% | +13% | 13% | 22.5× | 26.6% | +14.6% |
| NS Solutions 2327.T | Japan | $4.43B | +6% | +12% | 12% | 21.3× | -5.1% | +8.6% |
| Insight Enterprises NSIT | United States | $4.64B | +89% | +3% | 6% | 11.7× | 2.9% | -0.2% |
| KBR KBR | United States | $4.69B | +14% | -3% | 9% | 9.5× | -8.7% | +6.2% |
| Bechtle BC8.DE | Germany | $4.72B | +13% | +8% | 5% | 16.8× | 6.9% | +4.9% |
| Sopra Steria SOP.PA | France | $4.29B | +50% | +2% | 9% | 11.2× | -0.6% | +5.8% |
| Parsons PSN | United States | $5.16B | -1% | -3% | 5% | 14.8× | 8.4% | +10.2% |
| Workiva WK | United States | $3.96B | +42% | +20% | 3% | 23.0× | 33.1% | +20.3% |
| Sterlite Technologies STLTECH.NS | India | $3.91B | +101% | +63% | 17% | 28.2× | 22.6% | -0.4% |
| LG Cns 064400.KS | South Korea | $5.29B | +14% | +4% | 9% | 15.5× | 5.6% | +7.2% |
| Pegasystems PEGA | United States | $5.30B | -10% | +1% | 12% | 13.8× | 8.8% | +11.4% |
| HyundaiAutoever 307950.KS | South Korea | $5.49B | -40% | +16% | 5% | 35.7× | 27.6% | +22.2% |
| TISI 3626.T | Japan | $5.50B | +20% | +5% | 13% | 15.1× | -7.7% | +5.9% |
| Jiangsu Hoperun Software 300339.SZ | China | $3.65B | -31% | +11% | 3% | 141.9× | n/a | n/a |
| TravelSky Technology 0696.HK | Hong Kong | $3.59B | -5% | +7% | 28% | 9.8× | -16.5% | +9.0% |
| Box BOX | United States | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% | +8.8% |
| Ingram Micro INGM | United States | $5.85B | -6% | +15% | 2% | 6.8× | 2.9% | +1.4% |
| NICE Ltd. Sponsored ADR NICE | United States | $5.87B | +4% | +8% | 17% | 7.8× | -0.7% | +12.3% |
| Science Applications International SAIC | United States | $6.13B | +56% | -1% | 8% | 14.3× | -4.6% | +0.6% |
Amdocs has 1 bond outstanding with $650M face value. The agencies rate it BBB; its bonds trade like BBB-. Weighted yield 5.83%, a spread of 126 bp over government bonds.