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Amdocs Ltd (DOX) Fair Value & Analysis

Technology · US · Market cap $5.6B · ISIN GB0022569080

What is Amdocs Ltd really worth?

AL Amdocs Ltd logo Amdocs Ltd DOX · US
Price$63.28
Fair Value$120.16
Upside+89.9%
Quality75/100

A strong business, trading 47% below our fair value of $120.16.

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Strengths

Solidly profitable · 11.8% net margin
Low debt · generates free cash flow
Ranks above peers (12/15)

Risks

!Weak Growth (revenue 5y +1.7 %/yr)
!Moderate moat 62/100
!Weak on future: 20 out of 100

For context

·3.40% dividend yield
Evidence: High Range $77.11 – $169.00

Fair value as of: Sep 3, 2026

From 25 valuation models · updated yesterday

Share price +11.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (75/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case ($77.11). The market is more pessimistic than our downside scenario.
  • A fairly wide model range ($77.11 to $169.00) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

$91.51 $49.32 Fair Value $120.16 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range $49.32 – $91.51 · fair‑value band $77.11 – $169.00 · the $63.28 price screens below the $120.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Amdocs Ltd (DOX) currently trades at $63.28, while our model-based Fair Value estimate is $120.16, implying the stock looks roughly 47.3% undervalued today. The Quality Score stands at 75/100 (high quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of $119.31 per share, and 20 of the 25 models we run sit above the $63.28 price. Bear case: the Asset-Based group reads lowest at $21.64, and 5 of the 25 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Amdocs Ltd generated revenue of $4.6B at a net margin of 11.8%. Revenue grew 3.9% year over year. It earns a return on equity of 15.9%. Net debt stands at $501M. Fundamentals as of Sep 3, 2026

Our scenario range runs from $77.11 (bear case) to $169.00 (bull case); at $63.28, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at 90%, DOX screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly $2.66 per share, which is 2.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $58.85 $84.98 $120.83 80
Growth DCF $60.38 $84.42 $115.93 79
Owner Earnings $59.91 $86.48 $122.95 77
All 25 models by family
DCF Models
FCF DCF $58.85 $84.98 $120.83 80
Owner Earnings $59.91 $86.48 $122.95 77
5Y Revenue Exit $61.55 $96.01 $138.55 72
5Y EBITDA Exit $91.03 $148.61 $213.34 75
5Y P/E Exit $81.27 $131.20 $181.18 70
10Y Revenue Exit $57.97 $88.10 $125.57 67
10Y EBITDA Exit $77.95 $122.92 $179.01 68
10Y P/E Exit $71.98 $111.39 $156.03 64
Earnings-Based
Graham-Dodd $36.17 $86.75 $111.95 65
PEG = 1.0 $15.23 $21.76 $28.28 57
EPV $56.73 $66.16 $74.31 74
Dividend Discount
Gordon GGM $18.56 $31.84 $47.53 67
DDM Multi-Stage $18.56 $27.23 $36.37 67
Multiples
P/E Multiple $111.70 $148.94 $186.17 63
P/S Multiple $67.82 $90.43 $113.03 58
P/B Multiple $67.82 $90.43 $113.03 55
EV/EBIT $136.57 $183.10 $229.64 66
EV/EBITDA $126.52 $169.70 $212.89 67
EV/Revenue $67.54 $97.79 $128.04 53
Asset-Based
NCAV (Graham) $16.15 $21.64 $32.30 54
Growth DCF
Growth DCF $60.38 $84.42 $115.93 79
Rev-Margin DCF $61.55 $96.58 $134.27 72
Economic Profit
Residual Income $33.75 $43.58 $113.23 68
ROIC Compounder $59.16 $72.73 $87.39 72
Growth Earnings
Growth-Adj P/E $83.52 $119.31 $155.10 67

Widest divergence: Growth Earnings ($119.31) versus Asset-Based ($21.64). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/E ratio 12.6
P/S ratio 1.57 P/E × margin
EPS (TTM) $5.01 price ÷ EPS = P/E 12.6
Dividend yield 3.4% payout 42.9%
Net margin 12.5% FY2025
Return on equity 15.9% TTM
More key figures
Profitability
Return on assets (EBIT) 10.6% avg 5y
Operating margin 16.5% TTM
Growth
Revenue (TTM) $4.6B TTM
Revenue growth (YoY) +3.9% 3y avg −0.3%
EPS growth (YoY) −11.6%
Balance sheet & cash flow
Free cash flow $645M FY2025
Net debt $501M FY2025 · ≈ 0.8 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 75/100

Of which business quality 72 · Market factors (momentum, volatility) 44

Profitability 55
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 78
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 85
Calm price path (market factor)
Momentum 29
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Amdocs Limited, through its subsidiaries, provides software and services to communications, entertainment, media, and other service providers worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud offering.

Full company description

Amdocs Limited, through its subsidiaries, provides software and services to communications, entertainment, media, and other service providers worldwide. It designs, develops, operates, implements, supports, and markets open and modular cloud offering. The company also provides CES25, a telco-native, GenAI-led customer experience suite, spanning business, and operations and network domains that is embedded with AI and related tools. In addition, it offers GenAI agents, and which include Customer Engagement Platform, a telecom-specific customer relationship management (CRM) solution; Amdocs Monetization Suite which enables customers to monetize their broad set of services and offerings; Amdocs Intelligent Networking Suite, a set of solutions that provide end-to-end service orchestration; Amdocs Charging; Amdocs eSIM Cloud that enables service providers to offer digital SIM (eSIM); Amdocs MarketONE, a based Software-as-a-Service (SaaS)-based platform that includes pre-integrated digital services, ranging from media, gaming, eLearning, sports and retail to security, and business services; and Amdocs connectX, a cloud-native telco-in-a-box software-as-a-service platform for digital telecom brands, as well as Amdocs CatalogONE that spans the entire CES25 suite and combines embedded business intelligence with telecom-specific GenAI agents. Further, the company provides consulting, experience design, data, cloud, network services, delivery, quality engineering, operations, systems integration, and content services to various platforms and technologies; maintenance, enhancement design and development, and operational support services; network deployment and optimization services; and managed services, including AI and related tools, predictive analytics, and robotic process automation, as well as quality engineering, mobile network, cloud, and professional services. Amdocs Limited was founded in 1982 and is headquartered in Saint Louis, Missouri.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Amdocs Ltd reported revenue of $4.5B in FY2025 versus $4.3B in FY2021, a compound +1.4%/yr. Reported net income was $565M in FY2025, compounding −4.8%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
$4.5B
Latest YoY
−9.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−0.3%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.7%
Avg. revenue growth/yr (28Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+10.3%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+10.4% (7.0 + 3.4)
Revenue +1.4%/yr
FY21 $4.3B
FY22 $4.6B
FY23 $4.9B
FY24 $5.0B
FY25 $4.5B
Net income −4.8%/yr
FY21 $688M
FY22 $550M
FY23 $541M
FY24 $493M
FY25 $565M
Character of growth · EPS growth decomposed (2014-2025) +6.1 % p.a.
Revenue per share +6.8 %

of which total revenue +3.1 % · buybacks/dilution +3.5 %

EBIT margin +0.7 %
Tax rate −0.3 %
Residual (interest, one-offs) −1.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Amdocs Ltd Fair Value". https://www.fairvalue-calculator.com/stock/DOX

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Software - Infrastructure · 369 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 75 · Top 25%
Fair Value upside +90% · Top 25%
Return on equity (TTM) 16% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 12% · Above median
Operating margin (TTM) 16% · Top 25%
Revenue growth 4% · Below median
Dividend yield (TTM) 3.4% · Above median
Debt / equity 0.19× · Higher than median

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than 75% of peers
P/B 1.64× · Cheaper than median
P/S (TTM) 1.22× · Cheaper than median
P/FCF 8.7× · Pricier than median
EV/EBITDA 5.8× · Cheaper than 75% of peers
PEG 0.69× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 0
FUTURE20 · sector 50
PAST63 · sector 15
HEALTH91 · sector 98
DIVIDEND68 · sector 26

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Microsoft Corporation MSFT $480.35 $365.74 −24%
Oracle Corporation ORCL $151.94 $117.84 −22%
Fortinet, Inc FTNT $166.00 $61.46 −63%
Synopsys, Inc SNPS $442.61 $101.19 −77%
Block, Inc XYZ A$111.01 A$70.69 −36%
CoreWeave, Inc CRWV $105.26 $71.79 −32%
NetApp, Inc NTAP $190.64 $154.83 −19%
Adyen N.V ADYEN €1,007 €707.53 −30%
MongoDB, Inc MDB $440.58 $93.91 −79%
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Frequently asked questions

Is Amdocs Ltd (DOX) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of $120.16 versus a price of $63.28, about +90% upside (undervalued).
What is the fair value of DOX?
Our model-based fair value for Amdocs Ltd is $120.16 (as of Sep 3, 2026), built from audited fundamentals. The current price: $63.28.
What is the quality score of DOX?
Amdocs Ltd has a Quality Score of 75/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Amdocs Ltd (DOX)?
Amdocs Ltd reported trailing-twelve-month revenue of about $4.6B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of DOX?
The net profit margin of Amdocs Ltd is about 11.8%, meaning it keeps roughly 11.8% of revenue as net income. Based on the latest reported figures.
Does Amdocs Ltd pay a dividend?
Amdocs Ltd currently shows a dividend yield of about 3.40% relative to its recent price (as of Sep 3, 2026).
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