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Amdocs Limited
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NASDAQ: DOX Technology IT 🔎 Screen
$6.8B
Market Cap
12.0
P/E
1.16
PEG
15.5%
ROCE
13.5%
ROE
0.23
D/E
17.8%
OPM
-23.9%
% from 52W High
46
α RS
🔍 DOX is showing a multi-screen setup because it matches 5 of 39 tracked screener presets and Fcf Machines preset's Backtest win rate is 52.4% over 90 days. Net: Partial signal stack, not a recommendation. ? Conviction Backtest
Sources
Conviction 5/39 · Backtest win rate 52.4%
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About

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.

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🎙 Management Tone Mixed ↓ Deteriorating 4 quarters Full tone analysis in Intelligence →
📊 MIXED Amdocs Q2 FY2026 revenue $1.17B, launches aOS agentic platform for telcos.
Revenue & Profitability
Second quarter revenue was $1.172 billion, up 3.9% year-over-year as reported and 2.2% in constant currency. Non-GAAP diluted EPS was $1.78, $0.02 above guidance midpoint. Non-GAAP operating margin was 21.5%, up 20 bps from a year ago. Free cash flow before restructuring was $97 million. 12-month backlog stood at $4.28 billion, up 2.6% year-over-year.
Outlook
Management sees the agentic era as a major opportunity for telecom IT transformation, enabling service providers to simplify complexity and accelerate new offerings. However, they note macroeconomic and geopolitical uncertainty, including customer spending behavior. The company is closely monitoring these conditions and has tightened its full-year guidance ranges accordingly.
Growth Drivers
Key growth levers include the new aOS platform (with initial commercial agreements at Cricket, Lumen, Bell Canada, EchoStar, PLDT), international expansion (Europe record revenue, Rest of World up 8% YoY), and cloud-based platforms like connectX (added Vantta Wireless, Cuatro Mobile) and eSIM (wins with Cielo, MobiFone). Managed services also expanded with Cricket Wireless extension and Vodafone Spain 5-year deal.
Balance Sheet & CapEx
Not discussed in detail in this earnings call. Management referenced intentional investments in GenAI and the agentic operating system (aOS) including R&D, sales, and marketing, but did not provide a specific capex figure. Free cash flow target for fiscal 2026 is $710-$730 million, with conversion rate of ~90% of non-GAAP net income.
Margins
Non-GAAP operating margin in Q2 was 21.5%, up 20 bps year-over-year. The full-year fiscal 2026 target range is 21.3%-21.9% (midpoint ~20 bps above prior year). The improvement reflects operational excellence and cost efficiencies, partially offset by increased investments in GenAI and aOS. Margins may fluctuate quarter-to-quarter.
Key Risks
Management flagged macroeconomic, geopolitical, and business uncertainty as key risks, particularly customer spending behavior. The guidance was tightened to reflect these uncertainties. No other specific risks were discussed in detail; however, the CFO noted potential fluctuations in quarterly trends due to project orientation.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q3 2026 Q3 2026 2026-08-05
Q3 2026 saw revenue and EPS at guidance midpoints, with managed services driving growth and aOS gaining rapid adoption. A flagship 10-year deal with Liberty Latin America highlights strategic momentum, while fiscal 2026 guidance remains strong for revenue, EPS, and cash flow.
Q2 2026 Q2 2026 2026-05-13
Q2 2026 revenue grew 3.9% year-over-year to $1.172 billion, with strong international performance and improved margins. The company launched its agentic aOS platform, secured major deals, and reaffirmed its fiscal 2026 guidance, while executing a CFO transition.
Q1 2026 Q1 2026 2026-02-03
Q1 2026 revenue grew 4.1% year-over-year to $1.16 billion, with EPS and margins exceeding guidance. Key developments included a new five-year T-Mobile agreement, the MATRIXX Software acquisition, and the launch of the AOS agentic operating system. Fiscal 2026 guidance for revenue and EPS growth was reiterated.
Q4 2025 Q4 2025 2025-11-11
Fiscal 2025 saw 3.1% pro forma revenue growth, double-digit cloud expansion, and 8.5% Non-GAAP EPS growth. Fiscal 2026 guidance projects 1.7%-5.7% revenue growth, margin improvement, and increased investment in generative AI, with a proposed 8% dividend hike.
Q3 2025 Q3 2025 2025-08-06
Q3 revenue grew 3.5% year-over-year pro forma, driven by strong cloud and managed services momentum, with non-GAAP EPS above guidance. Fiscal 2025 outlook was raised, expecting 2.9% revenue growth at midpoint and double-digit cloud growth, while GenAI and SaaS offerings gain traction.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
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Information Sources:
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