Amdocs Limited (DOX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+52.3%

$98.05

vs $64.37 price

Levered DCF

$85.09

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.97

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.15×	20.49×	18.69×	17.77×	14.12×	15.39×	18.94×	26.35×
P/B	2.66×	2.87×	2.82×	2.73×	2.68×	2.1×	2.58×	2.71×
P/S	2.01×	1.98×	2.03×	2.1×	2.25×	1.83×	2.21×	2.35×
EV / EBITDA	10.38×	12.64×	11.96×	11.09×	9.38×	9.67×	11×	14.05×
Gross margin	36.6%	35.1%	35.3%	35.4%	34.5%	33.9%	35.1%	34.7%
Operating margin	18.2%	12.6%	13.4%	14.5%	14.0%	14.3%	13.9%	10.8%
Net margin	12.5%	9.9%	11.1%	12.0%	16.1%	11.9%	11.7%	8.9%
Current ratio	1.17×	1.2×	1.41×	1.6×	1.59×	1.71×	1.39×	1.33×
Debt / equity	0.24×	0.23×	0.23×	0.24×	0.25×	0.29×	0×	0×
Interest coverage	19.4×	18.02×	28.32×	39.31×	28.14×	57.04×	145.68×	154.96×
Dividend yield	2.5%	2.1%	2.0%	1.9%	1.8%	2.2%	1.6%	1.4%
Payout ratio	39.7%	43.0%	36.9%	33.9%	25.8%	33.0%	30.8%	37.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.5%	14.3%	15.3%	15.6%	19.2%	13.7%	13.7%	10.3%
Return on invested capital	13.7%	10.7%	10.9%	10.9%	9.6%	9.6%	11.8%	8.9%
Return on assets	9.0%	7.7%	8.4%	8.6%	10.6%	7.9%	9.1%	6.6%
Free cash flow yield	7.1%	6.2%	7.0%	5.5%	7.4%	5.9%	5.9%	3.5%
Earnings yield	6.2%	5.0%	5.4%	5.7%	7.1%	6.5%	5.3%	3.8%
Enterprise value	$9.6B	$10.4B	$10.2B	$9.9B	$9.8B	$7.7B	$8.6B	$8.9B
Net debt / EBITDA	0.54×	0.54×	0.34×	0.28×	0.16×	0.06×	-0.61×	-0.66×
Cash conversion cycle (days)	28	41	37	59	58	61	64	62