DOXAmdocs Limited
Is the business good?
A genuinely good business: earnings fully cash-backed (1.3×) and margins widening.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 16% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is DOX?
Amdocs Limited earns 15% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 6.4 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Software - Infrastructure median 7.5% · fiscal year to FY2025
- Cash conversion
- 1.25×
Cash conversion · 1.37× a year ago · operating cash flow covers the operating profit after tax
- R&D as % of revenue
- 7.5%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 14% |
| FY2021 | 14% |
| FY2022 | 15% |
| FY2023 | 13% |
| FY2024 | 13% |
| FY2025 | 16% |
Details›
- Gross marginfiscal year to FY2025
- 38%
- Operating marginfiscal year to FY2025
- 16%
- Net marginfiscal year to FY2025
- 12%
- Free cash flow margin
- 14%
- R&D as % of revenue
- 7.5%
- Revenue, trailing twelve months
- $4.53B
- Free cash flow, trailing twelve months
- $645M
- Net income, trailing twelve months
- $565M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 15%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from DOX and who it buys from, as the companies report it.
- TMUST-Mobile US, Inc.20%
Share of revenue · FY2025 20-F
- Ten largest customers70%
Combined share of revenue · FY2025 20-F
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; DOX’s own figures are from its FY2025 20-F. Smaller customers and suppliers go unreported.
Software, Infrastructure
Ranks #7 of 78 by RyuScore