Amdocs Limited
DOX Technology Software Infrastructure
Amdocs Limited’s revenue for fiscal 2025 (year ended September 2025) was $4.5 billion, down 9.43% from fiscal 2024. In the quarter to June 2026, revenue grew 2.66%, EPS fell 57.6%, free cash flow fell 18.8% and total debt rose 31.7%, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Amdocs Limited (DOX) Altman Z-score
Amdocs Limited's Altman Z-score for fiscal 2025 is 4.69, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 4.69 | (0.03) |
| FY2024 | 4.72 | 0.01 |
| FY2023 | 4.71 | 0.11 |
| FY2022 | 4.60 | 0.23 |
| FY2021 | 4.37 | 0.35 |
| FY2020 | 4.02 | (1.64) |
| FY2019 | 5.65 | 0.31 |
| FY2018 | 5.34 | (0.37) |
| FY2017 | 5.71 | 0.73 |
| FY2016 | 4.98 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.04 | |
| Retained earnings / total assets | 1.15 | — | 1.60 | |
| EBIT / total assets | 0.12 | — | 0.39 | |
| Market value of equity / total liabilities | 3.22 | — | 1.93 | |
| Sales / total assets | 0.73 | — | 0.73 | |
| Altman Z-score | Safe zone | 4.69 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.08 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| QLYS Qualys, Inc. compare | 6.7× |
| DOX Amdocs Limited | 4.7× |
| PATH UiPath, Inc. compare | 4.0× |
| ACIW ACI Worldwide, Inc. compare | 3.8× |
| VRNS Varonis Systems, Inc. compare | 1.7× |
| S SentinelOne, Inc. compare | 1.7× |
| BOX Box, Inc. compare | 1.4× |
| WEX WEX Inc. compare | 0.8× |
| DBX Dropbox, Inc. compare | 0.5× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets