AGYS · Agilysys, Inc.

애질리시스, 1분기 가이던스 상향 후 2027회계연도 매출 3억6,800만~3억7,300만 달러와 최소 32% 구독 성장 목표

애질리시스 GAAP EPS 0.49달러, 예상치 0.31달러 상회…매출 8,770만 달러도 172만 달러 웃돌아

애질리시스(Agilysys) 연간 실적 발표

화요일 주요 주가 변동 종목: 애질리시스(AGYS), 아카마이(AKAM), 세레브라스(CBRS) 등

Agilysys, 고마진 반복 매출 비중 확대에 4분기 실적 상회하며 16% 급등

애질리시스, FY2027년 매출 3억6,500만~3억7,000만 달러 전망…조정 EBITDA 마진 24%, 매리어트 PMS 롤아웃을 다년간 성장 동력으로 제시

애질리시스(Agilysys) 비GAAP EPS 0.63달러, 예상치 0.13달러 상회…매출 8,290만달러, 예상 대비 134만달러 증가

애질리시스(Agilysys) 2026년 1분기 실적 프리뷰

퀀트 스냅샷: 바오쭌, 소후가 상위권… 솔 스트래티지스, 아르키트 퀀텀은 하위권

Agilysys, 실적 부진에 매출 호조 효과 상쇄…주가 하락

애질리시스: 강한 성장에도 급등한 밸류에이션이 추가 상승 제한 (투자의견 하향)

• Agilysis has rebounded sharply, driven by guidance increases and anticipation of its major Marriott PMS deal.
• I am moderating my rating to neutral, as the current $102 share price reflects a balanced bull-bear case and stretched valuation.
• AGYS is AI-resilient with embedded property management software but faces margin deficits and potential demand shifts toward vacation rentals.
• At 7.5x EV/FY27 revenue and 31.2x EV/FY27 adjusted EBITDA, the company's valuation already prices in significant upside from the Marriott deal.

Agilysys: 성장세와 이익률, 변곡점에 진입하다

• Agilysys, Inc. is demonstrating a profitability inflection, driven by AI-enabled cost efficiencies and robust recurring revenue growth.
• Q4 delivered record sales, 12% y/y revenue growth, 18% subscription growth, and 600bps EBITDA margin expansion to 25.9%.
• FY27 guidance calls for 14–16% revenue growth, 30%+ subscription growth, and a 24%+ adjusted EBITDA margin, excluding potential Marriott deal upside.
• I reiterate a Buy rating, as AGYS is well insulated from SaaS disruption and positioned for further upside with the Marriott rollout pending.

Agilysys: 건강한 조정, 매수 기회 (상향 조정)

• Agilysys shares fell over 10% post-earnings despite a beat-and-raise quarter, presenting a compelling buy opportunity after a 30% pullback.
• AGYS is diversifying beyond hotels, with growing traction in cruise ships, casinos, and increased cross-sell of products like Book4Time and foodservice solutions.
• Approximately two-thirds of AGYS revenue is recurring, underpinned by complex, sticky implementations and robust attach rates in new deals.
• The upcoming Marriott PMS rollout is a major near-term catalyst, expected to be heavily margin accretive and potentially surprise to the upside.

Agilysis: 강력한 크로스셀 모멘텀, 그러나 이미 주가에 반영된 강점 (투자의견 상향)

• Agilysys surged ~20% post-earnings, reversing earlier losses, but the current valuation appears stretched despite strong Q2 results and raised guidance.
• AGYS demonstrates robust cross-sell momentum, especially with foodservice products, and is close to launching its largest-ever Marriott PMS deal.
• Risks include macro headwinds in the travel sector, lower gross margins than SaaS peers, and rich valuation multiples after the recent rally.
• Rating is raised to neutral; while downside is limited by small/mid-cap rotation and growth, high valuation warrants a wait-and-see approach.

Agilysys 2분기 프리뷰: 리스크는 하방에 집중 (투자등급 하향 조정)

• Agilysys shares are up 60% since my Buy recommendation in April.
• Results have since been solid, with organic subscription revenue growth sustaining near 25%.
• However, valuation looks expensive at 30 times FY27 adjusted EBITDA, especially when compared to relevant peers.
• There is a limited margin of safety at this valuation, particularly if the Marriott rollout faces delays.
• I am therefore downgrading the stock from Buy to Hold.