One-glance verdict
Undervalued
$57.28 our estimate vs market $7.87
Wall Street consensus: $12.67 (-77.9% lower than our fair-value estimate)
86% below our estimate, below the bear case
Fundamentals snapshot
NCR Voyix Corporation
VYX · NYQ · Technology · Information Technology Services
Current price
$7.87
52-week range
$6.02 - $12.02
Market cap
$1.09B
Balance sheet
Distressed
0.43x Concerning
Net debt $1.07B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Returns 5.3% on equity, ahead of 33% of its peers.
- Reward Free cash flow was positive in 8/10 years.
- Risk Stock trades 4.0% above its 5-year average P/E.
- Risk Insider ownership is only 0.9% (peer median: 3.6%).
What this company does
NCR Voyix Corporation
NCR Voyix provides the technology that powers checkouts at retailers and restaurants, including self-checkout machines at grocery stores and the payment systems at cafes. The company makes money by selling this equipment and software, and also by charging fees for payment processing, which can create a steady, predictable stream of income (often called recurring revenue). This matters because as more businesses upgrade their checkout technology to be faster and easier for customers, NCR Voyix has more opportunities to sell its products and services.
How the company got here
Founded in 1884 as the National Cash Register Company, the company has a long history of innovation in transaction technology. For most of its life, it was known as NCR Corporation, a maker of cash registers, and later, ATMs and retail software. A major turning point came in October 2023, when the company split into two separate, publicly traded businesses. One company, NCR Atleos, took over the ATM business, while the other, NCR Voyix, now focuses entirely on providing technology for the retail and restaurant industries.
What it actually does
NCR Voyix provides the technology that powers the checkout and payment process for retail stores and restaurants. This includes physical hardware you might see every day, like self-checkout machines at the grocery store or the touch-screen terminal a server uses to take your order. It also includes the critical software that runs these machines, processes payments, and helps businesses manage things like inventory (the products they have in stock) and employee schedules. The company aims to combine all these functions into a single, unified system for its clients.
Retail
This is the company's largest segment, providing technology to a wide range of stores, from large grocery chains and department stores to smaller convenience and fuel retailers. These retail businesses pay NCR Voyix for hardware like self-checkout kiosks and barcode scanners, as well as for the software platform that manages payments, loyalty programs, and store operations. The goal is to make the shopping and checkout experience faster and more efficient for both the customer and the store. This segment generates the majority of the company's revenue (the total money it brings in from sales).
Restaurants
This segment provides technology specifically designed for all types of food service businesses, from fast-food chains to fine dining establishments. Restaurant owners pay for point-of-sale (the system used to enter orders and process payments) hardware and specialized software like 'Aloha' that helps manage kitchen operations, online ordering, and staff scheduling. The technology helps connect all parts of the restaurant, from the front-of-house where customers are to the back-of-house where food is prepared, to make service run more smoothly.
What management is betting on now
The company's main focus is on its Voyix Commerce Platform, a single software system designed to connect all of a client's operations, from payments to inventory. Management is shifting from just selling hardware to selling software and services on a subscription basis, which creates more predictable recurring revenue (money that comes in consistently over time). They are also pursuing an "outsourced design and manufacturing" strategy for their hardware, meaning another company will manage the supply and production of physical equipment. This allows NCR Voyix to focus on its higher-margin (more profitable) software and payment services.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$9.00M
FY2024 Q4
$-177.00M
FY2025 Q1
$-50.00M
FY2025 Q2
$-249.00M
FY2025 Q3
$10.00M
FY2025 Q4
$-105.00M
FY2026 Q1
$6.00M
FY2026 Q2
$-24.00M
Revenue
$523.00M
Net income
$2.00M
Diluted EPS
-0.01
Operating cash flow
$17.00M
Free cash flow
$-24.00M
Fetching…
Sources
Revenue
$606.00M
Net income
$-5.00M
Diluted EPS
-0.06
Operating cash flow
$42.00M
Free cash flow
$6.00M
Fetching…
Sources
Revenue
$720.00M
Net income
$98.00M
Diluted EPS
0.64
Operating cash flow
$60.00M
Free cash flow
$-105.00M
Fetching…
Sources
Revenue
$684.00M
Net income
$-19.00M
Diluted EPS
-0.16
Operating cash flow
$14.00M
Free cash flow
$10.00M
Fetching…
Sources
Revenue
$666.00M
Net income
$0.00
Diluted EPS
-0.03
Operating cash flow
$-242.00M
Free cash flow
$-249.00M
Fetching…
Sources
Revenue
$617.00M
Net income
$-17.00M
Diluted EPS
-0.15
Operating cash flow
$-42.00M
Free cash flow
$-50.00M
Fetching…
Sources
Revenue
$682.00M
Net income
$-11.00M
Diluted EPS
-0.10
Operating cash flow
$-170.00M
Free cash flow
$-177.00M
Fetching…
Sources
Revenue
$711.00M
Net income
$1.08B
Diluted EPS
7.41
Operating cash flow
$11.00M
Free cash flow
$9.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $57.28 vs current price $7.87
Wall Street consensus is the average analyst price target: $12.67 (-77.9% lower than our fair-value estimate).
Our most-likely fair value is $57.28 a share — about 628.3% above today's price of $7.87, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $1.1B. Interest coverage 0.4x.
Net debt
$1.07B
Interest coverage
0.43x
NCR Voyix Corporation's profit covers its interest bill about 0.4 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
VYX
BASELINE
NCR Voyix Corporation
Total debt $1.31B Interest coverage 0.43x This is the baseline the peer rows are being compared against.
Total debt $19.95M Interest coverage -116.30x -100% vs VYX This peer has almost no interest-payment cushion compared with VYX.
Total debt $431.54M Interest coverage -11.36x -100% vs VYX This peer has almost no interest-payment cushion compared with VYX.
Total debt $1.11B Interest coverage 2.82x +552% vs VYX Carries about 6.5x more debt cushion than VYX.
Total debt $17.22M Interest coverage 87.79x +20,160% vs VYX Carries about 202.6x more debt cushion than VYX.
Total debt $4.57B Interest coverage 1.77x +309% vs VYX Carries about 4.1x more debt cushion than VYX.
What you should know
The case for and against VYX
3 Rewards
2 Risks
Rewards
-
Returns 5.3% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 8/10 years.
-
Trades at 28.1x P/E vs peer median 59.7x (53.0% cheaper).
Risks
-
Stock trades 4.0% above its 5-year average P/E.
-
Insider ownership is only 0.9% (peer median: 3.6%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
28.09x
Forward P/E
7.67x
P/B
1.17x
P/S
0.43x
EV/EBITDA
9.36x
PEG ratio
2.68x
Profitability
How much profit each dollar creates
Gross margin
25.8%
Operating margin
2.5%
Net margin
3.0%
ROE
5.3%
ROA
2.7%
Health
Liquidity and balance-sheet strength
Debt / equity
1.16x
Current ratio
1.07x
Quick ratio
0.66x
Total debt
$1.31B
Total cash
$237.00M
Growth
How the business has been compounding
Revenue TTM
$2.53B
Revenue 5Y CAGR
-7.6%
EPS TTM
0.28
EPS 5Y CAGR
-2.1%
Cash flow
How much cash the business throws off
Operating CF TTM
$133.00M
Free CF TTM
$-375.00M
FCF margin
-14.8%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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