One-glance verdict
Undervalued
$54.81 our estimate vs market $8.55
Wall Street consensus: $12.96 (-76.4% lower than our fair-value estimate)
84% below our estimate, below the bear case
Fundamentals snapshot
NCR Voyix Corporation
VYX · NYQ · Technology · Information Technology Services
Current price
$8.55
52-week range
$6.02 - $13.50
Market cap
$1.18B
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 11.1% 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 runs checkouts for retail stores and restaurants, including the physical self-checkout machines, cash registers, and payment processing software. The company earns money by selling this hardware and by charging ongoing subscription fees for its software and services. This focus on recurring revenue (predictable income from subscriptions, rather than one-time sales) is important because it can create a more stable and predictable stream of income for the business.
How the company got here
Founded in 1884 as the National Cash Register Company, the firm originally sold the first mechanical cash registers. For over a century, it was a leader in transaction technology, introducing innovations like barcode scanners and ATMs. In October 2023, the original NCR Corporation split into two companies, and NCR Voyix was created to focus specifically on digital commerce solutions for the retail and restaurant industries. This change allowed it to concentrate on providing software, services, and hardware for these specific sectors.
What it actually does
NCR Voyix provides the technology that retailers and restaurants use to manage their daily operations and interact with customers. This includes the point-of-sale (or POS, the system that cashiers use to ring up purchases) terminals, self-checkout kiosks, and the software that runs them. They also offer payment processing services, kitchen display systems for restaurants, and back-office software to help businesses manage things like inventory (the products they have on hand to sell) and employee scheduling. Essentially, they provide the digital backbone for many of the stores and restaurants people visit every day.
Retail
This is the company's largest segment, serving a wide range of retailers from large grocery and department stores to smaller specialty shops and convenience stores with fuel stations. These businesses pay NCR Voyix for solutions like self-checkout machines, barcode scanners, and the Voyix Commerce Platform, which is a software system that connects a store's various operations. The goal is to help retailers manage everything from customer transactions and payments to inventory tracking and store performance.
Restaurants
This segment provides technology specifically for the food service industry, including quick-service chains, casual dining restaurants, and bars. A well-known product is the Aloha point-of-sale system, which restaurants use to take orders, process payments, and manage kitchen operations. Restaurants pay for hardware like ordering kiosks and kitchen display systems, as well as software that helps with online ordering, loyalty programs, and managing staff and inventory.
What management is betting on now
The company's main focus is on shifting from a hardware-based business to one centered on software and services that provide recurring revenue (predictable income that comes in at regular intervals). They are encouraging customers to adopt their integrated software platforms, like the Voyix Commerce Platform, which connects all of a business's digital tools. Management is also focused on modernizing their technology with cloud-based solutions and artificial intelligence to help their retail and restaurant clients operate more efficiently and innovate faster.
Price history
How the share price has moved
—
Loading price history…
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 $54.81 vs current price $8.55
Wall Street consensus is the average analyst price target: $12.96 (-76.4% lower than our fair-value estimate).
Our most-likely fair value is $54.81 a share — about 541.0% above today's price of $8.55, 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 $1.11B Interest coverage 2.82x +552% vs VYX Carries about 6.5x more debt cushion than 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 $18.44M Interest coverage 87.79x +20,160% vs VYX Carries about 202.6x more debt cushion than VYX.
Total debt $19.95M Interest coverage -116.30x -100% vs VYX This peer has almost no interest-payment cushion compared with 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 30.5x P/E vs peer median 68.7x (55.6% cheaper).
Risks
-
Stock trades 11.1% 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)
30.54x
Forward P/E
8.33x
P/B
1.27x
P/S
0.46x
EV/EBITDA
9.81x
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
-1.1%
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
—
Payout ratio
0.0%
Last ex-div date
—