# NCR Voyix (VYX.US)

Canonical: https://gigainvestors.com/s/VYX

Analysis as of: 2026-10-16T07:32:59.947Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.56 per share; close as of 2026-10-15.

Estimated value: low $15.80 per share, central $17.79 per share, high $20.44 per share. Buy at or below the central value $17.79 per share. Valuation as of 2026-10-16T07:32:59.947Z; scenarios are not confidence intervals.

Expected annual return: 22.3% at the stated quote. About 22.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 3

- Operating margin variation: 1.59×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.11×

- FY2018: 0.03×

- FY2019: 0.09×

- FY2020: 0.04×

- FY2021: 0.01×

- FY2022: -0.02×

- FY2023: -0.04×

- FY2024: -0.01×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.2%

- ROIC, second-lowest year: -9.5%

- Typical minus recent gross margin: 3.8 pp

- Typical gross margin (annual median): 24.8%

- Recent gross margin (lower of latest and 3-year median): 21.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.5%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 37.3%

- FY2017: 36.2%

- FY2018: 9.8%

- FY2019: 36.1%

- FY2020: 11.8%

- FY2021: 0.9%

- FY2022: -0.8%

- FY2023: -9.5%

- FY2024: -74.9%

- FY2025: 2.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $734M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -7.6 pp

- Working capital / revenue, final three-year average: 11.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.74×

- FY2022: 4.88×

- FY2023: 0.57×

- FY2024: 1.08×

- FY2025: 2.57×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 36.2% vs -9.5%

- Per-share earnings: 1.12 to 0.30 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquisition spending exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -6.4%

- Ordinary dilution, 5-year annual growth: -7.6%

- Market cap gain: -$3.6B

- Cumulative retained earnings: -$308M

- Diluted shares, 10-year annual growth: -6.4%

- Diluted shares, 5-year annual growth: -7.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -15.3%

- Per-share value change: -$0.82

- Per-share value, starting three-year median: $1.12

- Per-share value, ending three-year median: $0.30

- Buybacks concentrated in cheaper years (correlation): 0.32

- Average buyback yield: 5.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.9B

- Cumulative net income, 10 years: $1.6B

- ROIC, first three-year median: 36.2%

- ROIC, last three-year median: -9.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.28

- FY2017: $1.12

- FY2018: -$0.46

- FY2019: $2.38

- FY2020: -$0.38

- FY2021: $0.74

- FY2022: $0.44

- FY2023: -$3.01

- FY2024: $6.62

- FY2025: $0.30

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.4%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -5.00×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.69×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.7%

- FY2017: -6.7%

- FY2018: -8.0%

- FY2019: -0.8%

- FY2020: -8.6%

- FY2021: -7.8%

- FY2022: -3.2%

- FY2023: -22.4%

- FY2024: 24.5%

- FY2025: 6.4%

## Holders

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 70% since Feb 2022 · sales -4.9%

Story as of 2026-10-16T09:59:50.132Z; price observation 2026-10-15.

Price needs cash profits to shrink 11.5% a year for ten years

### Sales · FY2024–2025

sales -4.9%; source https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm; observed 2026-02-26.

- FY2016: $6.5B 

- FY2017: $6.5B 

- FY2018: $6.4B 

- FY2019: $6.9B 

- FY2020: $6.2B 

- FY2021: $3.7B 

- FY2022: $3.2B 

- FY2023: $3.2B 

- FY2024: $2.8B 

- FY2025: $2.7B 

### Gross margin · FY2025

gross margin 23.6%; source https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm; observed 2026-02-26.

- FY2016: 27.8% 

- FY2017: 28.5% 

- FY2018: 26.2% 

- FY2019: 27.8% 

- FY2020: 24.6% 

- FY2021: 25.1% 

- FY2022: 21.6% 

- FY2023: 21.1% 

- FY2024: 20.5% 

- FY2025: 23.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in information technology services; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm (filed 2026-02-26); FY2025: revenue 2687000000; grossProfit 634000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VYX.US: NCR Voyix Corporation provides digital commerce solutions for retail stores and restaurants in the United States, the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company operates through Retail and Restaurants segments. It offers application program interface connectivity to retail software platforms and applications, hardware terminals, self-service kiosks, including self-checkout, payment processing and merchant acquiring solutions, and bar-code scanners for enterprise and mid-market retailers in the convenience fuel retail and department specialty retail industries, as well as grocery stores, drug stores, and big box retailers. The company also provides POS hardware and software solutions; payment processing; and installation and maintenance services, as well as managed and professional services for restaurants and food service establishment, including quick service, table service and fast casual restaurants. In addition, it offers Voyix Commerce Platform; and back-office solutions, including payment, data and analytics, inventory, and scheduling and labor management solutions. Further, the company provides online ordering; white-labeled websites and mobile applications; Aloha Next by Voyix; and consumer experience, loyalty and marketing. It also provides professional, field break-fix, restaurant managed, installation services, and connected service desk; and fixed and mobile point-of-sale and consumer display terminals, self-checkout hardware, kiosks, kitchen display systems, printers, cash drawers, keyboards, handheld scanners and payment terminals, and ordering kiosks. The company was formerly known as NCR Corporation and changed its name to NCR Voyix Corporation in October 2023. The company was incorporated in 1884 and is headquartered in Atlanta, Georgia.

### Why customers stay

Margins ranged from 20.5% to 23.6% during 2023–25; it earns 6.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 20.5%.

- Source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 23.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.3730924717246062],[2017,0.36163446054750403],[2018,0.09829770387965163],[2019,0.361324659964518],[2020,0.1182859078590786],[2021,0.009169642857142857],[2022,-0.00769380599922088],[2023,-0.09471189591078066],[2024,-0.7494871794871795],[2025,0.025901639344262296]]; median 0.062099671611956966. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 148 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 227000000; cash acquisitions 0; owner earnings 387000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 294000000; cash acquisitions 8000000; owner earnings 292000000. Growth capex plus acquisitions / owner earnings = 0.0273972602739726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 329000000; cash acquisitions 203000000; owner earnings 568000000. Growth capex plus acquisitions / owner earnings = 0.3573943661971831.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 263000000; cash acquisitions 25000000; owner earnings 22000000. Growth capex plus acquisitions / owner earnings = 1.1363636363636365.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 348000000; cash acquisitions 2473000000; owner earnings 266000000. Growth capex plus acquisitions / owner earnings = 9.296992481203008.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 377000000; cash acquisitions 13000000; owner earnings 293000000. Growth capex plus acquisitions / owner earnings = 0.04436860068259386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 217000000; cash acquisitions 0; owner earnings 1038000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 165000000; cash acquisitions 0; owner earnings 108000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,1323000000],[2017,1936000000],[2018,2452000000],[2019,5285000000],[2020,9000000],[2021,15000000],[2022,15000000],[2023,15000000],[2024,15000000],[2025,15000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 148000000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); VYX.US SharesStats.PercentInsiders = 0.942 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 11.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate -0.17265057202312056. Price 7.56; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.3623878061993938 → FY2025 0.7654145995747696. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $21.50 per share

- 2016-11: $23.77 per share

- 2016-12: $24.88 per share

- 2017-01: $26.39 per share

- 2017-02: $29.49 per share

- 2017-03: $28.02 per share

- 2017-04: $25.31 per share

- 2017-05: $23.64 per share

- 2017-06: $25.06 per share

- 2017-07: $23.22 per share

- 2017-08: $22.41 per share

- 2017-09: $23.02 per share

- 2017-10: $19.69 per share

- 2017-11: $19.20 per share

- 2017-12: $20.85 per share

- 2018-01: $23.01 per share

- 2018-02: $20.25 per share

- 2018-03: $19.34 per share

- 2018-04: $18.88 per share

- 2018-05: $18.47 per share

- 2018-06: $18.39 per share

- 2018-07: $17.13 per share

- 2018-08: $17.43 per share

- 2018-09: $17.43 per share

- 2018-10: $16.47 per share

- 2018-11: $17.00 per share

- 2018-12: $14.16 per share

- 2019-01: $16.41 per share

- 2019-02: $17.19 per share

- 2019-03: $16.74 per share

- 2019-04: $17.76 per share

- 2019-05: $18.77 per share

- 2019-06: $19.08 per share

- 2019-07: $20.74 per share

- 2019-08: $19.33 per share

- 2019-09: $19.36 per share

- 2019-10: $17.92 per share

- 2019-11: $20.14 per share

- 2019-12: $21.57 per share

- 2020-01: $20.69 per share

- 2020-02: $15.46 per share

- 2020-03: $10.86 per share

- 2020-04: $12.59 per share

- 2020-05: $11.07 per share

- 2020-06: $10.63 per share

- 2020-07: $11.31 per share

- 2020-08: $12.54 per share

- 2020-09: $13.58 per share

- 2020-10: $12.47 per share

- 2020-11: $16.98 per share

- 2020-12: $23.05 per share

- 2021-01: $20.47 per share

- 2021-02: $21.33 per share

- 2021-03: $23.28 per share

- 2021-04: $28.07 per share

- 2021-05: $29.57 per share

- 2021-06: $27.98 per share

- 2021-07: $27.24 per share

- 2021-08: $26.06 per share

- 2021-09: $23.78 per share

- 2021-10: $24.26 per share

- 2021-11: $23.87 per share

- 2021-12: $24.66 per share

- 2022-01: $23.35 per share

- 2022-02: $24.86 per share

- 2022-03: $24.66 per share

- 2022-04: $21.49 per share

- 2022-05: $21.28 per share

- 2022-06: $19.09 per share

- 2022-07: $19.91 per share

- 2022-08: $19.05 per share

- 2022-09: $11.66 per share

- 2022-10: $13.04 per share

- 2022-11: $14.64 per share

- 2022-12: $14.36 per share

- 2023-01: $16.82 per share

- 2023-02: $15.66 per share

- 2023-03: $14.47 per share

- 2023-04: $13.67 per share

- 2023-05: $14.54 per share

- 2023-06: $15.46 per share

- 2023-07: $16.49 per share

- 2023-08: $18.87 per share

- 2023-09: $16.55 per share

- 2023-10: $15.29 per share

- 2023-11: $15.68 per share

- 2023-12: $16.91 per share

- 2024-01: $14.70 per share

- 2024-02: $14.61 per share

- 2024-03: $12.63 per share

- 2024-04: $12.25 per share

- 2024-05: $13.18 per share

- 2024-06: $12.35 per share

- 2024-07: $14.75 per share

- 2024-08: $13.49 per share

- 2024-09: $13.57 per share

- 2024-10: $12.81 per share

- 2024-11: $14.51 per share

- 2024-12: $13.84 per share

- 2025-01: $12.29 per share

- 2025-02: $11.28 per share

- 2025-03: $9.75 per share

- 2025-04: $8.57 per share

- 2025-05: $11.09 per share

- 2025-06: $11.73 per share

- 2025-07: $13.62 per share

- 2025-08: $13.18 per share

- 2025-09: $12.55 per share

- 2025-10: $11.41 per share

- 2025-11: $10.11 per share

- 2025-12: $10.20 per share

- 2026-01: $9.92 per share

- 2026-02: $7.64 per share

- 2026-03: $6.33 per share

- 2026-04: $6.89 per share

- 2026-05: $7.19 per share

- 2026-06: $8.17 per share

- 2026-07: $8.27 per share

- 2026-08: $8.38 per share

- 2026-09: $6.84 per share

- 2026-10: $7.56 per share

## Annual estimated value (USD per share)

- FY2016: low $21.83 per share, central $24.60 per share, high $28.29 per share

- FY2017: low $17.38 per share, central $19.51 per share, high $22.34 per share

- FY2018: low $13.68 per share, central $15.33 per share, high $17.52 per share

- FY2019: low $16.53 per share, central $19.41 per share, high $22.35 per share

- FY2020: low $15.55 per share, central $17.55 per share, high $20.22 per share

- FY2021: low $16.63 per share, central $18.53 per share, high $21.06 per share

- FY2022: low $19.44 per share, central $21.96 per share, high $25.31 per share

- FY2023: low $19.19 per share, central $21.64 per share, high $24.91 per share

- FY2024: low $19.99 per share, central $22.11 per share, high $24.94 per share

- FY2025: low $16.31 per share, central $18.38 per share, high $21.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/70866/000007086626000006/ncr-20251231.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.