NCR Voyix (VYX)
Market Price (3/17/2026): $7.005 | Market Cap: $970.9 MilSector: Information Technology | Industry: IT Consulting & Other Services
NCR Voyix (VYX)
Market Price (3/17/2026): $7.005Market Cap: $970.9 MilSector: Information TechnologyIndustry: IT Consulting & Other Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% | Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -142% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 115% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -46% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Cloud Computing, and E-commerce & Digital Retail. Themes include Digital Payments, Show more. | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% | |
| Key risksVYX key risks include [1] significant cybersecurity threats evidenced by a past ransomware attack, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.5% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -46% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, Cloud Computing, and E-commerce & Digital Retail. Themes include Digital Payments, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -75%, 3Y Excs Rtn is -142% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 115% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.7% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -7.8%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -14% |
| Key risksVYX key risks include [1] significant cybersecurity threats evidenced by a past ransomware attack, Show more. |
Qualitative Assessment
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NCR Voyix (VYX) stock has lost about 30% since 11/30/2025 because of the following key factors:
1. Cautious 2026 Revenue Guidance Due to Hardware ODM Transition.
Despite exceeding analyst expectations for its fourth-quarter 2025 earnings with an EPS of $0.31 against forecasts of $0.28-$0.29 and revenue of $720 million surpassing anticipated $690.48 million, NCR Voyix's stock declined, falling 2.64% in pre-market trading after the announcement on February 26, 2026. This negative reaction was primarily driven by the company's cautious 2026 revenue outlook. NCR Voyix projected reported revenue for 2026 to be between $2.21 billion and $2.325 billion, representing a significant year-over-year decline of 13% to 18%. This decline is mainly attributed to the strategic transition of its hardware business to an Outsourced Design and Manufacturing (ODM) model, expected to be completed by the end of Q1 2026, which shifts revenue recognition from gross hardware sales to net sales commissions. The market perceived this forward guidance as a substantial headwind, fueling skepticism about the company's ability to maintain growth momentum during its strategic transformation to a recurring revenue model.
2. Analyst Price Target Reductions.
Following the Q4 2025 earnings report and the cautious 2026 guidance, several investment firms lowered their price targets for NCR Voyix. For instance, DA Davidson reduced its target price from $17.00 to $14.00 on March 5, 2026. Needham & Company LLC also cut its price objective from $15.00 to $12.00 on February 26, 2026, while The Goldman Sachs Group lowered its target from $13.00 to $11.50 on January 13, 2026. These reductions, even when analysts maintained "buy" or "neutral" ratings, reflected a more conservative outlook on the stock's near-term valuation and future growth prospects amidst the ongoing business model transition.
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1. Cautious 2026 Revenue Guidance Due to Hardware ODM Transition.
Despite exceeding analyst expectations for its fourth-quarter 2025 earnings with an EPS of $0.31 against forecasts of $0.28-$0.29 and revenue of $720 million surpassing anticipated $690.48 million, NCR Voyix's stock declined, falling 2.64% in pre-market trading after the announcement on February 26, 2026. This negative reaction was primarily driven by the company's cautious 2026 revenue outlook. NCR Voyix projected reported revenue for 2026 to be between $2.21 billion and $2.325 billion, representing a significant year-over-year decline of 13% to 18%. This decline is mainly attributed to the strategic transition of its hardware business to an Outsourced Design and Manufacturing (ODM) model, expected to be completed by the end of Q1 2026, which shifts revenue recognition from gross hardware sales to net sales commissions. The market perceived this forward guidance as a substantial headwind, fueling skepticism about the company's ability to maintain growth momentum during its strategic transformation to a recurring revenue model.
2. Analyst Price Target Reductions.
Following the Q4 2025 earnings report and the cautious 2026 guidance, several investment firms lowered their price targets for NCR Voyix. For instance, DA Davidson reduced its target price from $17.00 to $14.00 on March 5, 2026. Needham & Company LLC also cut its price objective from $15.00 to $12.00 on February 26, 2026, while The Goldman Sachs Group lowered its target from $13.00 to $11.50 on January 13, 2026. These reductions, even when analysts maintained "buy" or "neutral" ratings, reflected a more conservative outlook on the stock's near-term valuation and future growth prospects amidst the ongoing business model transition.
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Stock Movement Drivers
Fundamental Drivers
The -31.8% change in VYX stock from 11/30/2025 to 3/16/2026 was primarily driven by a -32.7% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3162026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.11 | 6.89 | -31.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,645 | 2,687 | 1.6% |
| P/S Multiple | 0.5 | 0.4 | -32.7% |
| Shares Outstanding (Mil) | 138 | 139 | -0.3% |
| Cumulative Contribution | -31.8% |
Market Drivers
11/30/2025 to 3/16/2026| Return | Correlation | |
|---|---|---|
| VYX | -31.8% | |
| Market (SPY) | -2.1% | 44.7% |
| Sector (XLK) | -3.0% | 32.0% |
Fundamental Drivers
The -47.7% change in VYX stock from 8/31/2025 to 3/16/2026 was primarily driven by a -94.2% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 3162026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.18 | 6.89 | -47.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,669 | 2,687 | 0.7% |
| Net Income Margin (%) | 39.5% | 2.3% | -94.2% |
| P/E Multiple | 1.7 | 15.4 | 793.2% |
| Shares Outstanding (Mil) | 138 | 139 | -0.5% |
| Cumulative Contribution | -47.7% |
Market Drivers
8/31/2025 to 3/16/2026| Return | Correlation | |
|---|---|---|
| VYX | -47.7% | |
| Market (SPY) | 4.0% | 46.4% |
| Sector (XLK) | 5.9% | 34.2% |
Fundamental Drivers
The -38.9% change in VYX stock from 2/28/2025 to 3/16/2026 was primarily driven by a -93.2% change in the company's Net Income Margin (%).| (LTM values as of) | 2282025 | 3162026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.28 | 6.89 | -38.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,818 | 2,687 | -4.6% |
| Net Income Margin (%) | 34.0% | 2.3% | -93.2% |
| P/E Multiple | 1.7 | 15.4 | 802.2% |
| Shares Outstanding (Mil) | 145 | 139 | 4.6% |
| Cumulative Contribution | -38.9% |
Market Drivers
2/28/2025 to 3/16/2026| Return | Correlation | |
|---|---|---|
| VYX | -38.9% | |
| Market (SPY) | 13.6% | 56.7% |
| Sector (XLK) | 23.6% | 52.1% |
Fundamental Drivers
The -73.0% change in VYX stock from 2/28/2023 to 3/16/2026 was primarily driven by a -73.7% change in the company's P/E Multiple.| (LTM values as of) | 2282023 | 3162026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.53 | 6.89 | -73.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,174 | 2,687 | -15.3% |
| Net Income Margin (%) | 1.9% | 2.3% | 22.1% |
| P/E Multiple | 58.5 | 15.4 | -73.7% |
| Shares Outstanding (Mil) | 138 | 139 | -0.7% |
| Cumulative Contribution | -73.0% |
Market Drivers
2/28/2023 to 3/16/2026| Return | Correlation | |
|---|---|---|
| VYX | -73.0% | |
| Market (SPY) | 75.1% | 43.2% |
| Sector (XLK) | 107.5% | 34.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VYX Return | 7% | -42% | -28% | -18% | -26% | -36% | -83% |
| Peers Return | -10% | -39% | 47% | 42% | 1% | -25% | -13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 77% |
Monthly Win Rates [3] | |||||||
| VYX Win Rate | 50% | 33% | 58% | 33% | 33% | 0% | |
| Peers Win Rate | 50% | 33% | 57% | 53% | 53% | 20% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| VYX Max Drawdown | -12% | -54% | -37% | -35% | -44% | -36% | |
| Peers Max Drawdown | -28% | -58% | -12% | -22% | -32% | -30% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ORCL, TOST, FOUR, LSPD, SHOP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/16/2026 (YTD)
How Low Can It Go
| Event | VYX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -70.1% | -25.4% |
| % Gain to Breakeven | 234.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -67.1% | -33.9% |
| % Gain to Breakeven | 203.6% | 51.3% |
| Time to Breakeven | 280 days | 148 days |
| 2018 Correction | ||
| % Loss | -57.6% | -19.8% |
| % Gain to Breakeven | 135.9% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -76.4% | -56.8% |
| % Gain to Breakeven | 324.4% | 131.3% |
| Time to Breakeven | 1,432 days | 1,480 days |
Compare to ORCL, TOST, FOUR, LSPD, SHOP
In The Past
NCR Voyix's stock fell -70.1% during the 2022 Inflation Shock from a high on 5/17/2021. A -70.1% loss requires a 234.0% gain to breakeven.
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About NCR Voyix (VYX)
NCR Corporation provides various software and services worldwide. It operates through Banking, Retail, Hospitality, and Telecommunications and Technology segments. The company offers managed services and ATM-as-a-Service that allow banks to run their end-to-end ATM channels; software, services, and hardware; and digital banking solutions for financial institution's consumer and business customers. It also provides solutions for banking channel services, transaction processing, imaging, and branch services. In addition, the company offers solutions for retail industry comprising comprehensive API-point of sale (POS) retail software platforms and applications, hardware terminals and peripherals, payment processing solutions, and consumer engagement solutions, as well as self-service kiosks, which consists of self-checkout (SCO). Further, it provides technology solutions to customers in the hospitality industry comprising table-service, quick-service, and fast casual restaurants. The company also offers cloud-based software applications for point-of-sale, back office, payment processing, kitchen production, restaurant management, eCommerce, and consumer marketing and loyalty; and hospitality-oriented hardware products, such as POS terminals, kitchen display systems, handheld devices, printers, and peripherals. Additionally, NCR Corporation provides managed network and infrastructure services to enterprise clients, as well as professional, field, and remote services for network technologies. The company also offers solutions for customer account opening and onboarding across digital, branch, and call center channels. NCR Corporation was founded in 1881 and is headquartered in Atlanta, Georgia.
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Here are 1-2 brief analogies to describe NCR Voyix:
- NCR Voyix is like **an enterprise-grade Square or Toast for banks, major retailers, and restaurant chains**, powering their core transactions and customer interactions.
- NCR Voyix is like **a combination of Diebold Nixdorf (for banking tech) and a large-scale Toast (for restaurant and retail point-of-sale)**, serving enterprise clients across these sectors.
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```html- ATM & Banking Channel Management: Provides managed services and ATM-as-a-Service that enable banks to run their end-to-end ATM channels and related branch services.
- Digital Banking Solutions: Offers software, services, and hardware for financial institutions' consumer and business digital banking needs, including customer account opening and onboarding.
- Retail Point-of-Sale (POS) & Self-Service: Delivers comprehensive API-POS retail software platforms, hardware terminals, and self-service kiosks (SCO) for retail operations.
- Retail Payment Processing: Provides integrated solutions for payment processing within the retail industry.
- Hospitality Point-of-Sale & Management: Offers cloud-based software applications for restaurant POS, back office, kitchen production, payment processing, and restaurant management across various restaurant types.
- Hospitality Hardware: Supplies specialized hardware products such as POS terminals, kitchen display systems, and handheld devices for the hospitality industry.
- Managed Network & Infrastructure Services: Provides managed network and infrastructure services, alongside professional and field services, to enterprise clients.
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NCR Voyix (VYX) sells primarily to other companies. Based on the provided company description, its major customer segments are:
- Banks and Financial Institutions: NCR Voyix provides managed services, ATM-as-a-Service, digital banking solutions, transaction processing, imaging, and branch services for these entities.
- Retailers: The company offers comprehensive API-point of sale (POS) retail software platforms, hardware terminals and peripherals, payment processing solutions, consumer engagement solutions, and self-service kiosks (SCO).
- Hospitality Industry (Restaurants): NCR Voyix provides technology solutions for table-service, quick-service, and fast casual restaurants, including cloud-based software applications for POS, back office, payment processing, and various hardware products.
- Enterprise Clients: The company offers managed network and infrastructure services, as well as professional, field, and remote services for network technologies.
The provided background information does not list specific names of customer companies.
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James G. Kelly, President and CEO
James G. Kelly was appointed President and CEO of NCR Voyix on February 5, 2025. He previously served as the Executive Chair of the Board of NCR Voyix from May 9, 2024, until his appointment as CEO. Kelly has been a director of NCR Voyix since the Board was constituted in October 2023, following the spin-off of the ATM-related businesses. Before joining NCR Voyix, he served as the Chief Executive Officer of EVO Payments, Inc. for 12 years, until its acquisition by Global Payments, Inc. in March 2023. Earlier in his career at Global Payments, Kelly held significant roles including President and Chief Operating Officer from 2006 to 2010, and Senior Executive Vice President and Chief Financial Officer from 2000 to 2005.
Brian Webb-Walsh, Executive Vice President and Chief Financial Officer
Brian Webb-Walsh serves as the Executive Vice President and Chief Financial Officer of NCR Voyix. His extensive financial management experience includes roles as CFO-designate at NCR Corporation, International CFO at UPS, and Chief Financial Officer at Conduent.
Nick East, Chief Product Officer
Nick East is the Chief Product Officer at NCR Voyix, overseeing product strategy for both retail and restaurant segments. He joined the company through a prior acquisition and has been instrumental in accelerating the launch of new platform solutions and repositioning NCR Voyix as a platform-powered company.
Darren Wilson, President, Retail and Payments
Darren Wilson holds the position of President, Retail and Payments at NCR Voyix. In this role, he is responsible for strengthening customer relationships, reorganizing the sales organization, and delivering the company's platform solutions to the market.
Benny Tadele, President, Restaurants
Benny Tadele is the Executive Vice President and President of Restaurants for NCR Voyix. Prior to joining NCR Voyix, Tadele held various leadership positions at ACI Worldwide, including Executive Vice President, Head of North America, and Senior Vice President, Global Head of Revenue Growth. He possesses a strong background in technical services and software engineering.
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The key risks to NCR Voyix's business (VYX) include significant debt levels and weak free cash flow, challenges associated with its business model transition, and intense competition in its operating markets.
- High Debt Levels and Weak Free Cash Flow
NCR Voyix carries substantial debt, which is identified as a significant internal headwind. This high leverage constrains the company's ability to invest aggressively in research and development or pursue strategic acquisitions. The company's financial health indicators, such as its Altman Z-Score, suggest potential financial distress and operational challenges, with a high debt-to-equity ratio indicating a considerable level of leverage. Analysts have noted that high debt levels coupled with weak free cash flow make the stock a risky proposition and that substantial operational improvements are needed. - Challenging Business Model Transition and Revenue Decline
NCR Voyix is undergoing a complex and strategic transition from a legacy hardware-centric business to a platform-led software and services provider, particularly focusing on a Software-as-a-Service (SaaS) model. This transition has contributed to ongoing revenue decline and profitability challenges. For instance, the strategic shift of its hardware business to an Outsourced Design and Manufacturing (ODM) model is expected to lead to a significant year-over-year decline in reported revenue by 2026, as revenue recognition shifts from gross hardware sales to net sales commissions. The company has historically struggled to develop competitive next-generation products quickly enough to retain customers. - Intense Competition
The company operates in highly competitive markets across its banking, retail, and hospitality segments. NCR Voyix faces competition from established giants like Fiserv and FIS, as well as disruptive innovators such as Block and Toast. These competitors often possess stronger balance sheets, higher and more consistent revenue growth, and superior profitability, putting NCR Voyix at a disadvantage in an industry where innovation is paramount. Failure to compete effectively could result in a loss of market share.
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The Accelerated Shift to Purely Digital and Mobile-First Banking and Fintech Solutions: While NCR Voyix offers digital banking solutions, a significant portion of its banking segment relies on traditional physical infrastructure such as ATMs and branch services. The rapid expansion of purely digital challenger banks, embedded finance solutions, and mobile-first fintechs threatens to reduce the fundamental demand for physical banking touchpoints and the associated hardware and services that VYX provides. This trend, if it continues to accelerate, could render parts of VYX's traditional banking offerings less relevant, similar to how streaming services disrupted physical video rental.
The Dominance of Highly Integrated, Cloud-Native Vertical SaaS Platforms in Retail and Hospitality: In both the retail and hospitality sectors, there is a clear emergence of specialized, end-to-end cloud-based software-as-a-service (SaaS) platforms (e.g., Toast, Lightspeed, Square for Restaurants/Retail). These platforms bundle point-of-sale (POS), payment processing, inventory management, customer relationship management (CRM), online ordering, and loyalty programs into a single, cohesive, and often more user-friendly ecosystem. This trend directly challenges VYX’s more modular or potentially legacy-integrated offerings by providing a superior, more agile, and often lower total cost of ownership solution, potentially eroding VYX's market share in these key segments.
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NCR Voyix (VYX) operates in several addressable markets for its main products and services, spanning banking, retail, hospitality, and managed network and infrastructure services.
Banking Solutions
- ATM Managed Services: The global ATM managed services market was valued at approximately USD 9.04 billion in 2025 and is projected to grow to USD 20.85 billion by 2034. In North America, the market was valued at over USD 2.86 billion in 2024. The U.S. ATM managed services market size is expected to reach nearly USD 6.18 billion in 2035.
- Digital Banking Platforms: The global digital banking platform market size was estimated at USD 37.49 billion in 2025 and is projected to reach USD 155.44 billion by 2033. Asia Pacific held the largest revenue share in 2025 with 32.5%.
Retail Solutions
- Point-of-Sale (POS) Software: The global point-of-sale software market size was valued at USD 17.13 billion in 2025 and is expected to reach USD 38.87 billion by 2033. The overall global point of sale market, including hardware, software, and services, was valued at USD 38.56 billion in 2025 and is projected to grow to USD 138.92 billion by 2034. In North America, the market is poised to be USD 10.41 billion in 2025.
- Self-Service Kiosks (Self-Checkout - SCO): The global self-checkout system market size was valued at USD 6.30 billion in 2025 and is projected to grow to USD 21.61 billion by 2034. North America dominated this market with a valuation of USD 2.63 billion in 2025.
Hospitality Solutions
- Restaurant POS Terminals and Software: The global restaurant Point of Sale (POS) Terminals market size was estimated at USD 22.92 billion in 2024 and is expected to reach USD 31.10 billion by 2032. The global restaurant POS software market size was evaluated at USD 9.42 billion in 2022 and is slated to reach USD 17.87 billion by 2030. The broader restaurant POS terminals market is estimated to be USD 25.1 billion in 2025 and projected to reach USD 49.3 billion by 2035. North America is the largest market for Hospitality Point of Sale (POS) software, holding approximately 45% of the global market share.
- Restaurant Management Software: The global restaurant management software market size was estimated at USD 5.79 billion in 2024 and is projected to reach USD 14.70 billion by 2030. North America dominated this market with a share of 32.9% in 2024.
Telecommunications and Technology Segment
- Managed Network Services: The global managed network services market is expected to reach USD 172.04 billion by 2030 from USD 120.74 billion in 2025. North America held approximately 33% of the global market share, generating around USD 21.91 billion in revenue in 2024.
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For NCR Voyix (VYX), the following are expected drivers of future revenue growth over the next 2-3 years:
- Accelerated Platform Conversion and Modernization: NCR Voyix is focused on migrating existing clients to its cloud-based Voyix Commerce Platform (VCP) and launching new cloud-to-edge applications. This initiative has shown significant growth, with platform sites increasing by 27% year-over-year in Q1 2025 to 77,000 locations, and 8% year-over-year to 80,000 as of December 31, 2025. The company recently launched its largest portfolio of proprietary cloud-to-edge applications in January 2026 and secured long-term platform agreements with new enterprise retailers for Voyix POS implementation.
- Expansion of Embedded Payment Solutions: The company is expanding its payment offerings through strategic integrations, such as a partnership with Worldpay, which was expected to be operational by summer 2025. This strategy aims to deepen integration, reduce customer costs and complexity, and boost recurring revenue. Payment sites increased by 7% in Q1 2025, reaching 8,000 sites, and by 12% in Q4 2025.
- New Customer Acquisition and Market Share Expansion: NCR Voyix is actively acquiring new mid-market and enterprise customers within its core restaurant and retail segments, while also strengthening relationships with existing clients. In Q1 2025, the restaurant business added nearly 200 new software and services customers. In Q4 2025, the retail business signed 40 new customers, and the restaurant business signed over 150 new customers, demonstrating steady growth in enterprise and mid-market segments.
- Shift to a Software and Services-Led Business Model: A key aspect of NCR Voyix's growth strategy involves transitioning its business towards a software and services-led model, thereby increasing recurring revenue streams and improving profit margins. This includes outsourcing its hardware business to an ODM model (with Ennoconn Corporation), projected to increase recurring revenue from approximately 60% to 75% once fully implemented in 2025. The company expects recurring revenue to improve throughout 2026.
- Innovation and Launch of New Products and Features: Strategic investments in innovative product offerings, including its cloud-native platform and payments initiatives, are central to its digital transformation strategy. The company plans to launch several enterprise platform solutions and anticipates improvement in its SMB performance for the restaurant segment with the "Aloha Next" launch in the second half of 2026.
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Share Repurchases
- NCR Voyix repurchased approximately 10 million shares for $125 million between November 2024 and April 2025.
- In February 2025, a $100 million share repurchase program, announced in November (presumably 2024), was completed, involving 7.3 million shares.
- The Board of Directors authorized an increase to the share repurchase program in February 2026, bringing the total authorized amount to $300 million, covering both common and preferred stock.
Share Issuance
- As of March 11, 2024, NCR Voyix had 144,290,210 shares of common stock issued and outstanding.
- Approximately 141.2 million shares of common stock were issued and outstanding as of November 9, 2023.
- The number of shares outstanding decreased by 2.52% in one year up to November 6, 2025, indicating that share repurchases have outpaced new issuances.
Capital Expenditures
- For the full year 2025, NCR Voyix projected capital expenditures of approximately $160 million, with $119 million already spent year-to-date (as of a Q4 2025 reporting period).
- The company invested $38 million in capital expenditures during the third quarter of 2025.
- Capital expenditures are primarily focused on accelerating product investments and technology, including property and equipment, purchased software, and internally developed software.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| NCR Voyix Earnings Notes | 12/16/2025 | |
| Is NCR Voyix Stock Built to Withstand a Pullback? | 10/17/2025 | |
| Better Bet Than VYX Stock: Pay Less Than NCR Voyix To Get More From INOD | 08/21/2025 | |
| NCR Voyix (VYX) EBITDA Comparison | 08/09/2025 | |
| NCR Voyix (VYX) Net Income Comparison | 08/09/2025 | |
| NCR Voyix (VYX) Revenue Comparison | 08/09/2025 | |
| NCR Voyix (VYX) Tax Expense Comparison | 08/09/2025 | |
| NCR Voyix (VYX) Operating Cash Flow Comparison | 08/09/2025 | |
| NCR Voyix (VYX) Operating Income Comparison | 08/09/2025 | |
| NCR Voyix (VYX) Debt Comparison | 08/09/2025 | |
| ARTICLES | ||
| Better Bet Than NCR Voyix Stock: Pay Less To Get More From INOD | 08/21/2025 |
Trade Ideas
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| 02282026 | BMI | Badger Meter | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02282026 | VRNS | Varonis Systems | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | ITRI | Itron | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | FSLR | First Solar | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | PEGA | Pegasystems | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 05312025 | VYX | NCR Voyix | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -8.8% | -31.1% | -31.1% |
| 10312023 | VYX | NCR Voyix | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -19.9% | -14.0% | -28.2% |
| 09302022 | VYX | NCR Voyix | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 24.1% | 41.9% | -1.9% |
| 03312020 | VYX | NCR Voyix | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 24.4% | 114.4% | -8.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 36.35 |
| Mkt Cap | 9.7 |
| Rev LTM | 5,166 |
| Op Inc LTM | 320 |
| FCF LTM | 190 |
| FCF 3Y Avg | 315 |
| CFO LTM | 648 |
| CFO 3Y Avg | 439 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.5% |
| Rev Chg 3Y Avg | 23.6% |
| Rev Chg Q | 18.1% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Mgn LTM | 6.5% |
| Op Mgn 3Y Avg | 3.4% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 13.0% |
| CFO/Rev 3Y Avg | 10.9% |
| FCF/Rev LTM | 4.8% |
| FCF/Rev 3Y Avg | 5.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.7 |
| P/S | 1.9 |
| P/EBIT | 27.0 |
| P/E | 27.0 |
| P/CFO | 20.9 |
| Total Yield | 3.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.0% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.7% |
| 3M Rtn | -22.3% |
| 6M Rtn | -38.2% |
| 12M Rtn | -17.9% |
| 3Y Rtn | 15.3% |
| 1M Excs Rtn | 2.5% |
| 3M Excs Rtn | -22.7% |
| 6M Excs Rtn | -39.7% |
| 12M Excs Rtn | -34.8% |
| 3Y Excs Rtn | -61.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Retail | 1,956 | 2,177 | 2,182 | 2,231 | 2,080 |
| Restaurants | 825 | 886 | 857 | 849 | 684 |
| Other | 37 | 115 | 207 | ||
| Digital Banking | 547 | 513 | |||
| Corporate and Other | 297 | ||||
| Eliminations | -26 | ||||
| Other adjustment | 0 | ||||
| Payments & Network | 675 | ||||
| Self-Service Banking | 2,617 | ||||
| Banking | 3,098 | ||||
| Telecommunications and technology (T&T) | 345 | ||||
| Total | 2,818 | 3,178 | 3,793 | 7,156 | 6,207 |
Price Behavior
Price Behavior
| Market Price | $6.89 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -52.9% | |
| 50 Days | 200 Days | |
| DMA Price | $9.34 | $11.28 |
| DMA Trend | down | down |
| Distance from DMA | -26.2% | -38.9% |
| 3M | 1YR | |
| Volatility | 57.0% | 50.5% |
| Downside Capture | 308.78 | 201.46 |
| Upside Capture | 127.62 | 128.66 |
| Correlation (SPY) | 42.4% | 56.9% |
VYX Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.27 | 2.94 | 2.48 | 1.98 | 1.50 | 1.40 |
| Up Beta | 2.08 | 2.86 | 3.07 | 2.41 | 1.46 | 1.29 |
| Down Beta | 2.10 | 2.70 | 2.23 | 2.07 | 1.52 | 1.31 |
| Up Capture | 264% | 183% | 160% | 82% | 127% | 137% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 10 | 20 | 32 | 56 | 120 | 357 |
| Down Capture | 485% | 378% | 288% | 217% | 140% | 112% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 11 | 21 | 29 | 67 | 125 | 381 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VYX | |
|---|---|---|---|---|
| VYX | -30.8% | 50.6% | -0.56 | - |
| Sector ETF (XLK) | 34.4% | 26.7% | 1.08 | 52.4% |
| Equity (SPY) | 22.5% | 18.9% | 0.94 | 57.8% |
| Gold (GLD) | 68.7% | 26.2% | 1.98 | -9.9% |
| Commodities (DBC) | 19.7% | 17.3% | 0.91 | 18.4% |
| Real Estate (VNQ) | 9.3% | 16.2% | 0.37 | 43.0% |
| Bitcoin (BTCUSD) | -9.2% | 44.2% | -0.09 | 37.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VYX | |
|---|---|---|---|---|
| VYX | -21.5% | 46.2% | -0.36 | - |
| Sector ETF (XLK) | 17.3% | 24.6% | 0.63 | 45.2% |
| Equity (SPY) | 13.1% | 17.0% | 0.60 | 53.8% |
| Gold (GLD) | 23.6% | 17.2% | 1.12 | 2.2% |
| Commodities (DBC) | 11.2% | 19.0% | 0.47 | 15.1% |
| Real Estate (VNQ) | 4.9% | 18.8% | 0.16 | 43.5% |
| Bitcoin (BTCUSD) | 6.1% | 56.7% | 0.33 | 22.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VYX | |
|---|---|---|---|---|
| VYX | -8.4% | 47.4% | -0.00 | - |
| Sector ETF (XLK) | 22.1% | 24.2% | 0.83 | 50.5% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 59.3% |
| Gold (GLD) | 14.4% | 15.6% | 0.76 | -1.3% |
| Commodities (DBC) | 8.4% | 17.6% | 0.39 | 23.9% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 49.0% |
| Bitcoin (BTCUSD) | 67.9% | 66.8% | 1.07 | 17.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | -9.4% | -10.0% | |
| 11/6/2025 | -6.5% | -2.2% | -15.9% |
| 8/7/2025 | -5.5% | -4.1% | 0.4% |
| 5/8/2025 | 16.1% | 24.5% | 29.7% |
| 2/27/2025 | -1.8% | -9.2% | -10.8% |
| 11/7/2024 | -0.1% | 4.4% | 1.1% |
| 8/6/2024 | -6.4% | -3.1% | 2.4% |
| 5/9/2024 | -3.6% | 3.3% | 1.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 11 | 14 |
| # Negative | 15 | 13 | 9 |
| Median Positive | 11.9% | 10.6% | 10.9% |
| Median Negative | -6.4% | -5.0% | -10.8% |
| Max Positive | 16.2% | 24.5% | 29.9% |
| Max Negative | -23.2% | -16.7% | -15.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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