NCR Voyix (VYX) AI Stock Analysis

• Market Cap: $966.13M
• Dividend Yield: N/A
• Average Volume (3M): 2.33M
• Price to Earnings (P/E): 33.7
• Beta (1Y): 1.57
• Revenue Growth: -22.36%
• EPS Growth: 94.85%
• Country: US
• Employees: 14,000
• Sector: Technology
• Sector Strength: 88
• Industry: Information Technology Services
• EPS (TTM): 0.31
• Shares Outstanding: 139,011,370
• 10 Day Avg. Volume: 2,695,603
• 30 Day Avg. Volume: 2,326,556
• PEG Ratio: -0.31
• Price to Book (P/B): 1.22
• Price to Sales (P/S): 0.53
• P/FCF Ratio: -3.77
• Enterprise Value/Market Cap: 2.41
• Enterprise Value/Revenue: 0.87
• Enterprise Value/Gross Profit: 3.67
• Enterprise Value/Ebitda: 8.21
• 1Y Price Target: $12.17
• Price Target Upside: 75.11% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.96
• Revenue Forecast (FY): $2.23B

• Rating: 47 Neutral
• Price Target: $6.50 ▼(-6.47% Downside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily held back by weak financial performance—especially deeply negative and deteriorating operating/free cash flow—and a bearish technical setup with the stock trading below all major moving averages. Earnings-call guidance toward improved EBITDA and positive adjusted free cash flow provides some offset, but near-term revenue headwinds and transition-related execution/cash outlay risks remain.

Positive Factors

Platform Modernization

A unified cloud-to-edge platform consolidates legacy complexity, lowers maintenance, and accelerates feature delivery. This structural shift increases product stickiness, simplifies upgrades and integrations, and supports scalable recurring revenue and cross-sell across retail and restaurant customers over the next several years.

Services-Heavy Revenue Mix

A services-dominated mix creates higher switching costs and more recurring, contractable revenue from deployments, maintenance and managed services. Global services scale enables faster rollouts, reinforces customer relationships, and smooths revenue volatility from one-time hardware cycles.

Improving Profitability & FCF Guidance

Management's explicit EBITDA and adjusted free cash flow targets mark a strategic move from transformation to scaling. If achieved, stronger margins and positive FCF materially reduce funding needs, support reinvestment and de-risk the business model versus prior multi-year negative cash flows.

Negative Factors

Negative Cash Generation

Sustained negative operating and free cash flows strain liquidity and increase dependency on external funding. Even with margin improvement targets, persistent negative cash generation elevates execution risk, limits ability to fund growth or pay down debt, and pressures long-term financial durability.

Substantial Absolute Debt

A large debt burden increases fixed interest obligations and reduces strategic flexibility. With returns (ROE) still negative and elevated restructuring costs, the balance sheet constrains capital allocation, heightens refinancing risk, and makes the company sensitive to any cash-flow shortfalls.

ODM Transition & Backlog Timing Risk

Shifting to an ODM/commission model changes revenue recognition and creates near-term reported revenue decline and execution risk. Large enterprise rollouts and seasonal blackout windows mean backlog conversion is slow (9–18 months), delaying revenue and cash benefits and amplifying timing uncertainty.

NCR Voyix Business Overview & Revenue Model

Company Description

NCR Corporation provides various software and services in the United States, Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company operates through Retail, Hospitality, Digital Banking, Payments & Network, and Self-Service Banking segments. It offers managed services, including ATM-as-a-Service solutions 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. The company also provides solutions for banking channel services, transaction processing, imaging, and branch services. In addition, it 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, the company provides technology solutions to customers in the hospitality industry comprising table-service, quick-service, and fast casual restaurants. It also offers cloud-based and cloud-enabled 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, the company provides managed network and infrastructure services to enterprise clients, as well as professional, field, and remote services for network technologies. It 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.

How the Company Makes Money

NCR Voyix makes money primarily by selling and supporting the technology stack that powers in-store and restaurant commerce. Key revenue streams generally include: (1) Software and subscriptions: recurring revenue from licensing and subscription arrangements for POS and commerce software, cloud-based capabilities, and related software modules used to run transactions and store/restaurant operations; (2) Services: implementation, installation, integration, and ongoing customer support/maintenance, including managed services (such as remote monitoring and field services) to keep systems running across distributed sites; (3) Hardware and other product sales: revenue from the sale of physical devices such as POS terminals, self-checkout units, kiosks, scanners, and peripherals that are deployed in stores and restaurants; and (4) Transaction- and payments-related revenue: to the extent the company provides payment-acceptance enablement or transaction-related software/services, it can earn usage-based fees tied to customer transaction volumes. The company’s earnings are influenced by customer deployment cycles (new store openings, remodels, technology refreshes), the mix of recurring software/services versus one-time hardware/project work, and its ability to cross-sell software, services, and support alongside installed hardware.

NCR Voyix Financial Statement Overview

Summary

Financials are pressured by weak cash generation: TTM operating cash flow (~-$210M) and free cash flow (~-$460M) are deeply negative and worsening, outweighing modest TTM revenue growth (+1.4%) and a healthier (but still leveraged) balance sheet. Profitability is thin (near-breakeven operating margin) and has been volatile, reducing confidence in durability.

Income Statement

TTM (Trailing-Twelve-Months) revenue grew modestly (+1.4%), but profitability remains thin: operating profit is near breakeven (~0.8% of revenue) and EBITDA margin is under 10%. Net income is positive in TTM, yet margins are weak and have been volatile across years (including losses in 2023 and a sharp revenue decline trend versus 2021–2024), which reduces confidence in earnings quality and durability.

Balance Sheet

Leverage has improved meaningfully versus 2023 (debt-to-equity moved from very elevated levels to ~1.2x in TTM), and equity is materially higher than 2023. That said, absolute debt remains sizable (~$1.3B), and returns to shareholders are currently weak (TTM return on equity is negative), indicating the balance sheet is more stable than before but still not translating into consistent value creation.

Cash Flow

Cash generation is the key pressure point: TTM (Trailing-Twelve-Months) operating cash flow is negative (~-$210M) and free cash flow is deeply negative (~-$460M), with further deterioration versus the prior year. With cash flow running below net income and moving in the wrong direction, funding needs and execution risk rise unless working capital and profitability improve quickly.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.69B	2.83B	3.18B	3.17B	3.69B
Gross Profit	634.00M	579.00M	669.00M	684.00M	925.00M
EBITDA	253.00M	232.00M	308.00M	578.00M	488.00M
Net Income	42.00M	958.00M	-423.00M	60.00M	97.00M
Balance Sheet
Total Assets	3.92B	4.45B	4.99B	11.51B	11.64B
Cash, Cash Equivalents and Short-Term Investments	239.00M	724.00M	259.00M	221.00M	447.00M
Total Debt	1.60B	1.35B	2.83B	5.94B	5.95B
Total Liabilities	2.77B	3.25B	4.69B	9.75B	10.11B
Stockholders Equity	1.16B	1.21B	301.00M	1.75B	1.53B
Cash Flow
Free Cash Flow	-375.00M	-349.00M	317.00M	50.00M	661.00M
Operating Cash Flow	-210.00M	-132.00M	694.00M	427.00M	1.01B
Investing Cash Flow	-134.00M	2.19B	-290.00M	-387.00M	-2.83B
Financing Cash Flow	-175.00M	-1.56B	-839.00M	1.00M	2.18B

NCR Voyix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VYX, the sentiment is Negative. The current price of 6.95 is below the 20-day moving average (MA) of 7.98, below the 50-day MA of 9.28, and below the 200-day MA of 11.27, indicating a bearish trend. The MACD of -0.74 indicates Positive momentum. The RSI at 35.21 is Neutral, neither overbought nor oversold. The STOCH value of 18.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VYX.

NCR Voyix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INOD	69 Neutral	$1.44B	50.36	35.11%	―	73.57%	56.21%
FLYW	65 Neutral	$1.47B	128.39	1.67%	―	22.71%	-111.24%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NABL	61 Neutral	$949.42M	-82.49	-2.13%	―	8.65%	-117.14%
TASK	54 Neutral	$978.06M	10.43	18.33%	―	19.88%	51.03%
BBAI	49 Neutral	$1.81B	-83.08	-69.72%	―	-6.95%	-53.69%
VYX	47 Neutral	$966.13M	33.66	5.44%	―	-22.36%	94.85%

NCR Voyix Corporate Events

NCR Voyix Returns to Profitability with Strong 2025 Results

On February 26, 2026, NCR Voyix reported its fourth-quarter and full-year 2025 results, showing a return to profitability and improved margins despite modest revenue pressure. Quarterly revenue rose to $720 million from $678 million and net income from continuing operations swung to a $78 million profit from an $11 million loss, while adjusted EBITDA climbed to $130 million and non-GAAP diluted EPS improved to $0.31.

For 2025 as a whole, revenue slipped to $2.69 billion from $2.82 billion, but the company moved from a $201 million net loss to $42 million in net income, boosted adjusted EBITDA to $425 million and sharply improved non-GAAP EPS to $0.90. Management highlighted progress in repositioning NCR Voyix as a platform-led business, underscored by the January 2026 launch of its largest cloud-to-edge application portfolio, new long-term POS platform deals with 7-Eleven Philippines and Colruyt Group, an expanding base of 80,000 platform sites, and $78 million of share repurchases.

Looking ahead to 2026, the company guided to lower reported revenue of $2.21 billion to $2.33 billion due to a shift in hardware revenue recognition from an ongoing ODM transition, but indicated pro forma revenue would be roughly flat to modestly higher. NCR Voyix expects adjusted EBITDA and non-GAAP EPS to grow further, alongside a substantial increase in adjusted free cash flow, suggesting improving operational efficiency and a business mix tilting more heavily toward software, services and recurring revenue streams.

The most recent analyst rating on (VYX) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on NCR Voyix stock, see the VYX Stock Forecast page.