NCR Voyix (VYX)
NYSE:VYX
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NCR Voyix
(NYSE:VYX)
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Rating:51Neutral
Price Target:
$7.00
▲(2.04% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial quality—especially negative recent operating cash flow and deeply negative free cash flow alongside revenue contraction—despite improving profitability and a better (but still leveraged) balance sheet. Offsetting this, the earnings call was constructive with margin and adjusted cash flow improvement plus platform traction and modest EBITDA-growth guidance, while technicals show near-term momentum but a still-weak longer-term trend. Valuation remains difficult to assess due to the negative P/E and lack of dividend support.
Positive Factors
Platform traction & RCV growth
Rapid growth in remaining contract value (21 platform deals, ~$293M RCV, +75% YoY) signals durable demand for the Voyix Commerce Platform. Recurring contract value improves revenue visibility, supports cross-sell of services, and underpins longer-term shift to higher-margin subscription economics.
Negative Factors
Revenue contraction trend
A sustained top-line decline reduces operating leverage and constrains the company’s ability to invest in product development and go-to-market expansion. With hardware recognition shifts also affecting comparability, persistent revenue contraction raises execution risk for delivering consistent long-term margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform traction & RCV growth
Rapid growth in remaining contract value (21 platform deals, ~$293M RCV, +75% YoY) signals durable demand for the Voyix Commerce Platform. Recurring contract value improves revenue visibility, supports cross-sell of services, and underpins longer-term shift to higher-margin subscription economics.
Read all positive factors
NCR Voyix (VYX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$917.80M
Dividend YieldN/A
Average Volume (3M)2.37M
Price to Earnings (P/E)―
Beta (1Y)1.63
Revenue Growth-7.28%
EPS GrowthN/A
CountryUS
Employees14,000
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)0.39
Shares Outstanding137,807,170
10 Day Avg. Volume2,366,728
30 Day Avg. Volume2,365,935
Financial Highlights & Ratios
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 Cap2.17
Enterprise Value/Revenue0.75
Enterprise Value/Gross Profit3.16
Enterprise Value/Ebitda6.62
Forecast
1Y Price Target
$11.67Price Target Upside70.07% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.91
Revenue Forecast (FY)$2.21B
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 B...
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 a...
NCR Voyix Earnings Call Summary
Earnings Call Date:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful operational progress: margin expansion, positive adjusted free cash flow, strong early commercial traction for the Voyix Commerce Platform (21 contracts, $293M RCV), notable retail momentum, AI/product deployment scale (Picklist Assist), and disciplined capital returns. Offsetting these positives were a modest overall revenue decline (-1%), restaurant segment weakness (-6% revenue), restructuring and ODM transition costs that produced a GAAP loss, and an early-stage position for platform penetration (new software still under 5% of enterprise customers). Management provided a pro forma FY outlook with modest adjusted EBITDA growth and emphasized continued sales cadence and product rollouts. On balance, the strategic progress and cash/margin improvements outweigh near-term transition and SMB challenges, suggesting constructive momentum but with execution risk during the transition to subscription and the hardware/ODM model.Positive Updates
Adjusted EBITDA and Margin Expansion
Adjusted EBITDA increased 5% to $78 million in Q1 2026; adjusted EBITDA margin expanded 80 basis points to 12.9%, driven by early Voyix Commerce Platform momentum and cost actions implemented in 2025.
Negative Updates
Small Overall Revenue Decline
Total company revenue decreased 1% in Q1 to $606 million, reflecting declines in nonrecurring hardware and one-time services.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted EBITDA and Margin Expansion
Adjusted EBITDA increased 5% to $78 million in Q1 2026; adjusted EBITDA margin expanded 80 basis points to 12.9%, driven by early Voyix Commerce Platform momentum and cost actions implemented in 2025.
Read all positive updates
Company Guidance
NCR Voyix updated its 2026 full‑year guidance (pro forma excluding the Japan banking business) to revenue of $2.188–$2.303 billion and adjusted EBITDA of $432–$447 million (which the company said implies roughly a pro‑forma revenue change of about −2% to +3% year‑over‑year and adjusted‑EBITDA growth of ~3%–7% Y/Y); management expects 2026 revenue seasonality to be broadly consistent with 2025 while adjusted EBITDA growth will be more weighted to Q4 versus Q2/Q3, a full‑year tax rate of ~21%, CapEx for the year to be similar to 2025 (Q1 CapEx $36M, down $3M YoY), and noted Q1 actions including ~$41M of restructuring, repurchases of ~9M common shares, adjusted free cash flow before restructuring of $71M, and a net leverage of 2.1x (net debt / LTM adjusted EBITDA); the company will emphasize recurring revenue (while still reporting ARR) and has provided pro‑forma historical adjustments in its metrics file.NCR Voyix Financial Statement Overview
Summary
Income Statement
41
Neutral
Balance Sheet
48
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.68B | 2.69B | 2.83B | 3.18B | 3.17B | 3.69B |
| Gross Profit | 630.00M | 634.00M | 579.00M | 669.00M | 684.00M | 925.00M |
| EBITDA | 301.00M | 253.00M | 232.00M | 308.00M | 578.00M | 488.00M |
| Net Income | 74.00M | 42.00M | 958.00M | -423.00M | 60.00M | 97.00M |
Balance Sheet | ||||||
| Total Assets | 3.92B | 3.92B | 4.45B | 4.99B | 11.51B | 11.64B |
| Cash, Cash Equivalents and Short-Term Investments | 243.00M | 239.00M | 724.00M | 259.00M | 221.00M | 447.00M |
| Total Debt | 1.32B | 1.60B | 1.35B | 2.83B | 5.94B | 5.95B |
| Total Liabilities | 2.79B | 2.77B | 3.25B | 4.69B | 9.75B | 10.11B |
| Stockholders Equity | 1.14B | 1.16B | 1.21B | 301.00M | 1.75B | 1.53B |
Cash Flow | ||||||
| Free Cash Flow | -373.00M | -375.00M | -349.00M | 317.00M | 50.00M | 661.00M |
| Operating Cash Flow | -126.00M | -210.00M | -132.00M | 694.00M | 427.00M | 1.01B |
| Investing Cash Flow | -120.00M | -134.00M | 2.19B | -290.00M | -387.00M | -2.83B |
| Financing Cash Flow | -119.00M | -175.00M | -1.56B | -839.00M | 1.00M | 2.18B |
NCR Voyix Technical Analysis
Neutral
6.86
Price Trends
7.58
Negative
8.90
Negative
10.71
Negative
Market Momentum
-0.19
Negative
50.36
Neutral
73.47
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VYX, the sentiment is Neutral. The current price of 6.86 is above the 20-day moving average (MA) of 6.45, below the 50-day MA of 7.58, and below the 200-day MA of 10.71, indicating a neutral trend. The MACD of -0.19 indicates Negative momentum. The RSI at 50.36 is Neutral, neither overbought nor oversold. The STOCH value of 73.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for VYX.
NCR Voyix Risk Analysis
NCR Voyix disclosed 41 risk factors in its most recent earnings report. NCR Voyix reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NCR Voyix Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $3.14B | 21.14 | 37.48% | ― | 40.10% | 2.61% | |
77 Outperform | $1.98B | 28.40 | 5.87% | ― | 32.49% | 539.48% | |
64 Neutral | $502.76M | 6.26 | 21.23% | ― | 15.95% | 88.76% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $638.60M | -356.03 | -1.30% | ― | 11.97% | -163.02% | |
52 Neutral | $1.95B | -7.33 | -50.67% | ― | -20.34% | -8.67% | |
51 Neutral | $917.80M | -43.99 | 6.50% | ― | -7.28% | ― |
* Technology Sector Average
VYX
NCR Voyix
6.66
-3.92
-37.05%
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96.10
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149.68%
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4.08
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FLYW
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16.06
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TASK
TaskUs
5.49
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NABL
N-able
3.39
-4.66
-57.89%
NCR Voyix Corporate Events
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
NCR Voyix Reports Q1 2026 Results, Updates 2026 Outlook
Positive
May 7, 2026
NCR Voyix reported first-quarter 2026 results on May 7, 2026, posting revenue of $606 million, slightly down year over year, while narrowing its net loss from continuing operations to $2 million from $21 million and lifting adjusted EBITDA to $78 ...
Business Operations and StrategyStock BuybackFinancial Disclosures
NCR Voyix Returns to Profitability with Strong 2025 Results
Positive
Feb 26, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.