NCR Voyix (VYX) AI Stock Analysis

• Market Cap: $1.25B
• Dividend Yield: N/A
• Average Volume (3M): 1.64M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.46
• 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: 138,497,530
• 10 Day Avg. Volume: 1,704,681
• 30 Day Avg. Volume: 1,644,409
• PEG Ratio: -0.31
• Price to Book (P/B): 1.49
• Price to Sales (P/S): 0.53
• P/FCF Ratio: -3.77
• Enterprise Value/Market Cap: 1.89
• Enterprise Value/Revenue: 0.88
• Enterprise Value/Gross Profit: 3.71
• Enterprise Value/Ebitda: 11.43
• 1Y Price Target: $14.50
• Price Target Upside: 75.97% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): 1.02
• Revenue Forecast (FY): $2.22B

• Rating: 48 Neutral
• Price Target: $9.00 ▲(9.22% Upside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is held back primarily by weak financial quality—especially deeply negative TTM operating/free cash flow—alongside a bearish technical setup. Earnings-call guidance provides some offset with expected EBITDA/EPS improvement and a return to positive adjusted free cash flow, but near-term revenue pressure and transition/restructuring risks keep the overall score below average.

Positive Factors

Platform Modernization

A unified cloud-to-edge platform consolidates legacy complexity, improves release velocity, and lowers maintenance costs. This durable engineering investment strengthens competitive differentiation, enables cross-sell of higher-margin services, and supports scalable enterprise deployments over the next several years.

High Services & Recurring Revenue Mix

A services-dominant revenue mix creates stable, recurring cash flows and higher customer stickiness than hardware sales alone. Over time this improves revenue predictability, margin sustainability, and reduces cyclicality, supporting durable cash generation as the company shifts to software and payments.

Enterprise Wins & Platform Footprint Growth

Large, multi-site enterprise contracts and an expanding site base validate product-market fit and create long lead pipelines. Enterprise footprints drive multi-year service streams and cross-sell, creating a durable revenue runway and competitive barriers to entry in retail and restaurant verticals.

Negative Factors

Weak Cash Generation

Persistently negative operating and free cash flow raises funding and execution risk, limiting reinvestment and shareholder returns. Ongoing cash burn increases reliance on financing or asset dispositions and reduces flexibility to absorb further restructuring or delayed customer deployments.

Sizable Absolute Debt

Despite leverage improvement, a $1.3B debt load requires significant interest and principal capacity, constraining strategic optionality. Combined with weak cash flow, the balance sheet heightens refinancing and covenant risk and limits the ability to fund growth without improving free cash flow sustainably.

ODM Transition & Revenue Recognition Risk

Shifting to an ODM commission model changes revenue recognition and reduces near-term reported sales while relying on partner execution. The structural transition creates execution, backlog-conversion and timing risk for 9–18 month enterprise rollouts, pressuring short-to-medium term growth visibility.

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 generates revenue primarily through the sale of its POS hardware and software solutions, subscription fees for its cloud services, and transaction fees from payment processing services. The company has established significant partnerships with various financial institutions and technology providers, which contribute to its revenue by facilitating seamless payment processing and expanding its market reach. Additionally, NCR Voyix earns recurring revenue from maintenance contracts, software updates, and customer support services, creating a stable income stream while enhancing customer loyalty.

NCR Voyix Financial Statement Overview

Summary

Operating performance is weak with thin/volatile profitability, and cash generation is the major concern (TTM operating cash flow and free cash flow are deeply negative). The balance sheet has improved versus 2023 with lower leverage, but returns are still weak and the cash burn materially increases execution and funding risk.

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	26.00M	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	231.00M	724.00M	259.00M	221.00M	447.00M
Total Debt	1.33B	1.35B	2.83B	5.94B	5.95B
Total Liabilities	2.77B	3.25B	4.69B	9.75B	10.11B
Stockholders Equity	948.00M	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	-165.00M	2.19B	-290.00M	-387.00M	-2.83B
Financing Cash Flow	0.00	-1.56B	-839.00M	1.00M	2.18B

NCR Voyix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 8.24
• 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 8.24 is below the 20-day moving average (MA) of 9.56, below the 50-day MA of 10.08, and below the 200-day MA of 11.52, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 41.57 is Neutral, neither overbought nor oversold. The STOCH value of 17.97 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	$1.41B	47.62	46.40%	―	73.57%	56.21%
FLYW	65 Neutral	$1.37B	125.20	1.64%	―	22.71%	-111.24%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
NABL	61 Neutral	$838.48M	-48.35	-2.18%	―	8.65%	-117.14%
TASK	53 Neutral	$915.03M	12.15	15.40%	―	19.88%	51.03%
VYX	48 Neutral	$1.25B	-28.01	-3.73%	―	-22.36%	94.85%
BBAI	46 Neutral	$1.70B	-2.77	-111.83%	―	-6.95%	-53.69%

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.