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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on VYX

The recent 3-month performance of NCR Voyix Corporation was marred by a quarterly loss of $0.08 per share, surpassing the Zacks Consensus Estimate of $0.07. This decline in earnings was a stark contrast to the $0.34 per share earned in the same period last year. The company's leadership change, with James G. Kelly taking over as President and CEO, may have contributed to the uncertainty surrounding the company's performance. Additionally, the announcement of a quarterly loss may have dampened investor sentiment, particularly in light of the company's recent contract award with the Defense Commissary Agency.

1.c. Company Highlights

2. NCR Voyix Delivers on Q4 Expectations, Sets Stage for 2026 Growth

NCR Voyix Corporation reported Q4 2025 results that were largely in line with expectations, with total revenue increasing 6% to $720 million, driven by higher hardware sales. Adjusted EBITDA increased 17% to $130 million, with margins expanding 170 basis points to 18.1%. Non-GAAP EPS came in at $0.31, a 48% increase, while GAAP EPS was $0.49. Notably, the actual EPS was $0.631, significantly beating estimates of $0.29. The company's reported recurring revenue increased 1% to $422 million, and software ARR and total ARR both increased 3%.

Publication Date: Mar -02

📋 Highlights
  • Platform Transformation Completed: Modernized 50+ legacy on-premise applications into a unified cloud-to-edge platform, enhancing scalability and innovation.
  • Revenue and EBITDA Growth: Total revenue rose 6% to $720M, adjusted EBITDA surged 17% to $130M with margins expanding 170 bps to 18.1%.
  • Customer Acquisition Momentum: Added 40 retail and 150 restaurant new customers in Q4, with software ARR increasing 8% and 3% respectively.
  • 2026 Guidance: Revenue projected at $2.21B–$2.325B (down 13–18% due to ODM), but pro forma revenue expected to decline 2% or grow 3%.
  • Margin Expansion Target: EBITDA margins anticipated to improve 250–300 bps in 2026 from cost actions and ODM transition benefits.

Segment Performance

The retail segment saw 40 new customers signed in Q4, with software ARR increasing 8% and total ARR increasing 4%. A notable win was the long-term agreement with Colruyt Group to implement Voyix POS across over 850 stores. In restaurants, more than 150 new customers were signed, with software ARR increasing 3% and total ARR increasing 6%. The company renewed and expanded its relationship with Red Robin, advancing the deployment of additional platform capabilities.

Guidance and Outlook

For 2026, NCR Voyix expects reported revenue of $2.210 billion to $2.325 billion, down 13% to 18% due to the ODM implementation. However, on a pro forma basis, revenue is expected to be down 2% to up 3%. Adjusted EBITDA is expected to grow 4% to 7%, driven by cost actions and margin benefits from the ODM model. The company anticipates elevated restructuring costs in 2026, primarily due to severance actions and internal infrastructure investments.

Valuation and Growth Prospects

With a P/E Ratio of 17.08 and an EV/EBITDA of 8.19, the market appears to be pricing in moderate growth expectations. However, the company's focus on building backlog, accelerating deployments, and driving adoption across retailers and restaurants positions it for potential revenue acceleration in the second half of 2026 and beyond. Analysts estimate next year's revenue growth at -2.3%, but the company's improving ARR and total revenue growth trajectory could lead to a re-rating of the stock. The ROE of 5.44% and ROIC of -1.21% indicate room for improvement in returns, but the Net Debt / EBITDA of 4.16 suggests a manageable debt burden.

3. NewsRoom

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NCR Voyix Corporation (VYX) Q4 2025 Earnings Call Transcript

Feb -26

Source: seekingalpha.com

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NCR Voyix (VYX) Q4 Earnings and Revenues Beat Estimates

Feb -26

Source: zacks.com

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NCR Voyix Reports Fourth Quarter and Full Year 2025 Results

Feb -26

Source: businesswire.com

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NCR Voyix Corporation (NYSE:VYX) Receives Consensus Rating of “Moderate Buy” from Analysts

Feb -26

Source: defenseworld.net

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7-Eleven Philippines Taps NCR Voyix for 4,500-Store POS and Commerce Platform Transformation

Feb -24

Source: businesswire.com

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NCR Voyix Announces Increase to Share Repurchase Program Authorization

Feb -17

Source: businesswire.com

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NCR Voyix to Release Fourth Quarter and Full Year 2025 Earnings Results

Feb -09

Source: businesswire.com

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General American Investors Co. Inc. Buys 262,451 Shares of NCR Voyix Corporation $VYX

Jan -27

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.14%)

6. Segments

Retail

Expected Growth: 1.2%

NCR Voyix Corporation's 1.2% retail growth is driven by increasing adoption of omnichannel retailing, rising demand for self-service kiosks, and growing need for inventory management and supply chain optimization. Additionally, the company's focus on providing seamless customer experiences and its expansion into new markets also contribute to its growth.

Restaurants

Expected Growth: 0.8%

NCR Voyix Corporation's 0.8 growth in the restaurant segment is driven by increasing adoption of digital ordering and payment systems, rising demand for online food delivery, and strategic partnerships with food aggregators. Additionally, restaurants are investing in data analytics to enhance customer experience and optimize operations, contributing to moderate growth.

Digital Banking

Expected Growth: 1.5%

NCR Voyix Corporation's 1.5% growth in Digital Banking is driven by increasing adoption of online and mobile banking, demand for digital payment solutions, and the need for banks to reduce operational costs and enhance customer experience. Additionally, advancements in AI, blockchain, and cloud technology are fueling innovation and growth in the digital banking space.

Other

Expected Growth: 0.9%

NCR Voyix Corporation's 0.9 growth is driven by increasing demand for digital transformation in the retail industry, expansion into new markets, and strategic partnerships. Additionally, the company's focus on innovation, customer experience, and operational efficiency has contributed to its growth.

7. Detailed Products

Retail Point of Sale (POS) Solutions

NCR's retail POS solutions provide retailers with a comprehensive platform to manage their sales, inventory, and customer data.

Restaurant Point of Sale (POS) Solutions

NCR's restaurant POS solutions offer restaurants a flexible and scalable platform to manage orders, inventory, and customer data.

Banking and Financial Services Solutions

NCR's banking and financial services solutions provide banks and financial institutions with a range of solutions for branch transformation, digital banking, and ATM services.

Self-Checkout Solutions

NCR's self-checkout solutions enable retailers to provide customers with a convenient and efficient checkout experience.

Kiosk Solutions

NCR's kiosk solutions provide businesses with a range of self-service kiosks for ordering, payment, and information access.

Digital Signage Solutions

NCR's digital signage solutions enable businesses to create engaging and interactive experiences for customers.

8. NCR Voyix Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

NCR Voyix Corporation faces moderate threat from substitutes due to the presence of alternative solutions in the market.

Bargaining Power Of Customers

NCR Voyix Corporation's customers have significant bargaining power due to their ability to switch to alternative solutions.

Bargaining Power Of Suppliers

NCR Voyix Corporation has a diverse supplier base, reducing the bargaining power of individual suppliers.

Threat Of New Entrants

The threat of new entrants in the market is moderate due to the presence of barriers to entry, such as high capital requirements.

Intensity Of Rivalry

The market is highly competitive, with several established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 89.73%
Debt Cost 7.96%
Equity Weight 10.27%
Equity Cost 11.99%
WACC 8.37%
Leverage 873.75%

11. Quality Control: NCR Voyix Corporation passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Cantaloupe

A-Score: 5.7/10

Value: 3.4

Growth: 8.6

Quality: 7.1

Yield: 0.0

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

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Stock-Card
Innodata

A-Score: 4.5/10

Value: 0.8

Growth: 9.3

Quality: 7.5

Yield: 0.0

Momentum: 8.5

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
NCR Voyix

A-Score: 4.1/10

Value: 7.9

Growth: 3.0

Quality: 6.0

Yield: 0.0

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

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Stock-Card
Castellum

A-Score: 3.9/10

Value: 7.7

Growth: 5.9

Quality: 4.1

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Telos

A-Score: 3.3/10

Value: 5.5

Growth: 0.8

Quality: 3.1

Yield: 0.0

Momentum: 9.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Digimarc

A-Score: 2.9/10

Value: 6.8

Growth: 3.7

Quality: 4.5

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.01$

Current Price

8.01$

Potential

-0.00%

Expected Cash-Flows