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what it is
NCR Voyix sells software and payment tools that help retail and restaurant chains run checkout, orders, and loyalty.
how it gets paid
Last year Ncr Voyix made $2.7B in revenue. Retail was the main engine at $1.9B, or 69% of sales.
why growth slowed
Revenue fell 4.6% last year. The top line likely declined 6% to $2.66 billion.
what just happened
NCR Voyix posted a $0.31 EPS beat against $0.27 estimates.
At a glance
C++ balance sheet — some cracks in the foundation
10/100 earnings predictability — expect surprises
11.9x trailing p/e — the market's not buying it — or you found a deal
14.0% return on capital — nothing to write home about
xvary composite: 24/100 — weak
What they do
NCR Voyix sells software and payment tools that help retail and restaurant chains run checkout, orders, and loyalty.
Retail is 69% of revenue. Restaurants are 29%. That puts NCR Voyix inside two places where switching costs (the pain of changing systems) are high, because your store does not want a broken register line on Friday night. With 14,000 employees and 40% foreign sales, it still has enough scale to keep serving big chains.
How they make money
$2.7B
annual revenue · their business grew -4.6% last year
Retail
$1.9B
4.6%
Restaurant
$0.8B
4.6%
Other
$0.1B
0.0%
The products that matter
unified commerce software
Voyix Platform
50+ legacy apps modernized
more than 50 legacy applications have been modernized. that's the strategic rewrite. the catch is that reported company revenue is still expected to decline while you wait for it to show up in the numbers.
transition story
point-of-sale terminals
POS Hardware
6% last-quarter growth
hardware revenue grew 6% last quarter and kept the quarter from looking worse. that's useful. it also means the business still leans on boxes while management argues the future is more software-heavy.
near-term support
banking and payments systems
Financial Services
$0.8B · 30% of revenue
it's a $0.8B segment, or 30% of revenue, and it also fell 5% from a year ago. if you wanted one stable leg while retail reset, the current numbers do not give it to you.
30% of revenue
Key numbers
$15
Target
's 18-month target is $15, which is 41% above the $10.67 price.
$1.1B
Debt
This is the long-term debt load, and it sits at 42% of capital.
1.0%
Op margin
The business keeps only 1.0% of sales after operating costs, so small shocks matter.
14.0%
ROIC
Return on capital is 14.0%, which says the company is earning more than it spends on the business.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 30 / 100
- long-term debt $1.1B (42% of capital)
- net profit margin 9.0% — keeps 9 cents of every dollar in revenue
- return on equity 24% — $0.24 profit for every $1 investors have put in
C++ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
You invested $10,000 in VYX 3 years ago → it's now worth $6,790.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
NCR Voyix posted a $0.31 EPS beat against $0.27 estimates.
The latest reported earnings beat by 14.81%. EDGAR shows a different quarter with EPS of -$0.34, which is why the earnings tape looks messy.
$2.7B
revenue
$0.31
eps
7.6%
gross margin
the number that mattered
The $0.31 EPS beat matters because it shows the company can still make money while revenue slips 4.6% vs. prior year.
-
ncr voyix’s top line is under pressure.
-
revenues have decreased due to lower self-checkout machine and point-ofsale (pos) hardware sales.
-
the top line likely declined 6% to $2.66 billion, in 2025.
-
this year, we predict revenues will plummet by a larger 17% to $2.20 billion.on a better note, ncr has been selected by marco’s pizza as its preferred technology provider for the brand’s new international locations. marco’s pizza, which operates more than 1,200 outlets in the u.s and 66 internationally, will begin using ncr’s solutions at a new store in mexico.
-
this will be followed by at least five additional locations in latin america.marco’s will deploy ncr’s aloha essentials platform architecture, which features pos technology, hardware, software, professional services, and wall-to-wall support desk coverage.
source: company earnings report, 2026
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What could go wrong
the top risk is the ODM transition and hardware accounting reset obscuring whether the core business is improving or just being re-labeled.
high
2026 reported revenue reset
management guided to a 13%–18% decline in reported 2026 revenue because of the hardware accounting change and ODM transition. even if some of that is optics, the headline still shapes sentiment, screens, and valuation.
this touches 100% of the reported income statement
high
thin margins leave no cushion
a 2.3% net margin means the company keeps about 2 cents on every revenue dollar. when margins start that low, a modest miss in pricing, mix, or demand can do real damage fast.
small operating misses can erase a large share of profit
med
balance-sheet flexibility is limited
long-term debt is $1.1B, or 42% of capital, and the balance sheet grade is C++. that does not leave endless room to absorb a long transition, a soft demand patch, and aggressive buybacks all at once.
capital allocation gets tighter if the reset lasts longer than planned
med
demand softness is already showing up in margins
adjusted EBITDA margin fell to 25.2% last quarter as SMB demand weakened. the market can forgive messy presentation. it is less patient when weaker demand and weaker margins arrive at the same time.
lower margins make the turnaround case take longer to prove
a 13%–18% reported revenue decline hits the full P&L, and $1.1B of debt means management does not get many free mistakes while investors wait for cleaner numbers.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key risk
2026 reported revenue decline
management guided for a 13%–18% drop. if the underlying business does not look better as reported sales fall, the transition story weakens fast.
calendar
Q1 2026 earnings
scheduled for june 9, 2026. the company guided to $0.19 EPS and $632.5M of revenue. you want to see whether margins stabilize while the accounting reset plays out.
capital allocation
$300M share repurchase
$78M was spent last quarter, and the full authorization is large relative to a ~$2B market cap. buybacks help if the business steadies. they look worse if debt and shrinking sales become the whole story.
ownership trend
institutional selling streak
institutions have been net sellers for 3 straight quarters. if that continues after the guide reset, the stock may stay cheap for a reason instead of because the market missed it.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the lowest rating. in human-speak, analysts think this is one of the market's weakest setups right now.
risk profile
below average
stability score 4 — more volatile than most stocks. this is not where you hide when markets get weird.
chart momentum
below average
technical score 4 — the chart is not confirming the transition yet.
earnings predictability
10 / 100
earnings can swing around more than you want. translation: forecasting this business is harder than forecasting a steadier software company.
source: institutional data
Institutional activity
institutions have been net selling for 3 consecutive quarters — 131 buyers vs. 131 sellers in 3q2025. total institutional holdings: 0.2B shares. net selling for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$8
$22
$11
current price
$15
target midpoint · +41% from current · 3-5yr high: $15 (+40% · 11% ann'l return)
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