Stock Analysis & Valuation NCR Voyix Corporation (VYX)

• Previous Close: $9.92
• Sector Valuation Confidence Level: Low

Valuation method	Value, $	Upside, %
Artificial intelligence (AI)	41.52	319
Intrinsic value (DCF)	5.05	-49
Graham-Dodd Method	29.43	197
Graham Formula		n/a

Strategic Investment Analysis

Company Overview

NCR Voyix Corporation (NYSE: VYX) is a leading global provider of software, hardware, and services for the retail, hospitality, and banking industries. Founded in 1881 and headquartered in Atlanta, Georgia, the company operates through key segments including Retail, Hospitality, Digital Banking, Payments & Network, and Self-Service Banking. NCR Voyix delivers innovative solutions such as ATM-as-a-Service, digital banking platforms, point-of-sale (POS) systems, and self-service kiosks, catering to financial institutions, restaurants, and retailers. The company's cloud-enabled and API-driven software enhances operational efficiency, customer engagement, and payment processing for businesses worldwide. With a strong presence in the U.S., Europe, the Middle East, Africa, and Asia-Pacific, NCR Voyix is a critical player in the digital transformation of commerce and financial services. Its diversified portfolio and long-standing industry expertise position it as a key enabler of next-generation retail and banking technologies.

Investment Summary

NCR Voyix presents a mixed investment profile with strengths in diversified revenue streams and a strong market position in retail and banking technology. The company's $2.8B revenue and $943M net income (FY 2024) reflect solid profitability, though negative operating cash flow (-$132M) and high debt ($1.35B) raise liquidity concerns. Its beta of 1.629 indicates higher volatility compared to the market, which may deter risk-averse investors. The lack of dividends suggests a focus on reinvestment, but capital expenditures (-$217M) and debt levels warrant scrutiny. Competitive pressures in fintech and POS systems could challenge growth, while its legacy in banking and retail provides stability. Investors should weigh its sector leadership against financial leverage and cash flow risks.

Competitive Analysis

NCR Voyix holds a competitive edge through its diversified vertical expertise in retail, hospitality, and banking, supported by a legacy brand and global footprint. Its ATM-as-a-Service and digital banking solutions differentiate it in financial services, while its POS and self-checkout systems are critical for modern retailers. However, the company faces intensifying competition from agile fintech disruptors and cloud-native POS providers. Its hybrid (hardware + software) model provides stickiness but may lag behind pure SaaS competitors in scalability. Strengths include deep client relationships in banking and a broad product suite, but reliance on legacy systems could slow innovation. The hospitality segment benefits from integrated kitchen and payment solutions, though rivals like Toast offer more specialized platforms. NCR’s scale in managed services is a moat, but margin pressures from hardware commoditization and high R&D demands in digital banking pose challenges. Its ability to cross-sell across segments (e.g., retail clients adopting banking solutions) is a unique advantage.

Major Competitors

• Toast, Inc. (TOST): Toast dominates the restaurant POS space with a cloud-first platform tailored for SMBs. Its strengths include rapid innovation, strong integrations, and a payments-centric model, but it lacks NCR’s breadth in retail and banking. NCR’s hospitality hardware and enterprise reach give it an edge in full-service restaurants.
• Global Payments Inc. (GPN): Global Payments excels in integrated payment processing and merchant solutions, competing with NCR in POS and banking tech. Its scale in payments is superior, but NCR’s ATM and self-service banking capabilities provide differentiation. Both face margin pressures from payment commoditization.
• Block, Inc. (SQ): Block’s Square ecosystem targets SMBs with seamless POS and financial tools, outpacing NCR in mobile and omnichannel solutions. However, NCR’s enterprise focus and ATM network are defensible niches. Block’s fintech agility contrasts with NCR’s legacy infrastructure.
• Fidelity National Information Services (FIS): FIS is a banking tech giant with strengths in core processing and capital markets, overlapping with NCR in digital banking. NCR’s hardware and retail focus differentiate it, but FIS’s scale in financial software is formidable. Both are navigating legacy modernization challenges.
• Adyen NV (ADYEY): Adyen’s unified global payments platform competes with NCR’s payment solutions, especially in retail. Adyen’s API-driven model is more scalable, but NCR’s on-premise and hybrid options appeal to regulated sectors like banking. Adyen lacks NCR’s hardware footprint.