At a glance
NCR Atleos Corporation is worth $3.35B, about 21 times its fiscal 2025 earnings. Revenue grew 1.1% to $4.35B in fiscal 2025, with 3.7% kept as profit; over 4 years it has grown 5.2% a year. It pays no dividend; it spent $28.0M buying back its shares over FY2021–FY2025. The stock returned +19.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
NCR Atleos makes and runs the machines behind self-service banking: automated teller machines (ATMs) and interactive teller machines (ITMs), which link customers by video to a remote bank employee for tasks like opening an account. It offers the hardware, the software that runs it, and installation, maintenance and managed services to banks, credit unions and retailers. It can also run a bank's ATM operation, including cash management, under a contract it calls "ATM as a Service." The company was spun off from NCR Corporation, now NCR Voyix, on October 16, 2023.
Self-Service Banking brought in $2.88 billion, or 66% of the $4.35 billion in revenue for the year ended December 31, 2025. The Network segment, at 29%, earns fees from the company's ATMs and kiosks, including Allpoint, which it calls the largest retail surcharge-free independent ATM network in the U.S. Credit unions, digital banks and prepaid card issuers pay so their customers can withdraw cash without a fee. A small telecommunications and technology services unit made up the remaining 4%.
By region, the U.S. supplied 45% of revenue; Europe, the Middle East and Africa, 32%; the rest of the Americas, 12%; and Asia Pacific, 11%. The company describes its revenue as largely recurring, from long-term contracts and per-transaction fees.
Price history
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NATL +19.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Self-Service Banking | $2.88B | 66.2% |
| Network | $1.26B | 29.1% |
| T&T | $168.0M | 3.9% |
By geography
| United States | $1.95B | 44.9% |
| Europe, Middle East and Africa | $1.37B | 31.5% |
| Americas (excluding United States) | $541.0M | 12.4% |
| Asia Pacific | $488.0M | 11.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.10B, up 0.1% from a year earlier, and net income was $65.0M (+66.7%).
- For fiscal 2025, revenue was $4.35B (+1.1% year over year; +5.2% a year from FY2021 to FY2025) with a 3.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +5.2% good |
|---|---|
| Operating margin | 11% watch |
| Free cash flow margin | 5.5% watch |
| Return on equity (FY2025) | 40.2% good |
| Return on assets (FY2025) | 2.9% weak |
| Net cash (cash minus debt) | $-2.28B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.55B | $186.0M | $369.0M |
| FY2022 | $4.12B | $99.0M | $216.0M |
| FY2023 | $4.19B | $-150.0M | $247.0M |
| FY2024 | $4.30B | $80.0M | $257.0M |
| FY2025 | $4.35B | $162.0M | $239.0M |
Valuation snapshot
| Market value | $3.35B |
|---|---|
| P/E ratio | 21.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
NCR Atleos’s market value went from $1.71B at the end of 2023 to $3.35B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $3.35B | +18.8% |
| 2025 | $2.82B | +14.5% |
| 2024 | $2.46B | +43.4% |
| 2023 | $1.71B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NATL price data to Oct 28, 2026 | +18.8% | +19.2% | +26.3% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +18.8% |
| 2025 | +12.3% |
| 2024 | +39.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.9% | Sep 30, 2025 |
| Vanguard Portfolio Management | 5.83% | Mar 31, 2026 |
| Vanguard Capital Management | 5.27% | Mar 31, 2026 |
| BANK OF AMERICA CORP /DE/ | 5.2% | Jun 30, 2026 |
| AllianceBernstein L.P. | 4.5% | Sep 30, 2025 |
ETFs with the most weight in NATL
| PSCF Invesco S&P SmallCap Financials ETF | 0.57% |
| SQLV Royce Quant Small‑Cap Quality Value ETF | 0.46% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.38% |
| USVM VictoryShares US Small Mid Cap Value Momentum ETF | 0.31% |
| MSSM Morgan Stanley Pathway Small-Mid Cap Equity ETF | 0.26% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.25% |
| OASC OneAscent Small Cap Core ETF | 0.23% |
| EES WisdomTree U.S. SmallCap Fund | 0.23% |
What could go wrong
- Fewer ATM transactions or lower fees. Revenue suffers if people use its ATMs less for financial transactions or if the fees charged per transaction change. This is central to the Network segment, which made up 29% of fiscal 2025 revenue.
- Large vault cash balances carry costs. The company must keep a significant amount of cash, called vault cash, stocked in its ATMs. That cash is exposed to loss, and the cost of holding it rises and falls with interest rates.
- Heavy debt with variable interest rates. Total debt was $2.71 billion against $429 million in cash and investments as of June 30, 2026. Some borrowings carry variable rates, so rising rates lift interest costs, and lending agreements restrict its flexibility.
- Lingering ties to NCR Voyix. Atleos depends on agreements made when it split from NCR Voyix in 2023, including indemnities (promises to cover certain liabilities). If Voyix fails to perform or pay, Atleos could face losses, including certain Voyix taxes.
- Global reach brings tariff and legal risks. The U.S. supplied 45% of fiscal 2025 revenue, so most sales come from abroad, with the business and legal risks that brings. Tariffs and other trade measures could also raise costs and squeeze results.
- Pension obligations could drain cash. The company carries pension liabilities. If investment returns fall short or interest rates drop, it may need to put more cash into its plans, leaving less for debt repayment or shareholders.
Recent events
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Executive or board change
For income and retirement investors
NCR Atleos paid no dividends in fiscal 2021 through 2025. For income investors, any return must come from share price changes, and drawing cash means trimming the holding. The company's annual report says it cannot guarantee the timing, amount or payment of dividends. It began repurchasing shares in fiscal 2025, spending $28 million after nothing in 2023 or 2024, against free cash flow (cash left after capital spending) of $239 million.
The stock has traded only since the October 2023 spin-off, so it has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. In the three years to October 28, 2026, the price rose 102%, but its deepest fall from a peak was 34.7%. Its one-year beta was 0.61, meaning broad market swings tended to move it less than the market itself. Single stocks like NCR Atleos carry more risk than diversified funds.
Questions investors ask
How does NCR Atleos make money?
Mostly through ATMs. Its Self-Service Banking segment, which supplies ATM hardware, software, maintenance and managed services to banks and credit unions, brought in 66% of the $4.35 billion in revenue for fiscal 2025. The Network segment, 29% of revenue, earns fees from its own ATM network, including Allpoint, where cardholders of partner credit unions, digital banks and card issuers can withdraw cash without paying an ATM fee. A small telecommunications and technology services unit supplied the remaining 4%.
Does NCR Atleos pay a dividend?
No. NCR Atleos paid no dividends in fiscal 2021 through 2025, and its annual report says it cannot guarantee the timing, amount or payment of any dividends. It has instead returned some cash through share repurchases, spending $28 million in fiscal 2025. For investors who need regular income, that means any return depends on the share price, and taking cash out means reducing the holding.
When did NCR Atleos split from NCR?
NCR Atleos became an independent public company on October 16, 2023, when it separated from NCR Corporation, now called NCR Voyix. Its shares trade on the New York Stock Exchange under the symbol NATL. The two companies remain tied by agreements from the split, including indemnities, which are promises to cover certain of each other's liabilities. Atleos could also be liable for some Voyix taxes if Voyix failed to pay them.
How much debt does NCR Atleos have?
NCR Atleos had $2.71 billion of total debt and $429 million of cash and investments as of June 30, 2026, leaving about $2.28 billion more debt than cash. Shareholders' equity, the book value left after subtracting liabilities from assets, was $464 million. Some of its borrowing carries variable interest rates, so higher rates can raise its costs. For scale, it generated $239 million of free cash flow, the cash left after running the business and paying for equipment, in fiscal 2025.
How has NCR Atleos stock performed?
The shares more than doubled in the three years to October 28, 2026, with sharp dips along the way. That was a 102% gain, or about 26.3% a year. The price rose 39.7% in 2024 and 12.4% in 2025, and was up 18.8% for 2026 through October 28. The deepest drop from a peak in those three years was 34.7%. These are price returns, and past results do not predict future ones.