At a glance
NCR Voyix Corp is worth $1.10B, about 27 times its fiscal 2025 earnings. Revenue fell 4.6% to $2.69B in fiscal 2025, with 2.3% kept as profit; over 4 years it has grown 7.6% a year. It pays no dividend; it spent $130.0M buying back its shares over FY2021–FY2025. The stock returned −32.5% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
NCR Voyix provides the technology behind checkouts and kitchens at retailers and restaurants. Its main products are point-of-sale software (the system that rings up each purchase), called Voyix POS and Aloha Next by Voyix, and Voyix Self-Checkout for stores. These run on its cloud-based Voyix Commerce Platform, which also handles online ordering, loyalty programs, data analysis and card payments. The Atlanta-based company had about 13,500 employees in nearly 30 countries, according to its annual report filed February 26, 2026.
NCR Voyix earns money from subscription software that runs over the internet (often called SaaS), support and maintenance services, payment processing and hardware. Hardware is moving to an outsourced model. On January 8, 2026, the company began shifting parts of that business to Ennoconn Corporation, which will design, make and ship point-of-sale and self-checkout machines while NCR Voyix acts as its sales agent. NCR Voyix expects to book only a commission on that hardware, not the full price.
Of $2.69 billion in fiscal 2025 revenue, Retail brought in 68.6%. It serves convenience and fuel stores, grocers, drugstores, mass merchants, and department and specialty stores. Restaurants, from quick-service to table-service, supplied 30.4%. By region, the United States accounted for 61.1%; Europe, the Middle East and Africa 21.8%; Asia Pacific 10.1%; and the rest of the Americas 7%.
Price history
The interactive chart needs JavaScript.
VYX -32.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Retail | $1.84B | 68.6% |
| Restaurants | $818.0M | 30.4% |
By geography
| United States | $1.64B | 61.1% |
| Europe, Middle East and Africa | $587.0M | 21.8% |
| Asia Pacific | $271.0M | 10.1% |
| Americas (excluding United States) | $188.0M | 7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $523.0M, down 20.8% from a year earlier, and net income was $2.0M.
- For fiscal 2025, revenue was $2.69B (-4.6% year over year; -7.6% a year from FY2021 to FY2025) with a 2.3% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | -7.6% weak |
|---|---|
| Operating margin | 1% weak |
| Free cash flow margin | -14% weak |
| Return on equity (FY2025) | 6.5% weak |
| Return on assets (FY2025) | 1.6% weak |
| Net cash (cash minus debt) | $-864.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $6.21B | $-79.0M | $610.0M |
| FY2021 | $3.69B | $97.0M | $903.0M |
| FY2022 | $3.17B | $60.0M | $335.0M |
| FY2023 | $3.17B | $-428.0M | $564.0M |
| FY2024 | $2.82B | $958.0M | $-162.0M |
| FY2025 | $2.69B | $62.0M | $-375.0M |
Valuation snapshot
| Market value | $1.10B |
|---|---|
| P/E ratio | 26.5 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
NCR Voyix’s market value went from $2.39B at the end of 2023 to $1.10B on Oct 28, 2026, down 54%; since the end of 2025 it is down 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.10B | -22.2% |
| 2025 | $1.41B | -30.1% |
| 2024 | $2.02B | -15.4% |
| 2023 | $2.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| VYX price data to Oct 28, 2026 | -22.0% | -32.5% | -18.8% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.0% |
| 2025 | -26.3% |
| 2024 | -18.1% |
| 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 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 1 sales ($105K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 13, 2026 | Beimnet Tadele EVP & President, Restaurants | sell | $105K |
Who owns it
Large shareholders (13G filings)
| Greenhouse Long Only Master Fund LP | 18.5% | Aug 26, 2026 |
| Vanguard Portfolio Management | 7.66% | Mar 31, 2026 |
| SHAPIRO CAPITAL MANAGEMENT LLC | 6.1% | Dec 31, 2025 |
| Vanguard Capital Management | 5.2% | Mar 31, 2026 |
| Fuller & Thaler Asset Management, Inc. | 4.81% | Dec 31, 2025 |
ETFs with the most weight in VYX
| XSW SPDR S&P Software & Services ETF | 0.67% |
| IPAY Amplify Mobile Payments ETF | 0.6% |
| NIXT Research Affiliates Deletions ETF | 0.54% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.25% |
| RWJ Invesco S&P SmallCap 600 Revenue ETF | 0.23% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.22% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.21% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.16% |
What could go wrong
- Hardware handoff to Ennoconn may disappoint. Ennoconn is taking over design, manufacturing and shipping of the company's checkout hardware. The expected cost savings may arrive late or not at all, and customers will depend on a partner's products and supply.
- Customers may not adopt its cloud software. The strategy rests on moving retailers and restaurants onto the Voyix Commerce Platform and rebuilt subscription software. Revenue fell 4.6% in fiscal 2025; slow adoption could keep revenue and profits under pressure.
- Heavy debt while the business burns cash. As of June 30, 2026, debt was $1.1 billion and cash $237 million. In fiscal 2025 the business spent $375 million more cash than it brought in, and loan conditions can limit its choices.
- Spin-off tax and NCR Atleos obligations. If the 2023 spin-off of NCR Atleos fails to qualify as tax-free, the company and its stockholders could owe substantial taxes. It may also owe NCR Atleos money under promises to cover certain losses (indemnification).
- Preferred stockholders stand ahead of common owners. Holders of Series A Convertible Preferred Stock have rights that come before those of common stockholders, and their interests may differ. Converting those shares into common stock would shrink existing owners' slice of the company.
- Payments and cloud systems invite security risks. Handling card payments brings extra regulation, and stores and restaurants rely on its cloud systems. A cyberattack or data center outage could disrupt customers, damage its reputation and hurt the stock price.
Recent events
- Acquisition or sale of assets completed; Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
NCR Voyix paid no dividend on its common stock from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. An income investor would receive no cash from the shares, so any return would depend on the price rising. The company repurchased $130 million of stock over that period, including $74 million in fiscal 2025, yet shares outstanding rose 4.6%, to about 138.1 million by July 29, 2026.
The shares have traded as VYX only since October 17, 2023, so this record does not cover the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Over the three years to October 28, 2026, the shares lost 46% in total and at one point fell 64.1% from a peak. They lost 18.2% in 2024 and 26.3% in 2025. Single stocks carry more risk than diversified funds that spread money across many companies.
Questions investors ask
How does NCR Voyix make money?
NCR Voyix makes money by providing checkout, ordering and payment technology to retailers and restaurants. Its revenue comes from point-of-sale and self-checkout software, cloud subscriptions on its Voyix Commerce Platform, support and maintenance services, payment processing and hardware. In fiscal 2025, Retail customers, such as grocers and convenience and fuel stores, supplied 68.6% of its $2.69 billion in revenue, and Restaurants 30.4%. The United States accounted for 61.1%. Hardware is shifting to Ennoconn, which will make the machines while NCR Voyix earns a commission as sales agent.
Does NCR Voyix pay a dividend?
No. NCR Voyix paid no dividend on its common stock from fiscal 2021 through fiscal 2025, and its dividend yield was 0% as of October 28, 2026. It returned some cash through share repurchases, $130 million over that period, but shares outstanding still rose 4.6% between September 30, 2021, and July 29, 2026. For an income investor, that means any return has to come from a rising share price rather than cash payments.
What is the difference between NCR Voyix and NCR Atleos?
NCR Voyix is the former NCR Corporation. On October 16, 2023, it spun off its ATM-focused business, including self-service banking, as a separate public company, NCR Atleos, by giving Atleos shares to its own stockholders. NCR Voyix then took its new name, began trading as VYX on the New York Stock Exchange on October 17, 2023, and holds no stake in NCR Atleos. On September 30, 2024, it completed the sale of its Digital Banking business for $2.45 billion in cash, leaving two segments: Retail and Restaurants.
Is NCR Voyix profitable?
Only slightly. NCR Voyix earned $62 million in fiscal 2025, or $0.30 a share, on $2.69 billion in revenue, a net margin of 2.3%. Operating income was just $26 million. Free cash flow, the cash left after running and investing in the business, was negative $375 million. In the quarter ended June 30, 2026, it earned $2 million on revenue of $523 million, 20.8% less than a year earlier. Its price-to-earnings ratio was 26.5 as of October 28, 2026, based on fiscal 2025 earnings.
Who owns the most NCR Voyix stock?
The largest reported holder was Greenhouse Long Only Master Fund LP, with 18.5% as of August 26, 2026, according to its Schedule 13G filing, a form large shareholders file with the SEC. Vanguard Portfolio Management reported 7.66% and Vanguard Capital Management 5.2%, both as of March 31, 2026. Shapiro Capital Management reported 6.1% as of December 31, 2025. Insiders reported no stock purchases and one sale, worth about $104,595, by Beimnet Tadele, president of the Restaurants segment, between October 29, 2025, and October 29, 2026.