NCR Atleos Corp

NATL · Calculating & Accounting Machines (No Electronic Computers) · 73.8M shares · +0%/yr ↓ buyback · EDGAR filings ↗

Reference price $35.02 · est. market cap ~$2.6B — last insider sale, 2025-11-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)

Grade

B66

ATM / self-service-banking company (NCR spinoff) — profitable with positive free cash flow, but very high leverage.

Strengths

Profitable with positive FCF — operating margin 11% (76th), ROE 40% (85th), FCF $239M (81st)

Risks

Very high leverage, thin liquidity — D/E 6.84 (97th), current ratio 0.96 (15th)
Mature-market/secular-cash-decline risk — per 10-K
Integration/spinoff execution risk — per 10-K

Notable findings

High leverageHigh leverage (debt/equity 6.84)
Weak liquidityCurrent ratio 0.96 (<1)
Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +2 more (as of 2026-03-31)
AccumulatingInstitutional holders rose 7→9 QoQ (2025-12-31→2026-03-31)
New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC

Quarterly revenue

2024-12-31 · $1.1B2025-03-31 · $979M2025-12-31 · $1.2B2026-03-31 · $1.0B

Last 4 quarters · from SEC filings.

Key metrics

Operating margin

11.0%

Net margin

3.7%

Return on equity

40.2%

Return on assets

2.9%

ROIC

11.9%

Revenue growth (QoQ)

-9.5%

Net-income growth

102.5%

Debt / equity

6.8×

Net debt / EBITDA

3.0×

Current ratio

1.0×

Free cash flow

$239M

EBITDA

$755M

Tangible book value

-$2.1B

Cash & investments

$456M

Stock comp / revenue

0.8%

Insider transactions · last 18 months

Date	Insider	Type	Shares	Price
2026-05-21	Baker Mary Ellen	Grant	4.4K	$44.82
2026-05-21	Reece Joseph E	Grant	4.4K	$44.82
2026-05-21	Almeida Odilon	Grant	4.4K	$44.82
2026-05-21	von Gillern Jeffry H.	Grant	4.4K	$44.82
2026-05-21	Natoli Frank A	Grant	4.4K	$44.82
2026-05-21	Niederauer Duncan L	Grant	4.4K	$44.82
2026-03-10	Burson Andrea Richards	Grant	19K	$44.56
2026-03-10	Hornfeck Traci	Grant	9.0K	$44.56
2026-03-10	Wamser R Andrew Jr	Grant	45K	$44.56
2026-03-10	Mackinnon Stuart	Grant	58K	$44.56
2026-03-10	NUNEZ RICARDO J	Grant	35K	$44.56
2026-03-10	OLIVER TIMOTHY CHARLES	Grant	220K	$44.56
2026-01-30	Mackinnon Stuart	Option exercise	17K	$38.11
2026-01-30	Mackinnon Stuart	Tax withheld	6.8K	$38.11
2026-01-30	OLIVER TIMOTHY CHARLES	Option exercise	29K	$38.11
2026-01-30	OLIVER TIMOTHY CHARLES	Tax withheld	13K	$38.11
2025-12-31	Burson Andrea Richards	Tax withheld	445	$38.11
2025-12-19	Burson Andrea Richards	Tax withheld	348	$38.92
2025-12-19	Burson Andrea Richards	Tax withheld	508	$38.92
2025-12-19	Wamser R Andrew Jr	Tax withheld	2.2K	$38.92
2025-12-19	Mackinnon Stuart	Tax withheld	4.1K	$38.92
2025-12-19	Mackinnon Stuart	Tax withheld	3.9K	$38.92
2025-12-19	NUNEZ RICARDO J	Tax withheld	2.1K	$38.92
2025-12-19	NUNEZ RICARDO J	Tax withheld	2.1K	$38.92
2025-12-19	OLIVER TIMOTHY CHARLES	Tax withheld	17K	$38.92
2025-12-19	OLIVER TIMOTHY CHARLES	Tax withheld	15K	$38.92
2025-11-19	Frymire Michelle M	Sell	8.8K	$35.02
2025-11-10	OLIVER TIMOTHY CHARLES	Option exercise	173K	$17.03
2025-11-10	OLIVER TIMOTHY CHARLES	Tax withheld	122K	$35.88
2025-11-10	OLIVER TIMOTHY CHARLES	Disposition	50K	$35.88
2025-05-21	Begor Mark W	Option exercise	2.7K	$25.98
2025-05-21	Reece Joseph E	Grant	7.1K	$25.98
2025-05-21	Niederauer Duncan L	Grant	7.1K	$25.98
2025-05-21	Natoli Frank A	Grant	7.1K	$25.98
2025-05-21	von Gillern Jeffry H.	Grant	7.1K	$25.98
2025-05-21	Frymire Michelle M	Grant	7.1K	$25.98
2025-05-21	Baker Mary Ellen	Grant	7.1K	$25.98
2025-05-21	Almeida Odilon	Grant	7.1K	$25.98
2025-04-01	Hornfeck Traci	Grant	28K	$27.04
2025-03-06	Wamser R Andrew Jr	Grant	78K	$25.76
2025-03-06	Reece Joseph E	Buy	4.0K	$25.59
2025-02-25	DuVall Andrew R	Option exercise	1.2K	—
2025-02-25	DuVall Andrew R	Tax withheld	418	$29.00
2025-02-25	DuVall Andrew R	Option exercise	602	—
2025-02-25	DuVall Andrew R	Tax withheld	214	$29.00
2025-02-25	Mackinnon Stuart	Option exercise	7.9K	—
2025-02-25	Mackinnon Stuart	Tax withheld	1.9K	$29.00
2025-02-25	OLIVER TIMOTHY CHARLES	Option exercise	32K	—
2025-02-25	OLIVER TIMOTHY CHARLES	Tax withheld	14K	$29.00
2025-02-20	Burson Andrea Richards	Grant	6.3K	$30.28
2025-02-20	NUNEZ RICARDO J	Grant	16K	$30.28
2025-02-20	Wamser R Andrew Jr	Grant	22K	$30.28
2025-02-20	Mackinnon Stuart	Grant	29K	$30.28
2025-02-20	OLIVER TIMOTHY CHARLES	Grant	99K	$30.28
2025-02-16	DuVall Andrew R	Tax withheld	728	$30.47
2025-02-16	Burson Andrea Richards	Tax withheld	424	$30.47
2025-02-16	NUNEZ RICARDO J	Tax withheld	2.4K	$30.47
2025-02-16	OLIVER TIMOTHY CHARLES	Tax withheld	12K	$30.47
2025-02-16	Mackinnon Stuart	Tax withheld	2.8K	$30.47

All non-derivative Form 4 activity (SEC), newest first.

Supply chain

Customers (0)

Suppliers (1)

NCR Voyix Corp

Named in the 10-K; linked when we track them.

Notable events (8-K)

Date	Items
2026-06-18	OtherExhibits	filing ↗
2026-05-21	Shareholder vote	filing ↗
2026-05-06	ResultsExhibits	filing ↗
2026-03-12	Material agreementReg FDExhibits	filing ↗
2026-03-05	Reg FDExhibits	filing ↗
2026-02-26	ResultsExhibits	filing ↗
2026-02-26	Material agreementReg FDExhibits	filing ↗
2025-12-19	Exec/director changeExhibits	filing ↗

Recent filings

Form	Filed	Period	Accession
8-K	2026-06-18	2026-06-18	0001140361-26-025768 ↗
8-K	2026-05-21	2026-05-21	0001974138-26-000013 ↗
10-Q	2026-05-07	2026-03-31	0001974138-26-000009 ↗
8-K	2026-05-06	2026-05-06	0001974138-26-000004 ↗
8-K	2026-03-12	2026-03-11	0001104659-26-027105 ↗
8-K	2026-03-05	2026-03-05	0001104659-26-023878 ↗
10-K	2026-02-27	2025-12-31	0001628280-26-012576 ↗
8-K	2026-02-26	2026-02-26	0001104659-26-020528 ↗
8-K	2026-02-26	2026-02-26	0001628280-26-012284 ↗
8-K	2025-12-19	2025-12-17	0001628280-25-058320 ↗
10-Q	2025-11-06	2025-09-30	0001628280-25-050175 ↗
10-K/A	2025-11-05	2024-12-31	0001628280-25-049577 ↗