NCR Atleos Corporation (NATL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+206.0%

$145.09

vs $47.42 price

Levered DCF

$38.04

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.66

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	17.32×	26.92×	-12.78×	14.16×	8.41×	8.17×
P/B	6.95×	9.42×	6.04×	0.47×	0.67×	0×
P/S	0.64×	0.57×	0.41×	0.37×	0.44×	0.52×
EV / EBITDA	7.12×	6.91×	9.98×	4.75×	6.06×	0×
Gross margin	24.4%	23.9%	22.3%	22.2%	25.1%	22.4%
Operating margin	11.0%	10.4%	6.5%	6.5%	7.0%	7.2%
Net margin	3.7%	2.1%	-3.2%	2.6%	5.2%	6.4%
Current ratio	0.96×	1.04×	1.08×	1.2×	0.97×	0×
Debt / equity	7.19×	11.72×	11×	0.27×	0.62×	0×
Interest coverage	1.77×	1.37×	3.01×	8.68×	5.06×	36×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	40.2%	35.0%	-47.2%	3.3%	8.0%	0.0%
Return on invested capital	10.6%	7.6%	-8.2%	4.1%	4.4%	0.0%
Return on assets	2.9%	1.6%	-2.3%	1.9%	3.3%	0.0%
Free cash flow yield	8.5%	8.4%	13.0%	11.6%	21.6%	24.3%
Earnings yield	5.8%	3.7%	-7.8%	7.1%	11.9%	12.2%
Enterprise value	$5.2B	$5.1B	$4.5B	$2.1B	$2.8B	$0
Net debt / EBITDA	3.32×	3.57×	6.17×	1.32×	2.66×	0×
Cash conversion cycle (days)	16	21	43	52	56	0