NCR Voyix Corporation (VYX) 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

-14.2%

$7.90

vs $9.21 price

Levered DCF

-$7.59

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.16

Distress zone

Rating

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	FY2019	FY2018
P/E	34×	2.12×	-5.42×	44.88×	39.77×	-26.79×	5.8×	-19.14×
P/B	1.22×	1.66×	7.9×	1.12×	2.11×	2.24×	1.76×	1.34×
P/S	0.53×	0.71×	0.75×	0.62×	0.88×	0.48×	0.38×	0.26×
EV / EBITDA	10.69×	11.31×	16.06×	13.29×	17.91×	11.9×	6.95×	8.03×
Gross margin	23.6%	20.5%	21.1%	21.6%	25.1%	24.6%	27.8%	26.2%
Operating margin	1.0%	-1.3%	-4.1%	-1.6%	0.7%	3.6%	8.8%	3.0%
Net margin	1.6%	33.9%	-13.3%	1.9%	2.6%	-1.3%	8.2%	-1.4%
Current ratio	1.04×	1.18×	0.9×	1.14×	1.02×	1.19×	1.24×	1.32×
Debt / equity	1.39×	1.11×	9.4×	3.38×	3.89×	2.73×	2.62×	2.52×
Interest coverage	0.43×	-0.23×	-0.4×	-0.16×	0.1×	0.99×	3×	1.09×
Dividend yield	1.1%	0.7%	0.6%	0.8%	0.5%	0.3%	0.0%	0.0%
Payout ratio	35.7%	1.6%	-3.5%	25.0%	15.5%	-11.4%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.6%	79.2%	-140.5%	3.4%	6.3%	-6.0%	37.6%	-7.0%
Return on invested capital	-1.2%	-1.2%	-3.5%	-0.6%	0.3%	0.4%	9.1%	-2.9%
Return on assets	1.1%	21.5%	-8.5%	0.5%	0.8%	-0.9%	6.3%	-1.1%
Free cash flow yield	-26.5%	-17.4%	13.3%	2.5%	20.4%	12.8%	11.6%	13.3%
Earnings yield	3.0%	47.8%	-17.8%	3.1%	3.0%	-2.7%	21.4%	-5.2%
Enterprise value	$2.8B	$2.6B	$4.9B	$7.7B	$8.7B	$6.2B	$6.1B	$4.4B
Net debt / EBITDA	5.25×	2.68×	8.34×	9.89×	11.28×	6.24×	3.93×	4.96×
Cash conversion cycle (days)	41	49	20	29	85	63	75	70