NCR Atleos Corporation

NATL

Software - Application · Technology

Price

$46.41

-0.40 (-0.85%)

Market Cap

$3.42B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Strong

Stability

Weak

Valuation

Strong

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Share count rising — dilution

+8.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 69.8M (2021) → 75.6M (2025)

Winston Score History

The full picture

NCR Atleos Corporation runs a large network of ATMs and provides the software and services that keep them working. Its main products include ATM hardware, cash management software, and services that help banks and retailers operate their ATM fleets. The company was spun off from NCR Corporation in 2023, making it one of the largest independent ATM network operators in the United States.

NCR Atleos makes money through a mix of recurring service contracts, transaction fees, and software licenses tied to ATM operations. It operates primarily in North America but also has a presence in Europe and other international markets, with roughly 90,000 ATMs under management. Its competitive edge comes from the scale of its installed ATM base and long-term contracts with financial institutions, though the company faces a real risk from the ongoing decline in cash usage, which could reduce ATM transaction volumes over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+44.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$70M/ year

↑ Rising (+6% vs prior year)

1.6% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$429M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$429M cash & investments at current burn rate

Revenue declining

NCR Atleos Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

28.0%

Modest — 28.0% gross margin

Profit after running costs

Operating Margin

14.1%

Healthy — 14.1% operating margin

Return on the money invested

ROCE

15.5%

Strong — 15.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.5%

Slow sales growth (+3.5% YoY)

Profit growth

EPS YoY

+46.7%

Earnings growing fast (+46.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

137%

Turns 137% of profit into real cash

Spare cash per sale

FCF Margin

2.4%

Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

6.02

Heavy debt load (6.02)

Covers its interest

Interest Cover

1.92x

Dangerous — barely covers interest (1.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.6x

Fair value — P/E 17.6

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+7.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (17.6 → 9.8)

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Dividends

Not applicable for this business.

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