Forensic Analysis · Technology / Software · as of Aug 11, 2026

Ncr Atleos Corp (NATL)

A forensic read on Ncr Atleos Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.3

Distress distance

Clean

Earnings quality

Forensic signals

18.7

P / E (ttm)

40.2%

ROE

$3.4B

Market cap

1.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ncr Atleos Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+3.5%/yr

FY2023–FY2025

Share-count dilution. Diluted share count changed +7% over the last 2 years to FY2025 (+3.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~7%.

12.1%

FY2025

Return on invested capital. Return on invested capital is 12.1% in the latest fiscal year and rising from 5% — a modest positive spread over its ~10% cost of capital — growth adds value, though not dramatically.

0.8% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 0.8% of revenue and 14% of free cash flow in FY2025 — about $0.45 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 3.5% a year and is falling.

Key fundamentals

Latest Revenue$4.35B

Revenue Growth YoY+1.1%

Net Margin3.7%

Free Cash Flow$239.0M

Return on Equity40.2%

Debt / Equity6.84x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.