Forensic Analysis · Computer Hardware · as of Nov 8, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
0.7
Distress distance
Clean
Earnings quality
3
Forensic signals
52.1%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.7, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
11.9%
FY2025
Return on invested capital.Return on invested capital is 11.9% in the latest fiscal year and rising across FY2023–FY2025 from 4.7%. After-tax operating profit was $171M in FY2023 and $410M in FY2025, with operating income at 6.3% of revenue in FY2023, 10.2% in FY2024 and 11.0% in FY2025. The capital base behind it went from $3.7B in FY2023 to $3.4B in FY2025 (-6%), while the revenue it carried went from $4.2B to $4.4B.
+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 — 70.6M shares in FY2023, 75.6M in FY2025: 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%.
0.8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.8% of revenue and 17% of free cash flow in FY2025 — about $0.45 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.5% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$4.35B
Revenue Growth YoY+1.1%
Revenue CAGR (2yr)+2.0%
Net Margin3.7%
Free Cash Flow$200.0M
Return on Equity52.1%
Debt / Equity6.84x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from NCR Atleos Corp's actual 10-K/10-Q/8-K filings?