Forensic Analysis · Technology / Software · as of Sep 16, 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
3
Forensic signals
17.2
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, going concern, valuation). 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 across FY2023–FY2025 from 5% — a modest positive spread over the ~10% cost of capital we hold this sector to — the capital already deployed adds value, though not dramatically. The capital base behind it barely moved across FY2023–FY2025 ($3.7B to $3.4B, -7%), so there has been little new capital for that return to be earned on.
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. 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, 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%
Net Margin3.7%
Free Cash Flow$239.0M
Return on Equity40.2%
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?