Forensic Analysis · Technology / Software · as of Sep 24, 2026
Ncr Voyix Corp (VYX)
A forensic read on Ncr Voyix Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Distress
Financial health
0.9
Distress distance
Clean
Earnings quality
5
Forensic signals
12.2
P / E (ttm)
6.5%
ROE
$984M
Market cap
1.40%
Dividend yield
-4.6%
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 Voyix Corp earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 0.9, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.59×
FY2023–FY2025
Cash conversion.Over FY2023–FY2025, cumulative operating cash flow was 0.59× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+24.5%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +24.5% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 15% of net operating assets, against an accruals ratio of 24.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
0.8%
FY2025
Return on invested capital.Return on invested capital is 0.8% in the latest fiscal year and rising across FY2023–FY2025 from -3%. The capital base behind it came down -23% across FY2023–FY2025, from $3.4B to $2.6B, so this is a return struck on a smaller base rather than a record of money put to work.
FCF ($375M)
FY2025
Shareholder returns.Returned $74M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($375M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Latest Revenue$2.69B
Revenue Growth YoY-4.6%
Revenue CAGR (2yr)-7.9%
Net Margin2.3%
Free Cash Flow-$375.0M
Return on Equity6.5%
Debt / Equity1.16x
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 Voyix Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
+0.2%/yr
FY2023–FY2025
Share count.Diluted share count changed 0% over the last 2 years to FY2025 (+0.2%/yr). Roughly flat — buybacks ($74M) are about offsetting stock comp ($34M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.