Forensic Analysis · Technology / Software · as of Aug 11, 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
1.0
Distress distance
Clean
Earnings quality
6
Forensic signals
15.6
P / E (ttm)
6.5%
ROE
$1.1B
Market cap
1.21%
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). 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 1.0, placing it in the Distress zone. 6 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, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by 15% of net operating assets.
0.8%
FY2025
Return on invested capital.Return on invested capital is 0.8% in the latest fiscal year and steady — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.1%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +3% over the last 3 years to FY2025 (+1.1%/yr). A change of direction: the count shrank over the full period (net -0.8%/yr since FY2011) but has grown across the recent window, so the two figures point opposite ways — read the recent window on totals versus per-share, since the full-period rate no longer describes what the count is doing now. That's ~1.1% 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 FY2022 has been diluted ~3%.
Key fundamentals
Latest Revenue$2.69B
Revenue Growth YoY-4.6%
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 Aug 11, 2026. Forensic signals flag probability, not certainty.
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.
68d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 61 to 68 days FY2024→FY2025 (receivables -12% vs revenue -5%). Receivables are creeping up relative to sales. Only 59¢ of operating cash arrived for every dollar of profit reported over FY2023–FY2025 ($352.0M against $592.0M), and the receivables balance is one of the places the rest is sitting. Across FY2021–FY2025 the day count ran 53 → 87 → 56 → 61 → 68 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter.