NYSE:VYX
NCR Voyix Corp
A payment infrastructure provider enabling contactless transactions and loyalty management for retailers and merchants globally.
Key Metrics
Investment Thesis
Bull Case
The company possesses a dominant market position in the North American contactless payments space with a robust installed base of hardware that generates recurring software revenue streams. Strategic acquisitions in 2024 helped stabilize cash flows, and the shift toward high-margin SaaS models should improve long-term profitability as legacy hardware sales decline. The strong brand reputation among top-tier retailers provides pricing power and customer retention that new entrants struggle to match.
Bear Case
Revenue has plummeted by over 60% in five years due to a one-time transaction processing shift away from interchange fees, leaving the company exposed to lower recurring revenue models. Negative cash flow from operations and significant accumulated losses indicate fundamental business model challenges that have not yet been resolved despite recent profit turns. High levels of long-term debt relative to equity could become dangerous if interest rates remain elevated or if merchant spending weakens further.
About NCR Voyix Corp
NCR Voyix Corp provides payment technology solutions primarily to retailers, hospitality groups, and government entities. The company specializes in contactless payments, loyalty platforms, and omnichannel commerce services. Key products include the Tap & Pay terminal ecosystem and the VYX Cloud operating system for managing merchant relationships.
Analysis
Management Discussion
Recent financial performance shows a significant contraction from 2022 to 2025, with revenue dropping from $7.84B to $2.69B and net income fluctuating sharply including a large loss in 2023. The company currently reports negative operating cash flow of -$210M despite positive net profit, indicating potential liquidity pressure or aggressive non-cash adjustments like share repurchases of $74M. Accumulated other comprehensive losses and a retained earnings deficit suggest underlying balance sheet stress that requires careful monitoring.
Industry Overview
The global payments industry is undergoing a structural transformation as merchants transition from swipe-based terminals to contactless and tap-to-pay solutions, reducing the volume of traditional interchange fee revenue. Competitors are intensifying competition in loyalty platform software, forcing incumbents to differentiate through data analytics and ecosystem integration rather than just hardware sales. Regulatory scrutiny on interchange fees and antitrust concerns regarding card networks continue to pose uncertainty for margins across the sector.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $7.84B | $3.83B | $2.83B | $2.69B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $7.84B | $3.83B | $2.83B | $2.69B |
| Operating Expenses | $7.36B | $3.79B | $2.86B | $2.66B |
| Operating Income | $489.0M | $37.0M | $-37.0M | $26.0M |
| R&D | $217.0M | $185.0M | $157.0M | $155.0M |
| G&A | $1.15B | $740.0M | $459.0M | $453.0M |
| Stock-Based Comp | $125.0M | $177.0M | $47.0M | $34.0M |
| D&A | $610.0M | $559.0M | $297.0M | $231.0M |
| Depreciation | $193.0M | $57.0M | $55.0M | $58.0M |
| Amortization | $172.0M | $71.0M | $28.0M | $25.0M |
| Other OpEx | $5.99B | $2.87B | $2.25B | $2.05B |
| Non-Operating Income | $-278.0M | $-419.0M | $-162.0M | $-57.0M |
| Interest Expense | $285.0M | $294.0M | $134.0M | $60.0M |
| Pre-Tax Income | $211.0M | $-382.0M | $-199.0M | $-31.0M |
| Income Tax | $148.0M | $204.0M | $4.0M | $-73.0M |
| Continuing Ops | $63.0M | $-586.0M | $-203.0M | $42.0M |
| Discontinued Ops | $-4.0M | $163.0M | $1.16B | $20.0M |
| Net Income | $59.0M | $-423.0M | $957.0M | $62.0M |
| Minority Interest | $-1.0M | $0 | $-1.0M | $0 |
| Net to Common | $60.0M | $-423.0M | $958.0M | $62.0M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $3.08B | $1.21B | $1.67B | $1.10B |
| Cash & Equivalents | $505.0M | $262.0M | $724.0M | $231.0M |
| Accounts Receivable | $1.08B | $481.0M | $539.0M | $470.0M |
| Inventory | $772.0M | $254.0M | $208.0M | $217.0M |
| Prepaid Expenses | $494.0M | $188.0M | $169.0M | $177.0M |
| Other Current Assets | $228.0M | $21.0M | $31.0M | $8.0M |
| Long-Term Assets | $8.43B | $3.78B | $2.78B | $2.82B |
| PP&E (Net) | $663.0M | $212.0M | $192.0M | $174.0M |
| Intangibles | $1.15B | $291.0M | $94.0M | $83.0M |
| Goodwill | $4.54B | $2.04B | $1.52B | $1.52B |
| Operating Leases | $371.0M | $236.0M | $229.0M | $208.0M |
| Other LT Assets | $1.71B | $1.00B | $750.0M | $833.0M |
| Total Assets | $11.51B | $4.99B | $4.45B | $3.92B |
| Current Liabilities | $2.71B | $1.33B | $1.42B | $1.06B |
| Accounts Payable | $942.0M | $505.0M | $332.0M | $346.0M |
| Current Leases | $79.0M | $44.0M | $40.0M | $38.0M |
| Deferred Revenue | $537.0M | $197.0M | $211.0M | $202.0M |
| Other Current Liab | $1.16B | $587.0M | $837.0M | $479.0M |
| Long-Term Liabilities | $7.04B | $3.36B | $1.82B | $1.70B |
| Long-Term Debt | $5.56B | $2.56B | $1.10B | $1.10B |
| LT Operating Leases | $353.0M | $254.0M | $248.0M | $226.0M |
| Other LT Liab | $980.0M | $456.0M | $414.0M | $312.0M |
| Total Liabilities | $9.75B | $4.69B | $3.25B | $2.77B |
| Shareholders' Equity | $1.75B | $301.0M | $1.21B | $1.16B |
| Retained Earnings | $1.07B | $-421.0M | $535.0M | $559.0M |
| AOCI | $-300.0M | $-429.0M | $-469.0M | $-439.0M |
| Total L&E | $11.51B | $4.99B | $4.45B | $3.92B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $59.0M | $-423.0M | $957.0M | $62.0M |
| Non-Cash Adjustments | $-45.0M | $1.24B | $-890.0M | $-723.0M |
| Working Capital Changes | $433.0M | $-118.0M | $-199.0M | $451.0M |
| Cash from Operations | $447.0M | $694.0M | $-132.0M | $-210.0M |
| Capital Expenditures | $92.0M | $130.0M | $30.0M | — |
| Cash from Investing | $-387.0M | $-290.0M | $2.19B | $-134.0M |
| Share Buybacks | $0 | — | $56.0M | $74.0M |
| Cash from Financing | $1.0M | $-839.0M | $-1.56B | $-175.0M |
| FX Effect | $-50.0M | $-20.0M | $-24.0M | $4.0M |
| Net Change in Cash | $-9.0M | $-455.0M | $473.0M | $-515.0M |
| Beginning Cash | $749.0M | $740.0M | $285.0M | $758.0M |
| Ending Cash | $740.0M | $285.0M | $758.0M | $243.0M |
Frequently Asked Questions
How does NCR Voyix Corp make money?
Payment technology terminals and hardware sales; Software licensing and SaaS subscriptions for point-of-sale systems; Loyalty and rewards platform management services; Merchant acquiring and transaction processing fees.
What are the main risks for VYX?
Continued decline in legacy terminal revenue due to market saturation and rapid adoption of contactless solutions by competitors; High concentration risk within the retail sector which faces cyclical downturns affecting merchant spending; Potential regulatory changes regarding interchange fees or data privacy that could impact transaction processing margins.
What is VYX's competitive advantage?
Deep integration with major card networks (Visa, Mastercard) providing exclusive access to new payment standards like tap-to-phone; Strong installed base of proprietary hardware creating high switching costs for merchants; Proprietary data analytics capabilities allowing clients to optimize marketing spend through loyalty programs.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.