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NCR VOYIX CORPORATION

NCRRP · Technology · $138.6B mkt cap · FY2025 filings · · No moat ·

Price verdict withheld — value if growth stopped today unreliable

No moat
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The five investor questions

15

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $3.7B to $2.7B, decreasing; diluted EPS 0.62 to 0.30, decreasing.

100

Median gross margin 68.4% over 2y, very stable.

55

Median ROIC 13.7%, above the 12% hurdle in 50% of years.

28

Net debt/EBITDA n/ax, interest coverage 0x.

0

Owner earnings changed -14.8%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
2355% above value if growth stopped today
$508M
$40.81
$40.81
$1002.00
2355% above value if growth stopped today

What today’s price assumes: owner earnings growing ~90%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. NCRRP revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.

Among the current top-score group, the median current price is 254% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 20, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

19 years of fundamentals

The business, in plain English

Across the filed record, revenue shrank from $5.3B (FY2008) to $2.7B (FY2025) — about −3.9% a year compounded over 17 years.

It earned 2.9% on invested capital in the latest filed year, FY2025. Across the full 15-year measurable filed record, median ROIC was 27.2%. Over the v3 recent window (8 measurable filed years), median ROIC was 13.7%. The Returns on Capital filter above scores it 55/100.

NCRRP's latest filed year, FY2025, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.

Put together: Pricing Power is the strongest of the five filters (100/100) and Capital Allocation the weakest (0/100), which is how NCRRP lands at 40/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2007–FY2025 · 19 fiscal years, normalized from NCRRP’s SEC filings

Sales, as filed$2.7B FY2025
$0$2.5B$5B2007201320192025
Revenue kept after cost of goods68.9% FY2017
0%25%50%2007201320192025
Standard ROIC or separately labeled Operating ROIC

Exact FY and FY-1 financing invested-capital inputs are required.

Exact FY and FY-1 financing invested-capital inputs are required.

Cash an owner could take out$128M FY2025
$0$1B2007201320192025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How NCR VOYIX CORPORATION makes its money

NCR VOYIX CORPORATION's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$2.7B100%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
$26M1%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Income before tax−$31M−1%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Income tax−$73M−3%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
$62M2%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What NCR VOYIX CORPORATION owns — and owes

NCR VOYIX CORPORATION's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$3.9B100%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Cash and equivalents$231M6%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Stockholders’ equity$948M24%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What drives NCR VOYIX CORPORATION’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity7%Tax burden−200%net income ÷ pretax incomeInterest burden−119%pretax ÷ operating incomeOperating margin1%operating income ÷ revenueAsset turnover0.64×revenue ÷ average assetsEquity multiplier4.45×average assets ÷ average equityAs of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$62MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Income before tax−$31MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Operating income$26MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
$2.7BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Ending assets$3.9BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Beginning assets$4.5BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000070866-25-000010 · filed Feb 27, 2025
  • 10-K · FY 2024Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
$948MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
$933MFY2024
  • 10-K · FY 2024Filing detailsAccession 0000070866-25-000010 · filed Feb 27, 2025
  • 10-K · FY 2024Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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Flagship explainer

Where NCR VOYIX CORPORATION's cash went

NCR VOYIX CORPORATION’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$210M−100%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Depreciation and amortization$231M110%
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000070866-26-000006 · filed Feb 26, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding NCR VOYIX CORPORATION

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 20, 2026

Flagship explainer

What NCR VOYIX CORPORATION insiders reported

We could not retrieve insider activity for this rendering; no zero-activity claim is shown.

Unavailable: Form 4 activity could not be retrieved for this rendering.

Moat Score history

16 logged readings since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.6 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026Oct 20, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — NCRRP has read No moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

The insider-filing service is temporarily unavailable, so no partial or guessed answer is shown for NCRRP.

Technology context

#473 of 752 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #471BBLR Bubblr, Inc.39.9No moat
  2. #472ALKT ALKAMI TECHNOLOGY, INC.39.8No moat
  3. #474BLZE BACKBLAZE, INC.39.6No moat
  4. #475BSQKZ Block, Inc.39.5No moat

Compare NCRRP with its nearest peers →All Technology companies on the Index →

Common questions about NCRRP

Does NCR VOYIX CORPORATION have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores NCR VOYIX CORPORATION (NCRRP) 39.6 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 15, pricing power 100, returns on capital 55, balance-sheet safety 28, capital allocation 0.
Is NCRRP trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $40.81 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $1002.00, that is 2355% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has NCRRP's Moat Score changed over time?
The record logs 16 readings since Sep 4, 2026; the latest reads 39.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell NCRRP. See the disclaimer.