NCR Atleos Corporation

NATL

Software - Application · Technology

Price

$47.43

+0.32 (+0.68%)

Market Cap

$3.50B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+8.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 69.8M (2021) → 75.6M (2025)

NCR Atleos Corporation runs a large network of ATMs and provides the software and services that keep them working. Its main products include ATM hardware, cash management software, and services that help banks and retailers operate their ATM fleets. The company was spun off from NCR Corporation in 2023, making it one of the largest independent ATM network operators in the United States.

NCR Atleos makes money through a mix of recurring service contracts, transaction fees, and software licenses tied to ATM operations. It operates primarily in North America but also has a presence in Europe and other international markets, with roughly 90,000 ATMs under management. Its competitive edge comes from the scale of its installed ATM base and long-term contracts with financial institutions, though the company faces a real risk from the ongoing decline in cash usage, which could reduce ATM transaction volumes over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+30.4% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$70M/ year

↑ Rising (+6% vs prior year)

1.6% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$433M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

$433M cash & investments at current burn rate

Growth context

NCR Atleos Corporation is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

22.4%

Thin — 22.4% gross margin

Operating Margin

8.1%

Modest — 8.1% operating margin

ROCE

13.5%

Good — 13.5% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+4.1%

Slow sales growth (4.1% YoY)

EPS YoY

+404.3%

Earnings growing fast (404.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

127%

Turns 127% of profit into real cash

FCF Margin

1.9%

Thin free cash flow (1.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.57

Conservative — low debt load (0.57)

Interest Cover

0.84x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

20.0x

Growth-priced — P/E 20.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+9.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.0 → 10.6)

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Dividends

Not applicable for this business.

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