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Operates and services ATM networks and cash-recycling technology for banks and retailers, spun off from NCR Corporation.
Operates and services ATM networks and cash-recycling technology for banks and retailers, spun off from NCR Corporation.
Earns per-transaction fees and surcharges on cash withdrawals at ATMs it owns, fees from banks that outsource the running of their ATM fleets, and sales and servicing of machines. It was spun out of NCR in 2023, and its 2021 purchase of Cardtronics supplies the independent-ATM network.
Moat: narrow (installed base, scale, switching costs). Large installed base of ATMs and long-term managed-service contracts with banks create switching costs.
Headquarters: Atlanta, Georgia, US · Founded: 2023 · Employees: 20,000
Size NCR Atleos (NATL) is a United States Information Technology company (Computer Processing Hardware) with a market value of $3.49B, the 1436th largest of 3,117 United States companies the cockpit tracks. Shares closed at $47.18 on 6 Nov 2026.
Performance Over six months the shares gained 6.6%, against -18.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 19 in its peer set.
Growth Revenue grew 2.2% over the last twelve months (peer median +14.4%); the operating margin is 14.2% (peer median 1.9%).
Valuation It trades at 9.6× forward earnings against a peer median of 13.7× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -9% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.0 points above its cost of capital (6.7% WACC).
Backlog Backlog (remaining performance obligations) was $1.80B at 30 Sep 2026, down 10% on a year earlier — 0.4 years of trailing revenue. Backlog detail →
Short interest Short interest is 4.1% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.40B | $4.35B | $4.30B | $4.19B | $4.13B |
| Revenue growth | — | +1% | +3% | +1% | — |
| Gross profit | $1.14B | $1.04B | $933M | $818M | $887M |
| EBITDA | $877M | $762M | $684M | $637M | $590M |
| Net income | $267M | $162M | $80.0M | -$150M | $108M |
| Free cash flow | $309M | $239M | $257M | $247M | $216M |
| Capital expenditure | $174M | $156M | $139M | $132M | $97.0M |
| Total debt | $2.70B | $2.95B | $3.09B | $3.15B | $906M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| NCR Atleos NATL | $3.49B | +7% | +2% | 14% | 9.6× | -9.2% |
| Diebold Nixdorf DBD | $1.96B | -25% | +6% | 9% | 10.5× | -2.0% |
| Fiserv FISV | $33.4B | +13% | -2% | 19% | 8.2× | n/a |
| Euronet Worldwide EEFT | $2.65B | +3% | +5% | 11% | 6.2× | n/a |
| Brink's BCO | $4.54B | +3% | +7% | 10% | 11.8× | 0.1% |
| Glory 6457.T | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% |
| GRG Banking Equipment 002152.SZ | $3.26B | -25% | 0% | 9% | 23.0× | 4.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NATL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | -6.9% | 5th highest of 21 |
| 6-month return | +6.6% | -18.2% | 7th highest of 19 |
| Distance from 52-week high | -2.9% | -37.2% | highest of 21 |
| Revenue growth (TTM) | +2.2% | +14.4% | 6th lowest of 18 |
| Operating margin | 14.2% | 1.9% | 3rd highest of 20 |
| Forward P/E | 9.6× | 13.7× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -9.2% | 6.3% | least demanding of 9 |
| Growth delivered (Del g) | +1.8% | +7.3% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | -11.0 pp | +0.7 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | +11.0 pp | -0.4 pp | 3rd highest of 19 |
| EV / EBITDA | 6.5× | 10.1× | cheapest of 4 |
| Net debt / EBITDA | 2.5× | 1.2× | 2nd most indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| NCR Atleos NATL | United States | $3.49B | +7% | +2% | 14% | 9.6× | -9.2% | +1.8% |
| Venture V03.SI | Singapore | $3.22B | -21% | +1% | 10% | 16.4× | -1.3% | -3.4% |
| RGTI RGTI | United States | $3.92B | -38% | +68% | -728% | n/a | n/a | n/a |
| QBTS QBTS | United States | $4.05B | -25% | -44% | -1,373% | n/a | n/a | n/a |
| MiTAC 3706.TW | Taiwan | $2.98B | -16% | +44% | 4% | 8.8× | n/a | n/a |
| Compal Electronics 2324.TW | Taiwan | $4.15B | +8% | -4% | 1% | 12.9× | n/a | n/a |
| Guangzhou Shiyuan Electronic Technology 002841.SZ | China | $4.37B | +13% | +35% | 8% | 11.2× | -2.7% | +7.3% |
| Acer 2353.TW | Taiwan | $2.63B | +4% | +15% | 2% | 16.4× | n/a | n/a |
| Lakala Payment 300773.SZ | China | $2.32B | -25% | +17% | 4% | 17.4× | 14.2% | 0.0% |
| China Greatwall Technology 000066.SZ | China | $5.40B | -42% | +28% | -1% | 81.7× | n/a | n/a |
| Getac 3005.TW | Taiwan | $2.20B | +19% | +9% | 15% | 12.1× | -7.0% | +7.2% |
| Inventec 2356.TW | Taiwan | $5.71B | +12% | +16% | 2% | 13.2× | n/a | n/a |
| Lingyi iTech (Guangdong) 1688.HK | Hong Kong | $5.75B | n/a | +14% | 6% | 12.6× | n/a | n/a |
| Dongfang Electronics 000682.SZ | China | $2.06B | -21% | +14% | 7% | 13.7× | 8.9% | +17.4% |
| Infleqtion INFQ | United States | $2.00B | -27% | n/a | -315% | n/a | n/a | n/a |
| Willfar Information Technology 688100.SS | China | $1.98B | -28% | -9% | 20% | 22.4× | 17.0% | +15.5% |
| SeeYA Technology 688781.SS | China | $7.11B | +17% | n/a | n/a | n/a | n/a | n/a |
| Pegatron 4938.TW | Taiwan | $7.52B | +14% | -6% | 1% | 13.1× | n/a | n/a |
| PCI Technology 600728.SS | China | $1.58B | -7% | +11% | 0% | 55.3× | 23.0% | +18.8% |
| XGD 300130.SZ | China | $1.49B | -20% | +21% | 12% | 17.9× | 3.8% | +3.8% |
| IQM Quantum Computers Oyj Sponsored ADR IQMX | United States | $1.49B | n/a | n/a | -492% | n/a | n/a | n/a |
NCR Atleos reported $1.80B of remaining performance obligations at 30 Sep 2026, down 10% from a year earlier and down 14% from the previous quarter. That is 0.4 years of trailing revenue already under contract. Book-to-bill last quarter: 0.73.