NCR Atleos
NATL on NYSE. NCR Atleos sells cash machines, banking software, and services to banks, stores, and people. Market value $3.4bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.70 of spare cash in the past 12 months. A savings account pays about $4.
You pay 11.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 60 of 100. Price score: 86 of 100. Our list needs 70 on quality and 60 on price.
$45.67 a share, 37% above its 1-year low
Over the past year the price has ranged from $33.31 to $48.50.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $125 million in the past 12 months, $200 million in the year to December 2025.
| Revenue | |||
| Revenue | $4.2bn | $4.3bn | $4.4bn |
| Operating margin | |||
| Operating margin | 6.3% | 10.2% | 11.0% |
| Debt to equity | |||
| Debt to equity | 14.16 | 13.46 | 6.88 |
| Shares outstanding | |||
| Shares outstanding | 0.07bn | 0.07bn | 0.07bn |
Health checks
- Free cash flow positive3 of 3 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt6.88× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.1 billion last quarter, about the same as a year ago.
- Profit: $65 million, up 67% on a year ago.
- It keeps 11 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $125 million, down from $145 million.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.4 billion more than cash, down from $2.5 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $1.1bn |
| December 2024 | $1.1bn |
| March 2025 | $979m |
| June 2025 | $1.1bn |
| September 2025 | $1.1bn |
| December 2025 | $1.2bn |
| March 2026 | $1.0bn |
| June 2026 | $1.1bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $21m |
| December 2024 | $41m |
| March 2025 | $14m |
| June 2025 | $39m |
| September 2025 | $26m |
| December 2025 | $83m |
| March 2026 | $22m |
| June 2026 | $65m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
9 long-term investors we follow own it, down from 10 last quarter. 361 funds in all.
- Engine CapitalArnaud Ajdler
- Value
- $112m
- Share of fund
- 10.9%
- First Manhattan Co.First Manhattan partners
- Value
- $9m
- Share of fund
- <0.1%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $8m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Engine CapitalArnaud Ajdler | $112m | 10.9% | |
| LSV Asset ManagementJosef Lakonishok | $32m | <0.1% | Cut |
| GMOJeremy Grantham | $27m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $17m | 0.1% | Added |
| First Manhattan Co.First Manhattan partners | $9m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $8m | <0.1% | |
| First Pacific Advisors (FPA)Steven Romick | $2m | <0.1% | Cut |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $3,560 | <0.1% | Added |
Sold out this quarter
Largest holders overall
- BlackRock$470mAdded
- Vanguard Portfolio Management$186m
- Bank of America$172mAdded
- Vanguard Capital Management$144m
- State Street$128mAdded
- Engine Capital$112m
- Alliancebernstein L.P.$100mAdded
- Goldman Sachs Group$91mAdded
- Geode Capital Management$90mAdded
- Fuller & Thaler Asset Management$87mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor13.9%Since 30 September 2025
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- BANK OF AMERICA CORP /DE/Passive investor5.2%Since 30 June 2026
- AllianceBernstein L.P.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.9% | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
BANK OF AMERICA CORP /DE/ Passive investor | 5.2% | 30 June 2026 | |
AllianceBernstein L.P. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 1 sold $307,686.
- Frymire Michelle MDirectorSold
- Date
- 19 November 2025
- Shares
- 8,786
- Price
- $35.02
- Value
- $307,686
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 19 November 2025 | Frymire Michelle M Director | Sold | 8,786 | $35.02 | $307,686 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 6.9× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.