NCR Voyix Corporation — Earnings Quality Grade F
VYX · Technology
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 67 days, change -6 days YoY
AR growth -12.0% vs revenue growth -4.6%
Revenue -4.6%, CFFO -59.1%. Cash follows revenue
Expense Quality
Inventory 4.3% vs COGS -8.4%. Normal
CapEx growth -24.0% vs revenue -4.6%. Normal
SG&A/Gross Profit = 71.5%, exceeds 70%
Gross margin 23.6%, change +3.1pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF < 50% of Net Income for 2 years
Accruals ratio = 6.9%. Elevated
Cash $0.2B covers only 17% of debt $1.3B
Balance Sheet Health
Goodwill+Intangibles $1.6B = 139% of equity. Over 50%
Debt/EBITDA = 5.1x (>4x). Interest coverage = 0.4x (<2x). Financial stress
Other assets 16.3% vs revenue -4.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
M-Score = -2.26 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25