NATLNCR Atleos Corporation

$45.78+18% 1Y

$45.78

$34.1352 weeks$48.13

Is the business good?

Mixed

The checks split: margins widening, but thin cash backing (0.6×) and returns that lean on debt.

1 good, 2 to watch, 1 without data

Profits arrive as cash0.65×derived · Jun 30, 2026

Operating profit outpaces operating cash flow, watch accruals and working capital. Conversion is worsening vs a year ago.

Margin direction, 3 years+3.5 pts

Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.

Where ROE comes from14.1× leverage

Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 40% = margin × turnover × leverage.

Unless marked, from derived.

Against the whole market›

Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.

FCF conversionbehind 71% of the market

Leverage (Debt/EBITDA)behind 68% of the market

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

NCR Atleos Corporation earns 14% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.

14%

Return on invested capital · cost of capital 9.0% · 5.1 points above what the capital costs: growth creates value

Operating margin: 11%
Operating margin · Software - Application median 6.4% · 12 months to Q2 2026
Cash conversion: 0.65×
Cash conversion · 0.93× a year ago · the operating profit has not turned into cash yet
Share count, year on year: +1.2%
Share count, year on year · shareholders own a smaller slice than a year ago

Details›

Operating margin12 months to Q2 2026: 11%
Net margin12 months to Q2 2026: 4.4%
Free cash flow margin: 3.6%
R&D as % of revenue: 1.7%
Revenue, trailing twelve months: $4.42B
Free cash flow, trailing twelve months: $159M
Net income, trailing twelve months: $196M
Return on invested capitaloperating profit after tax ÷ debt + equity − cash: 14%

Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.

Ranks #19 of 96 by RyuScore