MoatScopeNCR AtleosNATL
Spin-off from NCR Voyix (formerly NCR Corporation) (VYX) · Oct 16, 2023 · NYSE
one share of NCR Atleos for every two shares of NCR
Documents
Both companies today
Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.
What is being separated
NCR Atleos is the ATM-focused financial technology business of NCR, providing self-directed banking solutions — ATMs, the ATM-as-a-Service platform and related software and services — to financial institutions, retailers and consumers worldwide.
Stated rationaleNCR said separating its ATM businesses from its digital commerce operations would give each company a clearer strategy and capital structure.
The four questions
Indiscriminate selling
StrongManagement incentives
PartialThe hidden jewel
PartialLeverage
StrongThe write-up
NCR completed its separation on October 16, 2023, distributing NCR Atleos — the ATM and self-service banking business — one share for every two NCR shares, while the parent renamed itself NCR Voyix and kept the retail, restaurant and digital-banking software businesses. Atleos issued $2.9 billion of debt at separation with maturities of five to eight years at a weighted average interest rate of about 8.3%, sized to fund a payment to the parent. On MoatScope's framework Atleos carries no moat rating and a quality score of 37 at a $3.4 billion market value, trading at $46.09 against a base-case fair value estimate of $98.72 — 0.47×. NCR Voyix carries no moat rating and a quality score of 19 at $1.3 billion, 0.44× fair value.
Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months. Write-up dated Sep 8, 2026.