NCR Voyix Corp

Where It Passes

Where It Falls Short

• Debt & Leverage0% pass✗ 15▾

  All 12 investors flag VYX's debt & leverage

  LT Debt vs Net Current AssetsLT Debt $1.1B vs NCA $104.0M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.16, IC: 0.9x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1.16

  ✗Lynch< 0.33

  Cash - Long-term Debt$-826.0M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change24.66% -> 28.05%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.11

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity1.16

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels1.16

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=0.9x, D/EBITDA=4.1x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1.16

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-1.1565; #3368/4210 (top 80.0%)

  ✗AsnessTop 30% of eligible cross-section
• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio1.11

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-1.2%

  ✗Buffett> 10%

  ROIC - WACC-11.2%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)N/A (invested capital <= 0)

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.18 -> 1.04

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.63x -> 0.69x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities1.11

  ✗Dreman> 1.5

  Return on Invested Capital2.1%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=-4.1%; FY2024: ROIC=-1.5%; FY2025: ROIC=1.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC1.0% (RR=100% x ROIC=1.0%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 1.0%)

  ✗SleepROIC > 12% in a majority of years
• Profitability6% pass✓ 8✗ 27▾

  15 of 16 flag VYX's profitability — Graham, Buffett, Lynch +12 more

  Net income / market capitalization+8.36%; #920/6340 (top 14.5%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive EPS (10 years)17/27 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)20/27 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-318.2%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)1.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$128.0M

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE12.5%

  ✗Lynch> 15%

  EBIT / Enterprise Value2.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=2.4%, ROC=N/A (invested capital <= 0)

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets1.58%

  ✓PiotroskiROA > 0

  ROA Change YoY21.52% -> 1.58% (delta: -19.94%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=-5.36%, ROA=1.58%

  ✗PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue0.0%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity12.5%

  ✓Dreman> 12%

  Margin of SafetyP/E=34.9x, P/B=1.5x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity-534.3% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency20/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue2.3%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity12.5%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend-4.2% (2023) -> 1.0% (2025)

  ✓TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -4.2% -> 1.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+12.50%; #1464/5226 (top 28.0%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0990; #3468/5884 (top 58.9%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years7/10 years positive

  ✓Schloss>= 70% positive over 5-10 observed years (app rule)
• Verdicts7% pass✓ 1✗ 13▾

  Split decision: 13 FAIL · 2 NEUTRAL · 1 PASS

  Overall verdict

  ✗GrahamFAIL (1/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 2)✗DremanFAIL (2/11)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✗AckmanFAIL (1/9)✗TempletonFAIL (2/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
• Valuation8% pass✓ 3✗ 25▾

  12 of 13 flag VYX's valuation — Graham, Lynch, Greenblatt +9 more

  Net income / market capitalization+8.36%; #920/6340 (top 14.5%)

  ✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Price / 3-yr avg EPS

  ✗Graham<= 15x

  Price-to-Book Ratio1.5x

  ✗Graham<= 1.5x

  P/E x P/B

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value2.4%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=2.4%, ROC=N/A (invested capital <= 0)

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS34.9x

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  Price / Book Value per Share1.5x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessP/E=34.9x, OE Yield=8.8%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF YieldP/E=34.9x, FCF Yield=-26.3%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/E=34.9x, P/B=1.5x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value

  ✗Marks>= 20% below intrinsic value

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Price vs. Trailing Low166% of trailing low ($6.33)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Positive book equity / market capitalization+0.6686; #2304/6449 (top 35.7%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS34.9x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-15.3%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+1.6772; #1229/5247 (top 23.4%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization-26.34%; #3614/4519 (top 80.0%)

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+45.76%; #715/6202 (top 11.5%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth13% pass✓ 2✗ 11▾

  7 of 8 flag VYX's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: -45.2% vs Rev: -9.9%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency20/26 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-4.6%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -4.2% -> 1.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR-15.4%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Cash Flow20% pass✓ 2✗ 10▾

  8 of 10 flag VYX's cash flow — Buffett, Lynch, Piotroski +5 more

  Free Cash Flow Proxy$128.0M

  ✗BuffettPositive and growing

  FCF Positive and Growing$-375.0M

  ✗LynchPositive and growing

  Operating Cash Flow$-210.0M

  ✗PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=-5.36%, ROA=1.58%

  ✗PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)N/A (negative CFPS)

  ✗Dreman< 8x

  P/E or FCF YieldP/E=34.9x, FCF Yield=-26.3%

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive15/18 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap-25.7%

  ✗Ackman>= 4%

  Price / FCF per ShareN/A (negative FCF)

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency22/25 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures$-375.0M

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization-26.34%; #3614/4519 (top 80.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Valuation models50% pass✓ 2✗ 2▾

  Models split on VYX at $10.48 — fair values range $6.78–$19.33

  Graham fair value$6.78

  ✗Graham-54.6% margin vs $10.48

  Buffett fair value$10.88

  ✓Buffett+3.7% margin vs $10.48

  Pabrai fair value$10.44

  ✗Pabrai-0.4% margin vs $10.48

  Akre fair value$19.33

  ✓Akre+45.8% margin vs $10.48