Latest Ratios: P/E Ratio 21.0x · EV/EBITDA 4.1x · ROE 48.6%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.9B | $2.5B | $1.7B | — | — |
| Enterprise Value | $3.1B | $2.7B | $5.1B | $4.5B | — | — |
| P/E Ratio → | 21.01 | 17.81 | 27.58 | — | — | — |
| P/S Ratio | 0.76 | 0.66 | 0.58 | 0.41 | — | — |
| P/B Ratio | 8.46 | 7.17 | 9.53 | 5.98 | — | — |
| P/FCF | 13.87 | 12.05 | 12.28 | 7.69 | — | — |
| P/OCF | 9.31 | 8.09 | 7.32 | 4.83 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.61 | 1.19 | 1.07 | — | — |
| EV / EBITDA | 4.09 | 3.51 | 11.43 | 8.57 | — | — |
| EV / EBIT | 6.45 | 5.77 | 11.48 | 22.84 | — | — |
| EV / FCF | — | 11.09 | 25.09 | 20.17 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 24.4% | 24.4% | 23.9% | 22.3% | 22.2% | 25.1% |
| Operating Margin | 11.0% | 11.0% | 10.4% | 6.5% | 6.5% | 7.0% |
| Net Profit Margin | 3.7% | 3.7% | 2.1% | -3.2% | 2.6% | 5.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | 48.6% | 48.6% | 33.0% | -7.6% | 3.9% | 8.0% |
| ROA | 2.9% | 2.9% | 1.6% | -2.3% | 1.9% | 3.3% |
| ROIC | 23.4% | 23.4% | 11.3% | 5.9% | 5.4% | 5.2% |
| ROCE | 12.5% | 12.5% | 11.4% | 6.5% | 6.4% | 6.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.56 | 0.56 | 11.54 | 10.88 | 0.27 | 0.62 |
| Debt / EBITDA | 0.30 | 0.30 | 6.77 | 5.95 | 1.67 | 3.58 |
| Net Debt / Equity | — | -0.57 | 9.95 | 9.70 | 0.18 | 0.52 |
| Net Debt / EBITDA | -0.31 | -0.31 | 5.84 | 5.30 | 1.12 | 3.00 |
| Debt / FCF | — | -0.97 | 12.81 | 12.48 | 3.34 | 3.61 |
| Interest Coverage | 1.70 | 1.70 | 1.37 | 2.19 | 6.06 | 6.12 |
Net cash position: cash ($456M) exceeds total debt ($225M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 1.04 | 1.08 | 1.20 | 0.97 |
| Quick Ratio | 0.78 | 0.78 | 0.86 | 0.89 | 0.90 | 0.68 |
| Cash Ratio | 0.24 | 0.24 | 0.25 | 0.19 | 0.21 | 0.15 |
| Asset Turnover | — | 0.77 | 0.78 | 0.73 | 0.72 | 0.64 |
| Inventory Turnover | 9.63 | 9.63 | 10.70 | 9.78 | 7.67 | 5.69 |
| Days Sales Outstanding | — | 46.11 | 49.72 | 62.18 | 44.35 | 44.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 5.6% | 3.6% | — | — | — |
| FCF Yield | 7.2% | 8.3% | 8.1% | 13.0% | — | — |
| Buyback Yield | 0.8% | 1.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.8% | 1.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $76M | $74M | $71M | $68M | $70M |
Secular cash usage decline
According to current market data, NATL trades at a forward P/E of 10.31, which appears to reflect significant investor skepticism regarding the long-term sustainability of its physical ATM-based business model compared to higher-multiple software peers like Jack Henry & Associates.
The valuation gap between NATL and pure-play software providers suggests that the market is applying a hardware-centric discount to the company's earnings. Investors should monitor whether the transition to recurring AaaS revenue can drive a multiple expansion, or if the current valuation accurately captures the terminal risk of declining cash usage.
Based on reported financial figures, NATL's ROIC has exhibited extreme volatility, swinging from a peak of 78.8% in 2025Q4 to a negative 3.2% in 2025Q2, indicating that the company is struggling to consistently compound capital within its current operational framework.
This erratic performance suggests that the company's capital allocation is heavily influenced by non-recurring items and the lumpy nature of hardware-related investments. The lack of a stable trend in returns warrants further investigation into whether the underlying business can generate sustainable value above its cost of capital.
As reported in recent quarterly filings, NATL's cash conversion cycle has fluctuated between 20 and 45 days, reflecting the inherent logistical challenges of managing a global fleet of physical ATMs and the associated inventory of spare parts.
The variability in the cash conversion cycle suggests that NATL lacks the working capital efficiency typically seen in pure software-as-a-service models. Investors should monitor the DPO and DIO trends, as any deterioration in these metrics could further strain the company's liquidity position during periods of low transaction volume.
Based on the provided balance sheet data, NATL's current ratio has remained consistently near 1.00 over the last ten quarters, indicating a limited margin of safety for meeting short-term obligations given the capital-intensive nature of its global field service operations.
This tight liquidity profile suggests that the company has little room for error in managing its working capital or responding to unexpected operational shocks. The reliance on physical infrastructure necessitates a constant, reliable cash flow, which the current volatility in earnings makes difficult to guarantee.
The most commonly misapplied metric for NATL is the P/S ratio, which obscures the company's high fixed-cost structure and the significant portion of revenue derived from low-margin hardware sales rather than high-margin recurring software subscriptions.
Using a standard software P/S multiple fails to account for the heavy logistics and maintenance costs inherent in the ATM-as-a-Service model. Analysts should instead focus on EV/EBITDA or free cash flow yield to better capture the true earning power of the business after accounting for necessary capital expenditures.
Includes 30+ ratios · 5 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NATL stock.
NCR Atleos Corporation's current P/E ratio is 21.0x. The historical average is 22.7x. This places it at the 50th percentile of its historical range.
NCR Atleos Corporation's current EV/EBITDA is 4.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.8x.
NCR Atleos Corporation's return on equity (ROE) is 48.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 17.2%.
Based on historical data, NCR Atleos Corporation is trading at a P/E of 21.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NCR Atleos Corporation has 24.4% gross margin and 11.0% operating margin. Operating margin between 10-20% is typical for established companies.
NCR Atleos Corporation's Debt/EBITDA ratio is 0.3x, indicating low leverage. A ratio below 2x is generally considered financially healthy.