NCR Atleos Corp (NATL)

Price$46.09Cached quoteAs of 2026-09-05 04:22 UTC

AI: Fair-priced

Price checkThe market price sits close to what the takeover would pay, leaving only a modest risk discount.

Brink’s agreed to pay $30 cash plus 0.1574 Brink’s shares for each Atleos share. Using the current Brink’s quote, that package is worth about 2.4% more than Atleos’s market value. Shareholders approved the deal and U.S. antitrust clearance is in hand, but the United Kingdom review remains open and closing is expected early in the first quarter of 2027. A spread this small looks roughly adequate for several months of waiting, regulatory risk, and exposure to Brink’s share price, supporting a Fair-priced verdict. GOV.UK+4MarketWatch+4MarketWatch+4

Big pictureProfits improved sharply, but recent cash generation has been weaker and more uneven than earnings.

From 2023 to 2025, revenue rose from $4.19 billion to $4.35 billion, while operating income climbed from $263 million to $478 million and net income swung from a $150 million loss to a $162 million profit. Cash was steadier: operating cash flow was $355 million, $344 million, and $356 million across those years, and cash left after capital spending stayed near $239 million to $257 million. In the first half of 2026, however, operating cash flow was only $21 million against $53 million of capital spending, showing meaningful timing and working-capital swings. Pasted text

Business strengthRepeat service revenue and better profitability add resilience, while heavy debt and mild dilution weaken downside protection.

Second-quarter 2026 revenue was roughly flat, but about 70% came from recurring streams and operating income rose to $156 million from $119 million a year earlier. That helps cushion uneven hardware demand, which fell against unusually strong prior volumes. The balance sheet remains the main constraint: debt was $2.94 billion against $429 million of cash, leaving about $2.51 billion of net debt. Interest expense was $125 million in the first half. Shares outstanding also rose about 4% from 2023, while buybacks have been too small to fully offset dilution. Pasted text SEC+1

What could change the storyThe takeover outcome now matters more than small changes in standalone operating performance.

The strongest bull case is straightforward: the transaction closes on schedule and Brink’s shares hold or increase their value, allowing Atleos holders to receive the agreed cash-and-stock package. The bear case is a delay, remedy, or failed deal, because the current market value already sits close to the live takeover value. Without the transaction, Atleos trades around eighteen times trailing earnings and roughly twenty-one times recent cash left after capital spending, while carrying substantial net debt. Stronger cash conversion or faster debt reduction would make that fallback valuation more defensible. Pasted text SEC+2MarketWatch+2

AI: News

Second-quarter profit improvedSecond-quarter profit rose sharply even though sales were flat, showing better economics beneath the headline revenue.

On August 5, Atleos reported second-quarter revenue of $1.10 billion, essentially unchanged from a year earlier, while net income rose 67% to $65 million. Adjusted EBITDA, a measure of operating profit before interest, taxes, depreciation, and amortization, increased about 25%. Gross margin, the share of sales left after direct costs, improved to 28.0% from 22.9%. Shares closed about 0.4% lower that day. That timing does not prove investors disliked the results; with a takeover pending, the merger value likely remained the larger pricing anchor. NCR Atleos Corporation+1

Shareholders approved takeoverShareholders approved the Brink’s transaction, removing a major deal condition and reducing completion uncertainty.

On June 30, shareholders of both companies approved the acquisition. The companies also said U.S. antitrust clearance had already been received and continued to expect closing by the end of the first quarter of 2027, subject to remaining approvals and customary conditions. Atleos shares rose about 1.2% that day and another 1.6% the next session, although timing alone cannot establish that the vote caused the gains. The approval matters because the stock now trades mainly as a claim on the eventual cash-and-stock merger consideration. NCR Atleos Corporation+1

United Kingdom review openedThe United Kingdom opened a formal merger review, adding a visible regulatory checkpoint before closing.

On August 26, the United Kingdom Competition and Markets Authority formally launched its first-stage review of the Brink’s acquisition, with an October 22 decision deadline. The review does not mean the deal will be blocked, but it creates a clear remaining regulatory hurdle for a transaction expected to close in early 2027. Atleos shares were essentially flat that day, so the market showed no obvious immediate negative reaction. Any delay, remedy, or adverse ruling could widen the discount between Atleos’s market value and the takeover package. GOV.UK+1

Loading local price history

Revenue

2021

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$4.35B	$4.30B	$4.19B	$4.12B	$3.55B
Research & development	$70.0M	$62.0M	$80.0M	$64.0M	$107.0M
Operating expenses	$3.88B	$3.87B	$3.92B	$3.86B	$3.30B
Operating income	$478.0M	$437.0M	$263.0M	$258.0M	$248.0M
Operating margin	10.98%	10.15%	6.28%	6.26%	6.99%
EBITDA	$755.0M	$724.0M	$517.0M	$485.0M	$375.0M
EBITDA margin	17.34%	16.82%	12.35%	11.77%	10.57%
Net income	$162.0M	$80.0M	−$150.0M	$99.0M	$186.0M
Net profit margin	3.72%	1.86%	−3.58%	2.40%	5.24%
Basic EPSper basic share	$2.20	$1.11	-$2.12	$1.40	$2.63
Diluted EPSper diluted share	$2.14	$1.08	-$2.12	$1.40	$2.63

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 16 reported holders of NATL
Holder	Shares held
OLIVER TIMOTHY CHARLES	542.07K
Mackinnon Stuart	161.85K
Wamser R Andrew Jr	142.78K
NUNEZ RICARDO J	65.23K
Reece Joseph E	47.95K
Campbell Paul J.	43.49K
Hornfeck Traci	36.71K
Burson Andrea Richards	33.12K
Begor Mark W	31.48K
Natoli Frank A	23.98K
von Gillern Jeffry H.	23.98K
Almeida Odilon	23.98K
Baker Mary Ellen	23.98K
DuVall Andrew R	17.05K
Niederauer Duncan L	11.47K
Frymire Michelle M	10.84K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$102.4K disclosed value

Sells (SEC code S)3$332.0K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 19, 2025Form 4	Frymire Michelle MDirector	SellCommon Stock	8.8K	$35.02	$307.7K	10.8K
Mar 6, 2025Form 4	Reece Joseph EDirector	BuyCommon Stock	4.0K	$25.59	$102.4K	36.5K
Dec 6, 2024Form 4	DuVall Andrew RChief Accounting Officer	SellNATL	450	$33.48	$15.1K	16.2K
Nov 21, 2024Form 4	DuVall Andrew RChief Accounting Officer	SellCommon Stock	300	$30.80	$9.2K	16.6K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about NATL yet. Start the conversation.

Write the first post

NCR Atleos Corp (NATL)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.