NATL
NCR Atleos Corporation
NATL's fundamentals are strong: free cash flow more than doubled and earnings per share about doubled. At 14x earnings, it's trading below its usual 20x. Analysts expect earnings growth.
NATL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Healthy | |
| Stable |
NATL's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
NATL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 9.8x | $48.24 | — |
| Current | 14x | $48.24 | — |
| Cheap | 18x | $62.59 | +30% |
| Fair | 20x | $68.98 | +43% |
| Expensive | 22x | $76.66 | +59% |
Historical ranges are pointers, not guarantees.
NATL's PE is in its cheap range at 14x. If earnings grow as analysts expect, today's price would be 9.8x next year's earnings.
NATL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect NATL's earnings to grow and its profitability to improve, with its revenue holding steady.
NATL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.91 | +40% |
| Q3 2026 | $3.51 | +104% |
| Q2 2026 | $2.58 | +52% |
| Q1 2026 | $2.32 | +56% |
| Q4 2025 | $2.26 | +97% |
| Q3 2025 | $1.72 | +$3.46 |
| Q2 2025 | $1.70 | +$4.58 |
NATL's earnings per share have climbed steadily: $3.51 over the past year, up 104% from the year before, and higher year over year every quarter since late 2024.
NATL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | -2% |
| Q2 2026 | $1.1B | -0.1% |
| Q1 2026 | $1B | +6.4% |
| Q4 2025 | $1.2B | +4% |
| Q3 2025 | $1.1B | +4% |
| Q2 2025 | $1.1B | +2.1% |
| Q1 2025 | $980M | -6.7% |
| Q4 2024 | $1.1B | +0.9% |
NATL's revenue fell from its 2022 peak and has held roughly level since: $1.1B last quarter, down 2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +6.8 points |
| Q2 2026 | 14% | +3.3 points |
| Q1 2026 | 8.1% | -1.8 points |
| Q4 2025 | 14% | +0.1 points |
| Q3 2025 | 9.8% | -1.2 points |
| Q2 2025 | 11% | +1 points |
| Q1 2025 | 9.8% | +2.9 points |
| Q4 2024 | 13% | +10 points |
NATL's operating margin was 17% last quarter, up 6.8 points from the same quarter a year ago, near the top of its range since 2022.
NATL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $147M | +$152M |
| Q2 2026 | $4M | +$48M |
| Q1 2026 | -$36M | -138% |
| Q4 2025 | $194M | +213% |
| Q3 2025 | -$5M | -106% |
| Q2 2025 | -$44M | -$30M |
| Q1 2025 | $94M | -24% |
| Q4 2024 | $62M | +$92M |
NATL generated $309M in free cash flow over the past year, up 189% from the year before.
NATL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +300K shares |
| 1 year | +0.1% | +100K shares |
| 3 years | +7.8% | +5.5M shares |
NATL has 76M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $16M |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | — |
NATL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.6x | Moderate |
| Q2 2026 | 3.0x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.0x | Elevated |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.4x | Elevated |
| Q1 2025 | 3.6x | Elevated |
| Q4 2024 | 3.7x | Elevated |
NATL's net debt is about 2.6 years of its operating earnings (EBITDA), down from 3.3 years a year ago.
NATL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.3 | Neutral |
| Stochastic | 62.7 | Neutral |
NATL's weekly RSI is 63 (neutral) and its Stochastic is 63 (neutral).
NATL PE vs Technology Sector
| Metric | NATL | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 28x | 51% below |
| PE % | 1 | 18 | 17 pts below |
NATL is trading at 14x earnings, a 51% discount to the Technology sector's median of 28x.
NATL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $46.5 | 3.9% above |
| 20 week MA | $46.4 | 4% above |
| 50 week MA | $43.9 | 9.9% above |
| 100 week MA | $37.9 | 27% above |
NATL is in an uptrend: it's above all four of its weekly moving averages, and 27% above its 100-week average.
NATL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $22.4 | $24.3 | +8.5% |
| 2024 | $24.3 | $34.3 | +41% |
| 2025 | $34.3 | $39.0 | +14% |
| 2026 YTD | $39.0 | $48.2 | +24% |
NATL has finished every year since 2023 higher, and it's up 24% so far in 2026.