NCR Voyix Corporation
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NCR Voyix Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.7 billion, down 4.65% from fiscal 2024. In the quarter to June 2026, revenue fell 20.8%, EPS grew 66.7%, free cash flow grew 91.6% and total debt was flat, each against the same quarter a year earlier.
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NCR Voyix Corporation (VYX) Beneish M-score
NCR Voyix Corporation's Beneish M-score for fiscal 2025 is −2.28; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.28 | (0.13) |
| FY2024 | −2.16 | 1.91 |
| FY2023 | −4.07 | (0.88) |
| FY2022 | −3.19 | (0.19) |
| FY2021 | −3.00 | 0.00 |
| FY2020 | −3.00 | (0.63) |
| FY2019 | −2.38 | 0.41 |
| FY2018 | −2.78 | 0.03 |
| FY2017 | −2.81 | 0.10 |
| FY2016 | −2.91 | 0.12 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.93 | — | 0.85 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 1.16 | — | 0.47 | |
| Sales growth index | 0.95 | — | 0.85 | |
| Depreciation index | 1.06 | — | 0.12 | |
| SG&A index | 1.04 | — | −0.18 | |
| Total accruals to total assets | 0.06 | — | 0.30 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.28 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| SHAZ SharonAI Holdings Inc. compare | −10.0× |
| BBAI BigBear.ai Holdings, Inc. compare | −4.0× |
| NABL N-able, Inc. compare | −3.0× |
| CLVT Clarivate PLC compare | −2.8× |
| VNET VNET Group, Inc. - Unsponsored ADR compare | −2.4× |
| TASK TaskUs, Inc. compare | −2.3× |
| VYX NCR Voyix Corporation | −2.3× |
| MGRT Mega Fortune Company Limited compare | 3.5× |
| TDTH Trident Digital Tech Holdings Ltd compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI