Filing Flows › NCR Voyix (VYX) › Takeover & LBO
Is NCR Voyix (VYX) a takeover target?
A leveraged buyout at today's price plus 30% ($11.02 a share) would return about 6% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $7.05 a share (−17% against today's $8.48). Historically 4.0% of companies with its figures were bought within a year (0.79× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $11.02 | today's $8.48 plus 30% |
| × shares | 139.8 million | |
| = Equity value | $1.5B | |
| + Debt refinanced | $1.1B | |
| − Cash | $275M | |
| = Enterprise value | $2.4B | 8.7× EBITDA of $274M |
| Fees | $47.4M | 2% of the price |
| New debt | $1.5B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $912M | 38% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $2.3B | $266M | $115M | $121M | $1.4B |
| Year 2 | $2.3B | $262M | $106M | $127M | $1.3B |
| Year 3 | $2.3B | $262M | $96.3M | $137M | $1.1B |
| Year 4 | $2.3B | $266M | $85.8M | $147M | $974M |
| Year 5 | $2.4B | $274M | $74.5M | $162M | $812M |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 7.4× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $2.0B | |
| − Debt left | $812M | |
| = Buyer's equity | $1.2B | |
| Money multiple | 1.32× | on $912M put in |
| Buyer's yearly return (IRR) | 5.7% |
Price against return
What the buyer makes at other premiums over today's $8.48; the IRR reaches 20% at $7.05 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $9.33 | 11.7% |
| 20% | $10.18 | 8.7% |
| 30% | $11.02 | 5.7% |
| 40% | $11.87 | 3.1% |
| 50% | $12.72 | 0.8% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $2.4B | |
| EBITDA, last 12 months | $274M | 11.4% of revenue |
| Depreciation and amortization | $217M | |
| Capital spending | $30.0M | |
| Debt | $1.1B | |
| Cash | $275M | |
| Share price | $8.48 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows -3.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 12% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, NCR Voyix would cost about $11.02 a share, $1.5B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $9.50 | $1.3B |
| Median | 30% | $11.02 | $1.5B |
| High end (a quarter paid more) | 31% | $11.11 | $1.6B |
The odds, from history
Historically 4.0% of companies with its figures were bought within a year (0.79× the average). Its figures put it in decile 4 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
NCR Voyix's latest quarter
NCR Voyix, Q3 2026: revenue $539M (-20% year over year), operating margin 7.8%, net earnings $24.0M, operating cash flow $17.0M. The chart follows the revenue to costs, profit and cash.
Questions
Is NCR Voyix being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy NCR Voyix?
A leveraged buyout at today's price plus 30% ($11.02 a share) would return about 6% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $7.05 a share (−17% against today's $8.48).
What would a takeover of NCR Voyix cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, NCR Voyix would cost about $11.02 a share, $1.5B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.