Gartner vs NCR Voyix
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KIRA’s take AI analyst
I put Gartner and NCR Voyix side by side, using each one’s latest annual report. Here is what stands out:
- Gartner is the larger business, with $6.5B of revenue in fiscal 2025 against $2.7B for NCR Voyix, about 2.4 times as much.
- Gartner grew revenue faster (3.7%, against −4.7%).
- Gartner kept more of each dollar of sales as operating profit (15.8% operating margin, against 1.0%).
- Gartner turned more of its sales into free cash flow (18.1% FCF margin, against −14.0%).
- Gartner earned a higher return on the capital invested in it (44.6%, against 1.3%).
- Investors pay more for each dollar of Gartner’s earnings: a P/E of 20.8x against 19.9x for NCR Voyix.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Gartner
IT
10/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
NCR Voyix
VYX
0/10
Side by side
Best in the row
| Latest fiscal year | IT FY25 | VYX FY25 |
|---|---|---|
| Size | ||
| Market cap | $15.4B | $1.1B |
| Revenue | $6.5B | $2.7B |
| Free cash flow | $1.2B | −$375M |
| Net income | $729M | $62.0M |
| Growth | ||
| Revenue growth | 3.7% | −4.7% |
| 5-year growth | 9.7% | −15.4% |
| Share count change | −3.5% | −2.5% |
| Profitability | ||
| Gross margin | 68.8% | — |
| Operating margin | 15.8% | 1.0% |
| Net margin | 11.2% | 2.3% |
| FCF margin | 18.1% | −14.0% |
| Return on capital | 44.6% | 1.3% |
| Return on equity | 86.9% | 6.6% |
| Balance sheet | ||
| Net debt | $1.3B | $893M |
| Net debt / EBITDA | 1.0x | 3.5x |
| Dividends and buybacks | $2.0B | $74.0M |
| Valuation & quality | ||
| P/E | 20.8x | 19.9x |
| Piotroski F-score | 5 | 3 |
Ten years
Revenue
FY16
IT $2.4B
VYX $6.5B
FY17
IT $3.3B
VYX $6.5B
FY18
IT $4.0B
VYX $6.4B
FY19
IT $4.2B
VYX $6.9B
FY20
IT $4.1B
VYX $6.2B
FY21
IT $4.7B
VYX $7.2B
FY22
IT $5.5B
VYX $3.2B
FY23
IT $5.9B
VYX $3.2B
FY24
IT $6.3B
VYX $2.8B
FY25
IT $6.5B
VYX $2.7B
IT
VYX
Operating margin
FY16
IT 12.5%
VYX 10.3%
FY17
IT −0.2%
VYX 10.6%
FY18
IT 6.5%
VYX 3.0%
FY19
IT 8.7%
VYX 8.8%
FY20
IT 12.0%
VYX 3.6%
FY21
IT 19.3%
VYX 0.4%
FY22
IT 20.1%
VYX −1.6%
FY23
IT 20.9%
VYX −4.2%
FY24
IT 18.5%
VYX −1.4%
FY25
IT 15.8%
VYX 1.0%
IT
VYX
Free cash flow
FY16
IT $316M
VYX $821M
FY17
IT $144M
VYX $624M
FY18
IT $344M
VYX $429M
FY19
IT $416M
VYX $543M
FY20
IT $819M
VYX $610M
FY21
IT $1.3B
VYX $903M
FY22
IT $993M
VYX $335M
FY23
IT $1.1B
VYX $564M
FY24
IT $1.4B
VYX −$162M
FY25
IT $1.2B
VYX −$375M
IT
VYX
Return on capital
FY16
IT 68.9%
VYX 14.5%
FY17
IT −0.3%
VYX 10.5%
FY18
IT 5.2%
VYX 2.9%
FY19
IT 10.8%
VYX 15.7%
FY20
IT 15.4%
VYX 4.1%
FY21
IT 33.8%
VYX 0.4%
FY22
IT 42.5%
VYX −0.6%
FY23
IT 49.9%
VYX −2.2%
FY24
IT 56.4%
VYX −1.6%
FY25
IT 44.6%
VYX 1.3%
IT
VYX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.