DXC Technology vs NCR Voyix
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The short version
- DXC Technology is the larger business, with $12.6B of revenue in fiscal 2026 against $2.7B for NCR Voyix, about 4.7 times as much.
- DXC Technology grew revenue faster (−1.8%, against −4.7%).
- DXC Technology kept more of each dollar of sales as operating profit (7.7% operating margin, against 1.0%).
- DXC Technology turned more of its sales into free cash flow (8.2% FCF margin, against −14.0%).
- DXC Technology earned a higher return on the capital invested in it (9.2%, against 1.3%).
- Investors pay more for each dollar of DXC Technology’s earnings: a P/E of 21.2x against 20.5x for NCR Voyix.
| Latest fiscal year | DXC · FY26 | VYX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $1.2B |
| Revenue | $12.6B | $2.7B |
| Free cash flow | $1.0B | −$375M |
| Net income | $18.0M | $62.0M |
| Growth | ||
| Revenue growth | −1.8% | −4.7% |
| 5-year growth | −6.5% | −15.4% |
| Share count change | −3.4% | −2.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 7.7% | 1.0% |
| Net margin | 0.1% | 2.3% |
| FCF margin | 8.2% | −14.0% |
| Return on capital | 9.2% | 1.3% |
| Return on equity | 0.6% | 6.6% |
| Balance sheet | ||
| Net debt | $1.8B | $893M |
| Net debt / EBITDA | 0.8x | 3.5x |
| Dividends and buybacks | $249M | $74.0M |
| Valuation & quality | ||
| P/E | 21.2x | 20.5x |
| Piotroski F-score | 7 | 3 |
Revenue
FY17
DXC $7.6B
VYX $6.5B
FY18
DXC $21.7B
VYX $6.4B
FY19
DXC $20.8B
VYX $6.9B
FY20
DXC $19.6B
VYX $6.2B
FY21
DXC $17.7B
VYX $7.2B
FY22
DXC $16.3B
VYX $3.2B
FY23
DXC $14.4B
VYX $3.2B
FY24
DXC $13.7B
VYX $2.8B
FY25
DXC $12.9B
VYX $2.7B
FY26
DXC $12.6B
VYX —
DXC
VYX
Operating margin
FY17
DXC 8.1%
VYX 10.6%
FY18
DXC 13.8%
VYX 3.0%
FY19
DXC 15.8%
VYX 8.8%
FY20
DXC 10.5%
VYX 3.6%
FY21
DXC 6.2%
VYX 0.4%
FY22
DXC 8.5%
VYX −1.6%
FY23
DXC 7.9%
VYX −4.2%
FY24
DXC 7.4%
VYX −1.4%
FY25
DXC 7.9%
VYX 1.0%
FY26
DXC 7.7%
VYX —
DXC
VYX
Free cash flow
FY17
DXC $373M
VYX $624M
FY18
DXC $2.3B
VYX $429M
FY19
DXC $1.5B
VYX $543M
FY20
DXC $2.0B
VYX $610M
FY21
DXC −$137M
VYX $903M
FY22
DXC $1.2B
VYX $335M
FY23
DXC $1.1B
VYX $564M
FY24
DXC $1.2B
VYX −$162M
FY25
DXC $1.2B
VYX −$375M
FY26
DXC $1.0B
VYX —
DXC
VYX
Return on capital
FY17
DXC —
VYX 10.5%
FY18
DXC 26.2%
VYX 2.9%
FY19
DXC 14.8%
VYX 15.7%
FY20
DXC 11.8%
VYX 4.1%
FY21
DXC 5.7%
VYX 0.4%
FY22
DXC 11.4%
VYX −0.6%
FY23
DXC 12.8%
VYX −2.2%
FY24
DXC 13.0%
VYX −1.6%
FY25
DXC 11.1%
VYX 1.3%
FY26
DXC 9.2%
VYX —
DXC
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.