The company has undergone a radical deleveraging, reducing total debt from $3.1 billion in 2024Q3 to $226 million in 2026Q1, though liquidity remains tight with a current ratio hovering near 0.98.
| Total Current Assets | 1.81B | 1.82B | 1.77B | 1.9B | 1.65B | 1.58B |
| Cash & Short-Term Investments | 433M | 456M | 419M | 339M | 293M | 238M |
| Cash Only | 433M | 456M | 419M | 339M | 293M | 238M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 575M | 550M | 588M | 714M | 502M | 437M |
| Days Sales Outstanding | 48.78 | 46.11 | 49.72 | 62.18 | 44.35 | 44.94 |
| Inventory | 366M | 342M | 307M | 333M | 419M | 467M |
| Days Inventory Outstanding | 40.54 | 37.91 | 34.12 | 37.31 | 47.61 | 64.15 |
| Other Current Assets | 441M | 476M | 452M | 271M | 435M | 435M |
| Total Non-Current Assets | 3.83B | 3.84B | 3.79B | 3.85B | 4.12B | 4B |
| Property, Plant & Equipment | 693M | 688M | 618M | 614M | 497M | 528M |
| Fixed Asset Turnover | 6.65x | 6.33x | 6.99x | 6.83x | 8.31x | 6.72x |
| Goodwill | 1.96B | 1.96B | 1.95B | 1.95B | 1.95B | 1.91B |
| Intangible Assets | 474M | 498M | 550M | 635M | 729M | 815M |
| Long-Term Investments | 14M | 0 | 19M | 9M | 0 | 351M |
| Other Non-Current Assets | 418M | 412M | 364M | 382M | 631M | 88M |
| Total Assets | 5.64B | 5.67B | 5.55B | 5.74B | 5.77B | 5.58B |
| Asset Turnover | 0.78x | 0.77x | 0.78x | 0.73x | 0.72x | 0.64x |
| Asset Growth % | -0.47% | 2.09% | -3.29% | -0.54% | 3.46% | - |
| Total Current Liabilities | 1.85B | 1.9B | 1.7B | 1.75B | 1.37B | 1.63B |
| Accounts Payable | 597M | 617M | 562M | 500M | 350M | 389M |
| Days Payables Outstanding | 63.54 | 68.39 | 62.46 | 56.02 | 39.77 | 53.44 |
| Short-Term Debt | 80M | 86M | 81M | 76M | 108M | 208M |
| Deferred Revenue (Current) | 395M | 0 | 315M | 325M | 356M | 332M |
| Other Current Liabilities | 1.17B | 1.2B | 597M | 695M | 473M | 541M |
| Current Ratio | 0.98x | 0.96x | 1.04x | 1.08x | 1.20x | 0.97x |
| Quick Ratio | 0.78x | 0.78x | 0.86x | 0.89x | 0.90x | 0.68x |
| Cash Conversion Cycle | 25.78 | 15.63 | 21.37 | 43.47 | 52.2 | 55.66 |
| Total Non-Current Liabilities | 3.39B | 3.37B | 3.59B | 3.71B | 1.14B | 1.62B |
| Long-Term Debt | 146M | 139M | 2.85B | 2.94B | 717M | 1.18B |
| Capital Lease Obligations | 120M | 0 | 110M | 109M | 59M | 67M |
| Deferred Tax Liabilities | 185M | 41M | 40M | 34M | 201M | 182M |
| Other Non-Current Liabilities | 3.21B | 3.19B | 581M | 626M | 164M | 120M |
| Total Liabilities | 5.25B | 5.27B | 5.29B | 5.45B | 2.51B | 3.24B |
| Total Debt | 226M | 225M | 3.05B | 3.12B | 884M | 1.46B |
| Net Debt | -207M | -231M | 2.63B | 2.78B | 591M | 1.22B |
| Debt / Equity | 0.57x | 0.56x | 11.54x | 10.88x | 0.27x | 0.62x |
| Debt / EBITDA | 0.52x | 0.30x | 6.77x | 5.95x | 1.67x | 3.58x |
| Net Debt / EBITDA | -0.47x | -0.31x | 5.84x | 5.30x | 1.12x | 3.00x |
| Interest Coverage | 3.19x | 1.70x | 1.37x | 2.19x | 6.06x | 6.12x |
| Total Equity | 396M | 402M | 264M | 287M | 3.26B | 2.34B |
| Equity Growth % | 161.29% | 52.27% | -8.01% | -91.2% | 39.64% | - |
| Book Value per Share | 5.24 | 5.32 | 3.56 | 4.07 | 47.69 | 33.47 |
| Total Shareholders' Equity | 396M | 403M | 260M | 284M | 3.26B | 2.33B |
| Common Stock | 1M | 1M | 1M | 1M | 0 | 0 |
| Retained Earnings | 306M | 299M | 231M | 181M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 23M | 38M | -19M | 86M | -63M | -98M |
| Minority Interest | 0 | -1M | 4M | 3M | -1M | 3M |
High leverage and goodwill
According to recent financial filings, NATL has successfully reduced its total debt from $3.1 billion in 2024Q3 to $226 million by 2026Q1, a dramatic shift that significantly alters the company's risk profile following its separation from the legacy NCR corporate structure.
The rapid reduction in debt suggests a strategic pivot toward balance sheet stabilization, likely intended to improve creditworthiness and reduce interest expense volatility. Investors should monitor whether this deleveraging is sustainable or if it reflects a temporary reallocation of capital that may limit future growth investments.
Based on reported figures, the company's debt-to-equity ratio plummeted from a peak of 12.54 in 2023Q4 to 0.57 in 2026Q1, signaling a fundamental change in how the firm manages its capital obligations following the spin-off from its parent organization.
The previous reliance on high leverage appears to have been a legacy of the spin-off structure rather than an operational necessity. While the current ratio is significantly more manageable, the company must now demonstrate that it can maintain this lower leverage while funding the ongoing maintenance of its physical ATM network.
As reported in quarterly balance sheets, goodwill remains a massive component of NATL's asset base at $2.0 billion, representing a substantial portion of the $5.6 billion in total assets as of 2026Q1, which warrants close scrutiny for potential future impairment risks.
The heavy concentration of intangible assets suggests that the company's valuation is highly dependent on the historical acquisition costs of its network assets. If the secular decline in cash usage accelerates, the carrying value of this goodwill may become increasingly difficult to justify in future reporting periods.
Based on the provided data, NATL's current ratio has remained consistently tight, hovering near 1.00 over the last ten quarters, which indicates a limited margin of safety for meeting short-term obligations given the capital-intensive nature of its global field service operations.
A current ratio near parity suggests that the company operates with minimal excess liquidity, leaving little room for error if working capital requirements spike or if revenue cycles experience unexpected delays. This tight positioning may force management to prioritize cash preservation over aggressive expansion or shareholder returns.
Analysis of the balance sheet reveals that the company's reliance on $2.0 billion in goodwill and $693 million in net PPE creates a structural vulnerability, as these assets are inherently tied to the long-term viability of physical cash distribution networks.
The combination of high intangible assets and significant physical infrastructure suggests that the balance sheet is sensitive to shifts in banking industry trends. Investors should consider that the book value of these assets may not reflect their true economic utility if the demand for physical ATM services continues to wane.
Quick answers to the most common questions about buying NATL stock.
As of 2025, NCR Atleos Corporation (NATL) had total assets of $5.67B including $1.82B in current assets.
NCR Atleos Corporation (NATL) carries total debt of $225.0M, offset by $456.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
NCR Atleos Corporation (NATL) has total shareholders' equity (book value) of $403.0M ($5.32 book value per share). Book value represents the net worth of the company belonging to common stock holders.
NCR Atleos Corporation (NATL) reported a current ratio of 0.96x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.