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Side-by-side financial comparison of NCR Atleos Corp (NATL) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
NCR Atleos Corp is the larger business by last-quarter revenue ($1.2B vs $614.5M, roughly 1.9× Cloudflare, Inc.). NCR Atleos Corp runs the higher net margin — 7.2% vs -2.0%, a 9.2% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 4.0%). NCR Atleos Corp produced more free cash flow last quarter ($194.0M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 4.9%).
NCR Voyix Corporation, previously known as NCR Corporation and National Cash Register, is a global software, consulting and technology company providing several professional services and electronic products. It manufactured self-service kiosks, point-of-sale terminals, automated teller machines, check processing systems, and barcode scanners.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
NATL vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $614.5M |
| Net Profit | $83.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 13.5% | -8.0% |
| Net Margin | 7.2% | -2.0% |
| Revenue YoY | 4.0% | 33.6% |
| Net Profit YoY | 102.4% | 6.0% |
| EPS (diluted) | $1.09 | $-0.03 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.2B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $979.0M | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | $1.0B | $378.6M |
| Q4 25 | $83.0M | $-12.1M | ||
| Q3 25 | $26.0M | $-1.3M | ||
| Q2 25 | $39.0M | $-50.4M | ||
| Q1 25 | $14.0M | $-38.5M | ||
| Q4 24 | $41.0M | $-12.8M | ||
| Q3 24 | $21.0M | $-15.3M | ||
| Q2 24 | $27.0M | $-15.1M | ||
| Q1 24 | $-9.0M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 13.5% | -8.0% | ||
| Q3 25 | 9.8% | -6.7% | ||
| Q2 25 | 10.8% | -13.1% | ||
| Q1 25 | 9.5% | -11.1% | ||
| Q4 24 | 13.4% | -7.5% | ||
| Q3 24 | 10.6% | -7.2% | ||
| Q2 24 | 9.8% | -8.7% | ||
| Q1 24 | 6.5% | -14.4% |
| Q4 25 | 7.2% | -2.0% | ||
| Q3 25 | 2.3% | -0.2% | ||
| Q2 25 | 3.5% | -9.8% | ||
| Q1 25 | 1.4% | -8.0% | ||
| Q4 24 | 3.7% | -2.8% | ||
| Q3 24 | 2.0% | -3.6% | ||
| Q2 24 | 2.5% | -3.8% | ||
| Q1 24 | -0.9% | -9.4% |
| Q4 25 | $1.09 | $-0.03 | ||
| Q3 25 | $0.34 | $0.00 | ||
| Q2 25 | $0.52 | $-0.15 | ||
| Q1 25 | $0.19 | $-0.11 | ||
| Q4 24 | $0.56 | $-0.05 | ||
| Q3 24 | $0.28 | $-0.04 | ||
| Q2 24 | $0.37 | $-0.04 | ||
| Q1 24 | $-0.13 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $456.0M | $943.5M |
| Total DebtLower is stronger | $2.7B | — |
| Stockholders' EquityBook value | $403.0M | $1.5B |
| Total Assets | $5.7B | $6.0B |
| Debt / EquityLower = less leverage | 6.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $456.0M | $943.5M | ||
| Q3 25 | $412.0M | $1.1B | ||
| Q2 25 | $357.0M | $1.5B | ||
| Q1 25 | $352.0M | $204.5M | ||
| Q4 24 | $419.0M | $147.7M | ||
| Q3 24 | $395.0M | $182.9M | ||
| Q2 24 | $374.0M | $157.0M | ||
| Q1 24 | $343.0M | $254.4M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $403.0M | $1.5B | ||
| Q3 25 | $330.0M | $1.3B | ||
| Q2 25 | $350.0M | $1.2B | ||
| Q1 25 | $275.0M | $1.4B | ||
| Q4 24 | $219.0M | $1.0B | ||
| Q3 24 | $264.0M | $973.1M | ||
| Q2 24 | $250.0M | $881.5M | ||
| Q1 24 | $283.0M | $797.2M |
| Q4 25 | $5.7B | $6.0B | ||
| Q3 25 | $5.7B | $5.8B | ||
| Q2 25 | $5.8B | $5.6B | ||
| Q1 25 | $5.7B | $3.7B | ||
| Q4 24 | $5.5B | $3.3B | ||
| Q3 24 | $5.7B | $3.1B | ||
| Q2 24 | $5.8B | $2.9B | ||
| Q1 24 | $5.8B | $2.8B |
| Q4 25 | 6.63× | — | ||
| Q3 25 | 8.45× | — | ||
| Q2 25 | 8.05× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 13.05× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $231.0M | $190.4M |
| Free Cash FlowOCF − Capex | $194.0M | $105.2M |
| FCF MarginFCF / Revenue | 16.8% | 17.1% |
| Capex IntensityCapex / Revenue | 3.2% | 13.9% |
| Cash ConversionOCF / Net Profit | 2.78× | — |
| TTM Free Cash FlowTrailing 4 quarters | $239.0M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $231.0M | $190.4M | ||
| Q3 25 | $25.0M | $167.1M | ||
| Q2 25 | $-23.0M | $99.8M | ||
| Q1 25 | $123.0M | $145.8M | ||
| Q4 24 | $80.0M | $127.3M | ||
| Q3 24 | $107.0M | $104.7M | ||
| Q2 24 | $9.0M | $74.8M | ||
| Q1 24 | $148.0M | $73.6M |
| Q4 25 | $194.0M | $105.2M | ||
| Q3 25 | $-5.0M | $82.5M | ||
| Q2 25 | $-44.0M | $39.9M | ||
| Q1 25 | $94.0M | $59.9M | ||
| Q4 24 | $62.0M | $54.2M | ||
| Q3 24 | $85.0M | $54.5M | ||
| Q2 24 | $-14.0M | $45.2M | ||
| Q1 24 | $124.0M | $41.5M |
| Q4 25 | 16.8% | 17.1% | ||
| Q3 25 | -0.4% | 14.7% | ||
| Q2 25 | -4.0% | 7.8% | ||
| Q1 25 | 9.6% | 12.5% | ||
| Q4 24 | 5.6% | 11.8% | ||
| Q3 24 | 7.9% | 12.7% | ||
| Q2 24 | -1.3% | 11.3% | ||
| Q1 24 | 11.9% | 11.0% |
| Q4 25 | 3.2% | 13.9% | ||
| Q3 25 | 2.7% | 15.1% | ||
| Q2 25 | 1.9% | 11.7% | ||
| Q1 25 | 3.0% | 17.9% | ||
| Q4 24 | 1.6% | 15.9% | ||
| Q3 24 | 2.1% | 11.7% | ||
| Q2 24 | 2.1% | 7.4% | ||
| Q1 24 | 2.3% | 8.5% |
| Q4 25 | 2.78× | — | ||
| Q3 25 | 0.96× | — | ||
| Q2 25 | -0.59× | — | ||
| Q1 25 | 8.79× | — | ||
| Q4 24 | 1.95× | — | ||
| Q3 24 | 5.10× | — | ||
| Q2 24 | 0.33× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
