NATLNCR Atleos Corp

Calculating & Accounting Machines (no Electronic Computers)

Revenue: $4.4B; 1.1% YoY
Operating margin: 11.0%; 8.2% YoY
EBITDA: $755M; 4.3% YoY
Market cap: $3.4B
Employees: 20,000; $218K revenue each
Net debt / EBITDA: 3.0×; $2.3B net debt
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
220% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$218K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 33rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$308K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.5B	$4.1B	$4.2B	$4.3B	$4.4B	1.1%
Operating income	$248M	$258M	$263M	$437M	$478M	9.4%
Net income	$186M	$99M	−$150M	$80M	$162M	102%
Operating cash flow	$449M	$274M	$355M	$344M	$356M	3.5%
Capex	$80M	$58M	$108M	$87M	$117M	34%
Stock-based comp	$82M	$66M	$68M	$38M	$34M	11%
Buybacks	—	—	$0	$0	$28M

Deal filings

Filed	Form	Acquirer	Price	Premium
May 27, 2026	DEFM14A	Brink's	$35.25	50.4%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $308K · 1
Net: −$308K

Pay vs performance

No pay-versus-performance disclosure yet.