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    Is AS Watson’s Expanded Commerce Platform Deal Altering The Investment Case For NCR Voyix (VYX)?

    Simply Wall St·08/18/2026 00:30:10
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    • In August 2026, AS Watson Group announced a new multi-year enterprise agreement with NCR Voyix to roll out the Voyix Commerce Platform, including POS, self-checkout, loyalty and managed services, across selected Watsons, Superdrug, Savers, Kruidvat and Drogas banners in Europe and Asia to support its O+O retail strategy.
    • This broad, multi-brand deployment deepens NCR Voyix’s role inside one of the world’s largest health and beauty retailers, potentially reinforcing its position as a core technology partner in large-scale, omnichannel store modernization projects.
    • Next, we’ll examine how this expanded AS Watson rollout shapes NCR Voyix’s investment narrative around recurring software, services and global scale.

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    NCR Voyix Investment Narrative Recap

    To own NCR Voyix, you need to believe its shift toward cloud software, payments and large omnichannel retailers can offset pressure from declining hardware and uneven revenue. The AS Watson deal reinforces the core catalyst around recurring platform deployments, but it does not remove the near term risk that lower hardware and transition costs keep margins tight and earnings volatile.

    Against this backdrop, the recent Q2 2026 results matter. Revenue fell to US$523 million from US$660 million a year earlier, and the company still posted a small net loss for the first half, even as it reaffirmed full year revenue guidance of US$2,188 million to US$2,303 million. That mix of contract wins and softer reported revenue keeps execution on the software and services pivot at the center of the story.

    Yet while these new contracts highlight growth potential, investors should also be aware that...

    Read the full narrative on NCR Voyix (it's free!)

    NCR Voyix’s narrative projects $2.0 billion revenue and $5.6 million earnings by 2029. This assumes revenues decline by 10.1% per year and earnings decrease by $36.4 million from $42.0 million today.

    Uncover how NCR Voyix's forecasts yield a $12.86 fair value, a 67% upside to its current price.

    Exploring Other Perspectives

    VYX 1-Year Stock Price Chart
    VYX 1-Year Stock Price Chart

    The most bearish analysts were already assuming revenue could shrink about 9 percent a year to roughly US$2.0 billion, and earnings slide toward just US$5 million, so compared with the baseline view that AS Watson type wins support recurring growth, they highlight how much depends on whether large customers actually migrate to the Voyix Commerce platform on the timelines management is targeting.

    Explore 4 other fair value estimates on NCR Voyix - why the stock might be worth just $9.75!

    Decide For Yourself

    Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.