The Ledger

VYXNCR Voyix Corporation

Industry Payments software Updated 28 Sep 2026 Price 23 Oct 2026

If management hits its targets, one share in 12 months

$8.39 → $9.20

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$8 → $9

Show the math

today's multiple of 5× on management's own 2026 adjusted EBITDA guide, held flat, with that EBITDA compounding at the 3-7% a year management prints beside the guide. Company value less $1.1B of net debt, divided by a share count that keeps shrinking at its measured pace. Each figure management gave as a range is taken at its middle.

0$2$5$8$10$12Today (Oct 2026): $8, the market price$8TodayOct 202612 months (Oct 2027): $9 a share if management delivers$912 monthsOct 202724 months (Oct 2028): $10 a share if management delivers$1024 monthsOct 202836 months (Oct 2029): $11 a share if management delivers$1136 monthsOct 2029
SharesTodayIn 12 monthsOct 2027In 24 monthsOct 2028In 36 monthsOct 2029
Past pace: all sharesthe count is falling, about -1.35% a year as in the five months to Jul '26, on a $20M buyback$8$9136M sh$10134M sh$11132M sh
Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

  1. The multiple. Enterprise value today — $8 times 138.1M shares, plus $1,101M of notes and the $207M of Series A preferred, less $237M of cash — over the 2026 adjusted EBITDA guide of $432-447M, which is 5×. The February deck guided $440-455M; the August release calls the outlook "maintained" while printing $432-447M, and the lower figure is the one used.
  2. The growth. Adjusted EBITDA compounds at 3-7% a year, the range management prints beside its own 2026 guide on the same line. 2027, 2028 and 2029 are not guided at all: management states no growth rate of any kind for any year after 2026, and has twice been asked on a call for an organic rate for the platform and twice declined. That refusal is why this model has one input doing all the work.
  3. The shares. No money is raised. The count went from 139.0M to 138.1M in the five months to 29 Jul 2026, a $20M buyback against share-based pay — about -1.35% a year, and the only line on this page working for a holder. The $207M of preferred converts at 57.560 shares each, a maximum of 11.9M shares, which is about $17.39 a share: it converts in none of the years shown, so it is counted as debt and its shares are left out (0M in the model).

Promises vs. what happened

13 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

PromiseMade inWhat happened
Digital Banking sold, leverage to ~2xQ2 '24closed a quarter early at 1.6xHeld
$100M of proceeds to buybacksQ3 '24$125M done by Q1 '25Held
Pro forma 2024 EBITDA about $430M at ~20%Q2 '24printed as $419M, then $425M in 2025Late
FY25 revenue, software, EBITDA and EPSQ4 '24revenue and EPS beat, software missedLate
Ennoconn ODM done later in 2025Q4 '24completed 2026-03-31Late
$30M more non-payroll cost cutsQ2 '24last mentioned Q4 '24Dropped
FY26 revenue, EBITDA, EPS and cashQ4 '25open; EBITDA re-based to $432-447MOpen
FY24 revenue $2.81-2.86B, EBITDA $355-375MQ2 '24EBITDA $347M — missedMissed
Cash conversion to about 40% of EBITDAQ2 '2432% guided, 6% after restructuringMissed
FY25 adjusted FCF $170-190MQ4 '24$136M, then $27M after restructuringMissed
Net leverage at or below 2.0xQ4 '242.1x at year-end '25Missed
FY25 capex about $150MQ1 '25$165MMissed
Accelerate platform conversionQ2 '24site growth +34% to +8%Missed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q1
'24
Q2
'24
Q3
'24
Q4
'24
Q1
'25
Q2
'25
Q3
'25
Q4
'25

Platform sitesPage one since Q1 '24

ARRPage one since Q4 '25

Strategic actionsOff page one Q3 '24

Revenue mixPage one since Q4 '24

EBITDAOff page one Q4 '25

New customersOff page one Q4 '25

Named winsFirst seen Q1 '24

LeverageFirst seen Q2 '24

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.

Platform sites growth

Q1 '24 · headline page

“61K +27%”

Deck Q1 2024 Earnings Slides · p. 5 ·

Platform sites growth

Q2 '24 · headline page

“67K +34%”

Deck Q2 2024 Earnings Slides · p. 8 ·

Platform sites growth

Q3 '24 · headline page

“70k +25%”

Deck Q3 2024 Earnings Slides · p. 6 ·

Platform sites growth

Q4 '24 · headline page

“+26% platform sites +8% payment sites +5% ARR 240+ new customers”

Deck Q4 2024 Earnings Slides · p. 6 ·

Platform sites growth

Q1 '25 · headline page

“+27% platform sites +7% payment sites +2% ARR 215+ new customers”

Deck Q1 2025 Earnings Slides · p. 5 ·

Platform sites growth

Q2 '25 · headline page

“+16% platform sites +3% payment sites +5% ARR”

Deck Q2 2025 Earnings Slides · p. 5 ·

Platform sites growth

Q3 '25 · headline page

“+12% platform sites +3% payment sites +5% ARR”

Deck Q3 2025 Earnings Slides · p. 5 ·

Platform sites growth

Q4 '25 · headline page

“+8% platform sites +4% payment sites +2% ARR 200+ new customers”

Deck Q4 2025 Earnings Slides · p. 5 ·

Annual recurring revenue

Q1 '24 · headline page

“Software ARR 3 $1.3B +6%”

Deck Q1 2024 Earnings Slides · p. 5 ·

Annual recurring revenue

Q2 '24 · headline page

“Software ARR 5 $1.3B +6%”

Deck Q2 2024 Earnings Slides · p. 8 ·

Annual recurring revenue

Q3 '24 · headline page

“Software ARR 3 $0.7B +2%”

Deck Q3 2024 Earnings Slides · p. 6 ·

Annual recurring revenue

Q4 '24 · headline page

“+26% platform sites +8% payment sites +5% ARR 240+ new customers”

Deck Q4 2024 Earnings Slides · p. 6 ·

Annual recurring revenue

Q1 '25 · headline page

“+27% platform sites +7% payment sites +2% ARR 215+ new customers”

Deck Q1 2025 Earnings Slides · p. 5 ·

Annual recurring revenue

Q4 '25 · headline page

“+8% platform sites +4% payment sites +2% ARR 200+ new customers”

Deck Q4 2025 Earnings Slides · p. 5 ·

Strategic actions — Digital Banking sale, hardware ODM, cost alignment

Q2 '24 · headline page

“Sale: Veritas Capital to acquire for $2.45 billion purchase price”

Deck Q2 2024 Earnings Slides · p. 6 ·

Strategic actions — Digital Banking sale, hardware ODM, cost alignment

Q3 '24 · further in the deck

“Use of Digital Banking Proceeds”

Deck Q3 2024 Earnings Slides · p. 12 ·

Strategic actions — Digital Banking sale, hardware ODM, cost alignment

Q4 '24 · further in the deck

“Upon fully implementing the hardware ODM agreement with Ennoconn later this year, the Company will update its 2025 outlook to reflect net hardware commission revenue.”

Deck Q4 2024 Earnings Slides · p. 4 ·

Strategic actions — Digital Banking sale, hardware ODM, cost alignment

Q4 '25 · further in the deck

“1 Revenue reflects gross hardware revenue recognition in the first quarter of 2026 and net sales commission revenue recognition for the remaining periods given the projected completion of the Hardware ODM Transition at the end of Q1 2026.”

Deck Q4 2025 Earnings Slides · p. 9 ·

Recurring vs non-recurring revenue

Q4 '24 · headline page

“Recurring vs. Non-Recurring”

Deck Q4 2024 Earnings Slides · p. 6 ·

Recurring vs non-recurring revenue

Q1 '25 · headline page

“Recurring vs. Non-Recurring”

Deck Q1 2025 Earnings Slides · p. 5 ·

Recurring vs non-recurring revenue

Q2 '25 · headline page

“Recurring vs. Non-Recurring”

Deck Q2 2025 Earnings Slides · p. 5 ·

Recurring vs non-recurring revenue

Q3 '25 · headline page

“Recurring vs. Non-Recurring”

Deck Q3 2025 Earnings Slides · p. 5 ·

Recurring vs non-recurring revenue

Q4 '25 · headline page

“Recurring vs. Non-Recurring Revenue”

Deck Q4 2025 Earnings Slides · p. 5 ·

Adjusted EBITDA growth

Q1 '24 · further in the deck

“Adj. EBITDA: Margin expansion driven by transformation initiatives and revenue mix, partially offset by spin-related dis-synergies”

Deck Q1 2024 Earnings Slides · p. 11 ·

Adjusted EBITDA growth

Q3 '24 · headline page

“$101M 14.3%”

Deck Q3 2024 Earnings Slides · p. 6 ·

Adjusted EBITDA growth

Q4 '24 · headline page

“+75% Adj. EBITDA”

Deck Q4 2024 Earnings Slides · p. 6 ·

Adjusted EBITDA growth

Q1 '25 · headline page

“+19% Adj. EBITDA”

Deck Q1 2025 Earnings Slides · p. 5 ·

Adjusted EBITDA growth

Q2 '25 · headline page

“+20% Adj. EBITDA”

Deck Q2 2025 Earnings Slides · p. 5 ·

Adjusted EBITDA growth

Q3 '25 · headline page

“+32% Adj. EBITDA”

Deck Q3 2025 Earnings Slides · p. 5 ·

New customers signed

Q1 '24 · further in the deck

“230+ new customers signed in Q1 2024”

Deck Q1 2024 Earnings Slides · p. 6 ·

New customers signed

Q2 '24 · further in the deck

“220+ new customers signed in Q2 2024”

Deck Q2 2024 Earnings Slides · p. 9 ·

New customers signed

Q3 '24 · further in the deck

“230+ new customers signed in Q3 2024”

Deck Q3 2024 Earnings Slides · p. 7 ·

New customers signed

Q4 '24 · further in the deck

“+26% platform sites +8% payment sites +5% ARR 1,000+ new customers”

Deck Q4 2024 Earnings Slides · p. 7 ·

New customers signed

Q2 '25 · headline page

“Diluted EPS Non-GAAP Diluted EPS 250+ new customers”

Deck Q2 2025 Earnings Slides · p. 5 ·

New customers signed

Q3 '25 · headline page

“Diluted EPS Non-GAAP Diluted EPS 255+ new customers”

Deck Q3 2025 Earnings Slides · p. 5 ·

New customers signed

Q4 '25 · further in the deck

“+8% platform sites +4% payment sites +2% ARR 900+ new customers”

Deck Q4 2025 Earnings Slides · p. 11 ·

Named customer wins

Q1 '24 · further in the deck

“Expansion with Global e-Commerce”

Deck Q1 2024 Earnings Slides · p. 7 ·

Named customer wins

Q2 '24 · further in the deck

“Expanded Relationship -Fuel & Convenience Chain Multi-year platform contract”

Deck Q2 2024 Earnings Slides · p. 10 ·

Named customer wins

Q3 '24 · further in the deck

“Australia's largest retail drinks network”

Deck Q3 2024 Earnings Slides · p. 8 ·

Deleveraging and capital return

Q2 '24 · further in the deck

“Transactions Strengthen Financial Profile”

Deck Q2 2024 Earnings Slides · p. 13 ·

Deleveraging and capital return

Q3 '24 · further in the deck

“Total reduction of debt and other obligations (1,853)”

Deck Q3 2024 Earnings Slides · p. 12 ·

Deleveraging and capital return

Q4 '24 · further in the deck

“Capital Allocation Priorities”

Deck Q4 2024 Earnings Slides · p. 10 ·

Deleveraging and capital return

Q1 '25 · further in the deck

“In May 2025, Board authorized an amended repurchase program, increasing the total aggregate repurchase authority to $200 million”

Deck Q1 2025 Earnings Slides · p. 8 ·

Deleveraging and capital return

Q4 '25 · further in the deck

“Our repurchase program was amended again in February 2026 bringing total authorization to $300 million”

Deck Q4 2025 Earnings Slides · p. 8 ·

What they keep talking about · 10

The themes that show up deck after deck, and the ones that disappear.

Platform sites
In all eight, and the one claim the whole strategy rests on. A count through Q3 '24 — 61k, 67k, 70k — then only a growth rate, which fell +34%, +12%, +8%.
ARR
In six of eight. Dollar Software ARR and Total ARR stop after Q3 '24; after that one company-wide percentage, down to +2% by Q4 '25.
Strategic actions
In four of eight, and the only lane with a clean record: the Digital Banking sale closed early and the hardware moved to Ennoconn — a year late.
Revenue mix
Added in Q4 '24, when the normalised presentation and the segment table were removed. A new yardstick arriving as two older ones left.
EBITDA
In six of eight, and the measure the bonus is paid on: $337M, $347M, then $425M in 2025, with $124M of restructuring added back.
New customers
In seven of eight, always as a count and never with revenue attached: "200+ new customers" in Q4 '25.
Named wins
In three of eight only, and the logos change rather than repeat — a win is announced, then not followed.
Leverage
In five of eight. Quoted on four different denominators across the eight while drifting from 1.6x to 2.1x, past a stated "at or below 2.0x".
New
The Q2 '26 release brings back a platform-site count, at 85,000, and adds remaining contract value at $286M, up 65% — the first new number in two years.
Quiet
There are no earnings slides at all for Q1 or Q2 '26. The cash-conversion percentage went one quarter before the cash guide was cut; dollar ARR went as ARR growth fell to 2%.
Every quarterly report we’ve saved · 9

The press releases and shareholder letters behind this page.

Archived as text; the links open the copies filed on EDGAR or the investor-relations site.

What analysts asked them

8 calls · Q3 24 – Q2 26

The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.

Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.

Share of questions about…Q3 24Q4 24Q1 25Q2 25Q3 25Q4 25Q1 26Q2 26
Demand & customers35%11%17%43%20%·60%100%
Growth & sales30%33%8%29%40%60%20%50%
Pricing & margins15%4%17%14%40%20%30%·
Guidance & outlook25%19%8%43%·20%··
Capacity & supply·4%······
Capital & financing15%··14%20%···
Competition10%··29%····
Products & technology30%22%17%14%40%·50%50%
Macro & regulation·11%17%·····
Other35%52%50%14%20%20%10%·
Questions202712755102
How much the CEO talked0%67%72%66%70%55%52%44%

Who’s in charge, who’s selling

read from the filings · 2 Oct 2026

Shareholder votes against the board and pay, plus which executives have been selling their own shares.

  1. Tier 1 · live

    $207M of preferred becomes putable in March 2027, against $237M of cash

    The Series A convertible preferred — 0.2M shares carried in mezzanine at its $207M redemption amount — pays 5.5% rising to 8.0% if a dividend is missed, votes as-converted, and gives the holders the right to require the company to repurchase all or any portion of it in the three months from 2027-03-16, and again in 2030 and 2033. Against that: $237M of cash at 2026-06-30, $1,101M of notes with the first $650M maturing in 2028, a $500M undrawn revolver and net leverage of 2.1x against a 4.25x covenant. Conversion is closed off at 57.560 shares each, about $17.39 a share against $6.88 now. The company retired $74M of it voluntarily in November 2025.

  2. Tier 2 · stable

    Six of thirteen dated promises missed, and the bonus is on the line that excludes the misses

    Across the eight decks read, six of thirteen dated promises were missed, three were partly met, one was dropped and two were kept — and both of the kept ones were transactions rather than operations. FY2024 adjusted EBITDA came in at $347M against a $355-375M guide. FY2025 adjusted free cash flow was $136M on the guided basis against $170-190M, and $27M after $109M of restructuring cash. The "at or below 2.0x" leverage priority set in February 2025 at 1.6x ended the year at 2.1x. Capex guided at about $150M came in at $165M. Management's bonus is paid on adjusted EBITDA, the measure that adds back the $124M of 2025 restructuring the cash miss consists of.

  3. Tier 2 · worsening

    Four measures stopped, the leverage denominator moved four times, and the slides have stopped too

    Dollar Software ARR and Total ARR were last shown in Q3 2024 and replaced by one company-wide growth percentage; the normalised presentation and the segment table ended the same quarter; the free-cash-flow conversion percentage left the outlook slide in Q2 2025, one quarter before the FY2025 cash guide was cut. The platform-site count was a number through Q3 2024 (61k, 67k, 70k) and then only a growth rate, as that rate fell from +34% to +8%. The net leverage ratio was reported on four different denominators in eight quarters while drifting from 1.6x to 2.1x. And there are no earnings slides at all for Q1 or Q2 2026 — neither the IR page nor the results 8-Ks carry any. Separately, 44% of the risk-factor sentences were added or removed in a single year.

  4. Tier 2 · improving

    A $23M fraud and material weaknesses, disclosed in two late filings

    The only red disclosure rows in three years are a late 10-Q notice on 2023-11-13 and a late 10-K notice on 2024-02-29. The FY2023 late-filing notice gives the reason: about $23M of fraudulent ACH disbursements out of a company bank account, and material weaknesses in internal control over financial reporting. The FY2025 10-K reports those weaknesses remediated during fiscal 2024. No restatement appears in anything read and the auditor has not changed. Both events predate the current chief executive. The present chief accounting officer was promoted internally in September 2025 after fourteen years at the firm that audits the company.

  5. Tier 3 · stable

    Every seat up every year, and five of the top eight from the same two companies

    All eight directors stand annually, there are no classes, the chair is independent since February 2025, there is no dual-class stock, and five standing committees run an eight-person board. The highest vote against any 2026 director was 3.8% and say on pay drew 1.3%, down from 8.5%. The observation is who they are: the chief executive ran EVO Payments to its 2023 sale, the retail and payments president was EVO's international president, the general counsel was EVO's general counsel, one director sat on EVO's board and chaired its technology committee, and another was chief executive of Global Payments, which bought EVO and where the chief executive had earlier been president and chief financial officer.

Where shareholders voted no

At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.

20252026Share 2026
Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one.11.3M1.6M1.3%
The 2026 Stock Incentive PlanStock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much.—4.8M3.8%
Sen (directors and governance chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off.0.6M4.8M3.8%
Ratify PricewaterhouseCoopersThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long.2.6M1.4M1.0%
Haugen (audit chair)A board seat.2.2M0.8M0.6%
Kelly (CEO)A board seat.0.4M0.8M0.6%
Reddy (independent chair)A board seat.1.7M0.8M0.6%

Insiders who sold the most stock

Reported sales by executives and directors, biggest first.

SEC insider data sets, Jul '25-Jun '26SoldNote
All insiders$0zero sales and zero purchases in the whole window
Beimnet Tadele, restaurants president$104,59512,750 shares at $8.2035 on 13 Aug '26 — just outside the window, and the only open-market sale in the Form 4 record read
The chief executiveno open-market salehis Form 4 activity in the period is restricted-share vesting and two transfers by gift