NCR (Nigeria) Plc has extended one of the most remarkable rallies on the Nigerian Exchange into 2026, following an explosive run in the previous year.
In 2024, the company’s stock surged by an impressive 1,354%, making it the top-performing stock on the NGX for that year.
That momentum has continued into 2026, with the stock opening at N72.70 and gaining 76.8% year-to-date, placing it sixth among the NGX’s best performers so far this year.
This sustained rally has pushed NCR’s market capitalization to approximately N13.9 billion.
NCR (Nigeria) Plc provides technology solutions that enable businesses to connect, interact, and transact with customers across Nigeria.
The company supplies and maintains hardware and software for automated teller machines (ATMs), point-of-sale (POS) terminals, self-service kiosks, and other transaction and customer-facing systems.
Its solutions serve clients in financial services, retail, hospitality, healthcare, travel, and related sectors. Incorporated in 1949 and headquartered in Lagos, NCR (Nigeria) Plc operates as a subsidiary of NCR Voyix Corporation.
The rally can be attributed to the NCR’s ownership structure.
The company’s parent, NCR Corporation (USA), controls 61.76% of the outstanding shares, leaving a free float of just 31.74% of the 108 million shares outstanding.
With such a limited pool of tradable shares, relatively modest demand can trigger sharp price movements.
In this context, the rally appears to have been amplified by tight supply, rather than large institutional inflows.
Secondly, NCR entered the rally from a very low valuation base after years of weak financial performance and subdued trading.
A closer look at the numbers shows that the rally has run ahead of long-term fundamentals. Between 2020 and 2024, NCR generated cumulative revenue of N16.0 billion, but top-line performance declined at a compound annual rate of 15.95%.
Over the same period, the company recorded a cumulative loss of about N4.2 billion, with profit deteriorating at an average annual rate of 49.47%.
The core challenge has been the cost of sales. From 2020 to 2024, the cost of sales absorbed nearly N12.95 billion, declining more slowly than revenue and steadily eroding gross margins.
By 2024, the cost of sales had effectively matched revenue, leaving little room for profitability and contributing to persistent operating losses.
By 2024, the cost of sales had effectively matched revenue, leaving little room for profitability and contributing to persistent operating losses.
That said, 2025 has delivered an important inflexion point. For the nine months ended 2025, NCR reported a profit of N238 million, alongside tighter cost control.
This marks the first meaningful break from a multi-year loss cycle, although it is still too early to declare a full turnaround.
At a share price of N128.55, NCR is trading on an earnings multiple of about 10.9 times, based on recent trailing earnings.
On the surface, this valuation does not appear stretched. However, investors should note that this multiple rests on a very short earnings history, following several years of negative earnings per share.
Between 2020 and 2024, EPS declined sharply, culminating in a loss of N20.11 per share in 2024.
The recent positive EPS reflects early recovery rather than long-established profitability. As a result, the current valuation is less a reflection of past performance and more a bet on earnings sustainability
NCR’s rally is real, but it appears it is being driven primarily by market structure, momentum and expectations, rather than a fully proven operational turnaround.
The stock’s tight free float continues to magnify price movements, while recent profitability has helped validate sentiment without yet removing underlying risks.
For the rally to be sustained, investors will be watching closely for: