Congressman Ro Khanna Was Buying This Small-Cap Stock. Should You?

Congressman Ro Khanna Was Buying This Small-Cap Stock. Should You?

Thu, September 3, 2026 at 5:51 PM GMT+3 2 min read

• VYX -2.17%

Ro Khanna is a Democratic congressman known for being one of the most active stock traders in Congress, with hundreds of disclosed transactions. Khanna says the trades sit in family accounts he does not control.

His disclosures show he has been buying NCR Voyix (NYSE:VYX), a small-cap company that sells checkout technology to retailers and restaurants.

The most recent trade was a buy in June. There were about seven purchases of this stock from Khanna in 2026.

NCR Voyix sells the checkout technology that grocery stores, convenience chains and restaurants run on. The business splits into two segments, Retail and Restaurants, with retail accounting for a major chunk of sales.

The company is in the middle of a rebuild. It handed hardware manufacturing to an ODM partner at the end of the first quarter of fiscal 2026, so hardware now shows up as commission instead of full product revenue. Management is pushing customers onto the Voyix Commerce Platform, a cloud system sold on multiyear subscription contracts, and onto Voyix Connect, its payments gateway.

The Bull Case

Bulls say the transition towards software would pay off. Recurring revenue now makes up 83% of the total. Management said the remaining one-time work is mostly installation projects and legacy software licenses that keep shrinking.

The company has signed 25 Voyix Commerce Platform contracts since mid-2025, with 10 customers live across more than 2,000 lanes and another 1,000 lanes expected in production by the end of September.

Deployment costs are dropping. The company completed its first fully remote point-of-sale installation with a large European grocery retailer in about half the time of a traditional rollout, and management wants remote installs under an hour per store. AI agents read a customer's existing setup and migrate the configuration automatically, which cuts the labor needed on every conversion.

Valuation

The stock trades at a forward non-GAAP P/E of 9.15 against a sector median of 22.88, a 60% discount, and it sits about 20% below its own five-year average of 11.42. On a trailing basis the non-GAAP P/E is 9.42, roughly 62% under the sector. The enterprise value multiples look the same. Forward EV/Sales is 1.11 versus a sector median of 3.57, and forward EV/EBITDA is 5.61 versus 14.51, about 27% below the stock's own five-year average of 7.72. Trailing EV/EBITDA is 9.72 against a sector median of 18.96.

Risks

Bears say the company's transition would take time. Selling standardized cloud software with AI-assisted deployment replaces the labor-intensive custom work that used to generate professional services revenue. The company's exposure to small businesses is also a risk amid macro pressures. Restaurant revenue fell 6% excluding the hardware change, and adjusted EBITDA dropped 15%.

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