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Kyndryl

KD NYSE IT Consulting & Other Services Financials FY2019–FY2026

Kyndryl's revenue rose 0.2% to $15.1 billion in fiscal 2026. Its net margin was 1.3%, down from 1.7% a year earlier. Free cash flow was $340 million, up 0.9%. It paid out $304 million in dividends and buybacks, 89% of free cash flow. The diluted share count fell 2.2%.

Last close · Oct 23, 2026

$14.76

2.9%
Value it Compare
Revenue Total sales reported in the income statement.
$15.1B
0.2% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$198M
21.4%
Free cash flow Cash from operations minus capital spending.
$340M
0.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.8%
2.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.3B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
39.9x
On $0.37 EPS (TTM)

What Kyndryl does

No business description yet.

Legal name
Kyndryl Holdings, Inc.
Fiscal year ends
March 31, 2026
Latest annual report
—
Accession · CIK
0001104659-26-067881
0001867072

Revenue and margins

Kyndryl had $15.1B of revenue in fiscal 2026, up 0.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $340M in fiscal 2026, 2.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Kyndryl returned $304M to shareholders in fiscal 2026, 89% of free cash flow. The diluted share count fell 2.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Kyndryl yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.3B and divides by 233.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 39.9x · peers 21.0x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Kyndryl can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY23FY24FY25FY26
Cash and short-term investments $2.2B$1.8B$1.6B$1.8B$2.6B
Debt incl. finance leases $3.4B$3.3B$3.4B$3.3B$4.9B
Net debt / EBITDA —7.9x2.2x1.3x1.8x
Debt / equity 1.2x2.5x3.3x2.7x4.2x
Interest coverage −28.7x−8.1x−0.4x5.4x5.7x
Current ratio 1.3x1.0x1.0x1.1x0.9x
Quick ratio 1.3x1.0x1.0x1.1x0.9x
Total assets $13.2B$11.5B$10.6B$10.5B$12.6B
Total liabilities $10.4B$10.0B$9.5B$9.1B$11.3B
Shareholders' equity $2.8B$1.4B$1.0B$1.2B$1.2B
Net debt (− = net cash) $1.1B$1.5B$1.8B$1.5B$2.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.2M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Dec 5, 2025 Vineet KhuranaSVP & Global Controller Sold 6,641 $26.69 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose — ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets — ✓ ✓
F-score — / 97 / 96 / 9
Accruals ratio −7.2%−6.6%−6.5%
Altman Z'' −0.520.03−0.50

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Kyndryl KD $3.3B 0.2% — 2.3% 7.8% 39.9x 6
DXC Technology DXC $2.7B −1.8% 7.7% 8.2% 9.2% 21.2x 7 Compare →
Cognizant CTSH $33.6B 7.0% 16.1% 12.3% 16.2% 15.3x 6 Compare →
Gartner IT $15.3B 3.7% 15.8% 18.1% 44.6% 20.8x 5 Compare →
IBM IBM $241.8B 7.6% — 17.9% 15.4% 21.6x 6 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY23FY24FY25FY26
Income statement
Revenue $20.3B $19.4B $18.7B $17.0B $16.1B $15.1B $15.1B
Gross profit $2.6B $2.2B $2.1B $2.5B $2.9B $3.1B $3.3B
Research and development $83.0M $76.0M $63.0M $79.0M $58.0M $49.0M $57.0M
Interest expense $76.0M $63.0M $64.0M $94.0M $122M $100M $89.0M
Pretax income −$579M −$1.8B −$1.9B −$851M −$168M $435M $414M
Income tax $364M $247M $402M $524M $172M $184M $215M
Net income −$943M −$2.0B −$2.3B −$1.4B −$340M $252M $198M
Diluted EPS −$4.21 −$8.96 −$10.28 −$6.06 −$1.48 $1.05 $0.85
Diluted shares 0.22B 0.22B 0.22B 0.23B 0.23B 0.24B 0.23B
Cash flow
Cash from operations $1.1B $628M −$119M $781M $454M $942M $948M
Capital expenditure $1.2B $1.0B $752M $865M $651M $605M $608M
Free cash flow −$56.0M −$408M −$871M −$84.0M −$197M $337M $340M
Depreciation and amortization $1.5B $1.5B $1.3B $946M $864M $690M $789M
Stock-based compensation $51.0M $64.0M $71.0M $113M $95.0M $100M $64.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $93.0M $304M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $93.0M $304M
Balance sheet
Cash and short-term investments $50.0M $24.0M $2.2B $1.8B $1.6B $1.8B $2.6B
Total debt — $278M $3.4B $3.3B $3.4B $3.3B $4.9B
Finance lease liabilities $0.0M $209M $223M $242M $288M $250M $194M
Current assets — $2.8B $5.8B $5.0B $4.7B $4.6B $5.5B
Current liabilities — $3.9B $4.5B $4.9B $4.6B $4.3B $6.3B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $4.0B $2.9B $2.8B $2.7B $2.6B $2.5B
Total assets — $11.2B $13.2B $11.5B $10.6B $10.5B $12.6B
Total liabilities — $6.3B $10.4B $10.0B $9.5B $9.1B $11.3B
Shareholders' equity $6.0B $4.9B $2.8B $1.4B $1.0B $1.2B $1.2B
Margins
Gross margin 12.8% 11.5% 11.3% 14.9% 17.8% 20.9% 21.8%
EBITDA margin 4.9% −1.2% −2.7% 1.1% 5.1% 8.1% 8.6%
Net margin −4.7% −10.4% −12.4% −8.1% −2.1% 1.7% 1.3%
FCF margin −0.3% −2.1% −4.7% −0.5% −1.2% 2.2% 2.3%
Returns
Return on capital — — −31.8% — −1.2% 10.6% 7.8%
Return on capital employed — — −22.9% — −0.7% 8.8% 8.1%
Return on equity — — −60.3% — −28.6% 22.6% 16.5%
Return on assets — — −18.9% — −3.1% 2.4% 1.7%
Growth
Revenue growth — −4.6% −3.6% — −5.7% −6.2% 0.2%
Net income growth — — — — — — −21.4%
EPS growth — — — — — — −19.1%
FCF growth — — — — — — 0.9%
Share count change — 0.0% 0.0% — 1.1% 4.3% −2.2%
Financial health
Net debt / EBITDA — — — 7.9x 2.2x 1.3x 1.8x
Debt / equity — 0.1x 1.2x 2.5x 3.3x 2.7x 4.2x
Interest coverage −6.6x −26.9x −28.7x −8.1x −0.4x 5.4x 5.7x
Current ratio — 0.7x 1.3x 1.0x 1.0x 1.1x 0.9x
Quick ratio — 0.7x 1.3x 1.0x 1.0x 1.1x 0.9x
Capital allocation
Capex / revenue 5.9% 5.4% 4.0% 5.1% 4.1% 4.0% 4.0%
Stock comp / revenue 0.3% 0.3% 0.4% 0.7% 0.6% 0.7% 0.4%
Payouts / FCF — — — — — 27.6% 89.4%
Quality scores
Piotroski F-score — — — — — 7.0 6.0
Altman Z'' — — −0.1 −0.8 −0.5 0.0 −0.5
Accruals ratio — — −17.9% — −7.2% −6.6% −6.5%

Source: SEC EDGAR XBRL filings (CIK 0001867072). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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