Kyndryl
KD · IT Consulting & Other Services
$14.76
2.9%NCR Voyix
VYX · IT Consulting & Other Services
$8.39
2.9%The short version
- Kyndryl is the larger business, with $15.1B of revenue in fiscal 2026 against $2.7B for NCR Voyix, about 5.6 times as much.
- Kyndryl grew revenue faster (0.2%, against −4.7%).
- Kyndryl turned more of its sales into free cash flow (2.3% FCF margin, against −14.0% FCF margin).
- Kyndryl earned a higher return on the capital invested in it (7.8%, against 1.3%).
- Investors pay more for each dollar of Kyndryl’s earnings: a P/E of 39.9x against 20.5x for NCR Voyix.
| Latest fiscal year | KD · FY26 | VYX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.3B | $1.2B |
| Revenue | $15.1B | $2.7B |
| Free cash flow | $340M | −$375M |
| Net income | $198M | $62.0M |
| Growth | ||
| Revenue growth | 0.2% | −4.7% |
| 5-year growth | −4.9% | −15.4% |
| Share count change | −2.2% | −2.5% |
| Profitability | ||
| Gross margin | 21.8% | — |
| Operating margin | — | 1.0% |
| Net margin | 1.3% | 2.3% |
| FCF margin | 2.3% | −14.0% |
| Return on capital | 7.8% | 1.3% |
| Return on equity | 16.5% | 6.6% |
| Balance sheet | ||
| Net debt | $2.3B | $893M |
| Net debt / EBITDA | 1.8x | 3.5x |
| Dividends and buybacks | $304M | $74.0M |
| Valuation & quality | ||
| P/E | 39.9x | 20.5x |
| Piotroski F-score | 6 | 3 |
FY17
KD —
VYX $6.5B
FY18
KD —
VYX $6.4B
FY19
KD $20.3B
VYX $6.9B
FY20
KD $19.4B
VYX $6.2B
FY21
KD $18.7B
VYX $7.2B
FY22
KD —
VYX $3.2B
FY23
KD $17.0B
VYX $3.2B
FY24
KD $16.1B
VYX $2.8B
FY25
KD $15.1B
VYX $2.7B
FY26
KD $15.1B
VYX —
KD
VYX
FY17
KD —
VYX 10.6%
FY18
KD —
VYX 3.0%
FY19
KD —
VYX 8.8%
FY20
KD —
VYX 3.6%
FY21
KD —
VYX 0.4%
FY22
KD —
VYX −1.6%
FY23
KD —
VYX −4.2%
FY24
KD —
VYX −1.4%
FY25
KD —
VYX 1.0%
FY26
KD —
VYX —
KD
VYX
FY17
KD —
VYX $624M
FY18
KD —
VYX $429M
FY19
KD −$56.0M
VYX $543M
FY20
KD −$408M
VYX $610M
FY21
KD −$871M
VYX $903M
FY22
KD —
VYX $335M
FY23
KD −$84.0M
VYX $564M
FY24
KD −$197M
VYX −$162M
FY25
KD $337M
VYX −$375M
FY26
KD $340M
VYX —
KD
VYX
FY17
KD —
VYX 10.5%
FY18
KD —
VYX 2.9%
FY19
KD —
VYX 15.7%
FY20
KD —
VYX 4.1%
FY21
KD −31.8%
VYX 0.4%
FY22
KD —
VYX −0.6%
FY23
KD —
VYX −2.2%
FY24
KD −1.2%
VYX −1.6%
FY25
KD 10.6%
VYX 1.3%
FY26
KD 7.8%
VYX —
KD
VYX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.