Kyndryl vs NCR Voyix

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KIRA’s take AI analyst

I put Kyndryl and NCR Voyix side by side, using each one’s latest annual report. Here is what stands out:

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%).
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 39.7x against 19.9x for NCR Voyix.

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Kyndryl

7/9

Revenue growth5-year growthFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA

NCR Voyix

VYX

2/9

Net marginShare count change

Side by side

Best in the row

Latest fiscal year	KD FY26	VYX FY25
Size
Market cap	$3.2B	$1.1B
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	39.7x	19.9x
Piotroski F-score	6	3

Ten years

Revenue

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

KD VYX

Operating margin

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

KD VYX

Free cash flow

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

KD VYX

Return on capital

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

KD VYX

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.