DXC Technology vs Kyndryl
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The short version
- Kyndryl is the larger business, with $15.1B of revenue in fiscal 2026 against $12.6B for DXC Technology.
- Kyndryl grew revenue faster (0.2%, against −1.8%).
- DXC Technology turned more of its sales into free cash flow (8.2% FCF margin, against 2.3%).
- DXC Technology earned a higher return on the capital invested in it (9.2%, against 7.8%).
- Investors pay more for each dollar of Kyndryl’s earnings: a P/E of 39.9x against 21.2x for DXC Technology.
| Latest fiscal year | DXC · FY26 | KD · FY26 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $3.3B |
| Revenue | $12.6B | $15.1B |
| Free cash flow | $1.0B | $340M |
| Net income | $18.0M | $198M |
| Growth | ||
| Revenue growth | −1.8% | 0.2% |
| 5-year growth | −6.5% | −4.9% |
| Share count change | −3.4% | −2.2% |
| Profitability | ||
| Gross margin | — | 21.8% |
| Operating margin | 7.7% | — |
| Net margin | 0.1% | 1.3% |
| FCF margin | 8.2% | 2.3% |
| Return on capital | 9.2% | 7.8% |
| Return on equity | 0.6% | 16.5% |
| Balance sheet | ||
| Net debt | $1.8B | $2.3B |
| Net debt / EBITDA | 0.8x | 1.8x |
| Dividends and buybacks | $249M | $304M |
| Valuation & quality | ||
| P/E | 21.2x | 39.9x |
| Piotroski F-score | 7 | 6 |
Revenue
FY17
DXC $7.6B
KD —
FY18
DXC $21.7B
KD —
FY19
DXC $20.8B
KD $20.3B
FY20
DXC $19.6B
KD $19.4B
FY21
DXC $17.7B
KD $18.7B
FY22
DXC $16.3B
KD —
FY23
DXC $14.4B
KD $17.0B
FY24
DXC $13.7B
KD $16.1B
FY25
DXC $12.9B
KD $15.1B
FY26
DXC $12.6B
KD $15.1B
DXC
KD
Operating margin
FY17
DXC 8.1%
KD —
FY18
DXC 13.8%
KD —
FY19
DXC 15.8%
KD —
FY20
DXC 10.5%
KD —
FY21
DXC 6.2%
KD —
FY22
DXC 8.5%
KD —
FY23
DXC 7.9%
KD —
FY24
DXC 7.4%
KD —
FY25
DXC 7.9%
KD —
FY26
DXC 7.7%
KD —
DXC
KD
Free cash flow
FY17
DXC $373M
KD —
FY18
DXC $2.3B
KD —
FY19
DXC $1.5B
KD −$56.0M
FY20
DXC $2.0B
KD −$408M
FY21
DXC −$137M
KD −$871M
FY22
DXC $1.2B
KD —
FY23
DXC $1.1B
KD −$84.0M
FY24
DXC $1.2B
KD −$197M
FY25
DXC $1.2B
KD $337M
FY26
DXC $1.0B
KD $340M
DXC
KD
Return on capital
FY17
DXC —
KD —
FY18
DXC 26.2%
KD —
FY19
DXC 14.8%
KD —
FY20
DXC 11.8%
KD —
FY21
DXC 5.7%
KD −31.8%
FY22
DXC 11.4%
KD —
FY23
DXC 12.8%
KD —
FY24
DXC 13.0%
KD −1.2%
FY25
DXC 11.1%
KD 10.6%
FY26
DXC 9.2%
KD 7.8%
DXC
KD
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.