Kyndryl vs NCR Voyix
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KIRAβs take AI analyst
I put Kyndryl and NCR Voyix side by side, using each oneβs 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 β4.7%).
- Kyndryl turned more of its sales into free cash flow (2.3% FCF margin, against β14.0%).
- Kyndryl earned a higher return on the capital invested in it (7.8%, against 1.3%).
- Investors pay more for each dollar of Kyndrylβs 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
KD
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 | β$375M |
| Net income | $198M | $62.0M |
| Growth | ||
| Revenue growth | 0.2% | β4.7% |
| 5-year growth | β4.9% | β15.4% |
| Share count change | β2.2% | β2.5% |
| Profitability | ||
| Gross margin | 21.8% | β |
| Operating margin | β | 1.0% |
| Net margin | 1.3% | 2.3% |
| FCF margin | 2.3% | β14.0% |
| 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
Operating margin
Free cash flow
Return on capital
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.