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Global IT infrastructure services company spun off from IBM, managing enterprise data centers, networks and mainframes.
Global IT infrastructure services company spun off from IBM, managing enterprise data centers, networks and mainframes.
Runs customers' IT systems under multi-year contracts at fixed or usage-based fees, so revenue is recurring but grows only as contracts are won or expanded. Most of its clients came over from IBM at the 2021 spin-off, and it has been exiting unprofitable contracts and shifting toward cloud and security work.
In one line: A smaller Accenture/IBM Services.
Moat: narrow (switching costs, installed base). Runs customers' core infrastructure under multi-year contracts that are risky and costly to switch away from.
Headquarters: New York, US · Founded: 2021 · Employees: 72,000
Size Kyndryl Holdings Incorporation (KD) is a United States Information Technology company (Data Processing Services) with a market value of $3.55B, the 1426th largest of 3,117 United States companies the cockpit tracks. Shares closed at $16.29 on 6 Nov 2026.
Performance Over six months the shares gained 32.9%, against -29.5% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 19 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +9.3%); the operating margin is 4.3% (peer median -1.0%).
Valuation It trades at 5.9× forward earnings against a peer median of 28.0× (2nd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +6 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.6 points above its cost of capital (9.1% WACC).
Backlog Backlog (remaining performance obligations) was $33.1B at 30 Sep 2026, down 3% on a year earlier — 2.2 years of trailing revenue. Backlog detail →
Credit Kyndryl Holdings Incorporation has 6 bonds outstanding ($3.15B), rated BBB- by the agencies and trading like BB- at a weighted spread of 239 bp.
Short interest Short interest is 15.2% of the free float (15 Oct 2026).
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $14.9B | $15.1B | $15.1B | $16.1B | $17.0B |
| Revenue growth | — | 0% | -6% | -6% | — |
| Gross profit | $3.33B | $3.29B | $3.20B | $2.87B | $2.53B |
| EBITDA | $3.22B | $3.41B | $3.33B | $3.09B | $2.69B |
| Net income | $78.0M | $198M | $252M | -$340M | -$1.37B |
| Free cash flow | $90.0M | $340M | $337M | -$197M | -$84.0M |
| Capital expenditure | $699M | $608M | $605M | $651M | $865M |
| Total debt | $4.06B | $4.96B | $3.96B | $4.14B | $4.24B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kyndryl Holdings Incorporation KD | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% |
| DXC Technology DXC | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% |
| Accenture ACN | $154B | +44% | +6% | 15% | 17.8× | 3.7% |
| Cognizant CTSH | $28.9B | +26% | +5% | -1% | 10.5× | 0.8% |
| Rackspace Technology RXT | $645M | -54% | 0% | -2% | n/a | 35.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +37.1% | -10.9% | highest of 21 |
| 6-month return | +32.9% | -29.5% | 5th highest of 19 |
| Distance from 52-week high | -41.5% | -38.5% | 9th lowest of 21 |
| Revenue growth (TTM) | -0.7% | +9.3% | 7th lowest of 21 |
| Operating margin | 4.3% | -1.0% | 9th highest of 21 |
| Forward P/E | 5.9× | 28.0× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 1.6% | 10.9% | 2nd least demanding of 10 |
| Growth delivered (Del g) | -4.9% | +5.9% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +6.4 pp | +5.0 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +4.6 pp | -7.5 pp | 5th highest of 21 |
| EV / EBITDA | 1.8× | 15.7× | cheapest of 13 |
| Net debt / EBITDA | 0.7× | 0.8× | 6th least indebted of 14 |
| Bond spread | 239 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | n/a | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% | +10.7% |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | n/a | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |
| IONOS IOS.DE | Germany | $5.49B | +23% | -34% | 23% | 19.1× | 11.0% | +5.9% |
| TeraWulf WULF | United States | $5.67B | -51% | +15% | -227% | n/a | n/a | n/a |
| Wangsu Science & Technology 300017.SZ | China | $5.90B | 0% | 0% | 15% | 49.1× | 27.3% | -3.9% |
| Hut 8 HUT | United States | $6.49B | -47% | +71% | -89% | n/a | n/a | n/a |
| ExlService EXLS | United States | $6.51B | +39% | +16% | 14% | 17.0× | 9.4% | +16.8% |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 200.1× | n/a | n/a |
Kyndryl Holdings Incorporation has 6 bonds outstanding with $3.15B face value. The agencies rate it BBB-; its bonds trade like BB-. Weighted yield 7.07%, a spread of 239 bp over government bonds.
Kyndryl Holdings Incorporation reported $33.1B of remaining performance obligations at 30 Sep 2026, down 3% from a year earlier and up 3% from the previous quarter. That is 2.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.25.