# Kyndryl Holdings, Inc. (KD)

> Source: Nexqual · https://nexqual.com/KD · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Kyndryl Holdings, Inc. (KD), nexqual.com/KD" · informational, not investment advice.

**Price:** USD 14.76 (-2.89% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 15.2 · day 14.55–15.17 · 52w 10.1–29.45 · market cap $3.21B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.0B, net income $87.0M (0.6% margin), free cash flow $148M (SEC filings).
- Valuation: P/E 37.0x (avg 22.6x at the last 2 fiscal year-ends), net debt $3.60B.
- 1 of 80 tracked superinvestors hold KD (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Hold (mean 3.33 on a 1–5 scale) (6 analysts), mean target USD 14.2 (range 13–16).
- Total return with dividends: 1Y -48.2% vs S&P 500 +13.4%; 5Y -53.1% vs S&P 500 +76.9%.
- Next earnings: 2026-11-04, EPS estimate USD 0.38, revenue estimate $3.62B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $18.7B | $17.0B | $16.1B | $15.1B | $15.1B | $15.0B |
| Gross profit | $2.11B | $2.53B | $2.86B | $3.14B | $3.29B | — |
| Net income | -$2.30B | -$1.37B | -$340M | $252M | $198M | $87.0M |
| EPS (diluted) | -$10.28 | -$6.06 | -$1.48 | $1.05 | $0.85 | — |
| Free cash flow | -$871M | -$84.0M | -$197M | $337M | $340M | $148M |
| Gross margin | 11.3% | 14.8% | 17.8% | 20.9% | 21.8% | — |
| Net margin | -12.3% | -8.1% | -2.1% | 1.7% | 1.3% | 0.6% |
| Revenue growth | -3.6% | — | -5.7% | -6.2% | +0.2% | — |
| Cash + short-term investments | $2.22B | $1.85B | $1.55B | $1.79B | $2.62B | — |
| Total debt | $3.25B | $3.24B | $3.26B | $3.19B | $5.70B | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 37.0x · P/S 0.2x · EV/Sales 0.5x · P/FCF 21.7x · P/B 3.0x · FCF yield 4.60% · Earnings yield 2.71% · Buyback yield (TTM) 9.52% · Net debt $3.60B · EV $6.81B
P/E at fiscal year-ends: Mar 2026 15.5x, Mar 2025 29.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold KD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Harry Burn | Sound Shore | 0.87% | $28.3M | Reduced -39.6% |

## Analysts
Consensus Hold (mean 3.33 on a 1–5 scale), 6 analysts; mean target USD 14.2 (low 13, high 16).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-10 | JP Morgan | Target raised | Underweight | $13 → $14 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -48.2% | -53.1% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | -48.3% | -14.1% |
| Volatility (annualized) | 94.9% | 60.9% |
| Max drawdown | -63.4% (Oct 2025→Feb 2026) | -74.7% (Jun 2025→Jun 2026) |

## Peers (Information Technology Services)
CIFR (Cipher Digital Inc.) USD 7.94 -4.57% · PENG (Penguin Solutions, Inc.) USD 53.41 +2.89% · DXC (DXC Technology Company) USD 16.09 +0.06% · CSQR (Csquare, Inc.) USD 14.93 +0.20% · GDS (GDS Holdings Limited) USD 22.25 +0.47% · PONY (Pony AI Inc.) USD 5.14 +2.39%

## More
Full page: https://nexqual.com/KD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in KD's own 10-K filed 2026-05-29 (https://www.sec.gov/Archives/edgar/data/1867072/000110465926067881/kd-20260331x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | IBM (IBM) | "As part of our ongoing cash and commercial management strategy with customers and suppliers and as previously disclosed, our standard practice since the time of our spin-off from IBM is to actively manage our working cap…" |
| Customer | Amazon (AMZN) | "Our strategic relationships with hyperscalers, such as Amazon Web Services, Google Cloud and Microsoft, allow us to expand the role we play with existing customers and access new customers and market opportunities." |
| Customer | Alphabet (Google) (GOOGL) | "Our strategic relationships with hyperscalers, such as Amazon Web Services, Google Cloud and Microsoft, allow us to expand the role we play with existing customers and access new customers and market opportunities." |
| Customer | Microsoft (MSFT) | "Our strategic relationships with hyperscalers, such as Amazon Web Services, Google Cloud and Microsoft, allow us to expand the role we play with existing customers and access new customers and market opportunities." |
| Partner | Broadcom (AVGO) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | Cisco (CSCO) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | Dell Technologies (DELL) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | Hewlett Packard Enterprise (HPE) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | NVIDIA (NVDA) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | Oracle (ORCL) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | SAP (SAP) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |
| Partner | ServiceNow (NOW) | "We have several key partnerships, including with Amazon Web Services, Broadcom, Cisco, Dell, Dynatrace, Google Cloud, HPE, Microsoft, NVIDIA, Oracle, Palo Alto Networks, Red Hat, Rubrik, SAP and ServiceNow that accelerat…" |

Other companies that name KD in their own reports (relationship from KD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Five9, Inc. (FIVN) | 10-K 2026-02-20 | "WEM vendors such as Calabrio, Inc., or Calabrio, and Verint Systems Inc., or Verint; unified communications vendors such as Microsoft Teams, RingCentral and Zoom; system integrators such as Accenture …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Principal Markets | $1.26B | 34.9% | -6.9% |
| United States | $954.0M | 26.4% | +4.7% |
| Strategic Markets | $868.0M | 24.0% | -3.3% |
| Japan | $534.0M | 14.8% | -7.6% |
| Total revenue | $3.62B | 100% | — |

## Revenue by region (fiscal year ended 2026-03-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Countries Excluding United States & Japan | $9.02B | 59.8% | +2.3% |
| United States | $3.78B | 25.1% | -2.4% |
| Japan | $2.28B | 15.1% | -3.1% |
| Total revenue | $15.09B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.38 | $0.48 | -20.0% | $3.62B | 6 |
| Next quarter (ends 2026-12-31) | $0.77 | $0.73 | +5.4% | $3.79B | 6 |
| Current fiscal year (ends 2027-03-31) | $1.85 | $1.92 | -3.5% | $14.79B | 6 |
| Next fiscal year (ends 2028-03-31) | $2.49 | $2.64 | -5.6% | $14.78B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±16.4%; last 8 reports averaged ±17%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 73.6% | ±16.4% |
| 2026-12-18 | 55 | 60.3% | ±19.0% |
| 2027-01-15 | 83 | 58.2% | ±22.4% |
| 2027-03-19 | 146 | 58.6% | ±29.6% |
| 2027-06-17 | 236 | 58.4% | ±37.3% |