KDKyndryl Holdings, Inc.
Services-Computer Integrated Systems Design
- Revenue
- $15.1B
- 0.2% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.0B
- Employees
- 72,000
- $210K revenue each
- Net debt / EBITDA
- —
- $185M net debt
- AI in 10-K
- 9.6
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 6 years3+ of last 5 years
- High CEO pay despite TSRYes$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo32% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo7% of assetsOver 40% of assets
- Shareholder dissentYes76% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$210K · 13th pctBottom quartile of its SIC industry
- Quiet on AINo9.6 per 10K words · 92nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.0B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$177K netNet sales over $10M in 12 months
Financials
| Metric | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|
| Revenue | $17.0B | $16.1B | $15.1B | $15.1B | 0.2% |
| Operating cash flow | $781M | $454M | $942M | $948M | 0.6% |
| Capex | $865M | $651M | $605M | $608M | 0.5% |
| Stock-based comp | $113M | $95M | $100M | $64M | 36% |
| Buybacks | — | — | $93M | $304M | 227% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $177K · 1
- Net
- −$177K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $22M | −$16M | 50 | 150 |
| FY2025 | $16M | $46M | 119 | 102 |
| FY2024 | $16M | $32M | 82 | 116 |
| FY2023 | $14M | $19M | 56 | 87 |
| FY2022 | $774K | −$7M | 50 | 89 |