IBM vs Kyndryl Holdings
IBM is the larger business, with $67.53bn of revenue in fiscal 2025 against $15.09bn for Kyndryl Holdings (4.5 times as much). IBM grew faster (7.6% against 0.2%). IBM kept more of each dollar of sales as profit: a net margin of 15.7% against 1.3%. IBM carries less debt relative to equity (207.3% against 552.5%).
| Latest fiscal year | IBMIBM, 2025 | Kyndryl HoldingsKD, 2026 |
|---|---|---|
| Revenue | $67.53bn | $15.09bn |
| Revenue growth | 7.6% | 0.2% |
| Net income | $10.59bn | $198m |
| Operating margin | — | — |
| Net margin | 15.7% | 1.3% |
| Return on equity | 35.3% | 16.5% |
| Free cash flow | $12.10bn | $340m |
| Cash | $13.59bn | $2.62bn |
| Total debt | $67.68bn | $6.49bn |
| Debt to equity | 207.3% | 552.5% |
| Dividend per share | $6.71 | — |
| Dividend yield | 2.6% | — |
| Share buybacks | — | $304m |
| Employees | — | 72,000 |
| Market value | $237.31bn | $2.89bn |
| Price vs our value range | Within our value range | — |
| Moat score | 56 (Moderate) | 10 (Weak) |
| Insider trades, 12 months | 3 buys, 1 sales | 0 buys, 1 sales |