The company's capital structure remains heavily burdened by debt, with a debt-to-equity ratio that peaked at 3.74 in 2025Q1 and accumulated deficits reaching -$1.9 billion by 2026Q3.
| Total Current Assets | 1.03B | 4.59B | 4.75B | 4.96B | 5.78B | 5.78B | 3.15B |
| Cash & Short-Term Investments | 2.62B | 1.79B | 1.55B | 1.85B | 2.22B | 2.22B | 36M |
| Cash Only | 2.62B | 1.79B | 1.55B | 1.85B | 2.22B | 2.22B | 36M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1.34B | 1.6B | 1.52B | 2.28B | 2.28B | 1.79B |
| Days Sales Outstanding | - | 32.6 | 36.36 | 32.65 | 44.59 | 44.59 | 32.22 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | -1.59B | 1.46B | 1.59B | 1.59B | 938M | 938M | 1.15B |
| Total Non-Current Assets | 748M | 5.86B | 5.84B | 6.5B | 7.44B | 7.44B | 8.59B |
| Property, Plant & Equipment | 721M | 3.3B | 3.54B | 3.74B | 4.29B | 4.29B | 5.34B |
| Fixed Asset Turnover | 20.93x | 4.56x | 4.54x | 4.55x | 4.35x | 4.35x | 3.80x |
| Goodwill | 0 | 790M | 805M | 812M | 732M | 732M | 1.16B |
| Intangible Assets | 27M | 217M | 188M | 171M | 36M | 36M | 89M |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 1.35B | 1.09B | 1.53B | 1.71B | 1.71B | 1.65B |
| Total Assets | 1.78B | 10.45B | 10.59B | 11.46B | 13.21B | 13.21B | 11.74B |
| Asset Turnover | 8.48x | 1.44x | 1.52x | 1.49x | 1.41x | 1.41x | 1.73x |
| Asset Growth % | -82.97% | -1.3% | -7.62% | -13.24% | 0% | 12.51% | - |
| Total Current Liabilities | 0 | 4.3B | 4.59B | 4.87B | 4.46B | 4.46B | 3.41B |
| Accounts Payable | 0 | 1.35B | 1.41B | 1.77B | 1.14B | 1.14B | 826M |
| Days Payables Outstanding | - | 41.39 | 38.97 | 44.66 | 25.14 | 25.14 | 17.05 |
| Short-Term Debt | 0 | 129M | 126M | 110M | 105M | 105M | 0 |
| Deferred Revenue (Current) | 0 | 746M | 825M | 820M | 872M | 872M | 896M |
| Other Current Liabilities | 0 | 681M | 655M | 606M | 961M | 961M | 957M |
| Current Ratio | - | 1.07x | 1.03x | 1.02x | 1.30x | 1.30x | 0.92x |
| Quick Ratio | - | 1.07x | 1.03x | 1.02x | 1.30x | 1.30x | 0.92x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 4.82B | 4.88B | 5.13B | 5.99B | 5.99B | 2.39B |
| Long-Term Debt | 0 | 3.04B | 3.11B | 3.11B | 3.13B | 3.13B | 0 |
| Capital Lease Obligations | 0 | 511M | 622M | 707M | 1.01B | 1.01B | 990M |
| Deferred Tax Liabilities | 0 | 187M | 145M | 183M | 179M | 179M | 80M |
| Other Non-Current Liabilities | 0 | 739M | 686M | 771M | 1.2B | 1.2B | 703M |
| Total Liabilities | 0 | 9.12B | 9.47B | 10B | 10.45B | 10.45B | 5.8B |
| Total Debt | 0 | 3.96B | 4.14B | 4.24B | 4.6B | 4.6B | 1.36B |
| Net Debt | -2.62B | 2.17B | 2.59B | 2.4B | 2.38B | 2.38B | 1.32B |
| Debt / Equity | - | 2.97x | 3.69x | 2.90x | 1.66x | 1.66x | 0.23x |
| Debt / EBITDA | - | 2.52x | 3.26x | 4.30x | 4.62x | 4.62x | 1.57x |
| Net Debt / EBITDA | -0.77x | 1.38x | 2.04x | 2.43x | 2.39x | 2.39x | 1.53x |
| Interest Coverage | 7.13x | 5.35x | -0.38x | -8.05x | -28.73x | -28.73x | -6.88x |
| Total Equity | 0 | 1.33B | 1.12B | 1.46B | 2.77B | 2.77B | 5.95B |
| Equity Growth % | -100% | 18.72% | -23.26% | -47.18% | 0% | -53.46% | - |
| Book Value per Share | - | 5.57 | 4.90 | 6.45 | 12.35 | 12.36 | 26.56 |
| Total Shareholders' Equity | 0 | 1.22B | 1.01B | 1.36B | 2.77B | 2.77B | 5.89B |
| Common Stock | 0 | 4.63B | 4.52B | 4.43B | 4.28B | 4.28B | 7.11B |
| Retained Earnings | 0 | -2.07B | -2.32B | -1.98B | -375M | -375M | 0 |
| Treasury Stock | 0 | -184M | -45M | -23M | -1M | -1M | 0 |
| Accumulated OCI | 0 | -1.16B | -1.15B | -1.06B | -1.14B | -1.14B | -1.22B |
| Minority Interest | 0 | 113M | 107M | 97M | 3M | 3M | 56M |
High leverage and restructuring
As reported in recent financial filings, Kyndryl's total assets fluctuated from $9.9 billion in 2025Q3 to $11.3 billion in 2026Q3, reflecting the ongoing volatility inherent in the company's efforts to shed legacy infrastructure while simultaneously attempting to scale its higher-margin advisory and cloud-integrated service offerings.
The oscillation in asset levels suggests that the company is still in the early stages of its structural pivot, with the balance sheet yet to stabilize into a predictable growth pattern. Investors should monitor whether the recent asset contraction in 2026Q4 represents a permanent shedding of non-core legacy assets or merely a temporary accounting adjustment.
Based on reported figures, Kyndryl maintains a significant debt-to-equity ratio that peaked at 3.74 in 2025Q1, indicating that the firm's capital structure remains heavily burdened by the debt load assumed during its spin-off from IBM, which continues to limit its financial flexibility for growth-oriented investments.
The persistent reliance on debt to fund operations and restructuring suggests that the company's cash flow durability is currently insufficient to deleverage organically. This high leverage profile warrants further investigation into the firm's refinancing risk, particularly if the transition to higher-margin consulting services faces further delays.
According to quarterly balance sheet data, Kyndryl's current ratio has hovered near 1.0, reaching a low of 0.64 in 2026Q3, which suggests that the company operates with a thin liquidity buffer that may leave it vulnerable to unexpected operational shocks or sudden increases in restructuring-related cash outflows.
The narrow margin between current assets and liabilities implies that the company lacks a significant cushion to absorb volatility in its working capital cycle. This liquidity profile appears to necessitate disciplined cash management, as any disruption in the conversion of long-term contracts could quickly pressure the firm's ability to meet short-term obligations.
As evidenced by the company's financial statements, retained earnings have remained consistently negative, reaching -$1.9 billion in 2026Q3, which highlights the significant impact of ongoing restructuring charges and legacy contract exits on the firm's ability to build a sustainable equity base for long-term shareholders.
The persistent negative retained earnings suggest that the company is still consuming capital to facilitate its transformation rather than generating it. This trend indicates that the equity base remains fragile and highly sensitive to the success of the 'Kyndryl Consult' pivot, which is intended to eventually reverse these losses.
Quick answers to the most common questions about buying KD stock.
As of 2026, Kyndryl Holdings, Inc. (KD) had total assets of $1.78B including $1.03B in current assets.
Kyndryl Holdings, Inc. (KD) carries total debt of $0.0M, offset by $2.62B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Kyndryl Holdings, Inc. (KD) has total shareholders' equity (book value) of $0.0M. Book value represents the net worth of the company belonging to common stock holders.