Estados financieros detallados de Kyndryl Holdings, Inc. (KD): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Kyndryl Holdings, Inc. registró ingresos de $15.09B en el último ejercicio fiscal, con un CAGR de 5 años del -4.2%.
Márgenes de los últimos 12 meses: margen bruto 21.9%, margen operativo 3.4%, margen neto 1.3%.
Al precio actual de $12.68, KD cotiza a un P/E de 8.91 y un ROE del 29.15%. La capitalización bursátil es de $2.8B.
Cuenta de Resultados (10 años)
| Año | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Ingresos | $21.80B | $20.28B | $18.66B | $18.66B | $17.03B | $16.05B | $15.06B | $15.09B |
| Coste de Ventas | $19.24B | $17.68B | $16.55B | $16.55B | $14.50B | $13.19B | $11.91B | $11.80B |
| Beneficio Bruto | $2.56B | $2.60B | $2.11B | $2.11B | $2.53B | $2.86B | $3.14B | $3.29B |
| I+D | $69.0M | $83.0M | 0 | $23.0M | $79.0M | $58.0M | $49.0M | 0 |
| Generales y Administrativos | $3.04B | $3.15B | $2.78B | $2.78B | $2.91B | $2.77B | $2.59B | $2.65B |
| Gastos Operativos | $3.11B | $3.23B | $2.78B | $2.78B | $2.91B | $2.77B | $2.59B | $2.65B |
| Beneficio Operativo | -$435.0M | -$631.0M | -$669.0M | -$669.0M | -$386.0M | $90.0M | $552.0M | $635.0M |
| EBITDA | $980.0M | $975.0M | -$175.0M | -$175.0M | $617.0M | $1.14B | $1.55B | $3.28B |
| Gastos por Intereses | $85.0M | $76.0M | $64.0M | $64.0M | $94.0M | $122.0M | $100.0M | $89.0M |
| Beneficio Antes de Impuestos | -$630.0M | -$579.0M | -$1.90B | -$1.90B | -$851.0M | -$168.0M | $435.0M | $414.0M |
| Impuestos | $350.0M | $364.0M | $402.0M | $402.0M | $524.0M | $172.0M | $184.0M | $215.0M |
| Beneficio Neto | -$980.0M | -$943.0M | -$2.30B | -$2.30B | -$1.37B | -$340.0M | $252.0M | $198.0M |
| BPA | $-4.38 | $-4.21 | $-8.99 | $-10.28 | $-6.06 | $-1.48 | $1.09 | $0.87 |
| BPA Diluido | $-4.38 | $-4.21 | $-8.99 | $-10.28 | $-6.06 | $-1.48 | $1.05 | $0.85 |
| Acciones en Circulación (Diluidas) | $223.9M | $223.9M | $223.9M | $224.1M | $226.7M | $229.2M | $239.1M | $233.8M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $3.72B | $3.86B | $3.77B | $15.09B |
| Beneficio Bruto | $801.0M | $843.0M | $847.0M | $3.29B |
| Beneficio Operativo | $140.0M | $172.0M | $171.0M | $414.0M |
| EBITDA | $312.0M | $808.0M | $665.0M | $503.0M |
| Beneficio Neto | $68.0M | $57.0M | $17.0M | $198.0M |
| BPA | $0.29 | $0.25 | $0.08 | $0.87 |
| BPA Diluido | $0.29 | $0.25 | $0.07 | $0.85 |
Balance (10 años)
| Año | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Caja y Equivalentes | $36.0M | $2.22B | $2.22B | $1.85B | $1.55B | $1.79B | $2.62B |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.79B | $2.28B | $2.28B | $1.52B | $1.60B | $1.34B | $1.30B |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $3.15B | $5.78B | $5.78B | $4.96B | $4.75B | $4.59B | $5.53B |
| Inmovilizado Material | $5.34B | $4.29B | $4.29B | $3.74B | $3.54B | $3.30B | $3.37B |
| Fondo de Comercio | $1.16B | $732.0M | $732.0M | $812.0M | $805.0M | $790.0M | $786.0M |
| Activos Intangibles | $89.0M | $36.0M | $36.0M | $171.0M | $188.0M | $217.0M | $165.0M |
| Activos Totales | $11.74B | $13.21B | $13.21B | $11.46B | $10.59B | $10.45B | $12.55B |
| Cuentas por Pagar | $826.0M | $1.14B | $1.14B | $1.77B | $1.41B | $1.35B | $1.35B |
| Deuda a Corto | 0 | $105.0M | $105.0M | $110.0M | $126.0M | $129.0M | $1.80B |
| Pasivos Corrientes | $3.41B | $4.46B | $4.46B | $4.87B | $4.59B | $4.30B | $6.31B |
| Deuda a Largo | 0 | $3.13B | $3.13B | $3.11B | $3.11B | $3.04B | $2.29B |
| Pasivos Totales | $5.80B | $10.45B | $10.45B | $10.00B | $9.47B | $9.12B | $11.26B |
| Reservas | 0 | -$375.0M | -$375.0M | -$1.98B | -$2.32B | -$2.07B | -$1.87B |
| Patrimonio Neto | $5.89B | $2.77B | $2.77B | $1.36B | $1.01B | $1.22B | $1.18B |
| Deuda Total | $1.36B | $4.60B | $4.60B | $4.24B | $4.14B | $3.96B | $4.96B |
| Deuda Neta | $1.32B | $2.38B | $2.38B | $2.40B | $2.59B | $2.17B | $2.33B |
| Capital Circulante | -$257.0M | $1.32B | $1.32B | $95.0M | $158.0M | $289.0M | -$779.0M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.33B | $450.0M | $2.62B | $2.10B |
| Activos Totales | $11.24B | $11.28B | $12.55B | $12.03B |
| Pasivos Totales | $9.90B | $9.97B | $11.26B | $10.86B |
| Patrimonio Neto | $1.23B | $1.19B | $1.18B | $1.07B |
| Deuda Total | $4.03B | $4.57B | $4.96B | $4.93B |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | 2026 |
|---|
| Beneficio Neto | -$980.0M | -$943.0M | -$2.30B | -$2.30B | -$340.0M | -$340.0M | $252.0M | $198.0M |
| Amortizaciones | $1.52B | $4.04B | $1.66B | $1.66B | $1.18B | $1.18B | $1.02B | $2.77B |
| Compensación en Acciones | $57.0M | 0 | $71.0M | $71.0M | $95.0M | $95.0M | $100.0M | $64.0M |
| Cambio en Capital Circulante | -$1.99B | -$1.98B | -$1.47B | -$1.47B | -$2.30B | -$2.30B | -$1.97B | -$2.18B |
| Flujo de Caja Operativo | $674.0M | $1.13B | -$119.0M | -$119.0M | $454.0M | $454.0M | $942.0M | $948.0M |
| Inversiones (CapEx) | -$1.56B | -$1.19B | -$752.0M | -$752.0M | -$651.0M | -$651.0M | -$605.0M | -$608.0M |
| Adquisiciones | 0 | $63.0M | 0 | 0 | 0 | 0 | $139.0M | $66.0M |
| Recompra de Acciones | 0 | 0 | -$1.0M | -$1.0M | -$22.0M | -$22.0M | -$138.0M | -$398.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$889.0M | -$56.0M | -$871.0M | -$871.0M | -$197.0M | -$197.0M | $337.0M | $340.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $146.0M | $428.0M | $498.0M | -$310.0M |
| Inversiones (CapEx) | -$129.0M | -$220.0M | -$116.0M | -$149.0M |
| Flujo de Caja Libre | $17.0M | $208.0M | $382.0M | -$459.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $26.0M | 0 | -$9.0M | $21.0M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Crecimiento Ingresos (anual) | | -7.0% | -8.0% | +0.0% | -8.7% | -5.7% | -6.2% | +0.2% |
| Crecimiento Beneficio Neto (anual) | | +3.8% | -144.3% | +0.0% | +40.4% | +75.3% | +174.1% | -21.4% |
| Crecimiento BPA (anual) | | +3.9% | -113.5% | -14.3% | +41.1% | +75.6% | +173.6% | -20.2% |
| Cambio en Acciones (anual) | | +0.0% | +0.0% | +0.1% | +1.2% | +1.1% | +4.3% | -2.2% |
| Crecimiento FCF (anual) | | +93.7% | -1455.4% | +0.0% | +77.4% | +0.0% | +271.1% | +0.9% |
| Margen Bruto | 11.7% | 12.8% | 11.3% | 11.3% | 14.8% | 17.8% | 20.9% | 21.8% |
| Margen Operativo | -2.0% | -3.1% | -3.6% | -3.6% | -2.3% | 0.6% | 3.7% | 4.2% |
| Margen EBITDA | 4.5% | 4.8% | -0.9% | -0.9% | 3.6% | 7.1% | 10.3% | 21.7% |
| Margen Neto | -4.5% | -4.7% | -12.3% | -12.3% | -8.1% | -2.1% | 1.7% | 1.3% |
| Margen FCF | -4.1% | -0.3% | -4.7% | -4.7% | -1.2% | -1.2% | 2.2% | 2.3% |
| Tasa Impositiva Efectiva | -55.6% | -62.9% | -21.1% | -21.1% | -61.6% | -102.4% | 42.3% | 51.9% |
Datos por Acción (10 años)
| Año | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF por Acción | $-3.97 | $-0.25 | $-3.89 | $-3.89 | $-0.87 | $-0.86 | $1.41 | $1.45 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $223.9M | $223.9M | $223.9M | $224.1M | $226.7M | $229.2M | $231.5M | $228.3M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | 29.15% |
| Rentabilidad sobre capital invertido | 5.14% |
| Rentabilidad sobre activos | 2.83% |
| Margen bruto | 21.86% |
| Margen operativo | 3.39% |
| Margen neto | 1.29% |
Salud financiera
| Deuda / Patrimonio | 4.61 |
| Ratio corriente | 0.85 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.25 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| P/E | -9.30 | -9.68 | -4.53 | -1.28 | -2.44 | -14.56 | 28.81 | 15.08 |
| P/VC | 0.00 | 1.55 | 3.30 | 1.06 | 2.45 | 4.87 | 5.96 | 2.55 |
| P/V | 0.42 | 0.45 | 0.49 | 0.16 | 0.20 | 0.31 | 0.48 | 0.20 |
| Margen Bruto | 11.7% | 12.8% | 11.3% | 11.3% | 14.8% | 17.8% | 20.9% | 21.8% |
| Margen Operativo | -2.0% | -3.1% | -3.6% | -3.6% | -2.3% | 0.6% | 3.7% | 4.2% |
| Margen Neto | -4.5% | -4.7% | -12.3% | -12.3% | -8.1% | -2.1% | 1.7% | 1.3% |