Kyndryl Holdings, Inc.
KD Technology Information Technology Services
Kyndryl Holdings, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $15.1 billion, roughly unchanged from fiscal 2025. In the quarter to June 2026, revenue fell 3.34%, EPS fell 204.2%, free cash flow fell 80.6% and total debt rose 29.5%, each against the same quarter a year earlier.
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Kyndryl Holdings, Inc. (KD) Beneish M-score
Kyndryl Holdings, Inc.'s Beneish M-score for fiscal 2026 is −2.75; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.75 | 0.23 |
| FY2025 | −2.98 | (0.07) |
| FY2024 | −2.91 | (1.15) |
| FY2023 | −1.77 | 1.22 |
| FY2021 | −2.99 | 0.56 |
| FY2020 | −3.55 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.96 | — | 0.89 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index | 1.14 | — | 0.46 | |
| Sales growth index | 1.00 | — | 0.89 | |
| Depreciation index | 0.98 | — | 0.11 | |
| SG&A index | 1.02 | — | −0.18 | |
| Total accruals to total assets | (0.06) | — | −0.28 | |
| Leverage index | 0.98 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.75 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CIFR Cipher Digital Inc. compare | −5.0× |
| FORTY Formula Systems (1985) Ltd. compare | −2.9× |
| DXC DXC Technology Company. compare | −2.9× |
| KD Kyndryl Holdings, Inc. | −2.8× |
| PSN Parsons Corporation compare | −2.7× |
| INOD Innodata Inc compare | −2.4× |
| PONY Pony AI Inc. - Sponsored ADR compare | −1.7× |
| PENG Penguin Solutions, Inc. compare | −0.9× |
| CHRN ChronoScale Holdings Corporation compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI