Kyndryl Holdings, Inc. Financial Ratios — KD Stock

Profitability (USD)

	2018 Y	2019 Y	2020 Y	2021 Y	2021 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	12/31/2018	12/31/2019	12/31/2020	03/31/2021	12/31/2021	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Return on Common Equity (%)	- -	-26.52	-30.68	-77.16	-117.88	-43.21	-14.61	10.57	7.34
Return on Assets (%)	- -	-16.06	-17.49	-41.12	-34.87	-11.14	-3.08	2.4	1.72
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	4.73	3.31
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	5.74	5.07
Gross Margin (%)	11.74	12.81	11.45	11.29	11.29	14.85	17.84	20.87	21.79
EBITDA Margin (%)	5	7.66	6.02	5.33	5.33	5.8	7.93	10.42	11.35
Operating Margin (%)	-2	-1.84	-3.79	-3.59	-3.59	-2.27	0.56	3.67	4.21
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	-48.87	-46.43	237.14
Pretax Margin (%)	-2.89	-2.86	-9.09	-10.2	-10.2	-5	-1.05	2.89	2.74
Profit Margin (%)	-4.5	-4.65	-10.37	-12.35	-12.35	-8.07	-2.12	1.67	1.31
Net Income to Common Margin (%)	-4.5	-4.65	-10.37	-12.35	-12.35	-8.07	-2.12	1.67	1.31
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	42.3	51.93
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	-26.52	-30.68	-77.16	-117.88	-43.21	-14.61	10.57	7.34

Credit (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2021 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	12/31/2018	12/31/2019	12/31/2020	03/31/2021	12/31/2021	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Total Debt	- -	1,360	1,392	- -	4,600	4,244	4,145	3,956	4,956
ST Debt	- -	370	402	- -	465	426	411	403	2,061
LT Debt	- -	990	990	- -	4,135	3,818	3,734	3,553	2,895
Total Debt/EBITDA	- -	0.88	1.19	- -	4.62	4.3	3.26	2.52	2.89
Net Debt/EBITDA	- -	-0.02	0.1	- -	1.02	1.39	1.32	0.88	0.86
Total Debt/EBIT	- -	-3.65	-1.9	- -	-6.88	-10.99	46.06	7.17	7.8
Net Debt/EBIT	- -	0.1	-0.16	- -	-1.51	-3.56	18.72	2.51	2.31
EBITDA to Interest Expense	12.82	20.45	18.49	15.55	15.55	10.51	10.43	15.69	19.25
EBITDA-CapEx/Interest Expense	-5.56	4.79	2.05	15.55	3.8	10.51	10.43	15.69	19.25
EBIT to Interest Expense	-5.12	-4.91	-11.63	-10.45	-10.45	-4.11	0.74	5.52	7.13
Interest Expense	85	76	63	64	64	94	122	100	89
Common Equity/Total Assets	- -	60.56	53.3	- -	29.58	21.37	20.82	24.53	22.56
Long-Term Debt/Equity (%)	- -	16.64	20.08	- -	149.39	261.15	332.8	266.74	224.07
Long-Term Debt/Capital (%)	- -	11.61	13.34	- -	48.58	56.22	57.83	53.57	36.62
Long-Term Debt/Total Assets (%)	- -	8.43	8.84	- -	31.29	33.3	35.26	33.99	23.07
Total Debt/Equity (%)	- -	22.86	28.24	- -	166.18	290.29	369.43	297	383.59
Total Debt/Capital (%)	- -	15.95	18.76	- -	54.04	62.49	64.19	59.64	62.69
Total Debt/Total Assets (%)	- -	11.58	12.42	- -	34.81	37.02	39.14	37.85	39.49
Net Debt to Equity	- -	-0.61	2.35	- -	36.49	93.98	150.18	103.98	113.47
Net Debt/Capital (%)	- -	-0.42	1.57	- -	16.06	27.79	34.36	28.57	27.75
EBITDA	1,090	1,554	1,165	995	995	988	1,273	1,569	1,713
EBITDA-CapEx	-473	364	129	995	243	988	1,273	1,569	1,713
Operating Income (Loss)	-435	-373	-733	-669	-669	-386	90	552	635

Liquidity (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2021 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	12/31/2018	12/31/2019	12/31/2020	03/31/2021	12/31/2021	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Cash Ratio	- -	0.01	0.01	- -	0.5	0.38	0.34	0.42	0.42
Current Ratio	- -	0.92	0.73	- -	1.3	1.02	1.03	1.07	0.88
Quick Ratio	- -	0.54	0.38	- -	1.01	0.69	0.69	0.73	0.62
CFO/Avg Current Liab	- -	0.67	0.17	-0.06	-0.05	0.17	0.1	0.21	0.18
Common Equity/Total Assets	- -	60.56	53.3	- -	29.58	21.37	20.82	24.53	22.56
Long-Term Debt/Equity (%)	- -	16.64	20.08	- -	149.39	261.15	332.8	266.74	224.07
Long-Term Debt/Capital (%)	- -	11.61	13.34	- -	48.58	56.22	57.83	53.57	36.62
Long-Term Debt/Total Assets (%)	- -	8.43	8.84	- -	31.29	33.3	35.26	33.99	23.07
Total Debt/Equity (%)	- -	22.86	28.24	- -	166.18	290.29	369.43	297	383.59
Total Debt/Capital (%)	- -	15.95	18.76	- -	54.04	62.49	64.19	59.64	62.69
Total Debt/Total Assets (%)	- -	11.58	12.42	- -	34.81	37.02	39.14	37.85	39.49
CFO/Total Liabilities	- -	19.57	10.01	- -	-1.14	7.81	4.8	10.33	8.42
CFO/CapEx	0.43	0.95	0.61	- -	-0.16	- -	- -	- -	- -
Altman's Z-Score	- -	1.79	1.58	- -	1.64	1.45	1.7	2	1.34

Working Capital (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2021 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	12/31/2018	12/31/2019	12/31/2020	03/31/2021	12/31/2021	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Accounts Receivable Turnover	- -	22.66	11.97	25.84	16.37	8.96	10.28	10.23	11.41
Days Sales Outstanding	- -	16.11	30.5	14.12	22.29	40.75	35.49	35.68	31.98
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	42.81	19.64	36.02	29.04	9.95	8.29	8.64	8.75
Accounts Payable Turnover Days	- -	8.53	18.58	10.13	12.57	36.68	44.03	42.26	41.7
Cash Conversion Cycle	- -	7.58	11.92	3.99	9.72	4.07	-8.54	-6.58	-9.72
Inventory to Cash Days	- -	16.11	30.5	14.12	22.29	40.75	35.49	35.68	31.98
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2021 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	12/31/2018	12/31/2019	12/31/2020	03/31/2021	12/31/2021	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Market Capitalization	- -	- -	- -	- -	4,056	3,346	4,987	7,269	2,995
- Cash & Cash Equivalents	- -	36	24	- -	2,223	1,847	1,553	1,786	2,623
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	56	58	- -	3	97	107	113	117
+ Total Debt	- -	1,360	1,392	- -	4,600	4,244	4,145	3,956	4,956
Enterprise Value	- -	1,380	1,426	- -	6,436	5,840	7,686	9,552	5,445
Total Capital	- -	8,528	7,422	- -	8,512	6,791	6,457	6,633	7,905
Total Debt/Capital (%)	- -	15.95	18.76	- -	54.04	62.49	64.19	59.64	62.69
Total Debt / EV	- -	0.99	0.98	- -	0.71	0.73	0.54	0.41	0.91
EV/Sales	- -	0.07	0.07	- -	0.34	0.34	0.48	0.63	0.36
EV/EBITDA	- -	0.89	1.22	- -	6.47	5.91	6.04	6.09	3.18
EV/EBIT	- -	- -	- -	- -	- -	- -	85.4	17.3	8.58
EV/Cash Flow to Firm	- -	1.1	2.04	- -	- -	6.26	10.97	9.55	5.5
EV/Free Cash Flow to Firm	- -	0.56	0.82	- -	9.06	6.26	10.97	9.55	5.5
Diluted Market Cap	- -	- -	- -	- -	4,056	3,346	4,987	7,508	3,067
Diluted Enterprise Value	- -	1,380	1,426	- -	6,436	5,840	7,686	9,791	5,517
EV per Share	- -	6.16	6.37	- -	28.72	25.76	33.54	41.26	23.85
TTM Sales	21,796	20,279	19,352	18,657	18,657	17,026	16,052	15,057	15,092
TTM EBITDA	1,090	1,554	1,165	995	995	988	1,273	1,569	1,713
TTM Operating Income	-435	-373	-733	-669	-669	-386	90	552	635
TTM Cash Flow to Firm	806	1,258	700	-41	-41	933	701	1,000	991
TTM Free Cash Flow to Firm	2,369	2,448	1,736	-41	711	933	701	1,000	991

Multiples (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2021 Y	2023 Y	2024 Y	2025 Y	2026 Y
As of date	12/31/2018	12/31/2019	12/31/2020	03/31/2021	12/31/2021	03/31/2023	03/31/2024	03/31/2025	03/31/2026

Price/Free Cash Flow	- -	- -	- -	- -	6.41	4.28	10.99	7.97	3.24
EV/EBIT	- -	- -	- -	- -	- -	- -	85.4	17.3	8.58
Enterprise Value	- -	1,380	1,426	- -	6,436	5,840	7,686	9,552	5,445
Low Price	- -	- -	- -	- -	15.45	7.93	11.36	19.24	10.1
EV/Sales	- -	0.07	0.07	- -	0.34	0.34	0.48	0.63	0.36
EV/EBITDA	- -	0.89	1.22	- -	6.47	5.91	6.04	6.09	3.18
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	28.85	15.13
Price/Earnings Average	- -	- -	- -	- -	-2.1	-1.91	-11.23	26.29	33.3
Price/Earnings High	- -	- -	- -	- -	-5.06	-2.84	-15.44	40.06	50.96
Price/Earnings Low	- -	- -	- -	- -	-1.5	-1.31	-7.66	17.67	11.65
Price/Book Value	- -	- -	- -	- -	1.04	1.37	2.26	2.84	1.06
Price/Book Value Average	- -	- -	- -	- -	1.24	1.07	1.73	2.58	2.33
Price/Book Value High	- -	- -	- -	- -	2.98	1.59	2.38	3.94	3.56
Price/Book Value Low	- -	- -	- -	- -	0.89	0.73	1.18	1.74	0.81
Price/Tangible Book Value	- -	- -	- -	- -	2.03	6.99	38.66	22.37	8.78
Price/Tangible Book Value Average	- -	- -	- -	- -	2.42	5.47	29.59	20.38	19.34
Price/Tangible Book Value High	- -	- -	- -	- -	5.83	8.15	40.69	31.06	29.59
Price/Tangible Book Value Low	- -	- -	- -	- -	1.73	3.75	20.18	13.7	6.76
Price/Sales	- -	- -	- -	- -	0.22	0.2	0.31	0.48	0.2
Price/Sales Average	- -	- -	- -	- -	0.26	0.15	0.24	0.44	0.44
Price/Sales High	- -	- -	- -	- -	0.62	0.23	0.33	0.67	0.67
Price/Sales Low	- -	- -	- -	- -	0.19	0.11	0.16	0.3	0.15
Price/Cash Flow	- -	- -	- -	- -	-34.09	4.28	10.99	7.72	3.16
Price/Cash Flow Average	- -	- -	- -	- -	-40.65	3.35	8.41	7.03	6.96
Price/Cash Flow High	- -	- -	- -	- -	-97.93	5	11.56	10.72	10.64
Price/Cash Flow Low	- -	- -	- -	- -	-29.1	2.3	5.74	4.73	2.43
Price/Free Cash Flow Average	- -	- -	- -	- -	7.64	3.35	8.41	7.26	7.12
Price/Free Cash Flow High	- -	- -	- -	- -	18.41	5	11.56	11.07	10.9
Price/Free Cash Flow Low	- -	- -	- -	- -	5.47	2.3	5.74	4.88	2.49
EV/Sales Average	- -	0.07	0.07	- -	0.39	0.3	0.41	0.59	0.6
EV/Sales High	- -	0.07	0.07	- -	0.75	0.38	0.5	0.82	0.83
EV/Sales Low	- -	0.07	0.07	- -	0.31	0.25	0.33	0.45	0.32
EV/EBITDA Average	- -	0.89	1.22	- -	7.25	5.18	5.12	5.68	5.28
EV/EBITDA High	- -	0.89	1.22	- -	14.1	6.47	6.24	7.89	7.32
EV/EBITDA Low	- -	0.89	1.22	- -	5.87	4.34	4.17	4.29	2.78
EV/EBIT Average	- -	-3.7	-1.95	- -	-10.79	-13.25	72.4	16.14	14.24
EV/EBIT High	- -	-3.7	-1.95	- -	-20.98	-16.57	88.31	22.43	19.75
EV/EBIT Low	- -	-3.7	-1.95	- -	-8.73	-11.12	58.92	12.2	7.49
Last Price	- -	- -	- -	- -	18.1	14.76	21.76	31.4	13.12
High Price	- -	- -	- -	- -	52	17.21	22.9	43.61	44.2
Enterprise Value Average	- -	1,380	1,426	- -	7,218	5,114	6,516	8,908	9,044
Enterprise Value High	- -	1,380	1,426	- -	14,033	6,396	7,948	12,379	12,541
Enterprise Value Low	- -	1,380	1,426	- -	5,842	4,292	5,303	6,737	4,756

Shares Outstanding	- -	224	224	- -	224	228	230	231	223
Diluted Weighted Avg Shares	224	224	224	224	224	227	229	239	234
Basic Weighted Avg Shares	224	224	224	224	224	227	229	232	228
Revenue per Share	97.34	90.56	86.42	83.25	83.25	75.1	70.03	65.04	66.11
EBITDA per Share	4.87	6.94	5.2	4.44	4.44	4.36	5.55	6.78	7.5
Operating Income per Share	-1.94	-1.67	-3.27	-2.99	-2.99	-1.7	0.39	2.38	2.78
Basic EPS, GAAP	-4.38	-4.21	-8.96	-10.28	-10.28	-6.06	-1.48	1.09	0.87
Basic EPS from Cont Ops	-4.38	-4.21	-8.96	-10.29	-10.29	-6.07	-1.48	1.08	0.87
Diluted EPS, GAAP	-4.38	-4.21	-8.96	-10.28	-10.28	-6.06	-1.48	1.05	0.85
Diluted EPS from Cont Ops	-4.38	-4.21	-8.96	-10.29	-10.29	-6.07	-1.48	1.05	0.85
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	3.01	5.06	2.8	-0.53	-0.53	3.45	1.98	4.07	4.15
Free Cash Flow per Basic Share	-3.97	-0.25	-1.82	-0.53	-3.89	3.45	1.98	4.07	4.15
Cash & Equivalents per Share	- -	0.16	0.11	- -	9.92	8.15	6.78	7.71	11.49
Book Value per Share	- -	31.76	26.67	- -	17.44	10.81	9.62	11.08	12.4
Tangible Book Value per Share	- -	20.98	16.26	- -	8.92	2.11	0.56	1.4	1.49

Kyndryl Holdings, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)