Kyndryl Holdings Inc
Held by 1 superinvestor (KD).
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
Valuation
Valuation · two methods
Earnings Power & Asset Floor
Two intrinsic-value methods and a tangible asset floor — deterministic, not price forecasts or recommendations.
High leverage — ranges are a degraded approximation (see method).
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Zero-growth intrinsic ranges and a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Method & numbers
· reproduction $1.65
Moat Below asset base.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2026, 2025, 2024, 2023
Buffett owner-earnings value
Normalized owner earnings are non-positive over the years shown; earnings power cannot be capitalized.
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2026, 2025, 2024, 2023
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
Reproduction value = tangible net assets $224.00M + capitalized R&D $162.60M（FY 2026, 2025, 2024, 2023） = $1.65 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat / ROIIC ≤ WACC, so no growth value is credited.
Window FY 2026, 2025, 2024, 2023 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 4 year(s), capped at the statutory 21%.) · diluted shares.
High leverage (net debt / shareholders' equity above 1.0): the single 9–11% rate band is a low-leverage / net-cash approximation and is directionally distorted here. The ranges are shown but should be read as degraded.
Ownership · 13F consensus
Who's buying it
Institutional ownership aggregated across funds — consensus strength and this quarter's moves. Describes actions, not advice.
1 superinvestor hold it · $54.4M combined
Largest holder Harry Burn
Held by 1 superinvestor of Kyndryl Holdings Inc (KD); this quarter 1 added, 1 exited (as of 2026-03-31).
13F positions are self-reported and can lag up to 45 days. Informational only — not investment advice.
Next · is it cheap
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Browse all valued stocks, ranked by value bandSuperinvestors Holding This Security
- Value$54.4MWeight (prev→now)2.5% → 1.8% ▲
Ownership overview
Kyndryl Holdings Inc (KD) is held by 1 of the superinvestors tracked on Compounder, with a combined $54.4M in reported 13F value. The largest position belongs to Harry Burn, where it makes up 1.8% of the portfolio.
Over the latest quarter, 0 of the tracked filers opened a new position in KD, 1 added to existing ones, 0 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
Holders over time
Superinvestors holding this security over the last 8 quarters: 3 → 1.
Early quarters may understate holder counts due to data backfill — read the slope with care.
Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15
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