Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.41, read 2026-11-02
Ethical does not pass the values gate
Price16.18 USD
Fair value16.00
Ethical score70.0/100
Value readFairas of 5 Nov 2026
Our investment reviews on this name
2026-10-17Read Markup12.24+32.2% to today ✓Distribution gives way to Markup first Markup read since August
2026-09-03Read Distribution12.68+27.6% to today Markup gives way to Distribution first Distribution read since July
2026-08-03Read Markup12.15+33.2% to today ✓Distribution gives way to Markup
2026-07-02Read Distribution11.70+38.3% to today First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Kyndryl Holdings, Inc. holds its Markup at $16.18. The statistical read favours the sellers, held for 11 days.
As held on the ledger · 2026-11-05
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 11 days
Price at the screen
$16.18
Valuation
45.51 trailing · 6.76 forward price to earnings
Values screen
FAIL· score 70.0
Beta
1.61
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
39.49%
Below 33%
Interest-bearing debt is 39.5% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
31.26%
Below 49%
Money owed to the company is 31.3% of assets, under the 49% limit.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Kyndryl Holdings,'s business is in a permissible area, but its interest-bearing debt is about 39% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-05. It updates when the underlying figures move, and past reads are kept below.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 5 Nov 2026: it trades above our $16.00 fair value estimate.
Fair value range in USD, drawn from the 2026-11-05 screen. The gold marker is the market price at the same screen. The price runs 1.1% above the base estimate.
Where our models see it going: fair-value estimate $16.00, with a range of $16.00 to $33.68, dated to the 2026-11-05 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
IT Infrastructure Spin-Off We Are Passing On
Picture a vast corporate data centre where the lights stay on and the servers hum, but no one is signing big new contracts. Kyndryl runs that back-room operation after its split from IBM, yet revenue is still slipping one percent a year and net margins sit at just one percent. Even with a forward multiple of 4.7 times and an ethical screen that clears, the numbers do not point to durable growth, so we see no opportunity here.
The stock trades at a discount to our fair value of 16.25 dollars, yet analyst targets cluster around 13 dollars and the return on equity of 15 percent comes from a business whose competitive edge remains unclear. A low multiple on declining top-line figures often signals a value trap rather than a bargain, especially when the firm is still finding its feet as an independent operator.
Currency moves, contract renewals and the shift to cloud all sit outside its control, leaving execution risk elevated despite the clean ethical bill. The setup may tempt bargain hunters, but the evidence does not support taking a position.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
KD trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-04Markup$12.94-6.4%Entry 16
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 6.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-03Markup$13.83+0.0%Entry 15
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-02Markup$13.83+0.0%Entry 14
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-11-01Markup$13.83-6.3%Entry 13
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 6.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-31Markup$14.76+0.0%Entry 12
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-30Markup$14.76+0.0%Entry 11
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-29Markup$14.76+2.9%Entry 10
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 2.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-28Markup$14.35+0.0%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. Since the last review it dropped out of the Tech 100. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Markup$14.35+17.2%Entry 8
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 17.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading overbought. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14. Since the last review it its composite score eased.
2026-10-17Markup · changed$12.24+0.3%Entry 7
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 0.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 72%. Our forward projection puts the odds of a 10% gain over the next month near 24%. The street (5 analysts) rates it hold, with a mean price target of $14.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
