Kyndryl (stocks/KD), Kyndryl

Thesis: fraud, analyst: analyst, sector: IT.

KD manipulates reported Adj EBITDA + Adj. FCF to artificially give the appearance that it generates profits and cash flow. In reality, KD generates losses and burns cash.

•	KD faces higher incremental IBM cost of services, which will pressure earnings far below consensus, for ’25 & ‘26.
•	As a result of the issues identified in this report, we believe shares are worth between $4.71-$11.50 and $0.00 per share, implying 67%-100% downside to current levels.
quote

More ... latest change: 2026-02-28

Last updated: 2026-03-07 by automated standardization process