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Side-by-side financial comparison of Kyndryl Holdings, Inc. (KD) and Sea Ltd (SE). Click either name above to swap in a different company.
Sea Ltd is the larger business by last-quarter revenue ($22.9B vs $3.9B, roughly 5.9× Kyndryl Holdings, Inc.). Sea Ltd runs the higher net margin — 7.0% vs 1.5%, a 5.5% gap on every dollar of revenue. On growth, Sea Ltd posted the faster year-over-year revenue change (363.4% vs 3.1%). Over the past eight quarters, Sea Ltd's revenue compounded faster (147.8% CAGR vs 0.1%).
Kyndryl Holdings, Inc. is an American multinational information technology infrastructure services provider, headquartered in New York City and created from the spin-off of IBM's infrastructure services business in 2021. The company designs, builds, manages and develops large-scale information systems. The company also has business advisory services. It is currently the world's largest IT infrastructure services provider, and the fifth-largest consulting provider.
Sea Limited is a tech conglomerate headquartered in Singapore. It is listed on the New York Stock Exchange, with revenue of US$16.8 billion (2024). Sea currently functions as a holding company for Garena, Monee and Shopee, the largest e-commerce platform in Southeast Asia.
KD vs SE — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.9B | $22.9B |
| Net Profit | $57.0M | $1.6B |
| Gross Margin | 21.8% | 44.7% |
| Operating Margin | 2.4% | 8.7% |
| Net Margin | 1.5% | 7.0% |
| Revenue YoY | 3.1% | 363.4% |
| Net Profit YoY | -73.5% | — |
| EPS (diluted) | $0.25 | $2.52 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $3.9B | $22.9B | ||
| Q3 25 | $3.7B | $6.0B | ||
| Q2 25 | $3.7B | $5.3B | ||
| Q1 25 | $3.8B | $4.8B | ||
| Q4 24 | $3.7B | $5.0B | ||
| Q3 24 | $3.8B | $4.3B | ||
| Q2 24 | $3.7B | $3.8B | ||
| Q1 24 | $3.9B | $3.7B |
| Q4 25 | $57.0M | $1.6B | ||
| Q3 25 | $68.0M | $375.0M | ||
| Q2 25 | $56.0M | $414.2M | ||
| Q1 25 | $69.0M | $-7.8M | ||
| Q4 24 | $215.0M | — | ||
| Q3 24 | $-43.0M | — | ||
| Q2 24 | $11.0M | — | ||
| Q1 24 | $-45.0M | $-23.0M |
| Q4 25 | 21.8% | 44.7% | ||
| Q3 25 | 21.5% | 43.4% | ||
| Q2 25 | 21.3% | 45.8% | ||
| Q1 25 | 21.7% | 46.2% | ||
| Q4 24 | 20.4% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 21.5% | — | ||
| Q1 24 | 18.6% | 41.6% |
| Q4 25 | 2.4% | 8.7% | ||
| Q3 25 | 2.6% | 8.0% | ||
| Q2 25 | 2.5% | 9.3% | ||
| Q1 25 | 3.1% | 9.4% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | -0.1% | — | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | -0.1% | 1.9% |
| Q4 25 | 1.5% | 7.0% | ||
| Q3 25 | 1.8% | 6.3% | ||
| Q2 25 | 1.5% | 7.9% | ||
| Q1 25 | 1.8% | -0.2% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | -1.1% | — | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | -1.2% | -0.6% |
| Q4 25 | $0.25 | $2.52 | ||
| Q3 25 | $0.29 | $0.59 | ||
| Q2 25 | $0.23 | $0.65 | ||
| Q1 25 | $0.30 | $0.65 | ||
| Q4 24 | $0.89 | — | ||
| Q3 24 | $-0.19 | — | ||
| Q2 24 | $0.05 | — | ||
| Q1 24 | $-0.19 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $10.6B |
| Total DebtLower is stronger | $2.3B | — |
| Stockholders' EquityBook value | $1.2B | $12.6B |
| Total Assets | $11.3B | $29.4B |
| Debt / EquityLower = less leverage | 1.92× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $10.6B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.5B | $8.6B | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.6B | — |
| Q4 25 | $2.3B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $1.2B | $12.6B | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.1B | $8.4B | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $996.0M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $11.3B | $29.4B | ||
| Q3 25 | $11.2B | — | ||
| Q2 25 | $11.5B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $9.9B | $22.6B | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.2B | — | ||
| Q1 24 | $10.6B | — |
| Q4 25 | 1.92× | — | ||
| Q3 25 | 2.45× | — | ||
| Q2 25 | 2.44× | — | ||
| Q1 25 | 2.50× | — | ||
| Q4 24 | 2.81× | — | ||
| Q3 24 | 2.92× | — | ||
| Q2 24 | 3.12× | — | ||
| Q1 24 | 3.07× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $428.0M | $5.0B |
| Free Cash FlowOCF − Capex | $208.0M | — |
| FCF MarginFCF / Revenue | 5.4% | — |
| Capex IntensityCapex / Revenue | 5.7% | — |
| Cash ConversionOCF / Net Profit | 7.51× | 3.12× |
| TTM Free Cash FlowTrailing 4 quarters | $299.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $428.0M | $5.0B | ||
| Q3 25 | $146.0M | $3.5B | ||
| Q2 25 | $-124.0M | $2.4B | ||
| Q1 25 | $581.0M | $756.9M | ||
| Q4 24 | $260.0M | — | ||
| Q3 24 | $149.0M | — | ||
| Q2 24 | $-48.0M | — | ||
| Q1 24 | $145.0M | $468.5M |
| Q4 25 | $208.0M | — | ||
| Q3 25 | $17.0M | — | ||
| Q2 25 | $-267.0M | — | ||
| Q1 25 | $341.0M | — | ||
| Q4 24 | $151.0M | — | ||
| Q3 24 | $15.0M | — | ||
| Q2 24 | $-170.0M | — | ||
| Q1 24 | $-57.0M | — |
| Q4 25 | 5.4% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | -7.1% | — | ||
| Q1 25 | 9.0% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | -4.5% | — | ||
| Q1 24 | -1.5% | — |
| Q4 25 | 5.7% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 3.3% | — | ||
| Q1 24 | 5.2% | — |
| Q4 25 | 7.51× | 3.12× | ||
| Q3 25 | 2.15× | 9.46× | ||
| Q2 25 | -2.21× | 5.73× | ||
| Q1 25 | 8.42× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -4.36× | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KD
| Principal Markets Segment | $1.4B | 37% |
| United States Segment | $958.0M | 25% |
| Strategic Markets Segment | $905.0M | 23% |
| Other | $568.0M | 15% |
SE
Segment breakdown not available.
