My go-to analysis for these sorts of places is net income per employee. Back in the day, IBM was hovering around $5,000. Today, Kyndryl is still around $5,000 (2025). But the parent company seems to be now at $22,000 (2024). For comparison: Meta is at $800,000, Apple is at $675,000, and Alphabet is at $525,000. And Wal-Mart, the nation's largest private employer, is around $9,250.
Now, probably part of that is just that those other companies hire contractors so their employment figure is lower than reality. But even if you cut the numbers in half, neither side of that spin off is looking amazing.
Now, probably part of that is just that those other companies hire contractors so their employment figure is lower than reality. But even if you cut the numbers in half, neither side of that spin off is looking amazing.