The IT infrastructure specialist trades at 61 times GAAP earnings, and its free cash flows have been negative across the past four quarters. Kyndryl's separation from former parent company IBM (NYSE: IBM) left the company with lots of low-margin client contracts, resulting in poor profit margin. By then, the sliding top-line revenue should stabilize at mid-single-digit annual growth, setting Kyndryl up to be a shareholder-friendly cash machine with generous buybacks and perhaps a decent dividend, too.