Handelsavisen
prelaunch
Companies Energy KD
KD
KD NYSE Oil & Gas Exploration & Production

Kyndryl Holdings, Inc.

$12,38
Open in Charts → Attach watcher ⌖
USD
Set alert
Last 30 days
1D5D1M3M6MYTD1Y5YMax
Live price chart loads from the market-data widget.
Mcap
2,9B USD
P/E
EV / Rev
0,4x
Div yield
0,00 %
Op margin
ROE
Net margin
Debt / equity
4,85
Beta
52w range
Volume
Day range
Prev close
$12,28
Open
Next earnings
2026-07-28
Ex-dividend
TR 1Y
About

Kyndryl Holdings, Inc. is a provider of mission-critical enterprise technology services, offering advisory, implementation, and managed service capabilities to customers in more than 60 countries.

Business. Kyndryl Holdings, Inc. (KD) is an oil and gas exploration and production company headquartered in the United States. The firm operates within the energy sector, focusing on the exploration and production of oil and gas resources. Kyndryl Holdings, Inc. is primarily listed on the New York Stock Exchange under the ticker symbol KD. Specific details regarding operating segments or geographic revenue mix are not available.

Classification62 %
SectorEnergy
Business sectorOil & Gas
IndustryOil & Gas Exploration & Production
ActivityExploration & Production
Generated · model-assisted
Sell-side consensus
consensus pending
— buy— hold— sell
Avg 12m price target
Upcoming events
  • EarningsQ1 2026 earnings (expected)2026-07-28 · estimated
See all catalysts →

At a glance

Score
43
composite score
Valuation
valuation pending
Analysts
not yet wired
Ownership
AQR Capital Management, LLC
largest disclosed fund holder
Profitability
not yet wired
Quality
59
quality score (0-100)

What drives this business

The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.

— missing data

News & coverage

0
  • No recent newsroom coverage mentioning KD.
  • Sector rotation

    Sector1D1Mvs mkt
    Materials+2,2 %+1,6 %+2,4 %
    Energy · THIS SECTOR+1,2 %+5,3 %+1,4 %
    Real Estate+0,7 %+4,1 %+0,8 %
    Health Care+0,6 %−0,5 %+0,8 %
    Consumer Discretionary+0,3 %+8,7 %+0,5 %
    Information Technology−0,3 %+6,5 %−0,1 %
    Financials−0,3 %−4,5 %−0,1 %
    Consumer Staples−1,0 %+3,0 %−0,8 %
    Utilities−1,5 %−21,2 %−1,3 %
    Industrials−1,7 %−2,3 %−1,6 %
    Communication Services

    Developing storylines

    No tracked sagas currently linked to KD. Browse all sagas →

    Analysis

    AI analysis
    Generated · analysis pipeline · tier hybrid · as of 2026-07-07 ↑ At a glance

    Opportunity

    — missing data

    Upcoming catalysts

    Scheduled public events. Informational only — not investment advice.

    • Company
    • EarningsQ1 2026 earnings (expected)2026-07-28 · estimated
    • Macro
    • Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
    • Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
    • Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
    • Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
    • Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
    • Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
    • Macro & political
    • ElectionSE Swedish Election2026-09-14 · SE
    • ElectionUS U.S. Midterms2026-11-03 · US
    • ElectionFR French Legislative2027-06-01 · FR
    • Congressional trades
    • CongressPete Sessions — Kyndryl Holdings, Inc.2023-07-28 · Republican · TX · Sale · $163

    Pre-earnings brief

    — missing data

    Signals & dispatch

    peak dispatch · —

    Composite-score breakdown

    Score breakdown43
    Valuation+15
    Profitability+12
    Sentiment+27
    Risk penalty−11
    Missing signals−2

    Synthesis

    Business

    Kyndryl Holdings, Inc. (KD) is an oil and gas exploration and production company headquartered in the United States. The firm operates within the energy sector, focusing on the exploration and production of oil and gas resources. Kyndryl Holdings, Inc. is primarily listed on the New York Stock Exchange under the ticker symbol KD. Specific details regarding operating segments or geographic revenue mix are not available.

    Classification62 %
    SectorEnergy
    Business sectorOil & Gas
    IndustryOil & Gas Exploration & Production
    ActivityExploration & Production
    AI synthesis
    GENERATED

    Kyndryl operates with a highly leveraged capital structure, reporting total liabilities of $11.26 billion against total equity of $1.18 billion for FY2026. The debt-to-equity ratio stands at 4.85, driven by $3.90 billion in long-term debt and $1.80 billion in short-term debt. Liquidity is constrained, with a current ratio of 0.88, indicating that current liabilities exceed current assets. The company holds $2.62 billion in cash and equivalents, but net cash is negative after subtracting total debt. Operating cash flow is reported at $948 million.

    Profitability metrics are not explicitly provided in the valuation snapshot, but the price-to-book ratio is 9.8, suggesting the market values the company significantly above its tangible book value. The enterprise value-to-revenue multiple is 0.43, reflecting a low valuation relative to its $15.09 billion in revenue. The high debt load and low equity base imply significant financial risk, with the company facing pressure to maintain access to capital markets for refinancing maturing debt.

    Key takeaways
    • Kyndryl has a high debt-to-equity ratio of 4.85, indicating significant financial leverage.
    • The current ratio of 0.88 suggests liquidity constraints, with current liabilities exceeding current assets.
    • The company operates globally, serving customers in more than 60 countries.
    • Revenue is $15.09 billion, with an EV/Revenue multiple of 0.43.
    • Key risks include competition, technological changes, and regulatory compliance.
    • Recent 8-K filings highlight material risks and forward-looking statement uncertainties.

    Bull / Bear case

    Generated · model-assisted
    — missing data

    In focus — financials by report

    Quarterly
    Annual
    QUARTERLYFiled 2025-12-31
    Q3 2025 · Quarter highlights

    Revenue $11.32B.

    Revenue$11.32B
    Operating income
    Net income
    Free cash flow
    EPS
    Operating cash flow$450.0M
    Financials
    Income statement
    Revenue$11.32B
    Gross profit
    Operating income
    Net income
    Balance sheet
    Total assets$11.28B
    Total liabilities$9.97B
    Total equity$1.19B
    Cash & equivalents$1.35B
    Long-term debt$2.90B
    Cash flow
    Operating cash flow$450.0M
    CapEx
    Free cash flow
    SBC$73.0M
    Highlights
    • Revenue $11.32B

    Valuation FY

    Market price
    $12,38
    Market cap
    $3.34B
    Enterprise value
    $6.42B
    P/E
    Non-GAAP P/E
    EV / Revenue
    0.4x
    EV / Op income
    EV / OCF
    6.8x
    P / B
    9.8x
    P / Tangible book
    9.8x
    Tangible book
    $341.0M
    Net cash
    -$3.07B
    Current ratio
    0.9
    Debt / equity
    4.8
    ROA
    ROE
    Cash conversion
    CapEx / revenue
    SBC / revenue
    0.4%
    Dilution ratio

    Revenue by segment

    Market share

    — missing data

    Business relationships

    Business relationships65 disclosed relationships · 1 type · extracted from filings & disclosures
    Subsidiaries65
    EX21:03953d28fb49EX21:03953d28fb49Subsidiarie97%
    EX21:0b9ee0b94db9EX21:0b9ee0b94db9Subsidiarie97%
    EX21:0e43707c6013EX21:0e43707c6013Subsidiarie97%
    EX21:0ec1bfbbd940EX21:0ec1bfbbd940Subsidiarie97%
    EX21:0f48b0f2d160EX21:0f48b0f2d160Subsidiarie97%
    EX21:0f5f56297e42EX21:0f5f56297e42Subsidiarie97%
    EX21:1600fa958f3dEX21:1600fa958f3dSubsidiarie97%
    EX21:17eb56f97c28EX21:17eb56f97c28Subsidiarie97%
    EX21:1d0c6e5e3a39EX21:1d0c6e5e3a39Subsidiarie97%
    EX21:24e66037ac63EX21:24e66037ac63Subsidiarie97%
    EX21:27a2f6bd8aa5EX21:27a2f6bd8aa5Subsidiarie97%
    EX21:2c50b11b8044EX21:2c50b11b8044Subsidiarie97%
    EX21:308b88d63996EX21:308b88d63996Subsidiarie97%
    EX21:317bd692b9bdEX21:317bd692b9bdSubsidiarie97%
    EX21:3652de021247EX21:3652de021247Subsidiarie97%
    EX21:37916561f111EX21:37916561f111Subsidiarie97%
    EX21:3aa2eb4d0bb0EX21:3aa2eb4d0bb0Subsidiarie97%
    EX21:3defca25b91aEX21:3defca25b91aSubsidiarie97%
    EX21:417cf47fe812EX21:417cf47fe812Subsidiarie97%
    EX21:438440785c93EX21:438440785c93Subsidiarie97%
    EX21:4a2adb5c7265EX21:4a2adb5c7265Subsidiarie97%
    EX21:4af116b5ed34EX21:4af116b5ed34Subsidiarie97%
    EX21:4bce1d446b61EX21:4bce1d446b61Subsidiarie97%
    EX21:53cf90fb87d9EX21:53cf90fb87d9Subsidiarie97%
    EX21:746138a19d83EX21:746138a19d83Subsidiarie97%
    EX21:795d31f748d9EX21:795d31f748d9Subsidiarie97%
    EX21:7bc7b5586ee2EX21:7bc7b5586ee2Subsidiarie97%
    EX21:7bf12177ae55EX21:7bf12177ae55Subsidiarie97%
    EX21:8232fe495947EX21:8232fe495947Subsidiarie97%
    EX21:8501edddb41cEX21:8501edddb41cSubsidiarie97%
    EX21:875a6f7d4ca2EX21:875a6f7d4ca2Subsidiarie97%
    EX21:8e8d5eeaebc1EX21:8e8d5eeaebc1Subsidiarie97%
    EX21:90c21b54b4e0EX21:90c21b54b4e0Subsidiarie97%
    EX21:9284d380b181EX21:9284d380b181Subsidiarie97%
    EX21:9413bb49d0bbEX21:9413bb49d0bbSubsidiarie97%
    EX21:999e2d9d07ebEX21:999e2d9d07ebSubsidiarie97%
    EX21:9d40095ef9eeEX21:9d40095ef9eeSubsidiarie97%
    EX21:a58c46807310EX21:a58c46807310Subsidiarie97%
    EX21:a80aa3ca8cbbEX21:a80aa3ca8cbbSubsidiarie97%
    EX21:aa4befd14252EX21:aa4befd14252Subsidiarie97%
    EX21:ab3133d9ad50EX21:ab3133d9ad50Subsidiarie97%
    EX21:ac0158ac4790EX21:ac0158ac4790Subsidiarie97%
    EX21:b1a3aa94e724EX21:b1a3aa94e724Subsidiarie97%
    EX21:b38909028974EX21:b38909028974Subsidiarie97%
    EX21:b890f0714603EX21:b890f0714603Subsidiarie97%
    EX21:b9e530769441EX21:b9e530769441Subsidiarie97%
    EX21:be92121ab4cbEX21:be92121ab4cbSubsidiarie97%
    EX21:c062c240f37dEX21:c062c240f37dSubsidiarie97%
    EX21:c9c753c6ccc5EX21:c9c753c6ccc5Subsidiarie97%
    EX21:cd06d2895ca3EX21:cd06d2895ca3Subsidiarie97%
    EX21:ce9798feb540EX21:ce9798feb540Subsidiarie97%
    EX21:d25a8ff0f710EX21:d25a8ff0f710Subsidiarie97%
    EX21:d51a5abb3104EX21:d51a5abb3104Subsidiarie97%
    EX21:da0ae65d302dEX21:da0ae65d302dSubsidiarie97%
    EX21:dbbc6838fc9fEX21:dbbc6838fc9fSubsidiarie97%
    EX21:ddc664c20560EX21:ddc664c20560Subsidiarie97%
    EX21:e24b55f7454dEX21:e24b55f7454dSubsidiarie97%
    EX21:e354d4ed330fEX21:e354d4ed330fSubsidiarie97%
    EX21:e49b965d2660EX21:e49b965d2660Subsidiarie97%
    EX21:e609d433bd91EX21:e609d433bd91Subsidiarie97%
    EX21:e62622c43700EX21:e62622c43700Subsidiarie97%
    EX21:f2fdc743a4a3EX21:f2fdc743a4a3Subsidiarie97%
    EX21:f85ef6c02866EX21:f85ef6c02866Subsidiarie97%
    EX21:fa8a2940068fEX21:fa8a2940068fSubsidiarie97%
    EX21:fe2894b425d6EX21:fe2894b425d6Subsidiarie97%

    Supply chain

    — missing data

    Peer comparison

    — missing data

    Market position

    Stress test

    — missing data

    Predictor forecast

    Options

    — missing data

    Short squeeze

    — missing data

    Earnings-call key lines

    — missing data

    Consensus distribution

    sell-side coverage
    Recommendation distribution8 analysts
    Strong buy0
    Buy2
    Hold5
    Sell1
    Strong sell0
    12-month price target$19,75 · Median $16,00
    Low $13,00High $38,23
    Operating income · consensus620,3M USD
    EPS surprise
    −39,7 %
    reported vs consensus · miss
    Revenue surprise
    −0,1 %
    reported vs consensus · miss

    Estimate revisions

    consensus EPS · 26-week trend
    — missing data

    Sell-side observations

    Low$13,00
    Mean$19,75
    Median$16,00
    High$38,23
    Spot$12,38
    +59.5 %implied to mean12-month sell-side price targets · ▲ spot

    Themes

    — missing data

    ESG

    — missing data

    Risk factors

    Dilution riskMedium
    Liquidity riskHigh
    Filing-based flags
    • Current liabilities exceed current assets.
    • Net cash is negative after subtracting total debt.
    • Source documents mention dilution or offering risk.

    Benchmarks vs cohort

    D/E4,85Bottom quartile

    Corporate actions / M&A

    — missing data

    FX exposure

    — missing data

    Comparable transactions

    — missing data

    Derivatives & instruments

    — missing data

    Actions

    Ask Handelsavisen

    — missing data
    Data sources
    • Market data
    • Regulatory filings
    • Issuer disclosures
    • Public news
    • Earnings transcripts
    • Consensus estimates
    • ESG data
    • Reference data
    How metrics are computed
    • Net Cash
      cash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
    • Market Price
      input from market-data provider (delayed close or quote-shim mid)
    • Enterprise Value
      market_cap - net_cash
    • Ev To Operating Cash Flow
      enterprise_value / operating_cash_flow
    • Market Cap
      market_price * shares_outstanding_diluted
    • Debt To Equity
      (short_term_debt + long_term_debt) / total_equity
    Source documents
    • Kyndryl Holdings, Inc. company facts · 2026-07-07
    • Kyndryl Holdings, Inc. 10-K 2026-05-29 · 2026-07-07
    • Kyndryl Holdings, Inc. 10-Q 2026-02-17 · 2026-07-07
    • Kyndryl Holdings, Inc. 10-Q 2025-11-05 · 2026-07-07
    • Kyndryl Holdings, Inc. 10-Q 2025-08-05 · 2026-07-07
    • 8-K (sec_8k_material) on KD · 2026-07-07

    Ownership & reference

    Top holders

    • AQR Capital Management, LLCInvestment Managers · as of 2026-03-310,07 %$150M
    • BlackRock Institutional Trust Company, N.A.Investment Managers · as of 2024-06-300,01 %$609M
    • Dimensional Fund Advisors, L.P.Investment Managers · as of 2026-03-310,01 %$61M
    • Vanguard Capital Management, LLCInvestment Managers · as of 2025-12-310,01 %$752M
    • Nuveen LLCInvestment Managers · as of 2024-12-310,01 %$35M
    • FMR LLCInstitutional Investor · as of 2026-03-310,01 %$134M
    • UBS Financial Services, Inc.Investment Managers · as of 2026-03-310,01 %$31M
    • Charles Schwab Investment Management, Inc.Investment Managers · as of 2026-03-310,01 %$36M
    • First Trust Advisors L.P.Investment Managers · as of 2026-03-310,00 %$7M
    • Bank of New York Mellon CorpInstitutional Investor · as of 2026-03-310,00 %$22M
    • Geode Capital Management, L.L.C.Investment Managers · as of 2026-03-310,00 %$61M
    • Principal Global Investors (Equity)Investment Managers · as of 2026-03-310,00 %$7M
    • Northern Trust Investments, Inc.Investment Managers · as of 2026-03-310,00 %$26M
    • State Street Investment Management (US)Investment Managers · as of 2026-03-310,00 %$96M
    • Invesco QQQ TrustFunds · as of 2026-03-310,00 %$18M
    • AllianceBernstein L.P.Investment Managers · as of 2026-03-310,00 %$8M
    • Goldman Sachs Asset Management, L.P.Investment Managers · as of 2026-03-310,00 %$19M
    • AMERIPRISE FINANCIAL INCInstitutional Investor · as of 2026-03-310,00 %$10M
    • Morgan Stanley Smith Barney LLCInvestment Managers · as of 2026-03-310,00 %$36M
    • American Century Investment Management, Inc.Investment Managers · as of 2026-03-310,00 %$3M
    • EATON VANCE MANAGEMENTInstitutional Investor · as of 2022-09-300,00 %$0M
    • Raymond James & Associates, Inc.Brokerage Firms · as of 2026-03-310,00 %$3M
    • Wells Fargo AdvisorsBrokerage Firms · as of 2026-03-310,00 %$4M
    • LPL Financial LLCInvestment Managers · as of 2026-03-310,00 %$3M
    • JANUS HENDERSON GROUP PLCInstitutional Investor · as of 2026-03-310,00 %$1M
    • Franklin Advisers, Inc.Investment Managers · as of 2026-03-310,00 %$2M
    • T. Rowe Price Associates, Inc.Investment Managers · as of 2026-03-310,00 %$0M
    • Victory Capital Management Inc.Investment Managers · as of 2026-03-310,00 %$0M
    • PNC Investments LLCInvestment Managers · as of 2026-03-310,00 %$0M
    • JONES FINANCIAL COMPANIES LLLPInstitutional Investor · as of 2026-03-310,00 %$0M

    Insider activity

    Mixed / flat0 buys · 0 sellsnet $08 insiders · last 365d
    • Keinan EllyGroup President · Common StockOther 13 894 @ $12,25$170K · 2026-06-03
    • Ringes MarkInterim General Counsel & Sec · Common StockOther 525 @ $12,25$6K · 2026-06-03
    • Paulek Mark DChief Human Resources Officer · Common StockOther 437 @ $12,25$5K · 2026-06-03
    • Chugh HarshInterim CFO · Common StockOther 651 @ $12,25$8K · 2026-06-03
    • Schroeter Martin JDirector, Chairman and CEO · Common StockOther 19 407 @ $12,25$238K · 2026-06-03
    • Schroeter Martin JDirector, Chairman and CEO · Common StockOther 20 776 @ $12,62$262K · 2026-06-02
    • Chugh HarshInterim CFO · Common StockOther 1 157 @ $12,62$15K · 2026-06-02
    • Paulek Mark DChief Human Resources Officer · Common StockOther 598 @ $12,62$8K · 2026-06-02
    • Keinan EllyGroup President · Common StockOther 11 253 @ $12,62$142K · 2026-06-02
    • Ringes MarkInterim General Counsel & Sec · Common StockOther 742 @ $12,62$9K · 2026-06-02
    • Ringes MarkInterim General Counsel & Sec · Common StockOther 24 804 · 2026-06-01
    • Keinan EllyGroup President · Common StockOther 248 032 · 2026-06-01
    • Chugh HarshInterim CFO · Common StockOther 55 119 · 2026-06-01
    • Schroeter Martin JDirector, Chairman and CEO · Common StockOther 496 063 · 2026-06-01
    • Doegar BhavnaInterim Corporate Controller · Common StockOther 19 843 · 2026-06-01
    • Paulek Mark DChief Human Resources Officer · Common StockOther 27 560 · 2026-06-01
    • Schroeter Martin JDirector, Chairman and CEO · Common StockOther 427 516 · 2026-05-28
    • Keinan EllyGroup President · Common StockOther 309 440 · 2026-05-28
    • Keinan EllyGroup President · Common StockOther 158 786 @ $12,16$1,9M · 2026-05-28
    • Schroeter Martin JDirector, Chairman and CEO · Common StockOther 205 913 @ $12,16$2,5M · 2026-05-28
    • Paulek Mark DChief Human Resources Officer · Common StockOther 36 646 · 2026-05-28
    • Paulek Mark DChief Human Resources Officer · Common StockOther 10 757 @ $12,16$131K · 2026-05-28
    • Ringes MarkInterim General Counsel & Sec · Common StockOther 10 023 · 2026-05-28
    • Ringes MarkInterim General Counsel & Sec · Common StockOther 3 615 @ $12,16$44K · 2026-05-28
    • Chugh HarshInterim CFO · Common StockOther 40 718 · 2026-05-28

    Short positioning

    27.9Mshares short+12.4% vs prior
    7.58days to cover
    62.9%short of daily vol
    24.6Kfails-to-deliver
    as of 2026-06-15 · short-interest report (free)

    Geographic breakdown

    — missing data
    Listings · one canonical issuer all listings resolve to the canonical
    KDCanonical
    NYSE · USD

    Intel & risk

    peak dispatch · —
    OSINT findings
    Dilution riskMedium
    Liquidity riskHigh
    Current liabilities exceed current assets.
    Net cash is negative after subtracting total debt.
    Source documents mention dilution or offering risk.
    Relationship graph
    KDEX21:039EX21:0b9EX21:0e4EX21:0ecEX21:0f4EX21:0f5EX21:160EX21:17eEX21:1d0EX21:24eOil & Gas Expl
    This companySectorSubsidiaries

    Evidence & claims

    From filings & derived data
    • Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): 9.1%Derived (calculated)
    • Current ratio (FY 2025-12-31): 0.86xDerived (calculated)
    • Debt-to-equity (FY 2025-12-31): 8.35xDerived (calculated)
    • Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): -10.2%Derived (calculated)
    • Long-term debt (YoY) (2025-12-31 vs 2024-12-31): 0.0%Derived (calculated)
    • Total assets (YoY) (2025-12-31 vs 2024-12-31): 13.6%Derived (calculated)
    • Total liabilities (YoY) (2025-12-31 vs 2024-12-31): 14.3%Derived (calculated)
    • Current liabilities (annual): USD 5.04BSEC XBRL filing
    • Total liabilities (annual): USD 9.97BSEC XBRL filing
    • Shareholders' equity (annual): USD 1.19BSEC XBRL filing
    • Current assets (annual): USD 4.33BSEC XBRL filing
    • Total assets (annual): USD 11.28BSEC XBRL filing
    • Long-term debt (annual): USD 2.9BSEC XBRL filing
    • Cash & equivalents (annual): USD 1.35BSEC XBRL filing
    • R&D expense (YoY) (2025-03-31 vs 2024-03-31): -15.5%Derived (calculated)
    • Revenue (YoY) (2025-03-31 vs 2024-03-31): -6.2%Derived (calculated)
    • Cost of revenue (YoY) (2025-03-31 vs 2024-03-31): -9.7%Derived (calculated)
    • EPS (diluted) (YoY) (2025-03-31 vs 2024-03-31): 170.9%Derived (calculated)
    • Operating cash flow (YoY) (2025-03-31 vs 2024-03-31): 107.5%Derived (calculated)
    • EPS (basic) (YoY) (2025-03-31 vs 2024-03-31): 173.6%Derived (calculated)
    • EPS (basic) (annual): USD-PER-SHARES 1SEC XBRL filing
    • Pre-tax income (annual): USD 435MSEC XBRL filing
    • Interest expense (annual): USD 100MSEC XBRL filing
    • Cost of revenue (annual): USD 11.91BSEC XBRL filing
    Showing 24 of 60 surfaced claims.
    Atomic claims from regulatory filings and derived calculations. Provenance shown as source kind only.

    The Thread

    Everything we know, in order
    — missing data
    Sources filings · IR · transcripts · market data · tier hybrid · as of 2026-07-07 Market data · Issuer disclosures · Public news · Earnings transcripts · Consensus estimates · ESG data · Reference data Premium coverage