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Not Investment Advice

IBM

NYSE · USD
International Business Machines Corporation
Technology · Information Technology Services
CEO Arvind Krishna Employees 264,300 R&D / revenue 12.3%
Last price
$232.14−0.85%last session
Market cap
$218.7B
P/E (TTM)
20.3x
From 52w high
−30.2%
From 52w low
+16.5%
1-year return
−15.4%
RSI 14 · vs SMA200
53.8 · −7.6%
IS score
68.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

IBM   SPY   XLK (sector ETF) · weekly closes
80100120140Jan 26Apr 26Jul 26Oct 26XLK 129SPY 116IBM 85

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
66
Growth
44
Value
90
Momentum
80
Risk (safety)
68
Quality
32
Balance sheet
74
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Intangible AssetsPiotroski 6 / 9Altman Z 3.5Beta 0.713 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $5.8M
Form 144 notices (12m): 1, $5.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
14
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+155
341 new holders, 135 closed
3,649 filers hold 66.0% · 1,640 added, 1,246 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+356
1,543 funds adding shares
1,187 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
43.1%
20-day avg 45.9%, 50-day avg 46.7%
Latest 2.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$67.5B
Revenue growth YoY+7.6%
Gross margin59.5%
Operating income$10.3B
Operating margin15.3%
Net income$10.6B
Net margin15.7%
EPS (diluted)$11.17
Cash flow
Operating cash flow$13.2B
Capital expenditure$1.6B
Free cash flow$11.6B
FCF conversion (FCF / OCF)87.7%
Stock-based compensation$0
FCF less SBC$11.6B
Buybacks$0
Dividends$6.3B
Balance sheet & returns
Cash & short-term investments$14.5B
Total debt$64.6B
Net debt$50.1B
Shareholders' equity$32.7B
Goodwill & intangibles$79.1B
Debt / equity1.89
ROE (TTM)33.5%
ROIC (TTM)10.4%
Operating margin by fiscal year
12.0%FY202113.6%FY202215.9%FY202316.1%FY202417.3%FY2025
Revenue $57.4B (FY2021) to $67.5B (FY2025), a 4.2% CAGR.

Valuation

P/E (TTM)20.3x
EV / EBITDA15.8x
Price / sales3.17x
Price / FCF16.0x
FCF yield6.23%
Buyback yield0.00%
SBC / revenue2.0%
Price / book6.33x
Forward P/E FY202618.9x
Forward P/E FY202717.6x
Forward P/E FY202816.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $244.58 across 12 analysts last quarter is theirs, not ours.

IBM vs industry median

261 companies in Information Technology Services
Gross margin 58.4% 27.8% Operating margin 17.9% 1.7% Net margin 15.5% -1.0% ROIC 10.4% 7.2%
IBM (TTM)Industry median Asset turnover 0.45 vs industry 0.83 · financial leverage 4.41

Earnings delivery

Next report 2026-10-21 · consensus EPS $2.85
92%
beat rate, 11 of 12 quarters
+4.9%
median EPS surprise
11
longest beat streak
+3+2+5+10+4+4+13+6+8+5+6+0
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
IBM International Business Machi $218.7B20.3x33.5%15.5%+7.6% −15.4%
ACN Accenture plc $140.6B16.8x26.8%10.7%+6.5% −1.9%
INFY Infosys Limited $49.7B15.7x32.1%16.1%+4.1% −22.8%
FI Fiserv, Inc. $34.3B12.2x10.7%11.8%−11.7% −50.4%
CTSH Cognizant Technology Solutio $29.7B14.2x14.9%11.6%+5.6% +1.3%
SHOP Shopify Inc. $220.0B113.8x15.5%41.9%+32.5% —
KLAC KLA Corporation $216.3B45.0x87.5%37.3%+11.7% —
ANET Arista Networks, Inc. $223.2B55.1x31.5%40.0%+32.6% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-10-01Officer/Director Change; Bylaws Amendment; Exhibits
2026-08-14Exhibits
2026-07-22Earnings Release; Exhibits
2026-07-14Earnings Release; Regulation FD; Exhibits
2026-06-23Material Agreement; Financial Obligation; Exhibits
2026-05-28Regulation FD

Context

Shares outstanding942,134,000
Free float99.8%
Institutional ownership66.0%
Beta0.71
Dividend yield2.90%
Last dividend$1.69 on 2026-08-10
50 / 200-day average$232.06 / $252.04
Mega-cap Technology median P/E33.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where IBM sits among 38 scored companies in Information Technology Services (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureIBMIndustry medianIndustry percentileSector median
P/E (TTM) 20.4x 15.1x
75th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 0.28 1.40
12th		 1.36
Price / sales 3.2x 1.2x
83rd		 3.9x
Price / book 6.3x 2.2x
86th		 4.4x
Price / tangible book —
Price / free cash flow 15.7x 11.0x
83rd		 20.3x
Price / operating cash flow 14.7x 9.6x
88th		 17.9x
Enterprise value $275.8B $6.0B
100th		 $5.5B
EV / sales 4.0x 1.5x
83rd		 4.1x
EV / EBITDA 15.7x 9.3x
88th		 18.9x
EV / EBIT 22.3x 12.3x
86th		 26.7x
EV / free cash flow 19.8x 13.2x
83rd		 21.9x
Earnings yield 4.9% 5.7%
43rd		 2.0%
FCF yield 6.4% 8.3%
32nd		 3.3%
Operating cash flow yield 6.8% 10.1%
22nd		 4.4%
Graham number (per share) $95.71 $55.70
81st		 $28.08

Profitability (TTM)

MeasureIBMIndustry medianIndustry percentileSector median
Gross margin 58.4% 31.9%
84th		 55.7%
EBITDA margin 25.4% 12.6%
84th		 13.7%
Operating margin 16.9% 8.4%
84th		 8.2%
EBIT margin 17.9% 8.1%
84th		 8.6%
Net margin 15.5% 4.9%
89th		 5.7%
NOPAT margin 17.3% 6.3%
95th		 7.0%
FCF margin 20.2% 10.1%
86th		 15.0%
Operating cash flow margin 21.5% 13.4%
83rd		 18.4%
R&D / revenue 12.7% 0.0%
92nd		 12.9%
SG&A / revenue 28.8% 17.6%
76th		 25.6%
Stock comp / revenue —
Effective tax rate -2.5% 22.9%
0th		 21.0%

Returns on capital

MeasureIBMIndustry medianIndustry percentileSector median
ROE (on average equity) 34.6% 14.0%
86th		 9.4%
ROA 7.1% 4.3%
57th		 4.1%
ROIC 13.1% 7.9%
62nd		 9.0%
ROCE 10.6% 11.3%
46th		 8.6%
Return on tangible assets 8.2% 7.9%
51st		 5.9%
Cash ROIC (OCF / invested capital) 16.3% 16.3%
50th		 20.7%
Gross profitability (GP / assets) 26.7% 24.4%
57th		 30.0%
ROIC, 3-yr average 10.4% 9.4%
55th		 7.4%
ROIC, 5-yr average 8.3% 9.0%
45th		 7.9%
ROE, 5-yr average 25.1% 12.9%
84th		 6.9%
Incremental ROIC 132.9% 11.4%
86th		 15.3%

Growth

MeasureIBMIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.9% 7.0%
54th		 14.3%
Revenue growth (QoQ) 7.8% 3.6%
78th		 6.6%
Revenue CAGR, 3 yr 4.5% 6.8%
35th		 9.6%
Revenue CAGR, 5 yr 1.1% 8.0%
17th		 11.5%
Gross profit CAGR, 3 yr 7.0% 6.7%
52nd		 10.9%
Operating income CAGR, 3 yr 9.9% 6.0%
72nd		 11.3%
Net income growth (TTM YoY) 83.9% 7.2%
89th		 21.6%
Net income CAGR, 3 yr 74.3% 6.9%
100th		 9.9%
EPS growth (TTM YoY) 82.7% 10.5%
89th		 22.3%
EPS CAGR, 3 yr 72.3% 8.9%
100th		 11.2%
EPS CAGR, 5 yr 13.8% 12.7%
59th		 12.0%
FCF growth (TTM YoY) 18.2% 13.7%
66th		 24.6%
FCF CAGR, 3 yr 10.7% 8.9%
56th		 19.3%
Operating cash flow CAGR, 3 yr 6.6% 7.3%
43rd		 17.9%
Book value CAGR, 3 yr 14.4% 6.9%
88th		 6.8%
Dividend CAGR, 3 yr -0.6% 3.5%
21st		 3.1%
Sustainable growth rate 14.3% 14.3%
50th		 14.2%

Margin history & stability

MeasureIBMIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 57.5% 30.8%
88th		 53.2%
Operating margin, 3-yr average 16.7% 9.1%
79th		 6.6%
Net margin, 3-yr average 12.7% 6.3%
88th		 5.2%
FCF margin, 3-yr average 19.3% 9.7%
85th		 12.7%
Revenue stability (0-1) 0.16 0.88
9th		 0.87
Earnings stability (0-1) 0.38 0.45
41st		 0.45
Margin stability (0-1) 0.95 0.93
65th		 0.95

Liquidity (latest quarter)

MeasureIBMIndustry medianIndustry percentileSector median
Cash & short-term investments $8.1B $330.1M
97th		 $494.1M
Net cash (− = net debt) −$57.1B −$1.0B
0th		 $49.8M
Working capital −$7.5B $343.4M
0th		 $391.0M
Current ratio 0.79 1.45
5th		 1.92
Quick ratio 0.74 1.43
3rd		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.23 0.35
32nd		 0.95
Defensive interval (days) 280 days 591 days
16th		 521 days

Leverage & solvency (latest quarter)

MeasureIBMIndustry medianIndustry percentileSector median
Total debt $65.3B $1.7B
100th		 $349.3M
Debt / equity 1.89 0.94
83rd		 0.29
Net debt / equity 1.66 0.73
81st		 −0.13
Debt / assets 42.9% 29.9%
78th		 16.9%
Debt / capital 65.5% 48.4%
83rd		 22.3%
Debt / EBITDA 3.71 2.65
75th		 1.78
Net debt / EBITDA 3.25 1.54
72nd		 −0.18
Interest coverage (EBIT / interest) 6.4x 5.7x
60th		 5.8x
Cash interest coverage 7.7x 7.2x
54th		 12.8x
Debt payback (years of OCF) 4.4 yrs 3.0 yrs
67th		 1.6 yrs
Liabilities / assets 77.3% 62.0%
78th		 48.7%
IS credit model rating BBB- — —
Implied credit spread (bps) 350 275
54th		 175

Efficiency

MeasureIBMIndustry medianIndustry percentileSector median
Asset turnover 0.46 0.86
27th		 0.62
Fixed asset turnover 7.85 11.89
27th		 9.25
Inventory turnover 19.0 19.0
50th		 3.8
Receivables turnover 11.5 5.4
86th		 6.2
Days sales outstanding 32 days 66 days
14th		 59 days
Days inventory outstanding 19 days 19 days
50th		 94 days
Days payables outstanding 54 days 22 days
73rd		 46 days
Cash conversion cycle (days) −3 days 41 days
16th		 50 days
Capex / revenue 1.3% 1.7%
36th		 2.3%
Capex / depreciation 0.18 0.49
17th		 0.56
Operating expense ratio 42.5% 22.7%
76th		 44.3%

Cash flow & earnings quality

MeasureIBMIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.39 1.61
39th		 1.61
FCF / net income 1.30 1.30
50th		 1.33
FCF / operating cash flow 93.8% 88.2%
88th		 88.0%
Capex / operating cash flow 6.2% 11.8%
12th		 12.0%
Accruals ratio -2.8% -5.0%
78th		 -6.3%
Sloan accruals ratio -6.1% -4.2%
38th		 -1.8%
Earnings quality score (0-1) 1.00 1.00
50th		 0.75

Dividends & buybacks

MeasureIBMIndustry medianIndustry percentileSector median
Dividend yield 2.9% 0.0%
86th		 0.0%
Dividend per share (TTM) $6.74 $0.00
95th		 $0.00
Payout ratio (dividends / net income) 58.8% 9.3%
93rd		 0.0%
Dividends / FCF 45.2% 0.0%
93rd		 0.0%
Dividend growth (YoY) 1.1% 8.0%
12th		 4.1%
Buyback yield 0.3% 4.0%
30th		 1.2%
Shareholder yield (dividends + buybacks) 3.2% 5.9%
41st		 1.7%
Share count change (YoY) 0.6% -2.3%
86th		 0.1%
Buybacks, last 5 years $1.5B $695.1M
70th		 $215.3M

Scores & forensic checks

MeasureIBMIndustry medianIndustry percentileSector median
IS score 69 50
84th		 56
IS profitability 64 38
86th		 40
IS growth 66 52
80th		 65
IS value 44 62
24th		 39
IS momentum 90 71
89th		 78
IS risk (safety) 80 65
57th		 100
IS quality 68 62
65th		 67
IS balance sheet 32 49
16th		 72
IS earnings quality 74 66
89th		 61
IS cash flow 72 62
76th		 66
Piotroski F-score (0-9) 6 6
38th		 6
Altman Z-score 3.5 2.6
68th		 4.0
Beneish M-score −2.48 −2.63
69th		 −2.58
Ohlson O-score −7.53 −7.37
43rd		 −8.00
IS credit score 54 58
46th		 69

Per share

MeasureIBMIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.26 $1.74
89th		 $0.84
Book value per share $36.16 $16.83
78th		 $9.77
Tangible book per share −$57.47 $1.11
3rd		 $3.22
Revenue per share $72.53 $41.09
65th		 $13.00
FCF per share $14.66 $4.29
86th		 $1.78
Operating cash flow per share $15.63 $4.97
86th		 $2.40
Cash per share $8.54 $2.99
73rd		 $4.50

Size (TTM)

MeasureIBMIndustry medianIndustry percentileSector median
Market cap $218.7B $4.7B
100th		 $4.7B
Revenue $69.1B $5.4B
97th		 $1.2B
EBITDA $17.6B $585.4M
100th		 $185.8M
Net income $10.7B $230.2M
100th		 $84.9M
Free cash flow $14.0B $370.7M
100th		 $170.6M
Total assets $152.1B $6.7B
100th		 $2.4B
Shareholders' equity $34.5B $1.8B
100th		 $1.1B
Employees 264,300 21,600
89th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-30Buberl Thomas
Director
 Award / grant 444——15,256
2026-09-30Brown Marianne Catherine
Director
 Award / grant 415——4,460
2026-09-30Miebach Michael
Director
 Award / grant 415——4,724
2026-09-30Pollack Martha E
Director
 Award / grant 268——17,899
2026-09-30Voser Peter R.
Director
 Award / grant 455——33,290
2026-09-30Zollar Alfred W
Director
 Award / grant 415——10,427
2026-09-30Farr David N
Director
 Award / grant 268——23,782
2026-09-30Laguarta Ramon
Director
 Award / grant 415——869
2026-09-30Gorsky Alex
Director
 Award / grant 489——35,343
2026-09-30Howard Michelle J
Director
 Award / grant 291——17,050
2026-09-30Liveris Andrew N
Director
 Award / grant 444——45,262
2026-09-30Mcnabb Frederick William Iii
Director
 Award / grant 415——17,053

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired238,107—
DiscretionaryAcquired18,376—
GiftDisposed1400—
Open-market saleDisposed125,000$5.8M
Option exerciseAcquired27,295—
Option exerciseDisposed27,295—
Tax withholdingDisposed24,035$1.2M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 25,000 shares · $5.8M
FiledFilerShares proposedEst. proceeds
2026-08-26Robert Thomas25,000$5.8M
2025-03-03Robert D Thomas26,543$6.7M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 86 trades (45 purchases) · Senate 5 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-10Lloyd DoggettHousePurchase$1,001 - $15,0002026-10-06
2026-09-04Maria Elvira SalazarHouseSale$1,001 - $15,0002026-10-08
2025-10-29Shelley Moore CapitoSenateSale$15,001 - $50,0002025-11-04
2025-10-29Shelley Moore CapitoSenateSale (Partial)$15,001 - $50,0002025-11-04
2025-10-29Shelley Moore CapitoSenateSale$15,001 - $50,0002025-11-04
2025-10-29Shelley Moore CapitoSenateSale (Partial)$15,001 - $50,0002025-11-03
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.76,763,481$21.6B8.15%
VANGUARD CAPITAL MANAGEMENT LLC61,385,366$17.3B6.52%
STATE STREET CORP56,045,055$15.8B5.95%
VANGUARD PORTFOLIO MANAGEMENT LLC28,348,295$8.0B3.01%
GEODE CAPITAL MANAGEMENT, LLC23,448,500$6.6B2.49%
Capital World Investors16,207,905$4.6B1.72%
BANK OF AMERICA CORP /DE/14,988,328$4.2B1.59%
JPMORGAN CHASE & CO10,828,005$3.0B1.15%
Bank of New York Mellon Corp8,740,515$2.5B0.93%
NORGES BANK8,416,339$2.4B0.89%
NORTHERN TRUST CORP7,837,000$2.2B0.83%
FMR LLC7,433,148$2.1B0.79%
Sixth Street Partners Management Company, L.P.7,089,524$2.0B0.75%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC7,089,524$2.0B0.75%
GOLDMAN SACHS GROUP INC6,942,807$2.0B0.74%

Institutional ownership by quarter

2023-092026-0666.0%
% of shares held by 13F filers
2023-092026-063,649
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,64966.0%3411,6401,246135
2026-03-313,49463.1%1841,5191,340335
2025-12-313,70963.7%4751,4511,288109
2025-09-303,42361.5%2161,4851,198144
2025-06-303,41562.6%3061,3391,276112
2025-03-313,26962.5%2981,2531,284124
2024-12-313,14861.2%3791,1781,165110
2024-09-302,94060.3%2961,1341,10392
2024-06-302,76858.5%1571,1921,013163
2024-03-312,81158.2%2661,1091,096102
2023-12-312,69057.6%3459781,05987
2023-09-302,47156.5%16899096396

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%70,227,012
2025-02-07SCHEDULE 13G/AThe Vanguard Group10.0%92,822,090
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.28%$6.6B
VTSAX0.28%$6.6B
VSMPX0.28%$6.6B
VTI0.28%$6.6B
VFFSX0.31%$5.4B
VFIAX0.31%$5.4B

Share structure

Shares outstanding942,134,000
Float940,193,593
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$57.4B$60.5B$61.9B$62.8B$67.5B
Cost of revenue$25.9B$27.8B$27.6B$27.2B$27.4B
Gross profit$31.5B$32.7B$34.3B$35.6B$40.2B
R&D$6.5B$6.6B$6.8B$7.5B$8.3B
SG&A$18.7B$18.6B$17.6B$17.9B$21.5B
Operating income$6.9B$8.2B$9.8B$10.1B$10.3B
EBITDA$12.4B$7.2B$14.7B$12.2B$17.3B
Pretax income$4.8B$1.2B$8.7B$5.8B$10.3B
Income tax$124.0M−$626.0M$1.2B−$218.0M−$242.0M
Net income$5.7B$1.6B$7.5B$6.0B$10.6B
EPS, diluted$6.35$1.80$8.14$6.43$11.17
Diluted shares904.6M912.3M922.1M937.2M948.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$7.2B$8.7B$13.4B$14.6B$14.5B
Receivables$7.2B$7.0B$14.0B$14.0B$17.6B
Inventory$1.6B$1.6B$1.2B$1.3B$1.2B
Total current assets$29.5B$29.1B$32.9B$34.5B$35.9B
PP&E, net$8.9B$8.2B$8.7B$8.9B$9.0B
Goodwill & intangibles$68.2B$67.1B$71.2B$71.4B$79.1B
Total assets$132.0B$127.2B$135.2B$137.2B$151.9B
Accounts payable$4.0B$4.1B$4.1B$4.0B$4.8B
Total current liabilities$33.6B$31.5B$34.1B$33.1B$38.7B
Long-term debt$44.9B$46.0B$49.8B$49.9B$57.4B
Total liabilities$113.0B$105.2B$112.6B$109.8B$119.1B
Shareholders' equity$19.0B$22.0B$22.6B$27.4B$32.7B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$5.7B$1.6B$7.5B$6.0B$10.6B
Depreciation & amortization$6.4B$4.8B$4.4B$4.7B$5.0B
Stock-based compensation$982.0M$987.0M$1.1B$1.3B$0
Change in working capital$1.8B$202.0M$2.2B$1.3B−$4.1B
Operating cash flow$12.8B$10.4B$13.9B$13.4B$13.2B
Capital expenditure−$2.8B−$2.0B−$1.8B−$1.7B−$1.6B
Free cash flow$10.0B$8.5B$12.1B$11.8B$11.6B
Investing cash flow−$6.0B−$4.2B−$7.1B−$4.9B−$10.3B
Net debt issued / repaid−$8.1B$1.2B$4.5B−$880.0M$2.9B
Buybacks−$319.0M−$407.0M−$402.0M$0$0
Dividends paid−$5.9B−$5.9B−$6.0B−$6.1B−$6.3B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin54.9%54.0%55.4%56.7%58.8%
Operating margin12.0%13.6%15.9%16.1%17.3%
Net margin10.0%2.7%12.1%9.6%15.7%
FCF margin17.5%14.0%19.6%18.7%18.2%
ROE29.1%8.0%33.7%24.2%35.3%
ROIC10.0%18.8%12.3%14.7%14.0%
ROA4.0%1.3%5.7%4.4%7.3%
Debt / equity2.922.462.662.142.06
Interest coverage5.2x2.0x6.4x4.4x6.3x
Current ratio0.880.920.961.040.93
Revenue growth−22.1%+5.5%+2.2%+1.4%+7.6%
EPS growth+2.1%−71.8%+351.8%−21.0%+74.0%
P/E at year end18.0x70.5x19.0x33.5x26.6x
EV / EBITDA at year end12.2x22.4x12.9x20.2x19.4x
FCF yield at year end9.71%7.32%8.50%5.82%4.35%
Dividend payout102.2%362.7%80.5%102.1%59.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Services—$30.2B———
Software$24.1B—$26.3B$27.1B$30.0B
Sales—$29.7B———
Consulting$17.8B—$20.0B$20.7B$21.1B
Infrastructure Services$14.2B——$14.0B$15.7B
Infrastructure$14.2B—$14.6B$14.0B—
Financing$774.0M—$741.0M$713.0M$737.0M
Financing.—$651.0M———
Other$404.0M—$233.0M——
Segment Reconciling Items———$243.0M−$2.0M
Extended Warranty—$135.0M———

Revenue by region · FY2025

Americas$33.3B · 49%
E M E A$22.2B · 33%
Asia Pacific$12.0B · 18%

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $2.85 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$70.4B$70.1B – $70.7B$12.31$12.06 – $12.611418.9x
2027$73.1B$72.0B – $74.6B$13.15$12.72 – $13.811417.6x
2028$76.9B$75.1B – $79.2B$14.34$12.84 – $16.20616.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$2.93$2.930.0%$17.5B$17.2B−1.7%
2026-04-22$1.81$1.91+5.5%$15.6B$15.9B+1.8%
2026-01-28$4.31$4.52+4.9%$19.2B$19.7B+2.6%
2025-10-22$2.45$2.65+8.2%$16.1B$16.3B+1.5%
2025-07-23$2.65$2.80+5.7%$16.6B$17.0B+2.3%
2025-04-23$1.42$1.60+12.7%$14.4B$14.5B+1.0%
2025-01-29$3.77$3.92+4.0%$17.6B$17.6B−0.0%
2024-10-23$2.22$2.30+3.6%$15.1B$15.0B−0.7%
2024-07-24$2.20$2.43+10.5%$15.6B$15.8B+0.9%
2024-04-24$1.60$1.68+5.0%$14.6B$14.5B−0.6%
2024-01-24$3.78$3.87+2.4%$17.3B$17.4B+0.5%
2023-10-25$2.13$2.20+3.3%$13.9B$14.8B+6.1%
2023-07-19$2.01$2.18+8.5%$14.8B$15.5B+4.6%
2023-04-19$1.27$1.36+7.1%$14.3B$14.3B−0.7%
2023-01-25$3.60$3.600.0%$16.2B$16.7B+3.3%
2022-10-19$1.78$1.81+1.7%$13.5B$14.1B+4.4%
2022-07-18$2.29$2.31+0.9%$15.1B$15.5B+3.0%
2022-04-19$1.34$1.40+4.5%$13.8B$14.2B+3.0%
2022-01-24$3.30$3.35+1.5%$13.9B$16.7B+20.2%
2021-10-20$2.49$2.52+1.2%$17.8B$13.3B−25.4%
2021-07-19$2.25$2.33+3.6%$18.3B$14.2B−22.3%
2021-04-19$1.67$1.77+6.0%$16.2B$13.2B−18.6%
2021-01-21$1.78$2.07+16.3%$17.2B$20.4B+18.5%
2020-10-19$2.55$2.58+1.2%$17.6B$17.6B+0.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.606-152.706-221.406-291.907-065.407-132.707-202.307-271.508-031.308-101.208-171.208-240.908-31
Week ofNotionalSharesTrades
2026-08-31$907.9M3,893,652101,945
2026-08-24$1.2B4,939,139121,228
2026-08-17$1.2B4,936,222111,598
2026-08-10$1.3B5,494,770125,432
2026-08-03$1.5B6,535,142146,778
2026-07-27$2.3B10,437,176188,548

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1543.1%
DateShort shareShort volumeTotal volume
2026-10-1543.1%828,5291,924,141
2026-10-1445.0%692,6871,537,612
2026-10-1344.8%867,0271,937,393
2026-10-1242.9%477,7291,114,707
2026-10-0936.9%539,3691,461,482
2026-10-0844.6%1,361,5063,054,055
2026-10-0750.3%846,6161,682,225
2026-10-0648.3%772,1131,599,956
2026-10-0547.1%908,4531,928,869
2026-10-0254.9%1,070,9741,950,892
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.9Jan-1.0Feb+2.1Mar+0.6Apr+0.7May-0.0Jun+2.1Jul-0.6Aug+2.1Sep-2.4Oct+2.2Nov+1.2Dec
MonthAvg returnUp yearsYears
Jan+2.9%65%20
Feb−1.0%45%20
Mar+2.1%71%21
Apr+0.6%50%20
May+0.7%55%20
Jun−0.0%45%20
Jul+2.1%70%20
Aug−0.6%45%20
Sep+2.1%60%20
Oct−2.4%40%20
Nov+2.2%70%20
Dec+1.2%60%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1453.8
MFI59.7
ADX11.8
Stochastic %K / %D78.5 / 73.4
Williams %R-24.8
CCI107
TSI / signal-3.1 / -8.6
Chaikin money flow-0.23
ATR$6.29
Bollinger width8.2%
Volume vs 20-day avg1.02x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$226.33 (+2.6%)
SMA 50$232.00 (+0.1%)
SMA 200$251.31 (−7.6%)
EMA 21$228.55 (+1.6%)
EMA 50$232.07 (+0.0%)
EMA 200$247.08 (−6.0%)
Bollinger upper$235.56 (−1.5%)
Bollinger lower$217.09 (+6.9%)
Parabolic SAR$221.33 (+4.9%)
Open the live chart, 110+ indicators

About International Business Machines Corporation

International Business Machines Corporation (IBM) delivers comprehensive technology solutions and services across the globe. The company's operations are structured into four primary segments: Software, Consulting, Infrastructure, and Financing. The Software division provides hybrid cloud platforms and a range of software offerings, including Red Hat's enterprise open-source solutions. It also develops software for business automation, AIOps and management, integration, and application servers, in addition to data and artificial intelligence tools. This segment further supplies security software and services for threat, data, and identity management, and offers critical transaction processing software that supports essential on-premise workloads for industries such as banking, airlines, and retail. The Consulting arm delivers business transformation services, which encompass strategy development, business process design and operational improvements, data and analytics insights, and system integration. It additionally provides technology consulting and specialized application and cloud platform services. IBM's Infrastructure segment offers both on-premises and cloud-based server and storage solutions, specifically tailored for clients' crucial and regulated operations. It also extends support and solutions for hybrid cloud infrastructure, alongside remanufacturing and remarketing services for used equipment. The Financing segment provides various financial services, such as leasing, installment payment plans, loan financing, and short-term working capital solutions. Originally established in 1911 as the Computing-Tabulating-Recording Co., the company is now known as International Business Machines Corporation and maintains its headquarters in Armonk, New York.

https://www.ibm.com

Key executives

NameTitlePayBorn
Arvind KrishnaChief Executive Officer, President & Chairman$7.4M1963
James J. KavanaughChief Financial Officer and Senior Vice President of Finance & Operations$4.1M1967
Robert D. ThomasSenior VP of IBM Software & Chief Commercial Officer$3.7M1949
Gary D. CohnExecutive Vice Chairman$3.7M1961
Anne E. RobinsonSenior Vice President & Chief Legal Officer$3.1M1971
Bernard S. MeyersonChief Innovation Officer Emeritus——
Kirill KornilievVice President of Sales and Head of The Industry Solutions Area In Central & Eastern Europe——
Nickle Jaclyn LaMoreauxSenior Vice President & Chief Human Resources Officer—1980

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
V.M. Rometty Chairman, President and CEO2014$1.5M$12.5M$3.6M$19.3M
K.M. Keverian Senior VP, Corporate Strategy2014$450,000$11.3M$510,300$9.6M
S.A. Mills Executive VP, Software and Systems2014$730,500$4.9M$703,500$8.3M
J.E. Kelly III Senior VP, Solutions Portfolio & Research2014$638,000$3.9M$791,100$6.6M
M.J. Schroeter Senior VP and CFO2014$660,000$3.6M$747,600$5.1M

Employees

351k2018353k2019346k2020282k20212k2022282k2023270k2024

Dividends

Ex-dateAmountPaid
2026-08-10$1.692026-09-10
2026-05-08$1.692026-06-10
2026-02-10$1.682026-03-10
2025-11-10$1.682025-12-10
2025-08-08$1.682025-09-10
2025-05-09$1.682025-06-10
2025-02-10$1.672025-03-10
2024-11-12$1.672024-12-10

Moat model

Narrow · Intangible Assets · 2026-06-30
Cost advantage54
Intangibles87
Switching costs39
Network effect55
Efficient scale80
Our component scores (0-100) and overall 62.6; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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