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International Business Machines (IBM)

Market Price (9/16/2025): $256.59 | Market Cap: $238.8 Bil
Sector: Information Technology | Industry: IT Consulting & Other Services

International Business Machines (IBM)

Market Price (9/16/2025): $256.59
Market Cap: $238.8 Bil
Sector: Information Technology
Industry: IT Consulting & Other Services

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, Dividend Yield is 2.6%		  
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 13 Bil, FCF LTM is 12 Bil		  
2 Low stock price volatility
Vol 12M is 29%		  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.0%, Dividend Yield is 2.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 13 Bil, FCF LTM is 12 Bil
2 Low stock price volatility
Vol 12M is 29%

Market Valuation

 9/16/252024202320222021
Share Price CYE$256.59$215.47$154.72$126.97$114.77
Market Cap CYE ($ Bil)238.8199.6141.5115.0103.1
Total Debt ($ Bil)67.758.459.954.055.1
Total Cash ($ Bil)15.414.613.48.77.3
Enterprise Value ($ Bil)291.1258.0201.4169.0158.2
Valuation Ratios     
P/S TTM3.73.22.42.12.1
P/EBIT TTM29.627.014.553.620.0
P/E TTM41.033.619.977.520.9
Sector Ratios     
P/S TTM (Sector)3.23.12.82.55.0
P/EBIT TTM (Sector)4.0-0.0-0.1-0.51.9
P/E TTM (Sector)-0.4-0.3-0.4-0.50.1
 9/16/2520242023
Share Price CYE$256.59$215.47$154.72
Market Cap CYE ($ Bil)238.8199.6141.5
Total Debt ($ Bil)67.758.459.9
Total Cash ($ Bil)15.414.613.4
Enterprise Value ($ Bil)291.1258.0201.4
Valuation Ratios   
P/S TTM3.73.22.4
P/EBIT TTM29.627.014.5
P/E TTM41.033.619.9
Sector Ratios   
P/S TTM (Sector)3.23.12.8
P/EBIT TTM (Sector)4.0-0.0-0.1
P/E TTM (Sector)-0.4-0.3-0.4

Market Cap Chart

Business Description

International Business Machines Corporation provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. The Software segment offers hybrid cloud platform and software solutions, such as Red Hat, an enterprise open-source solutions; software for business automation, AIOps and management, integration, and application servers; data and artificial intelligence solutions; and security software and services for threat, data, and identity. Show more

Price Returns Compared

Expand for Detailed View

 202020212022202320242025Total [1]
Returns
IBM Return-1%16%11%22%39%19%154%
Peers Return15%34%-21%48%11%23%149%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, ORCL, INTC, IBM, ACN. See IBM Returns vs. Peers.
[3] 2025 data is for the year up to 9/15/2025 (YTD)

Interactive Breakdown

International Business Machines Interactive Breakdown Analysis

Latest Trefis Analyses

TitleTopicDate
0DASHBOARDS  
1International Business Machines Earnings Notes  
2Day 5 of Gains Streak for International Business Machines Stock with 7.3% Return (vs. 20% YTD) [9/9/2025]Notification 
3IBM Has Returned $77 Bil To Shareholders In A Decade  
4International Business Machines vs Apple: Which Is A Better Investment?Counter-Intuitive Comparisons 
5International Business Machines vs Adeia: Which Is A Better Investment?Counter-Intuitive Comparisons 
6How Does IBM Stack Up Against Its Peers?Peer Comparison 
7Better Bet Than IBM Stock: Pay Less Than International Business Machines To Get More From GOOGL, DIS   
8Better Bet Than IBM Stock: Pay Less Than International Business Machines To Get More From MU, FSLR   
9IBM Drops 15% in a Month, But Does IT Offer Better Fundamentals?Counter-Intuitive Comparisons 
10Why International Business Machines Stock Moved: IBM Stock Has Gained 121% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)  
11ARTICLES  
12IBM Stock Up 7.3% after 5-Day Win Streak September 10th, 2025
13A Decade of Rewards: IBM Returns $77 Bil to Investors August 26th, 2025
14Should You Buy, Sell, or Hold International Business Machines Stock? August 19th, 2025
15Big Decline for IBM, but Do IT’s Margins and Growth Give It the Edge? August 9th, 2025
16IBM Down 15% In A Month. How Confident Are You In The Stock? August 9th, 2025
Title
0DASHBOARDS
1IBM Stock Up 7.3% after 5-Day Win Streak
2A Decade of Rewards: IBM Returns $77 Bil to Investors
3Should You Buy, Sell, or Hold International Business Machines Stock?
4Big Decline for IBM, but Do IT’s Margins and Growth Give It the Edge?
5IBM Down 15% In A Month. How Confident Are You In The Stock?
6ARTICLES
7International Business Machines Earnings Notes
8Day 5 of Gains Streak for International Business Machines Stock with 7.3% Return (vs. 20% YTD) [9/9/2025]
9IBM Has Returned $77 Bil To Shareholders In A Decade
10International Business Machines vs Apple: Which Is A Better Investment?
11International Business Machines vs Adeia: Which Is A Better Investment?
12How Does IBM Stack Up Against Its Peers?
13Better Bet Than IBM Stock: Pay Less Than International Business Machines To Get More From GOOGL, DIS 
14Better Bet Than IBM Stock: Pay Less Than International Business Machines To Get More From MU, FSLR 
15IBM Drops 15% in a Month, But Does IT Offer Better Fundamentals?
16Why International Business Machines Stock Moved: IBM Stock Has Gained 121% Since 2021 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)

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10OCTOEightco800.6%562.1%

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Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1NXTTNext Technology18985.5%1080.3%
2BDSXBiodesix1658.4%-75.2%
3VCIGVCI Global1460.0%-66.8%
4CLSDClearside Biomedical1075.2%-72.3%
5SDOTSadot806.7%-78.2%
6WLDSWearable Devices539.8%-24.4%
7QMMMQMMM536.6%5505.5%
8ATCHAtlasClear382.9%-89.7%
9OPIOffice Properties Income Trust274.5%-8.3%
10CWDCaliberCos246.5%-46.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1DGNXDiginex-83.7% 
2ATYRaTyr Pharma-81.4%-72.0%
3LGCLLucas GC-73.2%-78.3%
4NAKAKindly MD-72.8% 
5OCTOEightco-67.8%562.1%
6YYGHYY-67.0%-78.2%
7SNTGSentage-58.1%57.5%
8REXREX American Resources-50.7%-26.7%
9BINIBollinger Innovations-49.2%-100.0%
10SLXNSilexion Therapeutics-49.2%-88.0%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for International Business Machines

Financials

IBMMSFTORCLINTCACNMedian
NameInternat.MicrosoftOracle Intel Accenture 
Mkt Price256.24515.36302.1424.77237.87256.24
Mkt Cap238.53,829.1848.1108.2148.5238.5
Rev LTM64,038281,72457,39953,07068,48364,038
Op Inc LTM10,929128,52818,052-4,39710,53010,929
FCF LTM11,64671,611-394-10,94310,24410,244
FCF 3Y Avg11,34668,3866,628-13,3579,4319,431
CFO LTM13,282136,16220,82110,08210,95013,282
CFO 3Y Avg13,104114,09718,88610,45210,00213,104

Growth & Margins

IBMMSFTORCLINTCACNMedian
NameInternat.MicrosoftOracle Intel Accenture 
Rev Chg LTM2.7%14.9%8.4%-3.7%6.2%6.2%
Rev Chg 3Y Avg2.4%12.5%10.7%-9.4%4.8%4.8%
Rev Chg Q7.7%18.1%11.3%0.2%7.7%7.7%
QoQ Delta Rev Chg LTM1.9%4.3%2.9%0.0%1.9%1.9%
Op Mgn LTM17.1%45.6%31.5%-8.3%15.4%17.1%
Op Mgn 3Y Avg15.9%44.0%29.8%-3.9%14.7%15.9%
QoQ Delta Op Mgn LTM0.7%0.4%-0.4%-0.5%0.2%0.2%
CFO/Rev LTM20.7%48.3%36.3%19.0%16.0%20.7%
CFO/Rev 3Y Avg21.0%46.0%35.3%19.3%15.3%21.0%
FCF/Rev LTM18.2%25.4%-0.7%-20.6%15.0%15.0%
FCF/Rev 3Y Avg18.2%27.9%12.9%-24.7%14.4%14.4%

Valuation

IBMMSFTORCLINTCACNMedian
NameInternat.MicrosoftOracle Intel Accenture 
Mkt Cap238.53,829.1848.1108.2148.5238.5
P/S3.713.614.82.02.23.7
P/EBIT29.530.447.8-10.013.929.5
P/E40.937.668.2-5.318.737.6
P/CFO18.028.140.710.713.618.0
Total Yield5.0%3.3%2.0%-18.5%7.8%3.3%
Dividend Yield2.6%0.6%0.6%0.5%2.4%0.6%
FCF Yield 3Y Avg6.8%2.2%1.9%-10.8%4.9%2.2%
D/E0.30.00.10.50.10.1
Net D/E0.2-0.00.10.3-0.00.1

Returns

IBMMSFTORCLINTCACNMedian
NameInternat.MicrosoftOracle Intel Accenture 
1M Rtn6.9%-0.9%21.7%0.9%-3.7%0.9%
3M Rtn-8.5%7.7%43.4%19.4%-23.9%7.7%
6M Rtn2.7%33.0%97.3%-3.6%-26.2%2.7%
12M Rtn22.7%20.6%88.4%26.0%-30.7%22.7%
3Y Rtn126.1%115.8%357.1%-11.0%-8.3%115.8%
1M Excs Rtn5.8%-3.6%21.1%1.5%-5.6%1.5%
3M Excs Rtn-17.6%-2.0%30.0%12.3%-34.0%-2.0%
6M Excs Rtn-12.7%15.8%86.3%-14.3%-42.0%-12.7%
12M Excs Rtn6.4%3.6%75.1%7.0%-50.0%6.4%
3Y Excs Rtn58.8%39.2%256.4%-80.5%-78.3%39.2%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date7/24/20254/24/20252/25/202510/30/20247/30/20244/30/20242/26/202410/31/20237/25/20234/25/20232/28/202310/25/2022
Key Financials Quarterly            
Total Revenue16,97714,54117,55314,96715,76914,46117,38014,75215,47514,25216,69114,106
Ebitda4,3722,7904,8438953,8012,6375,3163,3783,5002,4994,762-3,043
Operating Income3,0861,7653,9012,1772,4341,5633,9992,1042,2781,4363,4691,561
Net Income2,1941,0552,914-3301,8341,6053,2881,7041,5839272,711-3,196
EPS2.361.143.15-0.361.991.753.591.871.741.022.99-3.54
Key Financials TTM            
Total Revenue TTM64,03862,83062,75062,57762,36262,06861,85961,17060,52460,58460,52960,532
Ebitda TTM12,90012,32912,17612,64915,13214,83114,69314,1397,7187,4837,1746,965
Operating Income TTM10,92910,27710,07510,17310,1009,9449,8179,2878,7448,4268,1747,677
Net Income TTM5,8335,4736,0236,3978,4318,1807,5026,9252,0251,8341,6401,261
Growth Rates Quarterly            
Total Revenue Growth7.7%0.6%1.0%1.5%1.9%1.5%4.1%4.6%-0.4%0.4%-0.0%6.5%
EBITDA Growth15.0%5.8%-8.9%-73.5%8.6%5.5%11.6%211.0%7.2%14.1%4.6%-209.2%
Operating Income Growth26.8%12.9%-2.5%3.5%6.8%8.8%15.3%34.8%16.2%21.3%16.7%16.8%
Net Income Growth19.6%-34.3%-11.4%-119.4%15.9%73.1%21.3%153.3%13.7%26.5%16.3%-382.8%
Margins Quarterly            
EBITDA Margin25.8%19.2%27.6%6.0%24.1%18.2%30.6%22.9%22.6%17.5%28.5%-21.6%
Operating Income Margin18.2%12.1%22.2%14.5%15.4%10.8%23.0%14.3%14.7%10.1%20.8%11.1%
Net Income Margin12.9%7.3%16.6%-2.2%11.6%11.1%18.9%11.6%10.2%6.5%16.2%-22.7%
Cash & Debt            
Total Cash15,44717,46514,59113,70213,69119,11513,44110,97816,29817,3948,7389,569
Total Debt67,71966,83558,39660,12659,83962,87159,93558,52460,30461,67654,01353,826
Net Debt / (Cash)52,27249,37043,80546,42446,14843,75646,49447,54644,00644,28245,27544,257
Cash Flows Quarterly            
FCF from Operations1,7014,3704,3302,8812,0664,1684,4633,0562,6383,7743,9651,901
Cash Flows TTM            
FCF from Operations TTM13,28213,64713,44513,57813,75314,32513,93113,43312,27810,96110,4359,014
Returns to Shareholders Quarterly            
Dividends1,5631,5491,5461,5431,5361,5221,5181,5151,5101,4971,4941,491
Share Repurchases1532841121891511996498144967814
Return on Invested Capital (ROIC) Quarterly            
ROIC19.9%13.0%31.5%7.4%17.4%14.3%30.1%16.2%16.4%11.5%26.5%10.1%
Return on Invested Capital (ROIC) TTM            
ROIC TTM19.6%19.5%23.0%21.9%20.6%21.3%18.3%16.8%19.9%19.0%18.1%17.3%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Software25,01123,62923,42622,92722,891
Consulting20,88420,05817,84416,25716,798
Infrastructure14,59315,28814,18814,5337,604
Financing7416457749751,400
Other-divested businesses397774785101930
Other revenue235135335387162
Global Technology Services    27,361
Total61,86160,52957,35255,18077,146


Assets by Segment
$ Mil20242023202220212020
Software59,81155,82258,42058,55858,342
Consulting15,08914,26111,91410,54810,136
Financing14,40915,75716,88024,97429,568
Cash and marketable securities12,907  12,4637,308
Infrastructure11,99112,24311,76612,3784,590
Pension assets7,506  7,5576,865
Deferred tax assets6,468  8,1754,995
Other3,563  3,5143,077
Operating right-of-use assets2,085  2,3683,530
Plant, other property and equipment1,838  2,4492,262
Other-divested businesses601  2541,906
Elimination of internal transactions-1,028  -4,686-4,317
Notes and accounts receivable   1,6551,488
Total assets of discontinued operations   15,764 
Global Technology Services    22,436
Total135,24098,08398,980155,971152,186


Price Behavior

IBM Betas & Captures as of 8/31/2025

 1M2M3M6M1Y3Y
Beta0.410.470.740.680.690.67
Up Beta0.091.271.580.590.590.59
Down Beta0.020.460.450.690.720.73
Up Capture32%-79%12%61%72%47%
Bmk +ve Days10223571142415
Stock +ve Days10173267138418
Down Capture110%135%95%89%79%87%
Bmk -ve Days11192754106334
Stock -ve Days11253159111332

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity14,280,231
Short Interest: % Change Since 8152025-3.1%
Average Daily Volume3,465,140
Days-to-Cover Short Interest4.12
Basic Shares Quantity930,807,276
Short % of Basic Shares1.5%

Returns Analyses

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/23/2025-7.6%-7.7%-14.5%
4/23/2025-6.6%-1.5%6.0%
1/29/202513.0%15.2%11.1%
10/23/2024-6.2%-12.0%-3.7%
7/24/20244.3%4.4%7.4%
4/24/2024-8.3%-10.7%-6.4%
1/24/20249.5%5.6%7.8%
10/25/20234.9%6.1%14.5%
...
SUMMARY STATS   
# Positive131315
# Negative11119
Median Positive4.7%4.6%6.0%
Median Negative-6.2%-6.9%-6.4%
Max Positive13.0%15.2%20.7%
Max Negative-9.9%-12.0%-14.5%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025724202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024225202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024730202410-Q 6/30/2024
3312024430202410-Q 3/31/2024
12312023226202410-K 12/31/2023
93020231031202310-Q 9/30/2023
6302023725202310-Q 6/30/2023
3312023425202310-Q 3/31/2023
12312022228202310-K 12/31/2022
93020221025202210-Q 9/30/2022
6302022725202210-Q 6/30/2022
3312022426202210-Q 3/31/2022
12312021222202210-K 12/31/2021
93020211105202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Thomas Robert DavidSenior Vice President3032025Sell253.0126,5436,715,63911,387,282Form
1FARR DAVID N2282025Buy249.001,200298,8002,056,242Form
2ZOLLAR ALFRED W11132024Buy210.62936197,139197,139Form
3LAMOREAUX NICKLE JACLYNSenior Vice President11082024Sell215.203,600774,7275,463,965Form

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