International Business Machines

Technology · Information Technology Services

227.10$ +0.2% vs. previous close Closing price · As of: Oct 9, 2026

Statements

Ratios

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Last 12 Full history

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Valuation ratios (P/E, P/S, EV/EBITDA and the other multiples) are based on the closing price at the end of each period, not on the current price. Margins and returns are shown in percent, multiples without a unit, per-share figures in the reporting currency, net debt in millions.

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Ratios IBM
Line item	Q3 16	Q4 16	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18	Q1 19	Q2 19	Q3 19	Q4 19	Q1 20	Q2 20	Q3 20	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Valuation
P/E (price/earnings)	12.3	12.7	13.6	12.1	11.4	23.7	23.9	21.3	23.1	11.3	14.0	13.4	16.1	12.1	10.5	13.1	13.2	19.4	21.4	23.8	25.2	21.1	21.4	23.0	85.2	78.7	65.6	60.8	18.7	20.2	21.8	19.2	31.9	34.4	43.0	47.8	33.9	26.6	21.5	25.0
P/S (price/sales)	1.8	1.9	2.0	1.8	1.7	1.7	1.7	1.5	1.6	1.2	1.5	1.5	1.6	1.5	1.2	1.4	1.4	1.5	1.7	1.9	2.0	2.1	2.0	2.2	1.8	2.1	2.0	2.0	2.1	2.5	2.9	2.6	3.3	3.3	3.7	4.4	4.1	4.2	3.3	3.9
P/B (price/book)	8.5	8.3	8.6	7.5	6.6	7.7	7.5	6.6	6.7	5.9	7.3	6.7	6.9	5.5	4.7	5.0	4.9	5.3	5.4	5.8	5.4	6.4	6.2	6.6	5.4	5.9	5.6	5.5	5.6	6.7	7.7	6.7	8.4	7.6	8.7	10.1	9.6	8.6	7.0	7.8
EV/Revenue	2.2	2.3	2.4	2.2	2.1	2.2	2.1	2.0	2.1	1.7	2.0	1.9	2.4	2.2	2.0	2.1	2.1	2.1	2.3	2.7	2.8	2.9	2.8	2.9	2.5	2.9	2.8	2.8	2.9	3.2	3.6	3.3	4.0	4.0	4.6	5.2	4.9	4.9	4.2	4.7
EV/EBITDA	10.3	10.7	10.7	10.0	9.6	10.3	10.4	9.5	10.1	8.0	8.8	8.1	10.5	9.7	9.4	10.4	10.2	12.5	12.6	14.4	15.1	13.5	13.2	13.5	21.7	24.1	22.8	22.3	12.6	13.3	15.1	13.7	19.6	20.4	23.4	25.7	19.7	19.1	16.3	19.9
Price/Free Cash Flow	10.2	12.0	14.0	12.1	11.9	10.5	10.1	10.2	10.4	8.7	10.3	9.2	10.1	9.7	8.3	8.5	8.3	7.2	7.4	8.7	9.2	12.1	13.8	17.1	15.4	15.2	13.4	11.9	11.1	12.4	14.0	13.2	17.2	17.6	19.7	23.6	22.0	23.6	18.1	19.7
FCF yield	9.8%	8.3%	7.1%	8.3%	8.4%	9.5%	9.9%	9.8%	9.6%	11.5%	9.7%	10.8%	9.9%	10.4%	12.1%	11.7%	12.1%	13.8%	13.5%	11.5%	10.9%	8.3%	7.3%	5.9%	6.5%	6.6%	7.5%	8.4%	9.0%	8.1%	7.1%	7.6%	5.8%	5.7%	5.1%	4.2%	4.5%	4.2%	5.5%	5.1%
Margins
Gross margin	48.4%	47.9%	47.3%	46.9%	46.9%	46.4%	46.3%	46.2%	46.2%	46.4%	46.7%	46.9%	46.8%	47.3%	47.5%	47.8%	48.2%	48.3%	50.1%	51.8%	53.3%	54.9%	54.5%	54.0%	53.8%	54.0%	54.2%	54.6%	55.0%	55.4%	55.6%	56.1%	56.5%	56.7%	57.0%	57.6%	58.2%	58.5%	58.7%	58.4%
Operating margin	16.6%	16.5%	17.1%	16.8%	16.8%	16.2%	15.8%	16.2%	16.3%	16.7%	17.3%	16.3%	14.4%	13.7%	12.7%	12.7%	13.4%	13.3%	13.8%	13.7%	12.9%	12.0%	12.2%	12.5%	12.7%	13.6%	14.0%	14.5%	15.2%	15.9%	16.0%	16.2%	16.3%	16.1%	16.4%	17.1%	17.4%	18.3%	17.3%	16.6%
Net margin	14.8%	14.9%	14.6%	14.6%	14.4%	7.3%	7.1%	7.1%	7.1%	11.0%	11.0%	11.2%	10.0%	12.2%	11.8%	10.4%	10.5%	7.6%	7.8%	8.2%	7.8%	10.0%	9.5%	9.4%	2.1%	2.7%	3.0%	3.3%	11.3%	12.1%	13.2%	13.5%	10.2%	9.6%	8.7%	9.1%	12.1%	15.7%	15.6%	15.5%
FCF margin	17.8%	15.8%	14.2%	14.6%	13.8%	16.4%	16.8%	14.9%	15.9%	14.2%	14.9%	16.4%	16.0%	15.4%	15.0%	16.1%	16.9%	20.3%	22.4%	22.3%	21.5%	17.5%	14.7%	12.6%	11.6%	14.0%	14.8%	17.1%	19.1%	19.8%	20.5%	19.6%	19.0%	18.7%	19.0%	18.4%	18.6%	17.7%	18.5%	19.7%
Returns
Return on equity (ROE)	69.6%	65.1%	63.3%	62.1%	57.6%	32.7%	31.3%	31.1%	28.9%	52.0%	52.4%	49.5%	42.9%	45.3%	45.1%	38.3%	37.3%	27.1%	25.1%	24.3%	21.4%	30.4%	29.0%	28.8%	6.3%	7.5%	8.5%	9.1%	30.0%	33.3%	35.2%	35.1%	26.2%	22.1%	20.4%	21.2%	28.3%	32.4%	32.6%	31.1%
Return on assets (ROA)	10.2%	10.1%	9.9%	9.5%	9.3%	4.6%	4.5%	4.7%	4.7%	7.1%	6.6%	5.6%	5.2%	6.2%	5.9%	5.1%	5.1%	3.6%	3.6%	3.6%	3.3%	4.3%	4.1%	4.4%	1.0%	1.3%	1.4%	1.5%	5.4%	5.5%	6.0%	6.3%	4.8%	4.4%	3.8%	3.9%	5.4%	7.0%	6.9%	7.1%
Balance Sheet & Debt
Net debt	33,444	34,342	32,685	33,977	34,711	34,851	34,437	34,756	35,358	34,433	34,155	28,893	57,496	56,107	54,437	54,040	52,358	49,294	47,210	49,161	48,331	46,027	45,255	44,160	43,907	43,937	50,245	48,924	48,791	44,299	45,685	45,083	44,172	41,794	53,047	53,041	52,354	48,419	56,340	55,585
Net debt/EBITDA	1.9	2.0	1.8	2.0	2.0	2.1	2.1	2.1	2.1	2.1	1.9	1.6	3.3	3.2	3.4	3.6	3.4	3.9	3.7	4.0	4.3	3.7	3.6	3.5	6.3	6.1	6.7	6.3	3.5	3.0	3.1	3.0	3.5	3.4	4.3	4.1	3.2	2.8	3.2	3.4
Equity ratio	14.7%	15.5%	15.6%	15.3%	16.1%	14.0%	14.5%	15.2%	16.2%	13.6%	12.6%	11.4%	12.0%	13.7%	13.0%	13.3%	13.8%	13.2%	14.4%	14.9%	15.4%	14.3%	14.3%	15.2%	16.0%	17.2%	16.2%	16.8%	17.8%	16.7%	17.0%	18.0%	18.2%	19.9%	18.5%	18.5%	19.1%	21.5%	21.1%	22.7%
Debt/equity	2.5	2.3	2.3	2.5	2.3	2.7	2.6	2.5	2.4	2.7	3.1	4.2	3.8	3.1	3.3	3.2	3.1	3.0	2.7	2.6	2.5	2.8	2.9	2.6	2.6	2.4	2.8	2.6	2.4	2.5	2.6	2.4	2.3	2.0	2.4	2.4	2.3	1.9	2.0	1.8
Per Share
Earnings per share (EPS)	12.36	12.46	12.25	12.17	12.12	6.19	6.14	6.26	6.25	9.64	9.66	9.80	8.64	10.55	10.07	8.80	8.81	6.22	5.95	5.90	5.26	6.35	6.07	6.13	1.39	1.79	2.00	2.20	7.50	8.09	8.76	9.02	6.93	6.39	5.79	6.16	8.33	11.12	11.30	11.26
Revenue per share	83.79	83.89	83.76	83.48	83.98	85.20	86.51	87.85	87.82	87.93	88.04	87.40	86.39	86.32	85.51	84.36	83.62	81.89	76.78	72.26	67.36	63.40	64.19	65.53	66.95	66.09	66.01	65.83	66.22	66.71	66.50	66.74	67.75	66.59	66.46	67.64	68.92	70.91	72.38	72.53
Book value per share	17.77	19.15	19.34	19.60	21.03	18.94	19.63	20.14	21.62	18.56	18.44	19.81	20.11	23.32	22.35	22.96	23.64	22.91	23.72	24.27	24.53	20.89	20.95	21.31	22.21	23.96	23.54	24.15	24.99	24.30	24.92	25.71	26.47	28.98	28.43	29.06	29.41	34.28	34.63	36.16
Free cash flow per share	14.91	13.24	11.88	12.20	11.63	13.94	14.57	13.11	13.92	12.46	13.13	14.30	13.81	13.27	12.84	13.55	14.10	16.65	17.21	16.08	14.49	11.09	9.44	8.27	7.74	9.25	9.80	11.24	12.63	13.22	13.64	13.06	12.87	12.48	12.63	12.47	12.83	12.55	13.40	14.31

Showing the most recent 40 periods — older statements are on file for this stock.

Data as of: October 9, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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