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INTERNATIONAL BUSINESS MACHINES CORP IBM

NYSE · stock · Computer & office Equipment · website · IPO 1915-11-11 · LEI

INTERNATIONAL BUSINESS MACHINES CORP statistics & valuation

Market cap$255.3B
P / E24.1×
P / S3.8×
P / B7.8×
P / FCF21.1×
Dividend yield2.45%
Net margin15.7%
Return on equity32.4%
FCF margin17.9%
Net debt$41.2B
Enterprise value USD$296.6B
Graham number -60.5%$93.13

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($93.13); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
14.90% 7.30% 11.00% 16.30% 10.10% 10.00% 2.70% 12.10% 9.60% 15.70% 2016201720182019202020212022202320242025
Gross margin (%)
48.20% 46.70% 46.40% 54.60% 55.90% 54.90% 54.00% 55.40% 56.70% 58.20% 2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
64.50% 32.50% 51.60% 44.90% 27.00% 30.20% 7.40% 33.20% 22.00% 32.40% 2016201720182019202020212022202320242025
Shares outstanding
958.7M 937.4M 916.3M 892.8M 896.6M 904.6M 912.3M 922.1M 937.2M 948.7M 2016201720182019202020212022202320242025
Net debt ($)
$33.07B $33.08B $31.28B $45.93B $41.03B $38.27B $38.30B $37.05B $35.94B $41.25B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
10.10% 4.60% 7.10% 6.20% 3.60% 4.40% 1.30% 5.50% 4.40% 7.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
16.90% 17.10% 14.90% 21.60% 28.20% 18.70% 15.00% 20.50% 19.80% 17.90% 2016201720182019202020212022202320242025
Debt / equity (×)
2.22× 2.54× 2.52× 2.58× 2.62× 2.36× 2.10× 2.22× 1.82× 1.67× 2016201720182019202020212022202320242025
EPS ($)
$12.38 $6.14 $9.52 $10.56 $6.23 $6.35 $1.80 $8.14 $6.43 $11.17 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

INTERNATIONAL BUSINESS MACHINES CORP trades at about 21.1× earnings — near its 10-year norm (10-year range 13×–74.8×, median 22.6×).

13× 74.8×

Shaded band = 10-year range (13×–74.8×); dot = today's 21.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin58.2%56.7%55.4%54.0%54.9%55.9%54.6%46.4%46.7%48.2%
Net margin15.7%9.6%12.1%2.7%10.0%10.1%16.3%11.0%7.3%14.9%
FCF margin17.9%19.8%20.5%15.0%18.7%28.2%21.6%14.9%17.1%16.9%
Return on assets7.0%4.4%5.5%1.3%4.4%3.6%6.2%7.1%4.6%10.1%
Return on equity32.4%22.0%33.2%7.4%30.2%27.0%44.9%51.6%32.5%64.5%
Debt / equity1.67×1.82×2.22×2.10×2.36×2.62×2.58×2.52×2.54×2.22×
Current ratio0.961.040.960.920.880.981.021.291.331.21

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.