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International Business Machines Corporation

IBM Technology Information Technology Services

International Business Machines Corporation’s revenue for fiscal 2025 (year ended December 2025) was $67.5 billion, up 7.62% from fiscal 2024.

Revenue: +4.73%
EPS: +24.1%
Free cash flow: +31.3%
Total debt: +1.11%

Quarter to September 2026, against a year earlier

248.25 6.07 −2.39%

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Market cap: $233.6B
P/E: 20.9×
Fwd P/E: 25.8×
Dividend yield: 2.72%
F-score: 6/9
Altman Z: 3.49
Beneish M: −2.41
Dividend safety: 64/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

	Older periods	Dec '25	Mar '26	Jun '26	Sep '26
P/E ratio Full definition →	+8 more quarters Free account	26.10	21.06	24.56	18.48
P/S ratio Full definition →		4.09	3.30	3.83	2.97
P/FCF ratio Full definition →		22.59	17.54	19.14	14.11
P/Operating CF Full definition →		68.36	44.01	101.92	51.60
P/B ratio Full definition →		8.43	6.88	7.66	5.74
Price to Tangible BV Full definition →		0.00	0.00	0.00	0.00
EV/Sales Full definition →		4.78	4.09	4.61	3.73
EV/EBITDA Full definition →		20.34	17.13	19.52	15.69
EV/Operating CF Full definition →		24.48	20.16	21.39	16.45
EV/FCF Full definition →		26.42	21.75	23.03	17.69
Quick Ratio Full definition →		0.61	0.49	0.43	0.51
Current Ratio Full definition →		0.96	0.80	0.79	0.85
Net Debt/EBITDA Full definition →		8.39	18.41	13.57	12.88
Debt/Assets Full definition →		40.33%	42.48%	40.75%	41.17%
Debt/Equity Full definition →		1.87	2.01	1.79	1.76
Asset Turnover Full definition →		0.47	0.46	0.46	0.46
Operating CF/Net income Full definition →		0.72	4.25	1.20	1.84
Capex/Depreciation Full definition →		(0.29)	(0.18)	(0.15)	(0.22)
Interest Coverage Full definition →		8.95	3.57	5.38	5.53
Research and Development Expense of Revenue Full definition →		11.11%	13.65%	13.47%	13.90%
Selling, General and Administrative Expense of Revenue Full definition →		27.75%	31.97%	29.02%	27.01%
Intangible Assets out of Total Assets Full definition →		0.52	0.57	0.58	0.57
Share Based Compensation of Revenue Full definition →		2.18%	3.18%	2.90%	3.13%
Graham Net Nets Full definition →		(0.30)	(0.40)	(0.34)	(0.42)
Graham Number Full definition →		94.70	95.51	97.23	101.32
Earnings Yield Full definition →		3.83%	4.75%	4.07%	5.41%
Free Cash Flow Yield Full definition →		4.43%	5.70%	5.23%	7.09%
Revenue per Share Full definition →		21.12	16.96	18.23	18.11
Operating CF per Share Full definition →		4.33	5.51	2.76	4.26
Capex per Share Full definition →		(0.41)	(0.24)	(0.22)	(0.32)
Free Cash Flow per Share Full definition →		3.93	5.27	2.54	3.94
Cash per Share Full definition →		15.52	12.60	8.69	11.76
Shareholders Equity per Share Full definition →		35.12	35.22	36.70	38.34
Interest Debt per Share Full definition →		0.00	0.00	0.00	0.00
Book value per Share Full definition →		35.12	35.22	36.70	38.34
Free Cash Flow Full definition →		3,661.00	4,945.00	2,391.00	3,722.00
Working Capital Full definition →		(1,714.00)	(8,187.00)	(7,514.00)	(5,293.00)
Capital Expenditures Full definition →		(379.00)	(224.00)	(206.00)	(303.00)
Net Current Asset Value Full definition →		(82,195.00)	(91,260.00)	(89,160.00)	(87,613.00)
EV/EBIT Full definition →		29.75	24.85	28.66	23.05
Capex to Sales Full definition →		0.02	0.01	0.01	0.02
Price to Operating Income Full definition →		25.44	20.04	23.82	18.39
Other line items
Average Receivables Full definition →		8,457.50	7,244.50	7,276.50	7,086.50
Average Payables Full definition →		4,394.00	3,812.00	4,184.50	4,179.00
Average Inventory Full definition →		1,254.50	1,453.50	1,498.50	1,671.00
Average Assets Full definition →		144,527.50	150,948.00	150,342.00	150,661.50
Average Common Equity Full definition →		30,066.50	30,004.00	31,064.50	32,098.00

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Columns are period end dates · fundamentals updated 2 Nov 2026

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