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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

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

Show all line items

Columns are period end dates · fundamentals updated 2 Nov 2026

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