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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. In the quarter to June 2026, revenue grew 1.09%, EPS fell 2.54%, free cash flow grew 56.5% and total debt fell 3.39%, each against the same quarter a year earlier. Member of the S&P 500 and Dow Jones; dividend growth for twenty-five consecutive years, revenue growth for five; insiders bought in the last twelve months.

227.13 0.52 +0.23%
Market cap
$214.0B
P/E
19.8×
Fwd P/E
27.7×
Dividend yield
2.98%
F-score
6/9
Altman Z
3.49
Beneish M
−2.41
Dividend safety
64/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

International Business Machines Corporation (IBM) Piotroski F-score

Alert me on Piotroski F-score

International Business Machines Corporation's Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.

Piotroski F-score, annual

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Annual newest first

Period Piotroski F-score Change (points)
FY2025 6 0.00
FY2024 6 (1.00)
FY2023 7 2.00
FY2022 5 (1.00)
FY2021 6 1.00
FY2020 5 0.00
FY2019 5 (1.00)
FY2018 6 1.00
FY2017 5 1.00
FY2016 4 —

How fiscal 2025’s score is made up

Test This year Year before Result Points
Positive return on assets 7.33% 4.42% Pass 1
Positive operating cash flow 13.19b 13.45b Pass 1
Rising return on assets 7.33% 4.42% Pass 1
Cash flow above net income 2.60b 7.42b Pass 1
Falling long-term leverage 0.38 0.37 Fail 0
Rising current ratio 0.96 1.04 Fail 0
No new shares issued 932,293,900 921,767,800 Fail 0
Rising gross margin 58.19% 56.65% Pass 1
Rising asset turnover 0.47 0.46 Pass 1
Piotroski F-score Mixed 6

How the Piotroski F-score works

One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.

Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:

7–9Strong — most fundamentals improved
4–6Mixed
0–3Weak — most fundamentals deteriorated

Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.

Piotroski F-score against peers

Company Piotroski F-score
BR Broadridge Financial Solutions, Inc. compare 8
CTSH Cognizant Technology Solutions Corporation compare 7
INFY American Noble Gas Inc. compare 7
FISV Fiserv, Inc. compare 6
ACN Accenture PLC compare 6
IBM International Business Machines Corporation 6
CDW CDW Corporation compare 5
FIS Fidelity National Information Services, Inc. compare 5
WIT Wipro Limited compare 4

What Piotroski F-score is

The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.

One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover

The full definition of Piotroski F-score →

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