International Business Machines Corporation
IBMNYSE
$252.09
Last price · USD
- Market cap
- $239.2B
- P/E
- 22.6x
- EV / EBITDA
- 16.9x
- P/S
- 3.5x
- FCF yield
- 5.1%
- Div. yield
- 2.62%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
International Business Machines Corporation key metrics & ratios
Annual · USD millions except per-share data · 36 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Growth (year over year) | |||||||
| Revenue growth | 7.6% | 1.4% | 2.2% | 5.5% | — | — | |
| Operating income growth | 24.0% | 2.6% | 20.1% | 19.1% | — | — | |
| Net income growth | 75.9% | -19.7% | 357.4% | -71.4% | — | — | |
| EPS (diluted) growth | 73.7% | -21.0% | 352.2% | -71.7% | — | — | |
| Free cash flow growth | 2.9% | -3.0% | 43.2% | -15.6% | — | — | |
| Margins | |||||||
| Gross margin | 58.2% | 56.7% | 55.4% | 54.0% | 54.9% | — | |
| Operating margin | 18.5% | 16.1% | 15.9% | 13.5% | 12.0% | — | |
| EBITDA margin | 25.6% | 19.4% | 23.8% | 11.9% | 21.6% | — | |
| Net margin | 15.7% | 9.6% | 12.1% | 2.7% | 10.0% | — | |
| FCF margin | 17.9% | 18.7% | 19.6% | 14.0% | 17.5% | — | |
| Returns on capital | |||||||
| Return on equity | 32.4% | 22.1% | 33.3% | 7.5% | 30.4% | — | |
| Return on assets | 7.0% | 4.4% | 5.5% | 1.3% | 4.3% | — | |
| Return on invested capital | 14.5% | 14.0% | 12.2% | 12.0% | 9.9% | — | |
| Leverage & liquidity | |||||||
| Debt / equity | 2.06x | 2.14x | 2.66x | 2.46x | 2.92x | — | |
| Net debt / EBITDA | 3.10x | 3.65x | 3.19x | 6.43x | 3.91x | — | |
| Current ratio | 0.93x | 1.04x | 0.96x | 0.92x | 0.88x | — | |
| Interest coverage | 6.46x | 5.88x | 6.11x | 6.72x | 5.94x | — | |
| Profitability & operating | |||||||
| EBIT | 12,263 | 7,509 | 10,297 | 2,372 | 5,992 | +19.6% | |
| EBITDA | 17,284 | 12,176 | 14,693 | 7,174 | 12,409 | +8.6% | |
| Operating income | 12,492 | 10,074 | 9,821 | 8,174 | 6,865 | +16.1% | |
| Income before tax | 10,328 | 5,797 | 8,690 | 1,156 | 4,837 | +20.9% | |
| Net income | 10,593 | 6,023 | 7,502 | 1,640 | 5,742 | +16.5% | |
| Earnings per share | |||||||
| EPS (basic) | $11.36 | $6.53 | $8.23 | $1.82 | $6.41 | +15.4% | |
| EPS (diluted) | $11.17 | $6.43 | $8.14 | $1.80 | $6.35 | +15.2% | |
| Share count (millions) | |||||||
| Weighted avg shares outstanding | 932 | 937 | 911 | 903 | 896 | +1.0% | |
| Weighted avg shares outstanding (diluted) | 949 | 937 | 922 | 912 | 905 | +1.2% | |
| Balance sheet highlights | |||||||
| Net debt | 53,513 | 44,449 | 46,867 | 46,127 | 48,490 | +2.5% | |
| Total debt | 67,154 | 58,396 | 59,935 | 54,013 | 55,140 | +5.1% | |
| Total investments | 8,538 | 2,335 | 1,962 | 2,469 | 2,423 | +37.0% | |
| Total stockholders' equity | 32,648 | 27,307 | 22,533 | 21,944 | 18,901 | +14.6% | |
| Total assets | 151,880 | 137,175 | 135,241 | 127,243 | 132,001 | +3.6% | |
| Cash flow highlights | |||||||
| Free cash flow | 12,102 | 11,760 | 12,121 | 8,463 | 10,028 | +4.8% | |
| Operating cash flow | 13,193 | 13,445 | 13,931 | 10,435 | 12,796 | +0.8% | |
| Capital expenditure | (1,091) | (1,685) | (1,810) | (1,972) | (2,768) | — | |
| Net cash from operating activities | 13,193 | 13,445 | 13,931 | 10,435 | 12,796 | +0.8% | |
| Additional fields | |||||||
| Accrued Expenses | 4,114 | 3,709 | 3,521 | 4,111 | 3,892 | +1.4% | |