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INTERNATIONAL BUSINESS MACHINES CORP (IBM) USD

Enterprise IT—hybrid cloud (Red Hat), consulting, software, and mainframe technologies.

At a glance: strengths & risks
✓Profit growing (+26% y/y, Q3 2026)✗High leverage (3.4x EBITDA)

Sector: Technology

US_IBM

Price chart

253.44 USDDay -0.05%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
253.44 USD · -0.05%
Market cap
240.4 bn USD

Growth

Δ revenue y/y
4.7%
Δ EBITDA y/y
4.4%

Multiples

P/E (LTM)
21.5x
3y avg: 27.3x
P/B (FY)
7.4x
P/E (ann.)
27.4x
EV/EBITDA (LTM)
18.9x
3y avg: 20.5x
EV/EBITDA (ann.)
19.2x

Cash return

Dividend yield
2.7%
FCF yield (LTM)
6.1%

Value creation

fundamental value/yr, % of market cap
Value created / year
+3.4%
↓ details

Liquidity

Daily turnover (US listing)
934.7 mln USD

Shares: yahoo_fundamentals_timeseries/IBM

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK17.1
y/y 4.7%
2.5
y/y 2.8%
1.4
y/y 7.4%
3.9
y/y 4.4%
2.2
y/y 25.6%
4.0-0.3155.0
y/y 5.9%
35.5
y/y 27.3%
8.3%57.9Link
2026-06-30Q2 2026 (3M)OK17.2
y/y 1.1%
2.5
y/y -4.5%
1.3
y/y 6.6%
3.8
y/y -0.9%
2.2
y/y -1.3%
2.6-0.4152.1
y/y 2.4%
34.5
y/y 25.2%
25.7%58.1SEC EDGAR
2026-03-31Q1 2026 (3M)OK15.9
y/y 9.5%
1.4
y/y 19.8%
1.3
y/y 8.2%
2.7
y/y 14.0%
1.2
y/y 15.3%
5.2-10.7156.2
y/y 7.3%
33.0
y/y 22.7%
14.8%59.0Link
2025-12-31Q4 2025 (3M)OK19.7
y/y 12.2%
4.1
y/y 25.3%
1.3
y/y 16.4%
5.4
y/y 23.1%
5.6
y/y 92.2%
4.07.5151.9
y/y 10.7%
32.6
y/y 19.6%
35.0%52.2Link
2025-09-30Q3 2025 (3M)OK16.3
y/y 9.1%
2.4
y/y —
1.3
y/y 1.2%
3.7
y/y 696.8%
1.7
y/y —
3.1-0.3146.3
y/y 8.9%
27.9
y/y 14.1%
8.4%55.0Link
2025-06-30Q2 2025 (3M)OK17.0
y/y 7.7%
2.6
y/y 17.0%
1.3
y/y 9.5%
3.9
y/y 14.5%
2.2
y/y 19.6%
1.7-1.0148.6
y/y 11.0%
27.5
y/y 14.5%
32.3%55.8Link
2025-03-31Q1 2025 (3M)OK14.5
y/y 0.5%
1.2
y/y 7.8%
1.2
y/y 4.1%
2.3
y/y 5.9%
1.1
y/y -34.3%
4.4-7.3145.7
y/y 6.2%
26.9
y/y 15.6%
15.6%55.8Link
2024-12-31Q4 2024 (3M)OK17.6
y/y 1.0%
3.3
y/y -12.1%
1.1
y/y -3.4%
4.4
y/y -10.0%
2.9
y/y -11.4%
4.32.4137.2
y/y 1.4%
27.3
y/y 21.2%
23.3%45.5Link
2024-09-30Q3 2024 (3M)OK15.0
y/y 1.5%
-0.8
y/y -142.8%
1.3
y/y 16.0%
0.5
y/y -84.3%
-0.3
y/y -119.4%
2.9-2.8134.3
y/y 3.9%
24.4
y/y 5.9%
-1.8%46.9Link
2024-06-30Q2 2024 (3M)OK15.8
y/y 1.9%
2.2
y/y 10.9%
1.2
y/y 7.2%
3.4
y/y 9.7%
1.8
y/y 15.9%
2.1-0.4133.8
y/y 1.2%
24.0
y/y 8.2%
31.0%47.6Link
2024-03-31Q1 2024 (3M)OK14.5
y/y 1.5%
1.1
y/y 1.5%
1.1
y/y 5.3%
2.2
y/y 3.4%
1.6
y/y 73.1%
4.2-0.3137.2
y/y 2.6%
23.3
y/y 7.7%
28.0%48.3Link
2023-12-31Q4 2023 (3M)OK17.4
y/y —
3.8
y/y —
1.2
y/y —
4.9
y/y —
3.3
y/y —
4.54.6135.2
y/y —
22.5
y/y —
32.9%47.4Link
2023-09-30Q3 2023 (3M)OK14.8
y/y —
1.9
y/y —
1.1
y/y —
3.0
y/y —
1.7
y/y —
3.1-4.9129.3
y/y —
23.1
y/y —
10.0%51.3Link
2023-06-30Q2 2023 (3M)OK15.5
y/y —
2.0
y/y —
1.1
y/y —
3.1
y/y —
1.6
y/y —
2.6-0.7132.2
y/y —
22.2
y/y —
28.9%50.9Link
2023-03-31Q1 2023 (3M)OK14.3
y/y —
1.1
y/y —
1.1
y/y —
2.1
y/y —
0.9
y/y —
3.8-0.3133.6
y/y —
21.6
y/y —
—52.3Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)7 762
Long-term debt (incl. LT leases)59 378
− Cash & equivalents9 233
Net debt57 907

Net debt / LTM EBITDA: 3.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05 00010 00015 00020 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-100%-75%-50%-25%0%25%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-10 000-5 00005 00010 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

020 00040 00060 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.23x of reported net profit; after capex, 1.87x.
year20212022202320242025
cash flow / profit2.23x6.37x1.86x2.23x1.25x
accruals, % of assets-5.3%-6.9%-4.8%-5.4%-1.7%
Last twelve months (to 2026-09-30): 1.42x of profit came back as operating cash flow.
net debt / EBITDA 3.4x · EBIT covers interest 5.3x · capex 0.3x of depreciation · dividends 53% of free cash flow · share count +1.2% a year
● Capex is 27% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +3.4%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (3 875 − 3 713) × 4.08
661
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (240 439 + 57 907) ÷ 15 803
18.9x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (18.9 + 12) ÷ 2
15.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -2 907 + 1 576 + 0 − 0
-1 331
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.3% × 240 439
−811
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (661 × 15.4 + -1 331 − 811) ÷ 240 439
+3.4%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • share-count dilution 0.3%/yr (valued at market: -811)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +8% vs +1% the year before — a +6.2 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 +2% · 2024 +1% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 18.0x · 3-year 75th pct 22.6x

EV/EBITDA3-year 75th pct

Peer comparison

Group: Technology. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
MICRON TECHNOLOGY INCUS1032.99.2x
ORACLE CORPUS381.215.1x
MICROSOFT CORPUS3969.520.8x
TEXAS INSTRUMENTS INCUS272.226.0x
NVIDIA CORPUS5249.726.2x
CISCO SYSTEMS, INC.US435.028.0x
LAM RESEARCH CORPUS297.229.0x
Broadcom Inc.US1597.529.3x
Apple Inc.US5080.729.7x
APPLIED MATERIALS INC /DEUS307.431.5x
ANALOG DEVICES INCUS199.731.7x
Arista Networks, Inc.US226.148.2x
Group median28.5x
Group average27.1x
This companyUS240.418.9x

Group median 28.5x; this company 18.9x — a 34% discount.

Group average 27.1x; against the average this company is at a 30% discount.

At the adjusted group median the market cap would be +62% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.1x, Russia 3.8x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-27; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-101.69 USDEx-dividend: 1.69 USD per sharePaidYahoo Finance (ex-div)
2026-05-081.69 USDEx-dividend: 1.69 USD per sharePaidYahoo Finance (ex-div)
2026-02-101.68 USDEx-dividend: 1.68 USD per sharePaidYahoo Finance (ex-div)
2025-11-101.68 USDEx-dividend: 1.68 USD per sharePaidYahoo Finance (ex-div)
2025-08-081.68 USDEx-dividend: 1.68 USD per sharePaidYahoo Finance (ex-div)
2025-05-091.68 USDEx-dividend: 1.68 USD per sharePaidYahoo Finance (ex-div)
2025-02-101.67 USDEx-dividend: 1.67 USD per sharePaidYahoo Finance (ex-div)
2024-11-121.67 USDEx-dividend: 1.67 USD per sharePaidYahoo Finance (ex-div)
2024-08-091.67 USDEx-dividend: 1.67 USD per sharePaidYahoo Finance (ex-div)
2024-05-091.67 USDEx-dividend: 1.67 USD per sharePaidYahoo Finance (ex-div)
2024-02-081.66 USDEx-dividend: 1.66 USD per sharePaidYahoo Finance (ex-div)
2023-11-091.66 USDEx-dividend: 1.66 USD per sharePaidYahoo Finance (ex-div)
2023-08-091.66 USDEx-dividend: 1.66 USD per sharePaidYahoo Finance (ex-div)
2023-05-091.66 USDEx-dividend: 1.66 USD per sharePaidYahoo Finance (ex-div)
2023-02-091.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-11-091.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-08-091.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-05-091.65 USDEx-dividend: 1.65 USD per sharePaidYahoo Finance (ex-div)
2022-02-101.64 USDEx-dividend: 1.64 USD per sharePaidYahoo Finance (ex-div)
2021-11-091.64 USDEx-dividend: 1.64 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of INTERNATIONAL BUSINESS MACHINES CORP (IBM) — from primary filings.

Frequently asked questions

What is INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s P/E ratio?
INTERNATIONAL BUSINESS MACHINES CORP (IBM) trades at a P/E of 21.5x (price to trailing 12-month earnings).
What is INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s EV/EBITDA?
INTERNATIONAL BUSINESS MACHINES CORP (IBM) trades at 18.9x EV/EBITDA.
What is INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s P/B ratio?
INTERNATIONAL BUSINESS MACHINES CORP (IBM) trades at a P/B of 7.4x.
What is INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s dividend yield?
INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s trailing 12-month dividend yield is 2.7%.
What is INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s return on equity (ROE)?
INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s ROE is 8.3%.
What is INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s market capitalization?
INTERNATIONAL BUSINESS MACHINES CORP (IBM)'s market cap is 240.4 bn USD.

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