Gross margin
58.2% Fiscal year 2025
Rank 62 of 100: higher than 62% of 153 peers (All). medium.
Rank 54 of 100: higher than 54% of 57 peers (Sector). medium.
Median Technology: 56.1%
Share of revenue left after the direct cost of the products sold.
About the company
IBM is a long-established US technology company. Today it focuses on software (such as Red Hat), hybrid cloud, AI solutions and IT consulting. It also makes Z-series mainframes and does research on quantum computers, mainly for large companies and government agencies. As of Oct 11, 2026
Fact sheet (from the annual report) Computers and office equipment · Armonk, USA
IBM helps clients digitize their operations with hybrid cloud platforms and artificial intelligence. The Software segment comprises platforms for hybrid cloud and artificial intelligence with which clients carry out their digital transformation across applications and data. The Consulting division combines strategy, design, technology and operations expertise, for example for systems integration and application development. In the Infrastructure segment, the company supplies server and storage solutions for on-premises data centers and the cloud, including life-cycle services. The financing division finances clients’ purchases of hardware, software and services. Its partners include hyperscalers, service providers, system integrators and software and hardware vendors.
Automatically summarized from SEC annual report (10-K, filed Feb 24, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 14, 2026
What the methods say about IBM
- 52-week-high breakout No current pattern View
- Pullback in trend No current pattern View
- Double bottom No current pattern View
- Gap with volume No current pattern View
- Elliott + Fibonacci No current Elliott setup View
- Fundamentals Growth: redMargin: greenDebt: red View
Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze
Price performance at a glance
Last 30 trading days
- Today −1.3%
- 7 days +3.4%
- 30 days +11.0%
- 1 year −20.1%
Day range (last trading day)
−0.4%Price at 27% of the range+1.2%
52-week range
−20.4%Price at 38% of the range+32.9%
- Distance from the all-time high
- −24.7%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginIBM · Sector Technology · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 24, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet · 1 without data
6 of 7 criteria met
Growth
Revenue and earnings per share
4 of 7 criteria met
Dividend
Level, consistency, coverage
7 of 7 criteria met
Financial strength
Piotroski, debt, liquidity
3 of 6 criteria met
Quality 6 of 7 met · 1 without data
- met: Gross margin above 40% 58.2%
- no data: Operating margin above 15% not stated in the SEC filings
- met: Net margin above 10% 15.7%
- met: Return on equity above 15% 32.4%
- met: Free cash flow margin above 10% 17.9%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- not met: Equity ratio above 30% 21.5%
Net margin
15.7% Fiscal year 2025
Rank 57 of 100: higher than 57% of 237 peers (All). medium.
Rank 55 of 100: higher than 55% of 63 peers (Sector). medium.
Median Technology: 12.5%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
32.4% Fiscal year 2025
Rank 76 of 100: higher than 76% of 218 peers (All). strong.
Rank 78 of 100: higher than 78% of 61 peers (Sector). strong.
Median Technology: 13.5%
Net income divided by equity at fiscal year end.
Return on assets
7.0% Fiscal year 2025 (total assets at year end)
Rank 57 of 100: higher than 57% of 238 peers (All). medium.
Rank 56 of 100: higher than 56% of 63 peers (Sector). medium.
Median Technology: 5.9%
Net income divided by total assets at fiscal year end.
Equity ratio
21.5% Fiscal year 2025
Rank 28 of 100: higher than 28% of 239 peers (All). weak.
Rank 17 of 100: higher than 17% of 63 peers (Sector). weak.
Median Technology: 51.6%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
17.9% Fiscal year 2025
Rank 62 of 100: higher than 62% of 213 peers (All). medium.
Rank 48 of 100: higher than 48% of 62 peers (Sector). medium.
Median Technology: 19.0%
Free cash flow divided by revenue.
Free cash flow
12.1B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 4 of 7 met
- not met: Over 3 years, revenue grew by more than 5% per year +3.7%
- not met: Over 5 years, revenue grew by more than 5% per year −1.7%
- not met: Over 10 years, revenue grew by more than 5% per year −1.9%
- met: Over 3 years, EPS grew by more than 5% per year +83.8%
- met: Over 5 years, EPS grew by more than 5% per year +12.4%
- met: Revenue rose in at least 4 of the last 5 fiscal years 4 of 5
- met: Revenue rose in the last fiscal year +7.6%
Revenue growth 3 years
+3.7% per year
Rank 30 of 100: higher than 30% of 230 peers (All). weak.
Rank 26 of 100: higher than 26% of 59 peers (Sector). weak.
Median Technology: +14.3%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
−1.7% per year
Rank 4 of 100: higher than 4% of 217 peers (All). weak.
Rank 6 of 100: higher than 6% of 54 peers (Sector). weak.
Median Technology: +14.5%
Average growth per year over 5 fiscal years.
Revenue growth 10 years
−1.9% per year
Rank 4 of 100: higher than 4% of 157 peers (All). weak.
Rank 4 of 100: higher than 4% of 37 peers (Sector). weak.
Median Technology: +12.4%
Average growth per year over 10 fiscal years.
EPS growth 3 years
+83.8% per year
Rank 98 of 100: higher than 98% of 157 peers (All). strong.
Rank 92 of 100: higher than 92% of 32 peers (Sector). strong.
Median Technology: +19.2%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+12.4% per year
Rank 46 of 100: higher than 46% of 146 peers (All). medium.
Rank 34 of 100: higher than 34% of 34 peers (Sector). medium.
Median Technology: +17.0%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
−1.8% per year
Rank 10 of 100: higher than 10% of 140 peers (All). weak.
Rank 6 of 100: higher than 6% of 27 peers (Sector). weak.
Median Technology: +17.5%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 7 of 7 met
- met: Pays a dividend 6.71 USD
- met: Payout ratio at most 60% of earnings 60%
- met: Dividend paid in each of the last 5 fiscal years 5 of 5
- met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. never
- met: Dividend per share higher than 5 years ago +0.6%
- met: Free cash flow per share covers the dividend 1.9x
- met: Dividends paid over the last 5 years covered by free cash flow 53% of free cash flow
Payout ratio
60% Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+0.6% per year
Rank 5 of 100: higher than 5% of 118 peers (All). weak.
Rank 7 of 100: higher than 7% of 21 peers (Sector). weak.
Median Technology: +11.2%
Growth of the dividend per share per year.
Free cash flow coverage
1.9x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 3 of 6 met
- met: Piotroski F-Score at least 7 of 9 7 of 9
- not met: Long-term debt no higher than equity 1.68
- not met: Current assets cover current liabilities 0.96
- met: Positive equity 32.6B USD
- not met: In 5 years, share count up by at most 5% +5.8%
- met: Free cash flow positive in the last fiscal year 12.1B USD
Piotroski F-Score
7 of 9 Fiscal year 2025
Rank 72 of 100: higher than 72% of 134 peers (All). strong.
Rank 70 of 100: higher than 70% of 44 peers (Sector). strong.
Median Technology: 6.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
1.68 at fiscal year end
Rank 17 of 100: lower than 17% of 199 peers (All). weak.
Rank 12 of 100: lower than 12% of 54 peers (Sector). weak.
Median Technology: 0.41
Long-term financial debt divided by equity.
Liquidity (current ratio)
0.96 at fiscal year end
Rank 21 of 100: higher than 21% of 215 peers (All). weak.
Rank 12 of 100: higher than 12% of 63 peers (Sector). weak.
Median Technology: 2.02
Current assets divided by current liabilities.
Change in share count
+5.8% in 5 years
Rank 29 of 100: lower than 29% of 199 peers (All). weak.
Rank 44 of 100: lower than 44% of 51 peers (Sector). medium.
Median Technology: +2.8%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- met: Return on assets higher than the prior year
- met: Operating cash flow higher than net income
- met: Long-term debt relative to total assets fell
- not met: Liquidity (current assets / current liabilities) rose
- not met: No additional shares (diluted share count did not rise)
- met: Gross margin higher than the prior year
- met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light red: Revenue shrank over 5 years (−1.7% per year).
- Light green: Net income (total) grew over 5 years (+13.6% per year), at least as fast as the sector median; per share +12.4% per year.
- Light green: Net margin 15.7%, above the sector median (12.5%).
- Light red: Debt much higher than usual in the sector.
- Light green: Profit in each of the last 10 fiscal years.
- Light yellow: High payout ratio (60% of earnings).
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 79.9B USD · Net income 11.9B USD · Net margin 14.9%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 79.1B USD · Net income 5.8B USD · Net margin 7.3%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 79.6B USD · Net income 8.7B USD · Net margin 11.0%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 77.1B USD · Net income 9.4B USD · Net margin 12.2%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 73.6B USD · Net income 5.6B USD · Net margin 7.6%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 57.4B USD · Net income 5.7B USD · Net margin 10.0%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 60.5B USD · Net income 1.6B USD · Net margin 2.7%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 61.9B USD · Net income 7.5B USD · Net margin 12.1%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 62.8B USD · Net income 6.0B USD · Net margin 9.6%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 67.5B USD · Net income 10.6B USD · Net margin 15.7%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 17.4B USD · Net income 3.3B USD · Net margin 18.9% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 14.5B USD · Net income 1.6B USD · Net margin 11.1%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 15.8B USD · Net income 1.8B USD · Net margin 11.6%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 15.0B USD · Net income −330.0M USD · Net margin −2.2%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 17.6B USD · Net income 2.9B USD · Net margin 16.6% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 14.5B USD · Net income 1.1B USD · Net margin 7.3%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 17.0B USD · Net income 2.2B USD · Net margin 12.9%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 16.3B USD · Net income 1.7B USD · Net margin 10.7%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 19.7B USD · Net income 5.6B USD · Net margin 28.4% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 15.9B USD · Net income 1.2B USD · Net margin 7.6%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 17.2B USD · Net income 2.2B USD · Net margin 12.6%
- Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Revenue 17.1B USD · Net income 2.2B USD · Net margin 12.8%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 12.38 USD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 6.14 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 9.52 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 10.56 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 6.23 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 6.35 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 1.80 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 8.14 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 6.43 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 11.17 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 1.72 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 1.96 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share −0.36 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 1.12 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 2.31 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 1.84 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 1.28 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 2.27 USD
- Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Earnings per share 2.30 USD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 5.50 USD · Payout ratio 44.4%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 5.90 USD · Payout ratio 96.1%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 6.21 USD · Payout ratio 65.2%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 6.43 USD · Payout ratio 60.9%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 6.51 USD · Payout ratio 104.5%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 6.55 USD · Payout ratio 103.1%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 6.59 USD · Payout ratio 366.1%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 6.63 USD · Payout ratio 81.4%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 6.67 USD · Payout ratio 103.7%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 6.71 USD · Payout ratio 60.1%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 1.66 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 1.66 USD · Payout ratio 96.5%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 1.67 USD · Payout ratio 85.2%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 1.67 USD · Payout ratio not available
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 1.67 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 1.67 USD · Payout ratio 149.1%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 1.68 USD · Payout ratio 72.7%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 1.68 USD · Payout ratio 91.3%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 1.68 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 1.68 USD · Payout ratio 131.3%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 1.69 USD · Payout ratio 74.4%
- Quarter Q3/26 (Jul 1, 2026 – Sep 30, 2026): Dividend per share 1.69 USD · Payout ratio 73.5%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 67.5B USD · Net income 10.6B USD · Net margin 15.7%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 58.2 USD gross profit and 15.7 USD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 67.5B USD | 100.0% |
| Gross profit | 39.3B USD | 58.2% |
| Cost of revenue | 28.2B USD | 41.8% |
| Net income | 10.6B USD | 15.7% |
| Research & development | 8.3B USD | 12.3% |
| Interest expense | 1.9B USD | 2.9% |
| Remaining costs, taxes & other | 18.5B USD | 27.3% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The net margin rose in 5 years from 7.6% to 15.7%.
Gross marginNet margin- Fiscal year 2016: Gross margin 47.9% · Net margin 14.9%
- Fiscal year 2017: Gross margin 45.8% · Net margin 7.3%
- Fiscal year 2018: Gross margin 46.4% · Net margin 11.0%
- Fiscal year 2019: Gross margin 47.3% · Net margin 12.2%
- Fiscal year 2020: Gross margin 48.3% · Net margin 7.6%
- Fiscal year 2021: Gross margin 54.9% · Net margin 10.0%
- Fiscal year 2022: Gross margin 54.0% · Net margin 2.7%
- Fiscal year 2023: Gross margin 55.4% · Net margin 12.1%
- Fiscal year 2024: Gross margin 56.7% · Net margin 9.6%
- Fiscal year 2025: Gross margin 58.2% · Net margin 15.7%
Returns
Return on equity rose in 5 years from 27.1% to 32.4%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 65.1% · Return on assets 10.1%
- Fiscal year 2017: Return on equity 32.7% · Return on assets 4.6%
- Fiscal year 2018: Return on equity 52.0% · Return on assets 7.1%
- Fiscal year 2019: Return on equity 45.3% · Return on assets 6.2%
- Fiscal year 2020: Return on equity 27.1% · Return on assets 3.6%
- Fiscal year 2021: Return on equity 30.4% · Return on assets 4.4%
- Fiscal year 2022: Return on equity 7.5% · Return on assets 1.3%
- Fiscal year 2023: Return on equity 33.3% · Return on assets 5.5%
- Fiscal year 2024: Return on equity 22.1% · Return on assets 4.4%
- Fiscal year 2025: Return on equity 32.4% · Return on assets 7.0%
Equity and long-term debt
The equity ratio rose in 5 years from 13.2% to 21.5%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 18.2B USD · Long-term debt 34.7B USD
- Fiscal year 2017: Equity 17.6B USD · Long-term debt 39.8B USD
- Fiscal year 2018: Equity 16.8B USD · Long-term debt 35.6B USD
- Fiscal year 2019: Equity 20.8B USD · Long-term debt 54.1B USD
- Fiscal year 2020: Equity 20.6B USD · Long-term debt 54.4B USD
- Fiscal year 2021: Equity 18.9B USD · Long-term debt 44.9B USD
- Fiscal year 2022: Equity 21.9B USD · Long-term debt 46.2B USD
- Fiscal year 2023: Equity 22.5B USD · Long-term debt 50.1B USD
- Fiscal year 2024: Equity 27.3B USD · Long-term debt 49.9B USD
- Fiscal year 2025: Equity 32.6B USD · Long-term debt 54.8B USD
Liquidity (current ratio)
The current ratio stayed roughly the same in 5 years (0.96).
Current ratio- Fiscal year 2016: Current ratio 1.21
- Fiscal year 2017: Current ratio 1.33
- Fiscal year 2018: Current ratio 1.29
- Fiscal year 2019: Current ratio 1.02
- Fiscal year 2020: Current ratio 0.98
- Fiscal year 2021: Current ratio 0.88
- Fiscal year 2022: Current ratio 0.92
- Fiscal year 2023: Current ratio 0.96
- Fiscal year 2024: Current ratio 1.04
- Fiscal year 2025: Current ratio 0.96
Cash flow
Free cash flow fell in 5 years from 15.6B USD to 12.1B USD.
Operating cash flowCapital expenditureFree cash flow in USD- Fiscal year 2016: Operating cash flow 17.0B USD · Capital expenditure 3.6B USD · Free cash flow 13.4B USD
- Fiscal year 2017: Operating cash flow 16.7B USD · Capital expenditure 3.2B USD · Free cash flow 13.5B USD
- Fiscal year 2018: Operating cash flow 15.2B USD · Capital expenditure 3.4B USD · Free cash flow 11.9B USD
- Fiscal year 2019: Operating cash flow 14.8B USD · Capital expenditure 2.3B USD · Free cash flow 12.5B USD
- Fiscal year 2020: Operating cash flow 18.2B USD · Capital expenditure 2.6B USD · Free cash flow 15.6B USD
- Fiscal year 2021: Operating cash flow 12.8B USD · Capital expenditure 2.1B USD · Free cash flow 10.7B USD
- Fiscal year 2022: Operating cash flow 10.4B USD · Capital expenditure 1.3B USD · Free cash flow 9.1B USD
- Fiscal year 2023: Operating cash flow 13.9B USD · Capital expenditure 1.2B USD · Free cash flow 12.7B USD
- Fiscal year 2024: Operating cash flow 13.4B USD · Capital expenditure 1.0B USD · Free cash flow 12.4B USD
- Fiscal year 2025: Operating cash flow 13.2B USD · Capital expenditure 1.1B USD · Free cash flow 12.1B USD
Share count
The share count rose in 5 years by 5.8% – more new shares were issued than repurchased (dilution).
Diluted share count- Fiscal year 2016: Diluted share count 958.7M
- Fiscal year 2017: Diluted share count 937.4M
- Fiscal year 2018: Diluted share count 916.3M
- Fiscal year 2019: Diluted share count 892.8M
- Fiscal year 2020: Diluted share count 896.6M
- Fiscal year 2021: Diluted share count 904.6M
- Fiscal year 2022: Diluted share count 912.3M
- Fiscal year 2023: Diluted share count 922.1M
- Fiscal year 2024: Diluted share count 937.2M
- Fiscal year 2025: Diluted share count 948.7M
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 6.71 USD · Fiscal year 2025
- Dividend growth per year
- 3 y +0.6%5 y +0.6%10 y –
- Years without a cut
- at least 9 as far as the data goes
- Payout ratio
- of earnings 60% of free cash flow 52%
- Share count over 5 years
- +5.8% more shares – dilution
Dividend per share
The dividend per share stayed roughly the same in 5 years (6.71 USD).
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share 5.50 USD
- Fiscal year 2017: Dividend per share 5.90 USD
- Fiscal year 2018: Dividend per share 6.21 USD
- Fiscal year 2019: Dividend per share 6.43 USD
- Fiscal year 2020: Dividend per share 6.51 USD
- Fiscal year 2021: Dividend per share 6.55 USD
- Fiscal year 2022: Dividend per share 6.59 USD
- Fiscal year 2023: Dividend per share 6.63 USD
- Fiscal year 2024: Dividend per share 6.67 USD
- Fiscal year 2025: Dividend per share 6.71 USD
Payout ratios
The payout ratio fell in 5 years from 104.5% to 60.1%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) 44.4% · Payout ratio (free cash flow) 39.3%
- Fiscal year 2017: Payout ratio (earnings) 96.1% · Payout ratio (free cash flow) 40.8%
- Fiscal year 2018: Payout ratio (earnings) 65.2% · Payout ratio (free cash flow) 47.8%
- Fiscal year 2019: Payout ratio (earnings) 60.9% · Payout ratio (free cash flow) 45.7%
- Fiscal year 2020: Payout ratio (earnings) 104.5% · Payout ratio (free cash flow) 37.2%
- Fiscal year 2021: Payout ratio (earnings) 103.1% · Payout ratio (free cash flow) 54.7%
- Fiscal year 2022: Payout ratio (earnings) 366.1% · Payout ratio (free cash flow) 65.4%
- Fiscal year 2023: Payout ratio (earnings) 81.4% · Payout ratio (free cash flow) 47.6%
- Fiscal year 2024: Payout ratio (earnings) 103.7% · Payout ratio (free cash flow) 49.6%
- Fiscal year 2025: Payout ratio (earnings) 60.1% · Payout ratio (free cash flow) 51.7%
What goes back to shareholders
Over 5 years, 30.3B USD went back to shareholders as dividends. That is 53% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid 5.3B USD · Share repurchases 3.5B USD · New shares issued (including employee plans) not available · Free cash flow 13.4B USD
- Fiscal year 2017: Dividends paid 5.5B USD · Share repurchases 4.3B USD · New shares issued (including employee plans) not available · Free cash flow 13.5B USD
- Fiscal year 2018: Dividends paid 5.7B USD · Share repurchases 4.4B USD · New shares issued (including employee plans) not available · Free cash flow 11.9B USD
- Fiscal year 2019: Dividends paid 5.7B USD · Share repurchases 1.4B USD · New shares issued (including employee plans) not available · Free cash flow 12.5B USD
- Fiscal year 2020: Dividends paid 5.8B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 15.6B USD
- Fiscal year 2021: Dividends paid 5.9B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 10.7B USD
- Fiscal year 2022: Dividends paid 5.9B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 9.1B USD
- Fiscal year 2023: Dividends paid 6.0B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 12.7B USD
- Fiscal year 2024: Dividends paid 6.1B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 12.4B USD
- Fiscal year 2025: Dividends paid 6.3B USD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 12.1B USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
IBM next to 8 stocks of the sector Technology we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| DELL Dell Technologies | 113.5B USD | +3.8% | 20.0% | 7.2% | 5.2% | – | −2.4% | 7.5% | 7/9 |
| ACN Accenture | 74.2B USD | +8.0% | 32.0% | 15.4% | 11.3% | 26.5% | 42.9% | 15.7% | 6/9 |
| IBM IBM this stock | 67.5B USD | −1.7% | 58.2% | – | 15.7% | 32.4% | 21.5% | 17.9% | 7/9 |
| ORCL Oracle Corporation | 67.4B USD | +10.7% | – | 30.6% | 25.4% | 40.2% | 16.2% | −35.2% | – |
| AVGO Broadcom | 63.9B USD | +21.7% | 67.8% | 39.9% | 36.2% | 28.4% | 47.5% | 42.1% | – |
| CSCO Cisco | 63.3B USD | +4.9% | 64.5% | 24.3% | 21.0% | 26.4% | 38.8% | 20.2% | 7/9 |
| INTC Intel | 52.9B USD | −7.5% | 34.8% | −4.2% | −0.5% | −0.2% | 54.1% | −9.4% | 6/9 |
| QCOM Qualcomm | 44.3B USD | +13.5% | 55.4% | 27.9% | 12.5% | 26.1% | 42.3% | 28.9% | 6/9 |
| CRM Salesforce | 41.5B USD | +14.3% | 77.7% | 20.1% | 18.0% | 12.6% | 52.7% | 34.7% | 7/9 |
| Median of the sector 63 symbols | 11.0B USD | +14.5% | 56.1% | 14.2% | 12.5% | 13.5% | 51.6% | 19.0% | 6/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth−1.7% per year, last 5 years
Sector Technology: median +13.5% (88 symbols)
What does this mean? Revenue: over 5 years it fell by 1.7% per year on average. The median company in the sector reached +13.5% per year.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+13.6% per year, last 5 years
Sector Technology: median +13.3% (62 symbols)
per share: +12.4% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 13.6% per year on average – at least as fast as the median company in the sector (+13.3%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin15.7% last fiscal year
Sector Technology: median 12.5% (97 symbols)
What does this mean? Of every 100 USD in revenue, 15.69 USD remained as profit – at least as much as the median company in the sector (12.5%). Five years ago the margin was 7.6%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth1.60 latest balance sheet
Sector Technology: median 0.45 (79 symbols)
What does this mean? For every 1 USD of equity there is 1.60 USD of financial debt – more than twice as much as the median company in the sector (0.45). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth60% Dividend / earnings per share
Sector Technology: median 30% (36 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.60 USD went to shareholders as a dividend. Little buffer remains for weaker years. Median company in the sector: 30%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 67.5B | 10.6B | 15.7% | 11.17 | 6.71 | 60% |
| 2024 | Dec 31, 2024 | 62.8B | 6.0B | 9.6% | 6.43 | 6.67 | 104% |
| 2023 | Dec 31, 2023 | 61.9B | 7.5B | 12.1% | 8.14 | 6.63 | 81% |
| 2022 | Dec 31, 2022 | 60.5B | 1.6B | 2.7% | 1.80 | 6.59 | 366% |
| 2021 | Dec 31, 2021 | 57.4B | 5.7B | 10.0% | 6.35 | 6.55 | 103% |
| 2020 | Dec 31, 2020 | 73.6B | 5.6B | 7.6% | 6.23 | 6.51 | 104% |
| 2019 | Dec 31, 2019 | 77.1B | 9.4B | 12.2% | 10.56 | 6.43 | 61% |
| 2018 | Dec 31, 2018 | 79.6B | 8.7B | 11.0% | 9.52 | 6.21 | 65% |
| 2017 | Dec 31, 2017 | 79.1B | 5.8B | 7.3% | 6.14 | 5.90 | 96% |
| 2016 | Dec 31, 2016 | 79.9B | 11.9B | 14.9% | 12.38 | 5.50 | 44% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q3/26 | Sep 30, 2026 | 17.1B | 2.2B | 12.8% | 2.30 | 1.69 | 73% |
| Q2/26 | Jun 30, 2026 | 17.2B | 2.2B | 12.6% | 2.27 | 1.69 | 74% |
| Q1/26 | Mar 31, 2026 | 15.9B | 1.2B | 7.6% | 1.28 | 1.68 | 131% |
| Q4/25* | Dec 31, 2025 | 19.7B | 5.6B | 28.4% | – | 1.68 | – |
| Q3/25 | Sep 30, 2025 | 16.3B | 1.7B | 10.7% | 1.84 | 1.68 | 91% |
| Q2/25 | Jun 30, 2025 | 17.0B | 2.2B | 12.9% | 2.31 | 1.68 | 73% |
| Q1/25 | Mar 31, 2025 | 14.5B | 1.1B | 7.3% | 1.12 | 1.67 | 149% |
| Q4/24* | Dec 31, 2024 | 17.6B | 2.9B | 16.6% | – | 1.67 | – |
| Q3/24 | Sep 30, 2024 | 15.0B | −330.0M | −2.2% | −0.36 | 1.67 | – |
| Q2/24 | Jun 30, 2024 | 15.8B | 1.8B | 11.6% | 1.96 | 1.67 | 85% |
| Q1/24 | Mar 31, 2024 | 14.5B | 1.6B | 11.1% | 1.72 | 1.66 | 97% |
| Q4/23* | Dec 31, 2023 | 17.4B | 3.3B | 18.9% | – | 1.66 | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $00 people | $5.8M1 person | −$5.8M |
| 6 months | $00 people | $5.8M1 person | −$5.8M |
| 12 months | $417.2K3 people | $5.8M1 person | −$5.3M |
Latest transactions
- Aug 26, 2026 Thomas Robert David Officer Open-market sale 25,000 shares · $5.8M · SEC
- Feb 25, 2026 Miebach Michael Director Open-market purchase 434 shares · $101.3K · SEC
- Feb 25, 2026 Howard Michelle J Director Open-market purchase 50 shares · $11.9K · SEC
- Jan 30, 2026 Farr David N Director Open-market purchase 1,000 shares · $304.0K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +15
Price vs. EMA 50+15
Price vs. EMA 200+15
EMA 50 vs. EMA 200-20
ADX (trend strength)+0
Highs and lows-10
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)23.8
Rel. strength 60 d+9.5%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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