IBM IBM

XNYS Sideways Alert

Technology

· How we analyze

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

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.

Where is the price relative to the buy zone?

No buy zone

There is currently no buy zone for this symbol under our Elliott rule. One only forms when the price pulls back after a strong rise.

An observation, not investment advice

Rule (4-hour candles) No active buy zone – the last one ended on Oct 16, 2026 · Buy zone no longer valid

Watcher Full history: every change of the buy zone with its date.

Automated analysis (rule-based)

How we analyze

Timeframe 4 hours · As of Oct 27, 2026

Elliott wave analysis IBM (4-hour candles): Combination (W-X-Y), Corrective pattern (upward), Y in progress (3 of 3 guidelines); no buy zone of the rule on this timeframe. Candlestick chart IBM with 152 4-hour candles from Jul 13, 2026, 15:30 to Oct 27, 2026, 18:30. No buy zone of the rule on this timeframe – only the Elliott count: Combination (W-X-Y), Corrective pattern (upward), Y in progress (3 of 3 guidelines) (X = 65% of W; Y = 73% of W), invalid on a close below the end of X. Fibonacci target zones for this count from Watcher. No value axis. Automated analysis (rule-based), not investment advice. IBM · 4-hour candles · Automated analysis (rule-based) No buy zone of the rule – Elliott count only Fibonacci target zones for this count from Watcher invalid on a close below the end of X 0 W X Y in progress (a) (b) (c) Aug Sep Oct last candle Oct 27, 2026, 18:30 · not investment advice Without a buy zone of the rule: no value axis
  • 4-hour candles (green = close above open, red = below)
  • Elliott count (thin gold line, waves in circles; dashed circle = still in progress; small = subwaves; red dashed = invalidation level)
  • Watcher Fibonacci target zones for this count from Watcher

Elliott count: Combination (W-X-Y), Corrective pattern (upward), Y in progress (3 of 3 guidelines) · X = 65% of W; Y = 73% of W

Note: Structure ambiguous: leg X can also be read as three- or five-part.

Note: Retracement at least 88.7% of A: flat possible (B in progress, type only with C).

Elliott count calculated automatically by fixed Elliott rules, not investment advice – display only, our buy zones do not use it. Provisional: The count can change with new candles.

Scenarios

Timeframe 4 hours · As of Oct 27, 2026 · from the Elliott count in the analysis chart

Weighting Main scenario (3 of 3 guidelines, strong) · no alternative

Weighting by guidelines met – not a probability.

Main scenario

strong · 3 of 3 guidelines

As long as the 4-hour close stays above the end of X, this applies: complex countermove upward (Combination W-X-Y), Y in progress – count points to rising prices.

Invalid if the 4-hour close is below the end of X

Alternative

If that breaks, this count no longer applies. Currently no alternative that follows the rules.

Watcher Fibonacci target zones and levels for this count – as a help for your own review – from Watcher.

Fundamental analysis

IBM · 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 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%
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.

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.

RevenueNet income Net margin (below) in USD
  1. Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 79.9B USD · Net income 11.9B USD · Net margin 14.9%
  2. Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 79.1B USD · Net income 5.8B USD · Net margin 7.3%
  3. Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 79.6B USD · Net income 8.7B USD · Net margin 11.0%
  4. Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 77.1B USD · Net income 9.4B USD · Net margin 12.2%
  5. Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 73.6B USD · Net income 5.6B USD · Net margin 7.6%
  6. Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 57.4B USD · Net income 5.7B USD · Net margin 10.0%
  7. Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 60.5B USD · Net income 1.6B USD · Net margin 2.7%
  8. Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 61.9B USD · Net income 7.5B USD · Net margin 12.1%
  9. Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 62.8B USD · Net income 6.0B USD · Net margin 9.6%
  10. Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 67.5B USD · Net income 10.6B USD · Net margin 15.7%

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
Fiscal year 2025, amounts in USD, share of revenue
ItemAmountof revenue
Revenue67.5B USD100.0%
Gross profit39.3B USD58.2%
Cost of revenue28.2B USD41.8%
Net income10.6B USD15.7%
Research & development8.3B USD12.3%
Interest expense1.9B USD2.9%
Remaining costs, taxes & other18.5B USD27.3%

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
  1. Fiscal year 2016: Gross margin 47.9% · Net margin 14.9%
  2. Fiscal year 2017: Gross margin 45.8% · Net margin 7.3%
  3. Fiscal year 2018: Gross margin 46.4% · Net margin 11.0%
  4. Fiscal year 2019: Gross margin 47.3% · Net margin 12.2%
  5. Fiscal year 2020: Gross margin 48.3% · Net margin 7.6%
  6. Fiscal year 2021: Gross margin 54.9% · Net margin 10.0%
  7. Fiscal year 2022: Gross margin 54.0% · Net margin 2.7%
  8. Fiscal year 2023: Gross margin 55.4% · Net margin 12.1%
  9. Fiscal year 2024: Gross margin 56.7% · Net margin 9.6%
  10. 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
  1. Fiscal year 2016: Return on equity 65.1% · Return on assets 10.1%
  2. Fiscal year 2017: Return on equity 32.7% · Return on assets 4.6%
  3. Fiscal year 2018: Return on equity 52.0% · Return on assets 7.1%
  4. Fiscal year 2019: Return on equity 45.3% · Return on assets 6.2%
  5. Fiscal year 2020: Return on equity 27.1% · Return on assets 3.6%
  6. Fiscal year 2021: Return on equity 30.4% · Return on assets 4.4%
  7. Fiscal year 2022: Return on equity 7.5% · Return on assets 1.3%
  8. Fiscal year 2023: Return on equity 33.3% · Return on assets 5.5%
  9. Fiscal year 2024: Return on equity 22.1% · Return on assets 4.4%
  10. 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.
  1. Fiscal year 2016: Equity 18.2B USD · Long-term debt 34.7B USD
  2. Fiscal year 2017: Equity 17.6B USD · Long-term debt 39.8B USD
  3. Fiscal year 2018: Equity 16.8B USD · Long-term debt 35.6B USD
  4. Fiscal year 2019: Equity 20.8B USD · Long-term debt 54.1B USD
  5. Fiscal year 2020: Equity 20.6B USD · Long-term debt 54.4B USD
  6. Fiscal year 2021: Equity 18.9B USD · Long-term debt 44.9B USD
  7. Fiscal year 2022: Equity 21.9B USD · Long-term debt 46.2B USD
  8. Fiscal year 2023: Equity 22.5B USD · Long-term debt 50.1B USD
  9. Fiscal year 2024: Equity 27.3B USD · Long-term debt 49.9B USD
  10. 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
  1. Fiscal year 2016: Current ratio 1.21
  2. Fiscal year 2017: Current ratio 1.33
  3. Fiscal year 2018: Current ratio 1.29
  4. Fiscal year 2019: Current ratio 1.02
  5. Fiscal year 2020: Current ratio 0.98
  6. Fiscal year 2021: Current ratio 0.88
  7. Fiscal year 2022: Current ratio 0.92
  8. Fiscal year 2023: Current ratio 0.96
  9. Fiscal year 2024: Current ratio 1.04
  10. 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
  1. Fiscal year 2016: Operating cash flow 17.0B USD · Capital expenditure 3.6B USD · Free cash flow 13.4B USD
  2. Fiscal year 2017: Operating cash flow 16.7B USD · Capital expenditure 3.2B USD · Free cash flow 13.5B USD
  3. Fiscal year 2018: Operating cash flow 15.2B USD · Capital expenditure 3.4B USD · Free cash flow 11.9B USD
  4. Fiscal year 2019: Operating cash flow 14.8B USD · Capital expenditure 2.3B USD · Free cash flow 12.5B USD
  5. Fiscal year 2020: Operating cash flow 18.2B USD · Capital expenditure 2.6B USD · Free cash flow 15.6B USD
  6. Fiscal year 2021: Operating cash flow 12.8B USD · Capital expenditure 2.1B USD · Free cash flow 10.7B USD
  7. Fiscal year 2022: Operating cash flow 10.4B USD · Capital expenditure 1.3B USD · Free cash flow 9.1B USD
  8. Fiscal year 2023: Operating cash flow 13.9B USD · Capital expenditure 1.2B USD · Free cash flow 12.7B USD
  9. Fiscal year 2024: Operating cash flow 13.4B USD · Capital expenditure 1.0B USD · Free cash flow 12.4B USD
  10. 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
  1. Fiscal year 2016: Diluted share count 958.7M
  2. Fiscal year 2017: Diluted share count 937.4M
  3. Fiscal year 2018: Diluted share count 916.3M
  4. Fiscal year 2019: Diluted share count 892.8M
  5. Fiscal year 2020: Diluted share count 896.6M
  6. Fiscal year 2021: Diluted share count 904.6M
  7. Fiscal year 2022: Diluted share count 912.3M
  8. Fiscal year 2023: Diluted share count 922.1M
  9. Fiscal year 2024: Diluted share count 937.2M
  10. 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.
  1. Fiscal year 2016: Dividend per share 5.50 USD
  2. Fiscal year 2017: Dividend per share 5.90 USD
  3. Fiscal year 2018: Dividend per share 6.21 USD
  4. Fiscal year 2019: Dividend per share 6.43 USD
  5. Fiscal year 2020: Dividend per share 6.51 USD
  6. Fiscal year 2021: Dividend per share 6.55 USD
  7. Fiscal year 2022: Dividend per share 6.59 USD
  8. Fiscal year 2023: Dividend per share 6.63 USD
  9. Fiscal year 2024: Dividend per share 6.67 USD
  10. 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)
  1. Fiscal year 2016: Payout ratio (earnings) 44.4% · Payout ratio (free cash flow) 39.3%
  2. Fiscal year 2017: Payout ratio (earnings) 96.1% · Payout ratio (free cash flow) 40.8%
  3. Fiscal year 2018: Payout ratio (earnings) 65.2% · Payout ratio (free cash flow) 47.8%
  4. Fiscal year 2019: Payout ratio (earnings) 60.9% · Payout ratio (free cash flow) 45.7%
  5. Fiscal year 2020: Payout ratio (earnings) 104.5% · Payout ratio (free cash flow) 37.2%
  6. Fiscal year 2021: Payout ratio (earnings) 103.1% · Payout ratio (free cash flow) 54.7%
  7. Fiscal year 2022: Payout ratio (earnings) 366.1% · Payout ratio (free cash flow) 65.4%
  8. Fiscal year 2023: Payout ratio (earnings) 81.4% · Payout ratio (free cash flow) 47.6%
  9. Fiscal year 2024: Payout ratio (earnings) 103.7% · Payout ratio (free cash flow) 49.6%
  10. 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
  1. 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
  2. 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
  3. 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
  4. 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
  5. 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
  6. 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
  7. 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
  8. 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
  9. 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
  10. 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.

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.

Sector comparison IBM, sector Technology; last row: sector median
Symbol Revenue (FY) Growth 5 yrsGross marginOp. marginNet marginROEEquity ratioFCF marginPiotroski
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 of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).

Revenue growth

Light red: shrinking

−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)

Light green: above sector

+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

Light green: above sector

15.7% 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

Light red: much higher

1.60 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

Light yellow: high

60% 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

Light green: profit every year

10 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).

Last fiscal year and 13F

Information, not a trading signal · Source: SEC EDGAR
Revenue (FY)
67.5B USD
Revenue vs. prior year
+7.6%
Net income (FY)
10.6B USD
Net income vs. prior year
+75.9%
EPS (FY)
11.17 USD
13F funds with a position
1 of 9
Funds vs. prior quarter
+1
Shares held vs. prior quarter
–
Fiscal year to Dec 31, 2025 · 10-K filed Feb 24, 2026 · Balance sheet Sep 30, 2026 (filed Oct 22, 2026) · Price-based figures (P/E, P/S, dividend yield, market cap) only when logged in. · Values as first reported; debt = reported financial debt (US GAAP: long-term). 13F: reporting date Jun 30, 2026, 9 tracked funds have filed (latest Aug 14, 2026), filed with up to 45 days of delay. Stock positions only; comparison with Mar 31, 2026 only across funds that filed for both quarters.
All figures as a table
Fiscal years (amounts in USD, per share in USD)
YearEndRevenueNet income MarginEarnings per shareDividend per sharePayout
2025Dec 31, 2025 67.5B10.6B 15.7% 11.17 6.71 60%
2024Dec 31, 2024 62.8B6.0B 9.6% 6.43 6.67 104%
2023Dec 31, 2023 61.9B7.5B 12.1% 8.14 6.63 81%
2022Dec 31, 2022 60.5B1.6B 2.7% 1.80 6.59 366%
2021Dec 31, 2021 57.4B5.7B 10.0% 6.35 6.55 103%
2020Dec 31, 2020 73.6B5.6B 7.6% 6.23 6.51 104%
2019Dec 31, 2019 77.1B9.4B 12.2% 10.56 6.43 61%
2018Dec 31, 2018 79.6B8.7B 11.0% 9.52 6.21 65%
2017Dec 31, 2017 79.1B5.8B 7.3% 6.14 5.90 96%
2016Dec 31, 2016 79.9B11.9B 14.9% 12.38 5.50 44%
Quarters (amounts in USD, per share in USD)
QuarterEndRevenueNet income MarginEarnings per shareDividend per sharePayout
Q3/26Sep 30, 2026 17.1B2.2B 12.8% 2.30 1.69 73%
Q2/26Jun 30, 2026 17.2B2.2B 12.6% 2.27 1.69 74%
Q1/26Mar 31, 2026 15.9B1.2B 7.6% 1.28 1.68 131%
Q4/25*Dec 31, 2025 19.7B5.6B 28.4% – 1.68 –
Q3/25Sep 30, 2025 16.3B1.7B 10.7% 1.84 1.68 91%
Q2/25Jun 30, 2025 17.0B2.2B 12.9% 2.31 1.68 73%
Q1/25Mar 31, 2025 14.5B1.1B 7.3% 1.12 1.67 149%
Q4/24*Dec 31, 2024 17.6B2.9B 16.6% – 1.67 –
Q3/24Sep 30, 2024 15.0B−330.0M −2.2% −0.36 1.67 –
Q2/24Jun 30, 2024 15.8B1.8B 11.6% 1.96 1.67 85%
Q1/24Mar 31, 2024 14.5B1.6B 11.1% 1.72 1.66 97%
Q4/23*Dec 31, 2023 17.4B3.3B 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 over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.

Insiders

All insider transactions
Insider purchases and sales on the market over 3, 6 and 12 months
PeriodPurchasesSalesNet
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 and moving averages as price values only when logged in.

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