International Business Machines Corporation: stock overview

IBMNYSETechnology · Computer & office Equipment

Price

$247.13

November 13, 2026Market cap $232B

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The full history: 17 fiscal years, from 2009
The estimated fair value, with its range and its certainty
The full analysis, 18 a month
More questions to the chat on its filings
Excel with every year
An email when it reports, changes its dividend or an officer buys

In short

International Business Machines had revenue of $69.9B over the last 12 months and net income of $11.2B, a net margin of 16.0%. Revenue grew by 4.1% a year on average over the last 5 years. At $247.13 the shares trade at a P/E of 20.8, against a median of 26.5 over the last 5 fiscal years. It has net debt of $52.8B. It pays a dividend yielding 2.73%.

From its SEC filings (latest fiscal year to December 31, 2025) and the price of November 13, 2026.

Its SEC filings

Market cap: $232B; 938M shares
P/E: 20.8; Today20.8
Median26.5
Revenue, 12 months: $69.9B; +4.1% a year over 5 years
Net margin: 16.0%; 2025: 15.7%, above 88% of its industry

Worth knowing

What a holder would want to hear from the company's SEC filings of the last three years. Each with its filing, without comment.

3 fiscal years in figures

Each fiscal year's figures as the company filed them, and the share price at its end.

2023–2025 fiscal years

+4.5% a year over 2 years

202510-K
Revenue$67.5B
202410-K
Revenue$62.8B
202310-K
Revenue$61.9B

Year	Revenue	Net income	EPS	Free cash flow	Dividend per share	Price
202510-K	$67.5B	$10.6B	$11.17	$12.1B	$6.71	$296.21
202410-K	$62.8B	$6.0B	$6.43	$12.4B	$6.67	$219.83
202310-K	$61.9B	$7.5B	$8.14	$12.7B	$6.63	$163.55

Fiscal years in figures

IBM's revenue, profit, cash flow and dividend with each year-end price, from 2009 to 2022, 14 more fiscal years

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Key figures

The company's current figures in five groups. Each term is explained behind its ⓘ.

Valuation

Market cap 3-year median: $204B: $232B
Enterprise value: $285B
P/E 3-year median: 26.5: 20.8
EV / EBIT: 27.1
EV / Revenue: 4.1
P/B 3-year median: 7.5: 6.5
FCF yield 3-year median: 6.1%: 6.3%
Earnings yield 3-year median: 3.8%: 4.8%

Profitability

Gross margin: 58.0%
Net margin 3-year median: 12.1%: 16.0%
ROIC: 8.6%
ROIC, 5-year average: 5.9%
ROE: 34.2%

Growth

Revenue, yearly change: +7.6%
EPS, yearly change: +73.7%
FCF, yearly change: -2.4%
Revenue, average a year: +4.1%
EPS, average a year: +12.4%

The yearly change compares FY2025 with FY2024.

Balance sheet

Cash: $11.1B
Total debt: $67.1B
Of which operating leases: $3.3B
Net debt: $52.8B
Net debt / EBITDA: 4.1x
Interest cover: 5.5x
Current ratio: 0.85

Balance sheet of September 30, 2026.

Returns to shareholders

Dividend yield 3-year median: 3.0%: 2.73%
Buybacks: –
Total returned: 2.73%
Shares, yearly change: +1.2%

Valuation against its own pastEach fiscal year's P/E, P/FCF and P/B beside today's, and the DCF calculator for the company.Valuation

Against its industry

Where its margins and returns stood in fiscal 2025 among the SEC filers of its industry (SIC code 35).

Gross margin

58.2%

Above 88% of the 115 companies in its industry, and 76% of all.

Net margin

15.7%

Above 88% of the 147 companies in its industry, and 76% of all.

ROE

32.5%

Above 92% of the 136 companies in its industry, and 93% of all.

ROA

7.0%

Above 70% of the 146 companies in its industry, and 79% of all.

Revenue growth

7.6%

Above 60% of the 144 companies in its industry, and 54% of all.

From the yearly figures every company files with the SEC, for those with revenue of at least $25 million. The industry is the first two digits of the SIC code.

Contracts with the US government

What the federal government committed in contracts to the company and its subsidiaries, by federal fiscal year (October to September).

$1.4B Fiscal year 2025

In federal fiscal year 2025 (October 2024 to September 2025) the US government committed $1.4B in contracts to the company and its subsidiaries. The year before it was $1.3B. That is about 2.1% of its revenue in the fiscal year to December 31, 2025 ($67.5B), though an amount committed is not revenue.

Fiscal year 2022Oct 2021 to Sep 2022

$1.1B

Fiscal year 2023Oct 2022 to Sep 2023

$1.1B

Fiscal year 2024Oct 2023 to Sep 2024

$1.3B

Fiscal year 2025Oct 2024 to Sep 2025

$1.4B

Fiscal year 2026Oct 2025 to Sep 2026

$1.2B

From USAspending.gov, the federal government's public spending records, as of November 1, 2026. An amount committed is not revenue of the same year: a contract running several years counts when it is signed, and the company is paid as it does the work. The company is matched through the parent company the government records it under, which adds up its subsidiaries. A subsidiary recorded under another parent can be missing.

The company at the SEC

How it is registered and when its fiscal year ends.

Name at the SEC: INTERNATIONAL BUSINESS MACHINES CORP
CIK: 51143
Exchange: NYSE
Industry (SIC): 3570 · Computer & office Equipment
Fiscal year ends: December 31
Latest annual report: December 31, 2025
Reporting currency: USD
Shares: 938M

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The full analysis

What do International Business Machines's filings show?

These are International Business Machines's figures. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Questions about IBM

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What is IBM's market cap?

International Business Machines Corporation's market cap is $232B, at a price of $247.13 on November 13, 2026 and 938M shares.

What is IBM's P/E?

IBM's P/E is 20.8, on earnings per share of $11.75 over the last 12 months. The median over the last 5 fiscal years was 26.5.

How much revenue does IBM have?

International Business Machines had revenue of $69.9B over the last 12 months. Over the last 5 years it changed by +4.1% a year on average.

Does IBM pay a dividend?

Yes. International Business Machines paid $6.75 per share over the last 12 months, a yield of 2.73% at today's price. All the figures are in the Dividend section.

Where do the figures come from?

From International Business Machines Corporation's SEC filings (10-K and 10-Q) and the share price. They hold no analyst estimates and no score, and they are not a recommendation.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

US stocksThe market today, the sectors, the largest companies and the week's results.The market's sectorsThe 11 sectors side by side: returns, share of the market, median P/E and dividend.Compare stocksTwo companies side by side: price over up to ten years, with and without dividends, and every figure.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.

The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.