International Business Machines Corporation (IBM)

NYSE: IBM · USD

$253

+3.15 (+1.3%)· Recorded snapshot

英語版にフォールバックJA

翻訳中のため英語版を表示しています

このレポートはまだ翻訳されていません。翻訳キューが追いついたら数分後に更新してください。

StockMarketAgent Research · Analyzed 2026-09-08

Our latest published analysis: IBM rated Hold

International Business Machines Corporation's published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$224 / share

Potential value

$420 / share

Upside to FV

-4.7%

from $253

Moat

1/10

None

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$221.3B
Revenue (ttm)	69.9B
Net income (ttm)	11.2B
EPS (ttm)	$11.7
Shares out	945.1M
P/E (trailing)	21.6x
P/E (forward)	17.6x
Dividend	$6.76 (2.67%)
Volume	2,696,553
Beta	0.72

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 69.9B
Net income (ttm): 11.2B
EPS (ttm): $11.7
P/E (trailing): 21.6x
P/E (forward): 17.6x
Market cap: $221.3B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$57.35B	$60.53B	$61.86B	$62.75B	$67.54B	+4.2%
Gross profit	$31.49B	$32.69B	$34.30B	$35.55B	$39.30B	+5.7%
Operating income	$7.02B	$2.37B	$7.51B	$7.51B	$12.26B	+15.0%
Net income	$5.74B	$1.64B	$7.50B	$6.02B	$10.59B	+16.5%
EPS (diluted)	$6.35	$1.80	$8.14	$6.43	$11.17	+15.2%
EBITDA	$13.44B	$7.17B	$7.51B	$12.18B	$17.28B	+6.5%
R&D	$6.49B	$6.57B	$6.78B	$7.48B	$8.32B	+6.4%
SG&A	$18.75B	$18.61B	$19.00B	$19.69B	$20.12B	+1.8%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	売り
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	縮小
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	ホールド
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	売り
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	強い買い
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	売り

Base and Bull scenarios

Base60%

Price target

$223.86

-4.7% from spot

This path requires modest sales growth and stable margins. Weaker cash generation or estimate delivery would disconfirm it.

FY2026 and FY2027 sales follow the dated estimate path.
Free cash flow stays positive while debt does not rise materially.

Bull20%

Price target

$420.12

+78.9% from spot

Sustained estimate delivery and dated support beyond FY2027 would keep upside alive. Weaker estimates or cash generation would disconfirm it.

Revenue reaches the upper part of the FY2026 and FY2027 estimate ranges.
EPS outgrows revenue while free cash flow strengthens and debt declines.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($223.86). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
5.2%	$271	$294	$325	$368	$435
6.2%	$231	$244	$261	$283	$312
7.2%	$204	$212	$224	$235	$251
8.2%	$184	$190	$197	$205	$215
9.2%	$169	$173	$178	$183	$190

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E17.6

P25 n/aP50 n/aP75 n/a

Trailing P/E20.9

P25 n/aP50 n/aP75 n/a

ROE34.8

P25 n/aP50 n/aP75 n/a

ROIC14

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All IBM indicators

Market & fundamental data

Available fields

295

Groups with data

Currency

USD

Showing 295 of 295 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000051143
Company name	International Business Machines Corporation
Country	United States
Country code	US
CUSIP number	459200101
Earnings date	2026-10-21
Earnings time	amc
Employees	264,300
Employees change	-6,000
Employees growth	-2.22%
Enterprise value	$295.6B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1911
In index	SP500, DOW30
Industry	Information Technology Services
Is primary listing	Yes
Is SPAC	No
ISIN number	US4592001014
Last 10-K release date	2026-02-24
Last earnings date	2026-10-21
Last refreshed	2026-10-28
Last stock split date	1999-05-27
Last stock split type	Forward
Market cap	$239.5B
Market cap category	Mega-Cap
Next earnings date	2027-01-27
Options	Yes
Price	$253.41
Price currency	USD
Sector	Technology
SIC code	3570
Stock price date	2026-10-28
Symbol	IBM
Tags	artificial-intelligence
U.S. state	New York
Website	https://www.ibm.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	20.59x
Average P/E ratio (10Y)	26.46x
Average P/E ratio (3Y)	28.21x
Average P/E ratio (5Y)	35.47x
Earnings yield	4.63%
EV/Earnings	26.34x
EV/EBIT	22.91x
EV/EBITDA	17.69x
EV/FCF	20.08x
EV/Sales	4.21x
FCF / EV yield	4.98%
FCF yield	6.15%
Forward EV/Sales	4.05x
Forward P/E	19.39x
Forward P/S	3.28x
Graham number	99.59084
Graham upside	-60.48%
Industry forward P/E	15.27x
Industry P/E	21.4x
Lynch fair value	$217.75
Lynch upside	-13.59%
P/(FCF - SBC) ratio	18.77x
P/(OCF - SBC) ratio	17.18x
P/B ratio	6.66x
P/E ratio	21.61x
P/FCF ratio	16.25x
P/OCF ratio	15.04x
P/S ratio	3.41x
PEG ratio	2.94x
Price/EBITDA ratio	14.32x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	18.38%
EBITDA margin	23.81%
FCF margin	20.98%
Gross margin	57.97%
Operating margin	18.38%
Pretax margin	15.04%
Profit margin	15.99%
Profit per employee	$42,266
Profitable quarters	8
Profitable years	32
Revenue per employee	$264,351
ROA	5.33%
ROA (5Y)	4.1%
ROCE	10.84%
ROE	34.77%
ROE (5Y)	25.06%
ROIC	13.96%
ROIC (5Y)	12.26%
SBC / revenue	2.82%
Tax / revenue	-0.93%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	40.22%
EPS growth (Q)	24.97%
EPS growth (QoQ)	1.35%
EPS growth 10Y	-0.46%
EPS growth 3Y	16.21%
EPS growth 5Y	17.26%
EPS growth quarters	1
EPS growth years	1
FCF growth	17.52%
FCF growth (Q)	30.63%
FCF growth (QoQ)	55.95%
FCF growth 3Y	6.66%
FCF growth 5Y	1.18%
Gross profit growth	7.12%
Gross profit growth (Q)	3.77%
Gross profit growth 3Y	6.35%
Gross profit growth 5Y	7.82%
Net income growth	41.28%
Net income growth (Q)	25.57%
Net income growth (QoQ)	1.15%
Net income growth 3Y	17.29%
Net income growth 5Y	18.57%
Net income growth quarters	1
Net income growth years	1
OCF growth	17.42%
OCF growth (Q)	30.6%
OCF growth (QoQ)	54.99%
OCF growth 10Y	-1.48%
OCF growth 3Y	5.63%
OCF growth 5Y	-0.35%
Operating income growth	10.99%
Operating income growth (Q)	2.94%
Operating income growth 3Y	11.42%
Operating income growth 5Y	29.07%
Revenue growth	6.83%
Revenue growth (Q)	4.73%
Revenue growth (QoQ)	-0.34%
Revenue growth 10Y	-1.37%
Revenue growth 3Y	4.53%
Revenue growth 5Y	10.41%
Revenue growth quarters	13
Revenue growth years	5

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-1.2B
Depreciation and amortization	$3.8B
EBIT	$12.8B
EBITDA	$16.6B
EPS	$11.72
FCF per share	$15.51
Financing cash flow	$-5.8B
Free cash flow	$14.7B
Free cash flow minus SBC	$12.7B
Gross profit	$40.5B
Income taxes	$-653M
Investing cash flow	$-12.1B
Net borrowing	$347M
Net cash flow	$-2.3B
Net income	$11.2B
Operating cash flow minus SBC	$13.9B
Operating income	$12.8B
Revenue	$69.9B
Stock-based compensation	$2B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.35
Book value per share	$37.60
Debt / EBITDA	3.74
Debt / equity	1.85
Debt / FCF	4.58
Goodwill	$74.9B
Interest coverage	6.66
Long-term assets	$123.8B
Long-term liabilities	$82.3B
Net cash (debt)	$-56.1B
Net cash / market cap	-23.55%
Net debt / EBITDA	3.37
Net debt / equity	1.55
Net debt / FCF	3.83
Piotroski F-Score	5
Property, plant and equipment	$9.2B
Shareholders' equity	$36.2B
Tangible book value	$-53B
Tangible book value per share	$-56.06
Total assets	$155B
Total cash	$11.1B
Total debt	$67.1B
Total liabilities	$118.8B
WACC	6.92%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.46
Current assets	$31.2B
Current liabilities	$36.5B
Current ratio	0.85
Inventory turnover	17.31
Net working capital	$-8.6B
Quick ratio	0.68
Working capital	$-5.3B
Working capital turnover	-18.16

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.71%
Dividend growth	0.6%
Dividend growth (10Y)	2.07%
Dividend growth (3Y)	0.6%
Dividend growth (5Y)	0.6%
Dividend growth years	30
Dividend payment date	2026-12-10
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$6.76
Dividend yield	2.67%
Ex-dividend date	2026-11-10
FCF payout ratio	43.59%
Last dividend	$1.69
Payout ratio	57.66%
Shareholder yield	1.98%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	63.78%
10Y return CAGR	10.03%
10Y total return	160.04%
150-day SMA	$243.22
15Y price change	35.12%
15Y return CAGR	6.1%
15Y total return	142.96%
1D price change	1.26%
1M price change	11.37%
1M total return	11.37%
1W price change	3.82%
1W total return	3.82%
1Y price change	-19.78%
1Y return CAGR	-17.71%
1Y total return	-17.69%
20-day SMA	$235.38
200-day SMA	$249.63
20Y price change	176.73%
20Y return CAGR	8.82%
20Y total return	442.29%
3M price change	16.13%
3M total return	16.96%
3Y price change	76.23%
3Y return CAGR	24.56%
3Y total return	93.3%
50-day SMA	$234.22
50-day SMA vs 200-day SMA	50under200
52-week high	$332.46
52-week high date	2026-06-02
52-week low	$199.19
52-week low date	2026-07-23
5Y price change	100.66%
5Y return CAGR	20.53%
5Y total return	154.37%
6M price change	10.13%
6M total return	11.74%
After-hours change	0.02%
After-hours close	$253.41
After-hours price	$253.45
All-time high	$332.46
All-time high date	2026-06-02
All-time low	$9.41
All-time low date	1974-09-13
Average true range (ATR)	$7.07
Average volume	5.8M
Beta (1Y)	1.23
Beta (2Y)	0.87
Beta (5Y)	0.72
Change from 52-week high	-23.78%
Change from 52-week low	27.22%
Change from all-time high	-24.45%
Change from all-time low	2,570.21%
Change from open	2.2%
Day's gap	-0.92%
Dollar volume	$683.3M
High price	$253.56
Low price	$247.96
Monthly RSI	51.54
Open price	$247.96
Position in 52-week range	97.23%
Premarket change	-0.7%
Premarket close	$250.25
Premarket price	$248.49
Premarket volume	21.9K
Previous close	$250.25
Price vs 150-day SMA	3.26%
Price vs 20-day SMA	6.7%
Price vs 200-day SMA	0.61%
Price vs 50-day SMA	7.23%
Relative volume	0.47
RSI	66.6
Sharpe ratio	-0.23
Sharpe ratio (3Y)	0.73
Sharpe ratio (5Y)	0.56
Sortino ratio	-0.19
Sortino ratio (3Y)	1.16
Sortino ratio (5Y)	0.95
Volume	2.7M
Weekly RSI	52.8
YTD price change	-15.21%
YTD total return	-13.48%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	943.2M
Float percentage	99.79%
Shares change (QoQ)	0.02%
Shares change (YoY)	0.71%
Shares held by insiders	0.09%
Shares held by institutions	66.01%
Shares outstanding	945.1M
Short % of float	2.56%
Short % of shares	2.56%
Short ratio	4.4 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	384

Deeper analysis on IBM

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this IBM report

What is the latest published IBM stock rating?

International Business Machines Corporation is shown with Hold in the latest published report, analyzed 2026-09-08. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full IBM analysis?

The full latest published report, analyzed 2026-09-08, lives at /stocks/IBM/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for IBM?

The latest published report analyzed 2026-09-08 gives IBM a fair value of USD 224 and a potential value of USD 420. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the IBM page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-08). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldIBM · Fair value $224-4.7%

Read full analysis →

International Business Machines Corporation (IBM)

Our latest published analysis: IBM rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · IBM

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All IBM indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on IBM

Frequently asked questions

レーティング履歴

Category	Score	Reading
Valuation	4.5
Management	6.5
Balance Sheet	1.5
Profitability	7.5
Revenue Growth	4.5
Risk Assessment	5.5
Competitive Moat	1.0
Earnings Quality	7.5
Capital Efficiency	6.5