International Business Machines Corp
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International Business Machines Corp AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 67.4B is 241% of equity (27.9B) - tangible book value is NEGATIVE (-51.2B). Material impairment risk if acquisitions underperform.[Goodwill]
- EPS 3Y CAGR of 87% vs industry median 10% signals margin expansion, but debt/equity of 2.39x funds this transformation.[EPS Growth 3Y]
- FCF TTM of 11.9B (18% margin) covers 6.4B dividend at 1.9x - sustainable but leaves limited flexibility with 66.6B total debt.[Free Cash Flow]
Watch Triggers
- Goodwill: Impairment charge >5B or goodwill/equity >300% — Would signal acquisition strategy failure and trigger equity erosion
- Free Cash Flow TTM: Falls below 10B or FCF/dividend coverage <1.5x — Dividend cut would reset valuation framework for income investors
- Total Revenue TTM: Declines >3% YoY for 2 consecutive quarters — Would invalidate hybrid cloud growth thesis and compress multiple
Bull Case
Operating margin of 17.7% TTM vs industry median near 0% demonstrates pricing power. 11.5B operating income funds transformation without equity dilution.
Operating Margin TTMOperating Income TTM
FCF yield of 4.0% (11.9B/293B market cap) with 87% EPS CAGR suggests cash generation underappreciated vs 37x P/E multiple.
Free Cash Flow TTMEPS Growth 3Y TTMP/E Ratio
Bear Case
Total debt of 66.6B at 2.39x equity with 1.9B interest expense TTM consumes 16% of operating income. Rising rates compress margin expansion.
Total DebtDebt to EquityInterest Expense TTM
P/E of 37x vs industry median 27x prices in transformation success. Revenue of 65.4B TTM shows no growth - multiple at risk if AI monetization stalls.
P/E RatioTotal Revenue TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
Hybrid cloud/AI pivot will sustain mid-single-digit revenue growth while expanding margins through 2027
1-3ymed
- R&D spend of 8.1B TTM (12% of revenue) focused on AI
- Consulting backlog conversion to recurring software
- Legacy mainframe decline slowing
Operating margin TTM 17.7% vs industry median 0%FCF conversion 88% of operating cash flowEPS 3Y CAGR 87% on flat revenue
Valuation Context
Caveats
Public Strategies Rankings
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IBM Fundamentals
Professional, Scientific, and Technical Services → Professional, Scientific, and Technical Services
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$231.58B | — | ||
$282.6B | — | ||
22 | — | ||
$67.54B | +7.6% | — | |
$11.17 | +83.5% | — | |
18.5% | +2.4% | — | |
15.7% | +6.1% | — | |
$11.46B | -2.6% | — | |
35.3% | +11.2% | — | |
Beta 5Y (Monthly) | unknown | — |
IBM Dividend History
105 dividends
2026
$1.680002/10/26$1.6800
2025
$6.710011/10/25$1.6800
08/08/25$1.6800
05/09/25$1.6800
02/10/25$1.6700
2024
$6.670011/12/24$1.6700
08/09/24$1.6700
05/09/24$1.6700
02/08/24$1.6600
2023
$6.630011/09/23$1.6600
08/09/23$1.6600
05/09/23$1.6600
02/09/23$1.6500
2022
$6.590011/09/22$1.6500
08/09/22$1.6500
05/09/22$1.6500
02/10/22$1.6400
2021
$6.550011/09/21$1.6400
08/09/21$1.6400
05/07/21$1.6400
02/09/21$1.6300
2020
$6.510011/09/20$1.6300
08/07/20$1.6300
05/07/20$1.6300
02/07/20$1.6200
2019
$6.430011/07/19$1.6200
08/08/19$1.6200
05/09/19$1.6200
02/07/19$1.5700
2018
$6.210011/08/18$1.5700
08/09/18$1.5700
05/09/18$1.5700
02/08/18$1.5000
2017
$5.900011/09/17$1.5000
08/08/17$1.5000
05/08/17$1.5000
02/08/17$1.4000
2016
$5.500011/08/16$1.4000
08/08/16$1.4000
05/06/16$1.4000
02/08/16$1.3000
2015
$5.000011/06/15$1.3000
08/06/15$1.3000
05/06/15$1.3000
02/06/15$1.1000
2014
$4.250011/06/14$1.1000
08/06/14$1.1000
05/07/14$1.1000
02/06/14$0.9500
2013
$3.700011/06/13$0.9500
08/07/13$0.9500
05/08/13$0.9500
02/06/13$0.8500
2012
$3.300011/07/12$0.8500
08/08/12$0.8500
05/08/12$0.8500
02/08/12$0.7500
2011
$2.900011/08/11$0.7500
08/08/11$0.7500
05/06/11$0.7500
02/08/11$0.6500
2010
$2.500011/08/10$0.6500
08/06/10$0.6500
05/06/10$0.6500
02/08/10$0.5500
2009
$2.150011/06/09$0.5500
08/06/09$0.5500
05/06/09$0.5500
02/06/09$0.5000
2008
$1.900011/06/08$0.5000
08/06/08$0.5000
05/07/08$0.5000
02/06/08$0.4000
2007
$1.500011/07/07$0.4000
08/08/07$0.4000
05/08/07$0.4000
02/07/07$0.3000
2006
$1.100011/08/06$0.3000
08/08/06$0.3000
05/08/06$0.3000
02/08/06$0.2000
2005
$0.780011/08/05$0.2000
08/08/05$0.2000
05/06/05$0.2000
02/08/05$0.1800
2004
$0.700011/08/04$0.1800
08/06/04$0.1800
05/06/04$0.1800
02/06/04$0.1600
2003
$0.630011/06/03$0.1600
08/06/03$0.1600
05/07/03$0.1600
02/06/03$0.1500
2002
$0.590011/06/02$0.1500
08/07/02$0.1500
05/08/02$0.1500
02/06/02$0.1400
2001
$0.550011/07/01$0.1400
08/08/01$0.1400
05/08/01$0.1400
02/07/01$0.1300
2000
$0.510011/08/00$0.1300
08/08/00$0.1300
05/08/00$0.1300
02/08/00$0.1200
IBM Stock Splits
No stock splits
IBM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/24/26 | 12/31/25 | 10-K | |
10/23/25 | 09/30/25 | 10-Q | |
07/24/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/31/25 | 10-Q | |
02/25/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
07/30/24 | 06/30/24 | 10-Q | |
04/30/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
10/31/23 | 09/30/23 | 10-Q | |
07/25/23 | 06/30/23 | 10-Q | |
04/25/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
10/25/22 | 09/30/22 | 10-Q | |
07/25/22 | 06/30/22 | 10-Q | |
04/26/22 | 03/31/22 | 10-Q | |
02/22/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
07/27/21 | 06/30/21 | 10-Q | |
04/27/21 | 03/31/21 | 10-Q | |
02/23/21 | 12/31/20 | 10-K | |
10/27/20 | 09/30/20 | 10-Q | |
07/28/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
02/25/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/26/19 | 12/31/18 | 10-K | |
10/30/18 | 09/30/18 | 10-Q | |
07/31/18 | 06/30/18 | 10-Q | |
04/24/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
10/31/17 | 09/30/17 | 10-Q | |
07/25/17 | 06/30/17 | 10-Q | |
04/25/17 | 03/31/17 | 10-Q | |
02/28/17 | 12/31/16 | 10-K | |
10/25/16 | 09/30/16 | 10-Q | |
07/26/16 | 06/30/16 | 10-Q | |
04/26/16 | 03/31/16 | 10-Q | |
02/23/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/28/15 | 06/30/15 | 10-Q | |
04/28/15 | 03/31/15 | 10-Q | |
02/24/15 | 12/31/14 | 10-K | |
10/28/14 | 09/30/14 | 10-Q | |
07/29/14 | 06/30/14 | 10-Q | |
04/29/14 | 03/31/14 | 10-Q | |
02/25/14 | 12/31/13 | 10-K | |
10/29/13 | 09/30/13 | 10-Q | |
07/31/13 | 06/30/13 | 10-Q | |
04/30/13 | 03/31/13 | 10-Q | |
02/26/13 | 12/31/12 | 10-K | |
10/30/12 | 09/30/12 | 10-Q | |
07/31/12 | 06/30/12 | 10-Q | |
04/24/12 | 03/31/12 | 10-Q | |
02/28/12 | 12/31/11 | 10-K | |
10/25/11 | 09/30/11 | 10-Q | |
07/26/11 | 06/30/11 | 10-Q | |
04/26/11 | 03/31/11 | 10-Q | |
02/22/11 | 12/31/10 | 10-K | |
10/26/10 | 09/30/10 | 10-Q | |
07/27/10 | 06/30/10 | 10-Q | |
04/27/10 | 03/31/10 | 10-Q | |
02/23/10 | 12/31/09 | 10-K | |
10/27/09 | 09/30/09 | 10-Q | |
07/28/09 | 06/30/09 | 10-Q | |
04/28/09 | 03/31/09 | 10-Q | |
02/24/09 | 12/31/08 | 4 | |
10/28/08 | 09/30/08 | 10-Q | |
07/29/08 | 06/30/08 | 10-Q | |
04/29/08 | 03/31/08 | 10-Q | |
02/26/08 | 12/31/07 | 10-K | |
10/30/07 | 09/30/07 | 10-Q | |
07/31/07 | 06/30/07 | 10-Q | |
04/24/07 | 03/31/07 | 10-Q | |
02/27/07 | 12/31/06 | 10-K | |
10/31/06 | 09/30/06 | 10-Q | |
07/25/06 | 06/30/06 | 10-Q | |
04/25/06 | 03/31/06 | 10-Q | |
02/28/06 | 12/31/05 | 10-K | |
10/25/05 | 09/30/05 | 10-Q | |
07/26/05 | 06/30/05 | 10-Q | |
04/26/05 | 03/31/05 | 10-Q | |
02/24/05 | 12/31/04 | 10-K | |
10/28/04 | 09/30/04 | 10-Q | |
07/30/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/08/04 | 12/31/03 | 10-K | |
11/10/03 | 09/30/03 | 4 | |
08/14/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/10/03 | 12/31/02 | 8-K | |
11/04/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/11/02 | 12/31/01 | NO ACT | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/13/01 | 12/31/00 | 10-K | |
11/13/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/30/00 | Unknown | -- |