Reading the annual reports…
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
IBM · NYSE · United States · Computer & Office Equipment
In shortINTERNATIONAL BUSINESS MACHINES CORP is profitable, generates cash and carries moderate debt, with revenue growing (+7.6% last year).
Financial health
Solid
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | – | n/a |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | 15.7% | 83/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | 35.3% | 100/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | – | n/a |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 0.96× | 13/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 1.88× | 7/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | – | n/a |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | – | n/a |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | – | n/a |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 17.9% | 92/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | 1.14× | 100/100 |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 5 of 5 | 100/100 |
|---|---|---|
| Years of revenue decline (last 5) | 0 of 5 | 100/100 |
| Revenue growth volatility | 2.5% | 100/100 |
| Operating margin volatility | – | n/a |
Weight in the score: 20%
| Revenue growth, 3-year average | 3.7% | 37/100 |
|---|---|---|
| EPS growth, 3-year average | 83.8% | 100/100 |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 57,350 | 60,530 | 61,860 | 62,753 | 67,535 |
| Cost of revenue | 25,865 | 27,842 | 27,560 | 27,201 | 28,239 |
| Gross profit | 31,486 | 32,687 | 34,300 | 35,551 | 39,297 |
| Research & development | 6,488 | 6,567 | 6,775 | 7,479 | 8,316 |
| Selling, general & admin | 18,745 | 18,609 | 19,003 | 19,688 | 20,123 |
| Interest expense | 1,155 | 1,216 | 1,607 | 1,712 | 1,935 |
| Pre-tax income | 4,837 | 1,156 | 8,690 | 5,797 | 10,328 |
| Income tax | 124 | (626) | 1,176 | (218) | (242) |
| Net income | 5,743 | 1,639 | 7,502 | 6,023 | 10,593 |
| Diluted EPS | $6.35 | $1.80 | $8.14 | $6.43 | $11.17 |
| Diluted shares (millions) | 905 | 912 | 922 | 937 | 949 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
Not computed: a required balance-sheet item is missing.
6/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Sep 30, 2026 · Data updated Oct 22, 2026