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International Business Machines Corp. Financial Ratios 2025-2011 | IBM
Brief overview of International Business Machines Corp.'s multiples and efficiency
Current figures are compared with the company's own five-year history for 2021–2025.
Key multiples at the end of the period are P/E 20.14x (median 22.46x), EV/EBITDA 57.31x (median 15.43x), P/S 3.16x (median 2.72x). The current ratio basket stands about 16% above the five-year base, increasing sensitivity to weak reports.
The inverse P/E implies an earnings yield of 5%. This is not a dividend yield, but current earnings relative to market price.
Returns on assets and capital are represented by ROE 32.4%, ROA 7%, ROCE 9.3%. Profitability remains positive and sufficient for normal operations without indicating exceptional efficiency.
Current PEG of 1.16x shows no clear imbalance between price and expected earnings momentum.
The cash conversion cycle is -0.3 days versus 6.3 days initially. Turnover changed little.
Conclusion
International Business Machines Corp. combines strong efficiency with demanding valuation. The cushion depends on continued earnings growth.
Annual Financial Ratios International Business Machines Corp.
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
P/E |
20.1 | 39.7 | 22.5 | 71.3 | 20.3 | 17.7 | 12.9 | 14.0 | 26.5 | 14.1 | 9.3 | 12.8 | 11.8 | 14.0 | 14.5 |
P/S |
3.2 | 3.8 | 2.7 | 1.9 | 2.0 | 1.8 | 1.6 | 1.5 | 1.9 | 2.1 | 1.5 | 1.7 | 1.9 | 2.2 | 2.2 |
EPS |
11.4 | 6.5 | 8.2 | 1.8 | 6.4 | 6.3 | 10.6 | 9.6 | 6.2 | 12.4 | 13.5 | 12.0 | 15.1 | 14.5 | 13.2 |
EV (Enterprise Value) |
319 B | 335 B | 268 B | 214 B | 223 B | 221 B | 244 B | 218 B | 248 B | 259 B | 211 B | 251 B | 287 B | 322 B | 315 B |
EBITDA per Share |
2.45 | 2.35 | 2.31 | 2.67 | 4.34 | 4.75 | 12.8 | 15 | 13.2 | 14.3 | 16.6 | 19.2 | 18.4 | 19.2 | 17.2 |
EV/EBITDA |
- | - | - | - | 57.3 | 19.3 | 15.4 | 11.2 | 15.1 | 14.7 | 9.5 | 9.6 | 11.0 | 11.6 | 12.1 |
PEG |
-1.84 | -1.63 | -0.81 | -3.21 | -1.27 | -1.04 | 1.16 | 0.25 | -0.53 | -1.82 | 0.73 | -0.62 | 3.23 | 1.45 | 1.09 |
P/B |
6.5 | 8.7 | 7.5 | 5.3 | 6.1 | 4.8 | 5.8 | 7.2 | 8.6 | 9.1 | 8.5 | 12.8 | 8.5 | 12.2 | 11.4 |
P/CF |
16.2 | 17.8 | 12.1 | 11.2 | 9.1 | 5.4 | 10.2 | 10.9 | 11.8 | 13.1 | 9.5 | 12.1 | 14.5 | 15.6 | 15.2 |
ROE % |
32.45 | 22.06 | 33.18 | 7.44 | 30.23 | 26.97 | 44.94 | 51.55 | 32.46 | 64.55 | 91.44 | 100.07 | 71.89 | 87.46 | 78.35 |
ROA % |
6.97 | 4.39 | 5.55 | 1.29 | 4.35 | 3.58 | 6.20 | 7.07 | 4.59 | 10.11 | 11.94 | 10.23 | 13.06 | 13.93 | 13.62 |
ROCE % |
- | - | - | - | - | - | 9.29 | 15.60 | 13.47 | 16.25 | 20.89 | 24.21 | 22.95 | 28.53 | 27.30 |
Current Ratio |
1.3 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.0 | 1.3 | 1.3 | 1.2 | 1.2 | 1.2 | 1.3 | 1.1 | 1.2 |
DSO |
40.3 | 40.8 | 40.6 | 40.1 | 44.2 | 49.6 | 112.6 | 140.2 | 145.9 | 133.6 | 127.5 | 125.2 | 116.5 | 106.8 | 100.9 |
DIO |
16.2 | 16.4 | 18.0 | 21.0 | 24.6 | 26.0 | 14.5 | 14.4 | 13.5 | 13.6 | 13.8 | 16.5 | 16.5 | 15.4 | 16.7 |
DPO |
56.8 | 54.8 | 54.2 | 52.5 | 62.5 | 73.6 | 44.0 | 56.1 | 54.9 | 54.4 | 53.6 | 54.0 | 53.1 | 53.5 | 54.8 |
Operating Cycle |
56.5 | 57.2 | 58.5 | 61.1 | 68.8 | 75.6 | 127.1 | 154.6 | 159.3 | 147.2 | 141.3 | 141.8 | 132.9 | 122.2 | 117.6 |
Cash Conversion Cycle |
-0.3 | 2.4 | 4.4 | 8.6 | 6.3 | 2.0 | 83.2 | 98.4 | 104.5 | 92.7 | 87.7 | 87.7 | 79.8 | 68.7 | 62.8 |
All numbers in USD currency
Quarterly Financial Ratios International Business Machines Corp.
| 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EPS |
1.3 | 1.87 | 2.36 | 1.14 | -0.36 | 1.99 | 1.75 | 1.87 | 1.74 | 1.02 | - | -3.54 | 1.54 | 0.82 | - | 1.26 | 1.48 | 1.07 | - | 1.9 | 1.53 | 1.32 | - | 1.89 | 2.82 | 1.79 | - | 2.95 | 2.63 | 1.82 | - | 2.93 | 2.49 | 1.86 | - | 2.99 | 2.62 | 2.09 | - | 3.03 | 3.51 | 2.36 | - | 0.02 | 4.14 | 2.3 | - | 3.7 | 2.93 | 2.72 | - | 3.36 | 3.38 | 2.65 | - | 3.23 | 3.04 | 2.34 |
EBITDA per Share |
0.59 | - | - | 0.58 | - | - | 0.58 | - | - | 0.58 | - | 2.03 | - | 0.7 | - | 3.5 | - | 1.18 | - | 3.52 | 2.33 | 1.14 | - | 3.6 | 2.4 | 1.28 | - | 2.56 | 1.69 | 0.84 | - | 2.4 | 1.54 | 0.75 | - | 2.21 | 1.44 | 0.7 | - | 2.03 | 1.36 | 0.68 | - | 2.45 | 1.63 | 0.77 | - | 2.25 | 1.48 | 0.74 | - | 2.26 | 1.48 | 0.73 | - | 2.27 | 1.51 | 0.75 |
ROE % |
21.83 | 16.79 | 18.15 | 17.06 | 20.50 | 28.95 | 25.62 | 2.88 | -20.34 | -20.30 | -4.88 | 0.17 | 21.09 | 19.98 | 15.56 | 23.80 | 26.99 | 27.56 | 20.56 | 28.58 | 28.36 | 33.74 | 27.64 | 43.68 | 51.70 | 54.03 | 40.35 | 55.84 | 55.30 | 54.23 | 38.69 | 54.33 | 54.47 | 54.94 | 40.40 | 61.08 | 66.13 | 76.59 | 61.19 | 61.34 | 40.81 | 51.48 | 55.10 | 72.83 | 90.41 | 69.70 | 45.19 | 65.46 | 68.01 | 74.43 | 57.11 | 76.17 | 74.96 | 72.58 | 51.47 | 19.06 | 18.19 | 14.22 |
ROA % |
4.17 | 3.15 | 3.33 | 3.02 | 3.61 | 5.06 | 4.38 | 0.67 | -3.19 | -3.84 | -1.44 | -0.66 | 2.12 | 3.02 | 2.33 | 3.42 | 3.72 | 3.69 | 2.71 | 3.81 | 3.82 | 4.59 | 3.79 | 5.97 | 7.05 | 7.36 | 5.49 | 7.67 | 7.66 | 7.57 | 5.43 | 7.86 | 8.11 | 8.39 | 6.27 | 8.94 | 9.19 | 10.18 | 7.90 | 7.91 | 5.26 | 5.66 | 5.56 | 8.77 | 11.95 | 10.99 | 8.16 | 11.37 | 11.37 | 12.07 | 9.04 | 12.33 | 12.42 | 12.31 | 8.90 | 3.30 | 3.15 | 2.46 |
Current Ratio |
1.3 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | - | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.1 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 |
DSO |
34.5 | 32.1 | 31.8 | 35.3 | 34.0 | 34.2 | 35.9 | 34.0 | 33.7 | 39.4 | - | 17.9 | 17.5 | 40.9 | - | 46.3 | 32.3 | 42.4 | - | 37.1 | 35.9 | 39.0 | - | 9.3 | 9.3 | 9.1 | - | 36.2 | 33.9 | 39.1 | - | 42.5 | 42.2 | 45.5 | - | 43.6 | 41.4 | 42.8 | - | 39.4 | 36.5 | 40.6 | - | 37.0 | 34.5 | 40.1 | - | 40.9 | 38.3 | 41.2 | - | 39.3 | 37.8 | 40.4 | - | 39.0 | 38.2 | - |
DIO |
18.8 | 17.3 | 17.5 | 19.6 | 18.1 | 16.4 | 17.7 | 19.7 | 20.3 | 21.4 | - | 12.3 | 11.2 | 22.8 | - | 27.5 | 17.0 | 27.0 | - | 18.4 | 17.8 | 16.4 | - | 15.2 | 14.6 | 14.8 | - | 15.4 | 14.2 | 13.8 | - | 14.2 | 14.0 | 14.0 | - | 13.9 | 13.4 | 14.2 | - | 14.4 | 13.6 | 16.4 | - | 16.6 | 16.0 | 17.4 | - | 17.7 | 16.5 | 16.5 | - | 16.0 | 15.5 | 16.4 | - | 16.9 | 16.6 | - |
DPO |
51.8 | 51.3 | 49.3 | 48.1 | 48.1 | 48.3 | 47.1 | 48.0 | 48.8 | 52.6 | - | 26.0 | 21.7 | 49.3 | - | 62.8 | 39.1 | 60.5 | - | 49.0 | 47.5 | 46.4 | - | 46.1 | 44.0 | 51.5 | - | 60.1 | 55.4 | 54.8 | - | 57.9 | 57.0 | 56.6 | - | 55.5 | 53.8 | 55.8 | - | 55.9 | 52.8 | 58.0 | - | 54.4 | 52.2 | 56.3 | - | 57.2 | 53.2 | 55.2 | - | 55.8 | 53.7 | 55.4 | - | 55.6 | 54.4 | - |
Operating Cycle |
53.3 | 49.5 | 49.3 | 54.9 | 52.1 | 50.5 | 53.6 | 53.7 | 54.0 | 60.7 | - | 30.1 | 28.7 | 63.6 | - | 73.7 | 49.4 | 69.3 | - | 55.4 | 53.7 | 55.3 | - | 24.6 | 23.9 | 23.9 | - | 51.6 | 48.1 | 52.9 | - | 56.7 | 56.2 | 59.5 | - | 57.5 | 54.9 | 56.9 | - | 53.8 | 50.1 | 57.0 | - | 53.7 | 50.5 | 57.5 | - | 58.6 | 54.8 | 57.7 | - | 55.4 | 53.2 | 56.8 | - | 55.9 | 54.8 | - |
Cash Conversion Cycle |
1.5 | -1.9 | 0.0 | 6.8 | 4.0 | 2.2 | 6.5 | 5.7 | 5.2 | 8.1 | - | 4.1 | 7.0 | 14.4 | - | 10.9 | 10.2 | 8.8 | - | 6.4 | 6.2 | 8.9 | - | -21.5 | -20.1 | -27.6 | - | -8.5 | -7.3 | -1.9 | - | -1.1 | -0.8 | 3.0 | - | 2.0 | 1.1 | 1.1 | - | -2.1 | -2.7 | -1.0 | - | -0.7 | -1.7 | 1.2 | - | 1.4 | 1.6 | 2.4 | - | -0.4 | -0.5 | 1.4 | - | 0.3 | 0.4 | - |
All numbers in USD currency
Multiples are an important financial analysis tool for the company International Business Machines Corp., allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.
Advantages of Using Financial Ratios- Simplified Data Analysis
Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition. - Comparability Between Companies
Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations. - Identification of Trends and Issues
Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks. - Decision Support
Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions. - Accelerated Assessment of Investment Attractiveness
Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.
Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.
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