International Business Machines Corporation

IBMNYSE

$252.09

Last price · USD

Market cap: $239.2B
P/E: 22.6x
EV / EBITDA: 16.9x
P/S: 3.5x
FCF yield: 5.1%
Div. yield: 2.62%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

International Business Machines Corporation balance sheet

Annual · USD millions except per-share data · 50 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	13,641	13,947	13,068	7,886	6,650	+19.7%
Short-term investments	830	644	373	852	600	+8.5%
Cash & short-term investments	14,471	14,591	13,441	8,738	7,250	+18.9%
Net receivables	17,639	14,010	13,956	7,005	7,225	+25.0%
Accounts receivable	15,456	6,804	7,214	6,541	6,754	+23.0%
Other receivables	2,183	7,206	6,742	464	471	+46.7%
Inventory	1,220	1,289	1,161	1,552	1,649	-7.3%
Prepaids	0	0	0	1,876	1,830	—
Other current assets	2,530	4,592	4,350	9,947	11,585	-31.6%
Total current assets	35,860	34,482	32,908	29,118	29,539	+5.0%
Non-current assets
Property, plant & equipment (net)	9,028	8,929	8,721	8,212	8,916	+0.3%
Goodwill	67,717	60,706	60,178	55,949	55,643	+5.0%
Intangible assets	11,391	10,661	11,036	11,184	12,511	-2.3%
Goodwill & intangible assets	79,108	71,367	71,214	67,133	68,154	+3.8%
Long-term investments	7,708	1,691	1,589	1,617	1,823	+43.4%
Tax assets	8,610	6,978	6,656	6,256	7,370	+4.0%
Other non-current assets	11,566	13,729	14,153	14,908	16,199	-8.1%
Total non-current assets	116,020	102,694	102,333	98,126	102,462	+3.2%
Other assets	0	(1)	0	(1)	0	—
Total assets	151,880	137,175	135,241	127,243	132,001	+3.6%
Current liabilities
Accounts payable	4,756	4,032	4,132	4,051	3,955	+4.7%
Other payables	0	2,033	2,270	2,196	2,289	—
Total payables	4,756	6,065	6,402	6,247	6,244	-6.6%
Short-term debt	7,224	5,089	6,426	4,760	6,786	+1.6%
Capital lease obligations (current)	0	768	820	874	974	—
Tax payables	0	2,033	2,270	2,196	2,289	—
Deferred revenue	16,101	13,907	13,451	12,032	12,518	+6.5%
Other current liabilities	6,463	3,604	3,502	3,481	3,205	+19.2%
Total current liabilities	38,658	33,142	34,122	31,505	33,619	+3.6%
Non-current liabilities
Long-term debt	57,383	49,884	49,767	46,025	44,917	+6.3%
Capital lease obligations (non-current)	2,547	2,655	2,922	2,190	2,462	+0.9%
Deferred revenue (non-current)	4,271	3,622	3,533	3,499	3,577	+4.5%
Deferred tax liabilities (non-current)	0	815	1,146	2,292	3,956	—
Other non-current liabilities	16,281	19,664	21,138	19,711	24,474	-9.7%
Total non-current liabilities	80,482	76,640	78,506	73,717	79,386	+0.3%
Capital lease obligations	2,547	3,423	3,742	3,064	3,436	-7.2%
Total debt	67,154	58,396	59,935	54,013	55,140	+5.1%
Total liabilities	119,140	109,782	112,628	105,222	113,005	+1.3%
Stockholders' equity
Common stock	63,318	61,380	59,643	58,343	57,319	+2.5%
Retained earnings	155,648	151,163	151,276	149,825	154,209	+0.2%
Treasury stock	(170,605)	(169,968)	(169,624)	(169,484)	(169,392)	—
Accumulated other comprehensive income (loss)	(15,713)	(15,269)	(18,761)	(16,740)	(23,235)	—
Other stockholders' equity	0	1	(1)	0	0	—
Total stockholders' equity	32,648	27,307	22,533	21,944	18,901	+14.6%
Total equity	32,741	27,393	22,613	22,021	18,996	+14.6%
Minority interest	93	86	80	77	95	-0.5%
Total liabilities & equity	151,880	137,175	135,241	127,243	132,001	+3.6%
Additional fields
Accrued Expenses	4,114	3,709	3,521	4,111	3,892	+1.4%
Net Debt	53,513	44,449	46,867	46,127	48,490	+2.5%
Total Investments	8,538	2,335	1,962	2,469	2,423	+37.0%

International Business Machines Corporation

IBMNYSE

$252.09

Last price · USD

Market cap: $239.2B
P/E: 22.6x
EV / EBITDA: 16.9x
P/S: 3.5x
FCF yield: 5.1%
Div. yield: 2.62%

Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.

International Business Machines Corporation balance sheet

Annual · USD millions except per-share data · 50 lines

Fiscal year	2025latest	2024	2023	2022	2021	CAGR
Current assets
Cash & cash equivalents	13,641	13,947	13,068	7,886	6,650	+19.7%
Short-term investments	830	644	373	852	600	+8.5%
Cash & short-term investments	14,471	14,591	13,441	8,738	7,250	+18.9%
Net receivables	17,639	14,010	13,956	7,005	7,225	+25.0%
Accounts receivable	15,456	6,804	7,214	6,541	6,754	+23.0%
Other receivables	2,183	7,206	6,742	464	471	+46.7%
Inventory	1,220	1,289	1,161	1,552	1,649	-7.3%
Prepaids	0	0	0	1,876	1,830	—
Other current assets	2,530	4,592	4,350	9,947	11,585	-31.6%
Total current assets	35,860	34,482	32,908	29,118	29,539	+5.0%
Non-current assets
Property, plant & equipment (net)	9,028	8,929	8,721	8,212	8,916	+0.3%
Goodwill	67,717	60,706	60,178	55,949	55,643	+5.0%
Intangible assets	11,391	10,661	11,036	11,184	12,511	-2.3%
Goodwill & intangible assets	79,108	71,367	71,214	67,133	68,154	+3.8%
Long-term investments	7,708	1,691	1,589	1,617	1,823	+43.4%
Tax assets	8,610	6,978	6,656	6,256	7,370	+4.0%
Other non-current assets	11,566	13,729	14,153	14,908	16,199	-8.1%
Total non-current assets	116,020	102,694	102,333	98,126	102,462	+3.2%
Other assets	0	(1)	0	(1)	0	—
Total assets	151,880	137,175	135,241	127,243	132,001	+3.6%
Current liabilities
Accounts payable	4,756	4,032	4,132	4,051	3,955	+4.7%
Other payables	0	2,033	2,270	2,196	2,289	—
Total payables	4,756	6,065	6,402	6,247	6,244	-6.6%
Short-term debt	7,224	5,089	6,426	4,760	6,786	+1.6%
Capital lease obligations (current)	0	768	820	874	974	—
Tax payables	0	2,033	2,270	2,196	2,289	—
Deferred revenue	16,101	13,907	13,451	12,032	12,518	+6.5%
Other current liabilities	6,463	3,604	3,502	3,481	3,205	+19.2%
Total current liabilities	38,658	33,142	34,122	31,505	33,619	+3.6%
Non-current liabilities
Long-term debt	57,383	49,884	49,767	46,025	44,917	+6.3%
Capital lease obligations (non-current)	2,547	2,655	2,922	2,190	2,462	+0.9%
Deferred revenue (non-current)	4,271	3,622	3,533	3,499	3,577	+4.5%
Deferred tax liabilities (non-current)	0	815	1,146	2,292	3,956	—
Other non-current liabilities	16,281	19,664	21,138	19,711	24,474	-9.7%
Total non-current liabilities	80,482	76,640	78,506	73,717	79,386	+0.3%
Capital lease obligations	2,547	3,423	3,742	3,064	3,436	-7.2%
Total debt	67,154	58,396	59,935	54,013	55,140	+5.1%
Total liabilities	119,140	109,782	112,628	105,222	113,005	+1.3%
Stockholders' equity
Common stock	63,318	61,380	59,643	58,343	57,319	+2.5%
Retained earnings	155,648	151,163	151,276	149,825	154,209	+0.2%
Treasury stock	(170,605)	(169,968)	(169,624)	(169,484)	(169,392)	—
Accumulated other comprehensive income (loss)	(15,713)	(15,269)	(18,761)	(16,740)	(23,235)	—
Other stockholders' equity	0	1	(1)	0	0	—
Total stockholders' equity	32,648	27,307	22,533	21,944	18,901	+14.6%
Total equity	32,741	27,393	22,613	22,021	18,996	+14.6%
Minority interest	93	86	80	77	95	-0.5%
Total liabilities & equity	151,880	137,175	135,241	127,243	132,001	+3.6%
Additional fields
Accrued Expenses	4,114	3,709	3,521	4,111	3,892	+1.4%
Net Debt	53,513	44,449	46,867	46,127	48,490	+2.5%
Total Investments	8,538	2,335	1,962	2,469	2,423	+37.0%