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IBM Corp.
IBMTechnologyGenerated Sep 5, 2026, 02:25 PM UTC
IBM (IBM Corp.) analytical snapshot. Revenue grew +7.6% YoY to $67.53B. 5-year revenue CAGR +3.3%; 10y CAGR -1.9%. Net margin at 15.69% (expanding ▲). Market cap $221.30B at $234.89 per share. Trailing P/E 21.03, P/S 3.28, P/B 6.42. EV/Operating income ≈ 26.21 (EV $277.07B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score 2 (data confidence 84%). Descriptive analytics from public filings — not investment advice.
Market cap
$221.30B
942.13M shares
Price
$234.89
NYQ
P/E (ttm)
21.03
Revenue (FY)
$67.53B
YoY +7.6%
Net margin
15.69%
▲ 12.98pp
Free cash flow
$12.10B
17.92% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 5Stable
80% conf
Latest annual report (10-K) filed Feb 24, 2026. Latest quarterly report (10-Q) filed Jul 23, 2026. 11 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 24, 2026.
- Latest quarterly report (10-Q) filed Jul 23, 2026.
- 11 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
Latest 10-K
Feb 24, 2026
Annual report
Latest 10-Q
Jul 23, 2026
8-K (recent)
11
Insider net
—
0B/0S
13F filers
—
Activist 13D
0
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Aug 14, 2026 | 8-K | FORM 8-K |
| Jul 22, 2026 | 8-K | 8-K |
| Jul 14, 2026 | 8-K | 8-K |
| Jun 23, 2026 | 8-K | 8-K |
| May 28, 2026 | 8-K | 8-K |
| May 1, 2026 | 8-K | 8-K |
| Apr 22, 2026 | 8-K | 8-K |
| Mar 3, 2026 | 8-K | 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -25Deteriorating
72% conf
2 risk signal(s), 2 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. Revenue grew +7.6% but receivables grew +19.2% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Receivables outpacing revenue: Accounts receivable grew +19.2% YoY vs revenue growth of +7.6%. The +11.6% spread suggests extended credit terms, channel stuffing risk, or collection deterioration. Investigate the allowance for doubtful accounts and DSO trend.
- Earnings-cash flow divergence: Net income grew +75.9% while operating cash flow declined -1.9%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
- Operating cash flow exceeds net income: OCF is 1.25x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Deferred revenue growing — future revenue visibility: Deferred revenue grew +15.8% to $16.10B, providing forward revenue visibility. This is a positive leading indicator for subscription or contract-based businesses.
- Goodwill is 49% of total assets: Goodwill of $74.60B represents a large share of the balance sheet. If acquired businesses underperform, a non-cash impairment charge could materially impact earnings. Monitor segment performance and acquisition integration metrics.
- NEW: Impairment charge: Impairment charge appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: Revenue grew +7.6% but receivables grew +19.2% — the receivables-to-revenue gap suggests growth may be partially driven by extended credit terms rather than genuine demand. If DSO continues to rise, a revenue reversal or bad-debt charge could follow.
- Endogenous analysis: Strong cash conversion (OCF > NI) combined with growing deferred revenue provides high forward visibility. The business model appears to generate sustainable, recurring cash flows — a positive structural indicator.
- 4 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 1 new risk-language term(s) detected in filing text: Impairment charge.
Revenue
$67.53B
+7.6% YoY
Gross profit
$39.30B
+10.5% YoY
Operating income
$10.57B
+75.7% YoY
Net income
$10.59B
+75.9% YoY
Operating cash flow
$13.19B
-1.9% YoY
Capex
$1.09B
+4.1% YoY
Total assets
$151.88B
+10.7% YoY
Total liabilities
$119.14B
+8.5% YoY
Filing quality score
73/100
4 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $62.75B | $67.53B | $4.78B | +7.6% |
| Gross profit | $35.55B | $39.30B | $3.75B | +10.5% |
| Operating income | $6.01B | $10.57B | $4.56B | +75.7% |
| Net income | $6.02B | $10.59B | $4.57B | +75.9% |
| Operating cash flow | $13.45B | $13.19B | $-252.0M | -1.9% |
| Capex | $1.05B | $1.09B | $43.0M | +4.1% |
| Total assets | $137.18B | $151.88B | $14.71B | +10.7% |
| Total liabilities | $109.78B | $119.14B | $9.36B | +8.5% |
| Long-term debt | $49.88B | $54.84B | $4.95B | +9.9% |
| Cash & equivalents | $13.95B | $13.59B | $-360.0M | -2.6% |
| Stockholders equity | $27.31B | $32.65B | $5.34B | +19.6% |
| Inventory | $1.29B | $1.22B | $-69.0M | -5.4% |
| Accounts receivable | $6.80B | $8.11B | $1.31B | +19.2% |
| R&D expense | $7.48B | $8.32B | $837.0M | +11.2% |
| SG&A expense | $19.69B | $20.12B | $435.0M | +2.2% |
| Interest expense | $1.71B | $1.94B | $223.0M | +13.0% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | HedgedLiabilityDiscontinuedFairValueHedgeCumulativeIncreaseDecrease, NetInvestmentInLeaseAfterAllowanceForCreditLossCurrent, NetInvestmentInLeaseAfterAllowanceForCreditLossNoncurrent, StockholdersEquityOther |
| Removed | AccrualForEnvironmentalLossContingencies, AccruedEnvironmentalLossContingenciesNoncurrent, AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation, CapitalizedContractCostAmortization, CapitalizedContractCostNet, CommonStockSharesOutstanding, CurrentFederalTaxExpenseBenefit, CurrentForeignTaxExpenseBenefit, CurrentStateAndLocalTaxExpenseBenefit, DeferredFederalIncomeTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Impairment charge | medium | 5 | 0 | NEW |
| Restructuring | medium | 5 | 8 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 6 | Ongoing |
Filing signal breakdown
Red flags: 2
Positive: 2
Watch: 2
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 55Improving
80% conf
Revenue grew +7.6% YoY to $67.53B. 5-year revenue CAGR +3.3%; 10y CAGR -1.9%. Net margin at 15.69% (expanding ▲).
- Revenue grew +7.6% YoY to $67.53B.
- 5-year revenue CAGR +3.3%; 10y CAGR -1.9%.
- Net margin at 15.69% (expanding ▲).
- Return on equity 32.45%, ROA 6.97%, ROIC 12.08%.
- Gross margin 58.19%, operating margin 15.65%.
- Free cash flow margin 17.92% ($12.10B).
- Net income up ▲ +75.9% YoY.
- Debt/equity 1.83, current ratio 0.79, net debt $55.77B.
- Asset turnover 0.44 — capital efficiency.
Revenue (FY)
$67.53B
YoY +7.6%
Net margin
15.69%
▲ 12.98pp
ROE
32.45%
ROA 6.97%
ROIC
12.08%
EPS (diluted)
$11.17
FY2025
Free cash flow
$12.10B
17.92% margin
Debt / equity
1.83
Cash $7.17B
Current ratio
0.79
Equity $34.45B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $62.75B | +1.4% | 56.65 | 9.59 | 9.60 | $12.40B | 22.06 |
| 2025 | $67.53B | +7.6% | 58.19 | 15.65 | 15.69 | $12.10B | 32.45 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Sep 30, 2024 | $14.97B | +1.5% | — | -2.20% |
| Mar 31, 2025 | $14.54B | +0.5% | -2.9% | 7.26% |
| Jun 30, 2025 | $16.98B | +7.7% | +16.8% | 12.92% |
| Sep 30, 2025 | $16.33B | +9.1% | -3.8% | 10.68% |
| Mar 31, 2026 | $15.92B | +9.5% | -2.5% | 7.64% |
| Jun 30, 2026 | $17.16B | +1.1% | +7.8% | 12.62% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score -5Stable
95% conf
Market cap $221.30B at $234.89 per share. Trailing P/E 21.03, P/S 3.28, P/B 6.42. EV/Operating income ≈ 26.21 (EV $277.07B).
- Market cap $221.30B at $234.89 per share.
Market cap
$221.30B
942.13M shares
P/E (ttm)
21.03
P/S
3.28
P/B
6.42
EV
$277.07B
Intrinsic (DCF)
$220.97
-5.9% vs price
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score -50Deteriorating
85% conf
Price $234.89 — downtrend (below 200-DMA); 1-month momentum positive. RSI(14) 56.61.
- Price $234.89 — downtrend (below 200-DMA); 1-month momentum positive.
Price
$234.89
NYQ
RSI(14)
56.61
50-DMA
$241.35
200-DMA
$262.32
Volatility (ann.)
50.60%
52w range
$199.19–$332.46
-29.3% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.77%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.77%
10Y−2Y
0.41pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -25Deteriorating
90% conf
Composite risk Elevated. Leverage debt/equity 1.83 (moderate). Liquidity current ratio 0.79 (stretched).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
1.83
Current ratio
0.79
Margin stdev
3.62pp
Cash / assets
4.72%
Liab / assets
77.29%
ProFull breakdown & reasoning locked
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. IBM Corp. is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
14.32
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+7.6%** YoY to $67.53B..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow IBM stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Intuit Inc. INTU | 35 | Supportive |
| CF Industries CF | 34 | Supportive |
| MercadoLibre Inc. MELI | 29 | Supportive |
| Shopify Inc. SHOP | 27 | Supportive |
| Alphabet Inc. GOOGL | 26 | Supportive |
| Newmont Corp. NEM | 24 | Supportive |
| Booking Holdings BKNG | 24 | Supportive |
| Uber Technologies UBER | 24 | Supportive |
| Salesforce Inc. CRM | 23 | Supportive |
| Meta Platforms Inc. META | 23 | Supportive |
| Okta Inc. OKTA | 18 | Supportive |
| Qualcomm Inc. QCOM | 18 | Supportive |
| Roku Inc. ROKU | 17 | Supportive |
| Comcast Corp. CMCSA | 17 | Supportive |
| Microsoft Corp. MSFT | 16 | Supportive |
| Marvell Technology MRVL | 16 | Supportive |
| Netflix Inc. NFLX | 15 | Supportive |
| Workday Inc. WDAY | 15 | Supportive |
| Adobe Inc. ADBE | 14 | Supportive |
| Pinterest Inc. PINS | 14 | Supportive |
| Datadog Inc. DDOG | 14 | Supportive |
| Airbnb Inc. ABNB | 12 | Supportive |
| Dollar General Corp. DG | 12 | Supportive |
| T-Mobile US Inc. TMUS | 12 | Supportive |
| NVIDIA Corp. NVDA | 11 | Supportive |
| Energy Transfer ET | 8 | Supportive |
| ConocoPhillips COP | 8 | Supportive |
| Oracle Corp. ORCL | 8 | Supportive |
| Spotify Technology SPOT | 8 | Supportive |
| Lam Research Corp. LRCX | 8 | Supportive |
| Cloudflare Inc. NET | 8 | Supportive |
| Delta Air Lines DAL | 7 | Supportive |
| Valero Energy VLO | 7 | Supportive |
| Ulta Beauty Inc. ULTA | 6 | Supportive |
| ASML Holding NV ASML | 6 | Supportive |
| Exxon Mobil Corp. XOM | 6 | Supportive |
| Amazon.com Inc. AMZN | 5 | Supportive |
| Eaton Corp. ETN | 4 | Supportive |
| Advanced Micro Devices AMD | 4 | Supportive |
| United Airlines Holdings UAL | 3 | Supportive |
| Chipotle Mexican Grill CMG | 3 | Supportive |
| GE Aerospace GE | 2 | Supportive |
| Snowflake Inc. SNOW | 2 | Supportive |
| Zscaler Inc. ZS | 2 | Supportive |
| IBM Corp. IBM● you | 2 | Supportive |
| Devon Energy DVN | 1 | Supportive |
| Verizon Communications VZ | 1 | Supportive |
| Hess Corp. HES | 0 | Supportive |
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| Occidental Petroleum OXY | -1 | Supportive |
| General Dynamics GD | -1 | Supportive |
| Honeywell International HON | -1 | Supportive |
| Micron Technology MU | -2 | Supportive |
| ServiceNow Inc. NOW | -3 | Supportive |
| Walt Disney Co. DIS | -3 | Supportive |
| Kinder Morgan KMI | -4 | Supportive |
| General Motors Co. GM | -4 | Supportive |
| Applied Materials Inc. AMAT | -5 | Supportive |
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| Norfolk Southern NSC | -16 | Supportive |
| Palo Alto Networks PANW | -16 | Supportive |
| Air Products & Chemicals APD | -17 | Supportive |
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| Royal Caribbean Group RCL | -19 | Supportive |
| Old Dominion Freight ODFL | -19 | Supportive |
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| Yum Brands Inc. YUM | -21 | Supportive |
| Chevron Corp. CVX | -23 | Supportive |
| 3M Co. MMM | -23 | Supportive |
| Warner Bros Discovery WBD | -25 | Supportive |
| Deere & Co. DE | -25 | Supportive |
| Microchip Technology MCHP | -25 | Supportive |
| Sherwin-Williams SHW | -26 | Supportive |
| Albemarle Corp. ALB | -27 | Supportive |
| CSX Corp. CSX | -27 | Supportive |
| Dow Inc. DOW | -29 | Supportive |
| Marriott International MAR | -30 | Supportive |
| Home Depot Inc. HD | -31 | Supportive |
| Starbucks Corp. SBUX | -32 | Supportive |
| Tesla Inc. TSLA | -40 | Supportive |
| ON Semiconductor Corp. ON | -44 | Supportive |