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IBM

International Business Machines

US$227.23+3.29% (US$7.24)
Day's range
US$218.60 – US$222.33
Day's volume
US$1bn
52-week range
US$204.30 – US$326.89

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See how IBM weighs in your net worth, what it has paid you and how far it is from your target allocation.

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IBM in numbers

Market cap
US$207.2bn
P/E
19.96
P/B
6.21
Dividend yield (12m)
2.97%

The 12-month dividend yield of IBM is 2.97%, below its 5-year average of 3.75%.

IBM price history

01/10/202501/10/2026
Compare with

IBM risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return-26.60%+66.78%+122.66%
Volatility (annualised)44.98%35.72%30.82%
Largest drawdown-27.28%-27.28%-27.28%
Positive months5/1221/3634/60

How much did investing in IBM return?

US$1,000.00 invested on 01/10/2021 would be worth US$2,300.53 today.

Value today in IBM
US$2,300.53
Return over the period
+130.05%
Return per year
+18.13%
In the S&P 500
US$1,665.65

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

IBM fundamentals

Valuation

  • P/E
    19.96
  • P/B
    6.21
  • EV/EBITDA
    —
  • EV/EBIT
    —
  • EV/Revenue
    3.79
  • P/EBIT
    —
  • P/S
    3.00
  • P/OCF
    13.92
  • P/FCF
    15.03
  • Earnings yield
    —
  • PEG ratio
    —
  • Earnings per share
    US$11.38
  • Book value per share
    US$36.57

Debt

  • Net debt
    US$54.8bn
  • Net debt/EBITDA
    —
  • Net debt/Equity
    1.59
  • Debt/Equity
    1.80
  • Current ratio
    0.79
  • Quick ratio
    0.74
  • Cash ratio
    0.20

Efficiency

  • Gross margin
    58.10%
  • EBITDA margin
    —
  • Operating margin
    —
  • Net margin
    15.52%
  • Asset turnover
    0.45

Profitability

  • ROE
    31.13%
  • ROA
    7.05%
  • ROIC
    —
  • Payout
    59.21%

Growth

  • Revenue CAGR (5 years)
    8.06%
  • Earnings CAGR (5 years)
    14.99%
  • Revenue growth (year)
    —
  • Earnings growth (year)
    —
  • Revenue growth (quarter)
    —
  • Earnings growth (quarter)
    —

What is IBM's fair price?

Two classic value formulas, with today's numbers. The current price is US$227.23.

Graham's fair price
US$96.78
57.41% below the price

√(22.50 × US$11.38 × US$36.57)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price
US$109.78
51.69% below the price

US$6.59 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

IBM indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator20252024202320222021202020192018
P/E26.2333.8419.9977.9820.9320.1212.6311.59
P/B8.517.466.655.826.365.465.716.02
Dividend yield2.27%3.03%4.05%4.68%4.74%5.17%4.80%5.46%
Earnings per shareUS$11.29US$6.50US$8.18US$1.81US$6.39US$6.26US$10.62US$9.81
Book value per shareUS$34.80US$29.45US$24.58US$24.19US$21.02US$23.05US$23.46US$18.87
ROE32.45%22.06%33.29%7.47%30.38%27.14%45.25%51.96%
Gross margin58.19%56.65%55.45%54.00%54.90%55.94%54.64%46.41%
Net margin15.69%9.60%12.13%2.71%10.01%10.13%16.34%10.97%

IBM financial statements

Line202520242023202220212020
Net revenueUS$67.5bnUS$62.8bnUS$61.9bnUS$60.5bnUS$57.4bnUS$55.2bn
Cost of sales-US$28.2bn-US$27.2bn-US$27.6bn-US$27.8bn-US$25.9bn-US$24.3bn
Gross profitUS$39.3bnUS$35.6bnUS$34.3bnUS$32.7bnUS$31.5bnUS$30.9bn
EBITDA——————
EBIT——————
Net finance result——————
Profit before taxUS$10.3bnUS$5.8bnUS$8.7bnUS$1.2bnUS$4.8bnUS$2.6bn
Income taxUS$242mUS$218m-US$1.2bnUS$626m-US$124mUS$1.4bn
Net incomeUS$10.6bnUS$6bnUS$7.5bnUS$1.6bnUS$5.7bnUS$5.6bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

Does IBM pay dividends?

Dividend yield per year

  • 3.85%2017
  • 5.46%2018
  • 4.80%2019
  • 5.17%2020
  • 4.74%2021
  • 4.68%2022
  • 4.05%2023
  • 3.03%2024
  • 2.27%2025
  • 2.30%2026
Payment history
TypeLast day to ownPaymentPer share
Dividend07/08/202610/09/2026US$1.69
Dividend07/05/202610/06/2026US$1.69
Dividend09/02/202610/03/2026US$1.68
Dividend07/11/202510/12/2025US$1.68
Dividend07/08/202510/09/2025US$1.68
Dividend08/05/202510/06/2025US$1.68
Dividend07/02/202510/03/2025US$1.67
Dividend11/11/202410/12/2024US$1.67
Dividend08/08/202410/09/2024US$1.67
Dividend08/05/202410/06/2024US$1.67
Dividend07/02/202409/03/2024US$1.66
Dividend08/11/202309/12/2023US$1.66
See all 40 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend08/08/202309/09/2023US$1.66
Dividend08/05/202310/06/2023US$1.66
Dividend08/02/202310/03/2023US$1.65
Dividend08/11/202210/12/2022US$1.65
Dividend08/08/202210/09/2022US$1.65
Dividend06/05/202210/06/2022US$1.65
Dividend09/02/202210/03/2022US$1.64
Dividend08/11/202110/12/2021US$1.64
Dividend06/08/202110/09/2021US$1.57
Dividend06/05/202110/06/2021US$1.57
Dividend08/02/202110/03/2021US$1.56
Dividend06/11/202010/12/2020US$1.56
Dividend06/08/202010/09/2020US$1.56
Dividend06/05/202010/06/2020US$1.56
Dividend06/02/202010/03/2020US$1.55
Dividend06/11/201910/12/2019US$1.55
Dividend07/08/201910/09/2019US$1.55
Dividend08/05/201910/06/2019US$1.55
Dividend06/02/201909/03/2019US$1.50
Dividend07/11/201810/12/2018US$1.50
Dividend08/08/201810/09/2018US$1.50
Dividend08/05/201809/06/2018US$1.50
Dividend07/02/201810/03/2018US$1.43
Dividend08/11/201709/12/2017US$1.43
Dividend07/08/201709/09/2017US$1.43
Dividend05/05/201710/06/2017US$1.43
Dividend07/02/201710/03/2017US$1.34
Dividend07/11/201610/12/2016US$1.34

About International Business Machines

Sector
Manufacturing

Questions about IBM

How much is IBM today?

IBM is at US$227.23 (3.29% on the day), last traded on 01/10/2026.

How much did IBM pay in dividends in 2025?

IBM paid US$6.71 per share in 2025, a dividend yield of 2.27%.

What are the P/E and P/B of IBM?

IBM trades at a P/E of 19.96 and a P/B of 6.21.

How much did IBM return in 12 months?

IBM returned -26.60% in 12 months, with annualised volatility of 44.98% and a largest drawdown of -27.28%.