IBMINTERNATIONAL BUSINESS MACHINES CORP
Computer & Office Equipment
- Revenue
- $67.5B
- 7.6% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $241.6B
- Employees
- 2,014
- $34M revenue each
- Net debt / EBITDA
- —
- $47.6B net debt
- AI in 10-K
- 8.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo125% of net incomeCash flow under 80% of net income
- Dilutive SBCNo3% of revenueOver 10% of revenue
- Payouts exceed cash flowNo58% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes48% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$34M · 99th pctBottom quartile of its SIC industry
- Quiet on AINo8.0 per 10K words · 90th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$241.6B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $57.4B | $60.5B | $61.9B | $62.8B | $67.5B | 7.6% |
| Net income | $5.7B | $1.6B | $7.5B | $6.0B | $10.6B | 76% |
| Operating cash flow | $12.8B | $10.4B | $13.9B | $13.4B | $13.2B | 1.9% |
| Capex | $2.1B | $1.3B | $1.2B | $1.0B | $1.1B | 4.1% |
| Stock-based comp | $982M | $987M | $1.1B | $1.3B | $1.7B | 31% |
| Dividends | $5.9B | $5.9B | $6.0B | $6.1B | $6.3B | 1.8% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $417K · 3
- Open-market sells, 12 mo
- $6M · 1
- Net
- −$5M
Pay vs performance
No pay-versus-performance disclosure yet.