Where do International Business Machines's ratios come from?

Every ratio is computed from International Business Machines's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Gross margin	231.9%+1.3pp	230.6%+1.5pp	229.1%+1.3pp	227.8%+1.5pp	226.3%+1.4pp
Net margin	52.5%+6.9pp	45.6%+6.1pp	39.5%+1.9pp	37.6%-4.4pp	42%-4.5pp
EBITDA margin	96.1%+6.0pp	90.1%+6.2pp	84%+4.6pp	79.4%-4.1pp	83.5%-4.3pp
Free cash flow margin	74.8%-1.3pp	76.1%-1.8pp	78%-1.0pp	78.9%-1.3pp	80.2%-1.1pp
Returns
Return on equity	124.1%+14.1pp	110%+11.2pp	98.8%+3.3pp	95.6%-13.8pp	109.4%-14.6pp
Return on assets	24.2%+3.3pp	21%+2.9pp	18.1%+0.8pp	17.3%-2.2pp	19.5%-2.2pp
Return on invested capital	51.3%+4.1pp	47.2%+4.8pp	42.4%+3.5pp	38.9%-3.3pp	42.2%-3.8pp
Efficiency
Asset turnover	1.8×0.0×	1.8×0.0×	1.8×0.0×	1.8×0.0×	1.8×0.0×
Inventory turnover	84.1×-0.7×	84.8×+0.3×	84.5×+0.3×	84.2×+1.8×	82.3×+0.9×
Liquidity
Current ratio	3.6×-0.2×	3.8×-0.1×	3.9×-0.1×	4×-0.2×	4.2×-0.1×
Quick ratio	3.4×-0.2×	3.7×-0.1×	3.7×-0.1×	3.9×-0.2×	4.1×-0.1×
Cash ratio	1.3×0.0×	1.3×-0.1×	1.4×-0.1×	1.5×-0.2×	1.7×-0.1×
Leverage
Debt-to-equity	10×-0.4×	10.4×-0.1×	10.6×+0.1×	10.5×+0.1×	10.4×-0.2×
Debt-to-assets	2×0.0×	2×0.0×	2×0.0×	2×0.0×	1.9×0.0×
Net debt / EBITDA	16.1×-1.3×	17.4×-0.7×	18.1×-0.1×	18.2×+1.8×	16.4×+1.5×
Interest coverage	23.2×+2.0×	21.2×+2.0×	19.3×+1.4×	17.9×-1.9×	19.8×-1.8×
Per Share
Book value per share	$127.47+5.1%	$121.27+4.5%	$116.00+2.6%	$113.06+3.0%	$109.76+3.3%
Valuation
Market capitalization	$1.04T-0.3%	$1.04T+7.6%	$969.72B+6.5%	$910.34B+14.4%	$795.93B+7.5%
Enterprise value	$1.29T+0.1%	$1.29T+6.8%	$1.21T+6.3%	$1.14T+12.9%	$1.01T+6.8%
Price / earnings	127.3×-21.0×	148.3×-7.6×	155.9×+1.4×	154.5×+28.0×	126.5×+20.7×
Price / sales	15.7×-0.4×	16.1×+0.9×	15.2×+0.8×	14.4×+1.7×	12.7×+0.8×
Price / book	34.7×-1.7×	36.4×+1.0×	35.4×+1.1×	34.3×+3.3×	30.9×+1.0×
EV / EBITDA	82.4×-7.1×	89.5×-1.4×	90.9×0.0×	90.9×+12.5×	78.4×+8.4×
EV / sales	19.5×-0.4×	19.9×+0.9×	19×+0.9×	18×+1.9×	16.1×+1.0×
Free cash flow yield	19.3%+0.2pp	19.1%-1.7pp	20.8%-1.4pp	22.2%-3.5pp	25.7%-2.0pp
Earnings yield	13.7%+2.4pp	11.3%+0.9pp	10.5%-0.1pp	10.6%-3.2pp	13.8%-2.3pp
Dividend yield	9.7%+0.1pp	9.6%-0.8pp	10.3%-0.6pp	11%-1.6pp	12.5%-0.8pp

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Where do International Business Machines's ratios come from?: Every ratio is computed from International Business Machines's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.