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.

	FY'25	FY'24	FY'23	FY'22
Profitability
Gross margin	230.6%+5.7pp	224.9%+5.6pp	219.4%+3.1pp	216.3%-25.0pp
Net margin	45.6%-0.9pp	46.5%+16.7pp	29.8%+6.2pp	23.6%-19.5pp
EBITDA margin	90.1%+2.4pp	87.8%+15.8pp	72%+5.9pp	66.1%—
Free cash flow margin	76.1%-5.2pp	81.3%+7.3pp	74.1%+16.8pp	57.3%-58.2pp
Returns
Return on equity	110%-14.0pp	124%+39.5pp	84.6%+16.2pp	68.3%-33.8pp
Return on assets	21%-0.7pp	21.7%+7.6pp	14.1%+3.9pp	10.2%-4.1pp
Return on invested capital	47.2%+1.3pp	45.9%+12.2pp	33.8%+9.3pp	24.5%—
Efficiency
Asset turnover	1.8×0.0×	1.9×0.0×	1.9×+0.1×	1.8×+0.4×
Inventory turnover	84.8×+3.3×	81.5×+10.3×	71.2×+8.1×	63.1×—
Liquidity
Current ratio	3.8×-0.6×	4.4×+0.3×	4.1×+0.4×	3.7×+0.2×
Quick ratio	3.7×-0.5×	4.2×+0.3×	3.9×+0.5×	3.5×+0.2×
Cash ratio	1.3×-0.5×	1.8×+0.6×	1.2×+0.2×	1×+0.1×
Leverage
Debt-to-equity	10.4×-0.1×	10.5×-1.1×	11.7×+0.5×	11.2×0.0×
Debt-to-assets	2×+0.1×	1.9×0.0×	2×+0.2×	1.7×+0.1×
Net debt / EBITDA	17.4×+2.4×	15×-7.2×	22.2×+1.0×	21.2×—
Interest coverage	21.2×-0.4×	21.6×+4.2×	17.4×+2.5×	15×—
Per Share
Book value per share	$121.27+14.1%	$106.24+9.4%	$97.11+9.7%	$88.52-5.2%
Valuation
Market capitalization	$1.04T+40.9%	$740.5B+42.8%	$518.72B+8.4%	$478.61B-0.1%
Enterprise value	$1.29T+36.9%	$943.83B+27.6%	$739.96B+10.5%	$669.58B-1.9%
Price / earnings	148.3×+42.5×	105.8×-57.9×	163.7×-43.0×	206.7×+116×
Price / sales	16.1×+4.2×	11.9×+3.4×	8.5×+0.5×	8×-1.8×
Price / book	36.4×+6.5×	29.9×+6.7×	23.2×-0.6×	23.8×+1.1×
EV / EBITDA	89.5×+19.4×	70×-3.1×	73.1×-0.6×	73.7×—
EV / sales	19.9×+4.8×	15.1×+3.0×	12.1×+0.9×	11.2×-2.8×
Free cash flow yield	19.1%-8.7pp	27.8%-7.1pp	34.9%+6.3pp	28.6%-18.2pp
Earnings yield	11.3%-4.7pp	16.1%+2.5pp	13.6%+2.0pp	11.6%-6.2pp
Dividend yield	9.6%-3.8pp	13.3%-5.3pp	18.7%-1.2pp	19.9%+0.3pp

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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.