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%+5.6pp	230.6%+5.7pp	229.1%+5.4pp	227.8%+5.6pp	226.3%+5.6pp
Net margin	52.5%+10.4pp	45.6%-0.9pp	39.5%-9.5pp	37.6%-12.5pp	42%+2.1pp
EBITDA margin	96.1%+12.6pp	90.1%+2.4pp	84%-8.2pp	79.4%-15.6pp	83.5%0.0pp
Free cash flow margin	74.8%-5.4pp	76.1%-5.2pp	78%-4.1pp	78.9%-2.9pp	80.2%+0.8pp
Returns
Return on equity	124.1%+14.7pp	110%-14.0pp	98.8%-34.8pp	95.6%-43.2pp	109.4%-2.6pp
Return on assets	24.2%+4.7pp	21%-0.7pp	18.1%-4.9pp	17.3%-6.2pp	19.5%+0.7pp
Return on invested capital	51.3%+9.1pp	47.2%+1.3pp	42.4%-5.7pp	38.9%-12.3pp	42.2%-0.4pp
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×+1.8×	84.8×+3.3×	84.5×+4.9×	84.2×+7.0×	82.3×+8.0×
Liquidity
Current ratio	3.6×-0.6×	3.8×-0.6×	3.9×-0.4×	4×-0.1×	4.2×+0.2×
Quick ratio	3.4×-0.6×	3.7×-0.5×	3.7×-0.4×	3.9×-0.1×	4.1×+0.2×
Cash ratio	1.3×-0.4×	1.3×-0.5×	1.4×-0.4×	1.5×0.0×	1.7×+0.3×
Leverage
Debt-to-equity	10×-0.3×	10.4×-0.1×	10.6×-0.6×	10.5×-0.9×	10.4×-1.4×
Debt-to-assets	2×+0.1×	2×+0.1×	2×+0.1×	2×0.0×	1.9×-0.1×
Net debt / EBITDA	16.1×-0.4×	17.4×+2.4×	18.1×+3.6×	18.2×+3.6×	16.4×-2.4×
Interest coverage	23.2×+3.4×	21.2×-0.4×	19.3×-4.4×	17.9×-7.5×	19.8×-1.6×
Per Share
Book value per share	$127.47+16.1%	$121.27+14.1%	$116.00+14.2%	$113.06+13.0%	$109.76+11.4%
Valuation
Market capitalization	$1.04T+30.7%	$1.04T+40.9%	$969.72B+41.2%	$910.34B+48.9%	$795.93B+38.4%
Enterprise value	$1.29T+28.2%	$1.29T+36.9%	$1.21T+35.4%	$1.14T+37.9%	$1.01T+26.4%
Price / earnings	127.3×+0.8×	148.3×+42.5×	155.9×+64.0×	154.5×+75.8×	126.5×+6.3×
Price / sales	15.7×+3.0×	16.1×+4.2×	15.2×+4.2×	14.4×+4.5×	12.7×+3.4×
Price / book	34.7×+3.8×	36.4×+6.5×	35.4×+6.3×	34.3×+7.9×	30.9×+5.7×
EV / EBITDA	82.4×+4.0×	89.5×+19.4×	90.9×+27.8×	90.9×+34.7×	78.4×+12.7×
EV / sales	19.5×+3.4×	19.9×+4.8×	19×+4.6×	18×+4.7×	16.1×+3.1×
Free cash flow yield	19.3%-6.5pp	19.1%-8.7pp	20.8%-9.4pp	22.2%-11.2pp	25.7%-8.6pp
Earnings yield	13.7%-0.1pp	11.3%-4.7pp	10.5%-7.7pp	10.6%-9.8pp	13.8%-3.0pp
Dividend yield	9.7%-2.9pp	9.6%-3.8pp	10.3%-4.0pp	11%-5.1pp	12.5%-4.6pp

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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.