International Business Machines Ratios (2009-2025) | IBM

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Ratios	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin	43.44%	42.49%	42.10%	58.79%	43.65%	45.56%	45.33%	49.03%	44.13%	46.44%	46.54%	49.93%	45.06%	47.63%	47.41%	55.04%	45.62%	48.68%	48.97%	52.35%	47.79%	50.09%	48.55%	53.34%	48.25%	49.92%	48.94%	51.71%	46.49%	47.94%	46.88%	51.06%	43.76%	46.49%	46.89%	49.02%	43.24%	45.99%	46.93%	49.11%	44.24%	47.02%	46.24%	262.16%	45.09%	48.01%	48.01%	301.82%	53.29%	55.23%	53.63%	56.91%	51.67%	53.36%	52.67%	57.71%	52.69%	54.93%	54.39%	59.07%	53.53%	56.75%	56.25%	59.47%	55.23%	58.77%	57.31%
EBT Margin	14.38%	17.11%	17.32%	28.54%	15.38%	19.28%	19.27%	23.97%	15.51%	18.32%	19.22%	24.67%	15.55%	20.02%	20.50%	30.61%	15.40%	16.63%	21.30%	25.93%	14.31%	22.24%	19.47%	29.42%	15.32%	20.30%	18.78%	23.12%	5.53%	15.07%	16.97%	22.90%	7.84%	12.67%	16.00%	19.83%	5.96%	13.88%	15.97%	20.38%	10.36%	14.45%	8.44%	81.36%	-0.28%	8.67%	10.40%	81.67%	1.85%	6.41%	6.14%	17.19%	4.39%	11.08%	-31.91%	19.84%	7.42%	12.92%	12.70%	21.63%	7.43%	14.07%	-5.36%	18.83%	7.96%	15.30%	14.88%
EBIT Margin	12.38%	16.19%	16.51%	27.39%	12.21%	18.01%	18.08%	23.08%	14.00%	17.95%	18.98%	24.05%	14.72%	18.84%	17.34%	30.01%	14.77%	15.66%	20.62%	25.19%	13.28%	21.17%	18.93%	22.84%	14.25%	18.79%	17.73%	22.15%	6.51%	14.27%	15.00%	22.66%	7.89%	12.96%	16.10%	20.66%	7.32%	14.89%	17.00%	21.27%	10.55%	11.21%	9.76%	45.86%	1.95%	10.32%	12.92%	-22.79%	5.48%	9.58%	9.01%	17.81%	7.46%	11.34%	10.12%	19.54%	7.02%	12.37%	12.74%	21.45%	6.72%	13.77%	10.91%	20.55%	8.22%	16.81%	15.49%
EBITDA Margin	12.38%	16.19%	16.51%	27.39%	12.21%	18.01%	18.08%	23.08%	14.00%	17.95%	18.98%	24.05%	14.72%	18.84%	17.34%	30.01%	14.77%	15.66%	20.62%	25.19%	13.28%	21.17%	18.93%	22.84%	14.25%	18.79%	17.73%	22.15%	6.51%	14.27%	15.00%	22.66%	7.89%	12.96%	16.10%	20.66%	7.32%	14.89%	17.00%	21.27%	10.55%	11.21%	9.76%	45.86%	1.95%	10.32%	12.92%	-22.79%	5.48%	9.58%	9.01%	17.81%	7.46%	11.34%	10.12%	19.54%	7.02%	12.37%	12.74%	21.45%	6.72%	13.77%	10.91%	20.55%	8.22%	16.81%	15.49%
Operating Margin	12.38%	16.19%	16.51%	27.39%	12.21%	18.01%	18.08%	23.08%	14.00%	17.95%	18.98%	24.05%	14.72%	18.84%	17.34%	30.01%	14.77%	15.66%	20.62%	25.19%	13.28%	21.17%	18.93%	22.84%	14.25%	18.79%	17.73%	22.15%	6.51%	14.27%	15.00%	22.66%	7.89%	12.96%	16.10%	20.66%	7.32%	14.89%	17.00%	21.27%	10.55%	11.21%	9.76%	45.86%	1.95%	10.32%	12.92%	-22.79%	5.48%	9.58%	9.01%	17.81%	7.46%	11.34%	10.12%	19.54%	7.02%	12.37%	12.74%	21.45%	6.72%	13.77%	10.91%	20.55%	8.22%	16.81%	15.49%
Net Margin	10.57%	12.46%	12.73%	21.53%	11.38%	14.27%	14.79%	18.12%	11.63%	13.74%	14.68%	18.62%	12.43%	15.05%	15.45%	22.51%	12.95%	12.94%	-0.42%	-0.12%	-0.66%	-0.48%	-15.35%	-0.13%	-0.45%	-0.37%	-0.06%	0.01%	-0.02%		-0.01%	-0.02%	-0.02%	-0.01%		-0.01%	0.02%	0.00%	0.01%	-0.01%	-0.01%	-0.01%	-0.01%	97.70%	-0.01%	-0.01%	-0.01%	86.19%	4.19%	3.62%	0.70%	-0.78%	0.50%	-0.47%	0.13%	-0.95%	-0.05%	0.01%	-0.07%	0.02%	0.21%	0.03%	-0.09%	-0.07%	0.01%	0.01%
FCF Margin	17.44%	16.21%	17.36%	22.91%	16.10%	12.38%	12.79%	19.45%	11.34%	12.08%	14.07%	20.51%	13.59%	12.55%	14.41%	19.32%	14.14%	9.28%	11.89%	19.95%	11.14%	11.11%	12.81%	21.20%	14.05%	14.51%	17.05%	20.93%	24.48%	12.79%	17.42%	13.81%	17.71%	14.42%	14.21%	21.19%	19.57%	6.81%	18.23%	15.33%	23.21%	12.31%	16.81%	122.65%	21.89%	16.50%	20.27%	269.06%	33.52%	14.52%	16.26%	12.54%	20.90%	6.32%	11.23%	21.31%	24.38%	14.69%	18.81%	23.95%	27.17%	11.71%	17.34%	22.94%	28.37%	8.78%	17.31%
Efficiency
Inventory Average			2.62B	2.52B	2.51B	2.56B	2.61B	2.54B	2.50B	2.56B	2.62B	2.63B	2.67B	2.76B	2.67B	2.44B	2.35B	2.40B	2.44B	2.40B	2.38B	2.40B	2.35B	2.23B	2.04B	1.94B	1.76B	1.58B	1.62B	1.69B	1.71B	1.64B	1.58B	1.61B	1.66B	1.65B	1.67B	1.75B	1.82B	1.79B	1.73B	1.76B	1.73B	1.67B	1.70B	1.83B	1.91B	1.88B	1.82B	1.82B	1.85B	1.77B	1.71B	1.73B	1.74B	1.67B	1.58B	1.55B	1.45B	1.28B	1.19B	1.22B	1.30B	1.33B	1.36B	1.34B	1.32B
Assets Average			103.67B	106.35B	107.11B	104.31B	105.30B	110.31B	113.21B	113.22B	111.82B	113.30B	115.89B	114.59B	114.81B	117.50B	118.24B	116.21B	116.50B	121.74B	124.14B	123.48B	121.61B	118.09B	114.65B	112.38B	110.69B	109.57B	114.68B	118.46B	116.83B	116.54B	117.48B	119.00B	121.07B	123.50B	125.32B	123.45B	121.81B	122.69B	127.15B	142.79B	152.14B	150.90B	152.79B	153.80B	154.16B	155.05B	152.30B	147.72B	145.51B	121.60B	116.13B	130.39B	126.68B	111.97B	115.86B	132.93B	130.77B	132.28B	136.21B	135.51B	134.09B	135.76B	141.42B	147.13B	147.45B
Equity Average			16.98B	20.62B	22.45B	21.66B	21.77B	22.77B	22.97B	22.99B	22.79B	21.31B	20.51B	20.67B	21.11B	20.32B	19.10B	18.55B	18.95B	21.47B	19.83B	17.13B	15.95B	13.20B	12.15B	13.06B	13.64B	13.94B	14.75B	15.48B	16.52B	17.78B	18.42B	18.50B	19.15B	18.74B	18.01B	18.47B	19.28B	18.42B	16.77B	17.19B	17.94B	19.54B	20.56B	20.41B	21.01B	21.03B	21.12B	21.79B	22.21B	20.68B	19.05B	19.29B	19.81B	21.08B	21.85B	21.97B	22.71B	22.88B	22.97B	23.72B	24.32B	25.96B	27.17B	27.27B	27.79B
Invested Capital		23.98B	23.38B	46.91B	27.16B	26.81B	27.91B	49.03B	31.28B	31.07B	28.45B	28.70B	27.08B	28.23B	31.00B	28.16B	27.94B	25.71B	27.71B	29.79B	26.05B	29.98B	27.27B	17.75B	16.82B	19.17B	20.99B	20.89B	20.38B	20.78B	24.08B	25.91B	26.79B	26.61B	24.06B	24.71B	24.27B	26.29B	30.85B	27.14B	26.86B	32.37B	26.63B	29.78B	31.77B	29.98B	31.62B	27.84B	26.71B	28.51B	29.93B	25.78B	26.80B	25.46B	26.08B	26.78B	26.56B	29.06B	29.57B	29.04B	28.80B	27.70B	28.13B	32.48B	33.87B	36.53B	35.93B
Asset Utilization Ratio			0.95	0.89	0.89	0.90	0.89	0.91	0.90	0.92	0.95	0.94	0.92	0.93	0.91	0.88	0.86	0.87	0.85	0.81	0.79	0.79	0.79	0.79	0.79	0.77	0.76	0.75	0.70	0.68	0.69	0.69	0.68	0.66	0.65	0.64	0.64	0.65	0.66	0.65	0.62	0.55	0.51	0.38	0.37	0.36	0.36	0.36	0.33	0.32	0.29	0.47	0.50	0.46	0.48	0.54	0.52	0.46	0.47	0.47	0.46	0.46	0.47	0.46	0.44	0.44	0.44
Leverage & Solvency
Interest Coverage Ratio	19.76	39.92	49.62	75.62	34.02	47.48	46.19	66.32	37.04	49.34	46.40	62.75	33.01	41.51	34.60	76.19	36.78	39.84	49.62	61.04	28.12	37.43	33.64	47.08	25.85	34.01	29.21	38.18	8.27	17.29	18.25	31.42	10.61	17.00	18.36	28.40	8.47	17.21	16.69	23.98	9.14	6.17	4.07	3.04	1.05	5.79	7.02	-1.38	2.58	4.85	4.12	9.81	3.41	5.93	4.84	10.42	2.73	4.52	4.56	9.20	2.25	5.09	3.81	8.51	2.63	5.59	5.14
Debt to Equity		1.90	1.38	1.15	1.19	1.26	1.23	1.24	1.33	1.28	1.35	1.55	1.54	1.58	1.55	1.75	1.74	1.91	1.81	1.73	2.63	2.65	3.17	3.39	3.16	2.79	2.95	2.77	3.02	2.80	2.48	2.29	2.32	2.46	2.31	2.64	2.54	2.44	2.36	2.71	3.01	4.11	3.67	3.00	3.20	3.13	3.07	2.96	2.62	2.50	2.44	2.72	2.84	2.58	2.53	2.31	2.71	2.58	2.39	2.50	2.55	2.35	2.31	2.01	2.35	2.33	2.25
Debt Ratio		0.28	0.25	0.24	0.25	0.26	0.26	0.25	0.27	0.26	0.27	0.27	0.28	0.28	0.29	0.28	0.28	0.30	0.31	0.32	0.36	0.37	0.38	0.35	0.35	0.34	0.37	0.36	0.38	0.38	0.37	0.36	0.36	0.38	0.38	0.37	0.37	0.37	0.38	0.37	0.38	0.47	0.44	0.41	0.42	0.42	0.42	0.39	0.38	0.38	0.38	0.52	0.41	0.39	0.40	0.52	0.44	0.43	0.43	0.42	0.43	0.42	0.42	0.40	0.43	0.43	0.43
Equity Ratio		0.15	0.18	0.21	0.21	0.20	0.21	0.20	0.20	0.20	0.20	0.17	0.18	0.18	0.19	0.16	0.16	0.16	0.17	0.18	0.14	0.14	0.12	0.10	0.11	0.12	0.12	0.13	0.13	0.13	0.15	0.16	0.16	0.15	0.16	0.14	0.15	0.15	0.16	0.14	0.13	0.11	0.12	0.14	0.13	0.13	0.14	0.13	0.14	0.15	0.16	0.19	0.14	0.15	0.16	0.22	0.16	0.17	0.18	0.17	0.17	0.18	0.18	0.20	0.19	0.19	0.19
Times Interest Earned	19.76	39.92	49.62	75.62	34.02	47.48	46.19	66.32	37.04	49.34	46.40	62.75	33.01	41.51	34.60	76.19	36.78	39.84	49.62	61.04	28.12	37.43	33.64	47.08	25.85	34.01	29.21	38.18	8.27	17.29	18.25	31.42	10.61	17.00	18.36	28.40	8.47	17.21	16.69	23.98	9.14	6.17	4.07	3.04	1.05	5.79	7.02	-1.38	2.58	4.85	4.12	9.81	3.41	5.93	4.84	10.42	2.73	4.52	4.56	9.20	2.25	5.09	3.81	8.51	2.63	5.59	5.14
Dividends & Payouts
FCF Payout Ratio	0.18	0.18	0.17	0.14	0.20	0.28	0.26	0.14	0.28	0.28	0.24	0.15	0.26	0.30	0.27	0.18	0.29	0.45	0.37	0.19	0.40	0.41	0.38	0.21	0.40	0.42	0.39	0.27	0.27	0.52	0.40	0.44	0.41	0.50	0.51	0.29	0.37	1.05	0.42	0.42	0.33	0.61	0.47	0.50	0.37	0.48	0.41	0.28	0.33	0.71	0.68	0.70	0.50	1.52	0.94	0.42	0.43	0.66	0.55	0.36	0.39	0.83	0.59	0.38	0.38	1.05	0.56
Valuation
Enterprise Value	-12.29B	-12.43B	-11.41B	-13.86B	-13.86B	-12.12B	-10.96B	-11.53B	-13.14B	-11.68B	-11.22B	-11.82B	-12.25B	-11.10B	-12.13B	-11.01B	-11.87B	-10.23B	-10.10B	-11.02B	-9.57B	-9.43B	-10.23B	-9.15B	-9.72B	-9.06B	-10.19B	-8.23B	-14.86B	-10.46B	-9.82B	-8.63B	-10.77B	-12.41B	-11.64B	-12.71B	-13.03B	-11.80B	-14.53B	-12.09B	-18.02B	-46.28B	-10.82B	-8.87B	-11.89B	-14.11B	-15.63B	-14.15B	-11.15B	-8.04B	-8.28B	-7.46B	-10.71B	-7.71B	-9.66B	-11.90B	-17.52B	-16.23B	-10.90B	-17.28B	-19.04B	-16.13B	-16.95B	-17.40B	-17.39B	-15.81B	-15.27B
Return Ratios
Return on Sales	0.11%	0.12%	0.13%	0.22%	0.11%	0.14%	0.15%	0.18%	0.12%	0.14%	0.15%	0.19%	0.12%	0.15%	0.15%	0.23%	0.13%	0.13%	0.00%	0.00%	-0.01%	0.00%	-0.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.98%	0.00%	0.00%	0.00%	0.86%	0.04%	0.04%	0.01%	-0.01%	0.01%	0.00%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Capital Employed			0.23%	0.24%	0.24%	0.25%	0.25%	0.26%	0.26%	0.26%	0.26%	0.29%	0.26%	0.27%	0.26%	0.29%	0.27%	0.27%	0.27%	0.23%	0.22%	0.24%	0.24%	0.23%	0.22%	0.21%	0.20%	0.20%	0.17%	0.15%	0.14%	0.15%	0.15%	0.14%	0.13%	0.14%	0.13%	0.14%	0.14%	0.14%	0.14%	0.12%	0.09%	0.06%	0.05%	0.04%	0.05%	0.04%	0.04%	0.04%	0.03%	0.07%	0.08%	0.07%	0.08%	0.09%	0.09%	0.08%	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.09%
Return on Invested Capital			0.52%	0.36%	0.34%	0.48%	0.48%	0.35%	0.35%	0.47%	0.50%	0.54%	0.56%	0.57%	0.51%	0.54%	0.57%	0.57%	0.60%	0.56%	0.55%	0.59%	0.55%	0.62%	0.81%	0.73%	0.63%	0.60%	0.60%	0.56%	0.50%	0.50%	0.46%	0.45%	0.49%	0.24%	0.24%	0.24%	0.21%	0.32%	0.34%	0.29%	0.26%	0.26%	0.23%	0.23%	0.24%	0.10%	0.09%	0.07%	0.04%	0.22%	0.24%	0.25%	0.54%	0.44%	0.36%	0.32%	0.24%	0.25%	0.28%	0.29%	0.31%	0.29%	0.24%	0.25%	0.23%
Return on Assets			0.13%	0.13%	0.13%	0.13%	0.14%	0.13%	0.13%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.14%	0.11%	0.05%	0.02%	0.00%	-0.03%	-0.03%	-0.03%	-0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity			0.77%	0.65%	0.61%	0.65%	0.66%	0.65%	0.66%	0.67%	0.69%	0.74%	0.78%	0.79%	0.77%	0.84%	0.89%	0.88%	0.65%	0.29%	0.15%	-0.02%	-0.23%	-0.28%	-0.30%	-0.28%	-0.02%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.12%	0.11%	0.11%	0.11%	0.08%	0.10%	0.13%	0.13%	0.05%	0.03%	0.00%	-0.01%	-0.01%	-0.01%	-0.01%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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International Business Machines Ratios (2009-2025) | IBM

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