Last 48 quarters of trend data · Technology · Information Technology Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
International Business Machines Corporation's quarterly P/E stands at 47.3x, down 14.7% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 121.5% YoY to 54.7x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 20.70 | 47.35 | 12.59 | 38.34 | 31.90 | 55.50 | 17.79 | — | 22.06 | 27.76 | 11.52 | 19.06 | 19.45 |
| — | -14.7% | -29.2% | — | +44.6% | +100.0% | +54.4% | — | +13.4% | -14.5% | -3.2% | — | -15.7% | |
| P/S Ratio | 3.21 | 3.63 | 3.58 | 4.10 | 4.11 | 4.04 | 2.95 | 3.41 | 2.56 | 3.08 | 2.18 | 2.20 | 1.99 |
| — | -10.3% | +21.4% | +20.2% | +60.4% | +31.2% | +35.3% | +55.3% | +28.9% | +46.0% | +12.9% | +15.4% | -3.9% | |
| P/B Ratio | 6.70 | 6.98 | 8.62 | 9.57 | 10.12 | 8.72 | 7.56 | 8.32 | 6.70 | 7.64 | 6.71 | 5.60 | 5.52 |
| — | -19.9% | +13.9% | +14.9% | +50.9% | +14.2% | +12.8% | +48.7% | +21.4% | +37.6% | +14.5% | +5.0% | -16.3% | |
| P/FCF | 18.74 | 12.08 | 22.53 | 18.15 | 46.79 | 14.79 | 13.33 | 20.78 | 24.91 | 11.74 | 9.44 | 12.17 | 14.39 |
| — | -18.3% | +69.0% | -12.6% | +87.9% | +25.9% | +41.1% | +70.8% | +73.1% | +29.1% | -0.2% | -34.5% | -63.7% | |
| EV / EBITDA | 17.62 | 54.75 | 15.36 | 20.46 | 19.24 | 24.72 | 12.55 | 18.22 | 14.57 | 21.00 | 9.64 | 14.14 | 12.96 |
| — | +121.5% | +22.4% | +12.3% | +32.0% | +17.7% | +30.1% | +28.9% | +12.4% | +22.1% | +2.1% | +0.4% | -5.0% | |
| EV / EBIT | 26.19 | 39.06 | 18.15 | 27.61 | 26.94 | 45.08 | 16.86 | — | 19.77 | 37.57 | 11.92 | 19.79 | 17.95 |
| — | -13.4% | +7.6% | — | +36.3% | +20.0% | +41.5% | — | +10.2% | +24.0% | -1.3% | — | -17.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
International Business Machines Corporation's operating margin was 8.5% in Q1 2026, down 12.6 pp QoQ and down 3.6 pp YoY. The trailing four-quarter average of 16.0% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.5% | 56.2% | 61.6% | 58.7% | 58.8% | 55.2% | 59.5% | 56.3% | 56.8% | 53.5% | 59.1% | 54.4% | 54.9% |
| — | +1.8% | +3.5% | +4.4% | +3.5% | +3.2% | +0.7% | +3.4% | +3.3% | +1.6% | +2.4% | +3.3% | +2.9% | |
| Operating Margin | 15.3% | 8.5% | 21.2% | 16.3% | 18.2% | 12.1% | 22.2% | 14.5% | 15.4% | 10.8% | 23.0% | 14.3% | 14.7% |
| — | -29.6% | -4.8% | +12.0% | +17.8% | +12.3% | -3.3% | +2.0% | +4.9% | +7.3% | +9.6% | +28.9% | +16.7% | |
| Net Margin | 15.7% | 7.6% | 28.4% | 10.7% | 12.9% | 7.3% | 16.6% | -2.2% | 11.6% | 11.1% | 18.9% | 11.6% | 10.2% |
| — | +5.3% | +71.4% | +584.3% | +11.1% | -34.6% | -12.2% | -119.1% | +13.7% | +70.6% | +16.5% | +151.0% | +14.2% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.2% | 3.7% | 18.4% | 6.3% | 8.0% | 3.9% | 11.2% | -1.4% | 7.7% | 7.0% | 14.4% | 7.5% | 7.2% |
| — | -4.8% | +64.3% | +562.4% | +4.0% | -44.4% | -21.9% | -118.1% | +7.3% | +64.7% | +11.7% | +146.5% | -0.1% | |
| ROA | 7.3% | 0.8% | 3.8% | 1.2% | 1.5% | 0.7% | 2.1% | -0.2% | 1.4% | 1.2% | 2.5% | 1.3% | 1.2% |
| — | +5.8% | +75.0% | +580.6% | +10.2% | -36.7% | -13.6% | -118.9% | +13.6% | +65.8% | +16.0% | +151.6% | +11.5% | |
| ROIC | 9.8% | 1.1% | 3.7% | 2.4% | 2.8% | 1.7% | 4.1% | 2.3% | 2.5% | 1.7% | 4.2% | 2.1% | 2.3% |
| — | -33.5% | -9.6% | +5.2% | +9.4% | +3.1% | -1.9% | +6.7% | +9.7% | +9.7% | +6.6% | +20.5% | +4.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
International Business Machines Corporation's Debt/EBITDA ratio is 53.2x, up from 12.3x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 20.9% YoY to 0.80x, tightening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.05 | 2.14 | 2.05 | 2.38 | 2.45 | 2.48 | 2.13 | 2.45 | 2.48 | 2.69 | 2.65 | 2.53 | 2.71 |
| — | -13.9% | -3.8% | -3.0% | -1.1% | -8.0% | -19.6% | -3.0% | -8.3% | -5.3% | +8.1% | -5.4% | -1.2% | |
| Debt / EBITDA | 4.38 | 53.20 | 12.29 | 16.88 | 15.56 | 22.72 | 11.65 | 17.45 | 16.67 | 23.34 | 11.64 | 18.31 | 17.97 |
| — | +134.2% | +5.6% | -3.3% | -6.7% | -2.7% | +0.0% | -4.7% | -7.2% | -5.0% | -0.1% | -7.4% | +8.0% | |
| Current Ratio | 0.93 | 0.80 | 0.93 | 0.93 | 0.91 | 1.01 | 1.04 | 1.06 | 1.12 | 1.13 | 0.96 | 0.91 | 1.06 |
| — | -20.9% | -10.8% | -12.0% | -19.2% | -11.1% | +7.9% | +16.9% | +6.0% | -2.5% | +4.3% | -4.9% | +21.0% | |
| Quick Ratio | 0.90 | 0.76 | 0.90 | 0.89 | 0.87 | 0.97 | 1.00 | 1.01 | 1.08 | 1.09 | 0.93 | 0.86 | 1.01 |
| — | -21.4% | -10.5% | -11.8% | -19.1% | -11.7% | +7.6% | +17.6% | +6.7% | -1.4% | +6.3% | -3.7% | +23.1% | |
| Interest Coverage | 6.34 | 3.93 | 9.67 | 5.94 | 6.09 | 3.55 | 8.80 | -0.87 | 6.20 | 3.49 | 10.28 | 5.55 | 5.73 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
Bull case, key risks, Wall St analyst verdict, and what council investors are saying — updated daily.
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorDCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare business quality, growth, and profitability against top sector peers.
Start ComparisonQuick answers to the most common questions about buying IBM stock.
International Business Machines Corporation's current P/E is 20.7x. The average P/E over the last 4 quarters is 32.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
International Business Machines Corporation's current operating margin is 15.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking International Business Machines Corporation's business trajectory between earnings reports.