Last 47 quarters of trend data · Technology · Information Technology Services
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 20.78 | 30.57 | 47.34 | 12.59 | 38.34 | 31.90 | 55.50 | 17.79 | — | 22.06 | 27.76 | 11.52 | 19.06 | 19.45 | 32.45 | 11.90 | — | 23.07 | 40.13 | 13.00 | 26.54 |
| — | -4.2% | -14.7% | -29.2% | — | +44.6% | +100.0% | +54.4% | — | +13.4% | -14.5% | -3.2% | — | -15.7% | -19.1% | -8.5% | — | -3.1% | +33.7% | -34.7% | +72.7% | |
| P/S Ratio | 3.24 | 3.90 | 3.62 | 3.58 | 4.10 | 4.11 | 4.04 | 2.95 | 3.41 | 2.56 | 3.08 | 2.18 | 2.20 | 1.99 | 2.11 | 1.93 | 1.90 | 2.07 | 2.08 | 1.81 | 2.27 |
| — | -5.0% | -10.3% | +21.4% | +20.2% | +60.4% | +31.2% | +35.3% | +55.3% | +28.9% | +46.0% | +12.9% | +15.4% | -3.9% | +1.4% | +6.7% | -16.1% | -7.0% | -4.3% | +36.5% | +52.8% | |
| P/B Ratio | 6.73 | 7.76 | 6.98 | 8.62 | 9.57 | 10.12 | 8.72 | 7.56 | 8.32 | 6.70 | 7.64 | 6.71 | 5.60 | 5.52 | 5.55 | 5.86 | 5.33 | 6.60 | 6.19 | 6.37 | 5.38 |
| — | -23.3% | -20.0% | +13.9% | +14.9% | +50.9% | +14.2% | +12.8% | +48.7% | +21.4% | +37.6% | +14.5% | +5.0% | -16.3% | -10.2% | -7.9% | -0.9% | +15.1% | +15.9% | +22.0% | +10.0% | |
| P/FCF | 18.89 | 28.28 | 12.08 | 22.53 | 18.15 | 46.79 | 14.79 | 13.33 | 20.78 | 24.91 | 11.74 | 9.44 | 12.17 | 14.39 | 9.10 | 9.46 | 18.57 | 39.69 | 10.56 | 15.56 | 15.19 |
| — | -39.6% | -18.3% | +69.0% | -12.6% | +87.9% | +25.9% | +41.1% | +70.8% | +73.1% | +29.1% | -0.2% | -34.5% | -63.7% | -13.9% | -39.2% | +22.3% | +133.3% | +56.3% | +190.1% | +97.6% | |
| EV / EBITDA | 15.54 | 27.49 | 20.74 | 13.65 | 20.46 | 19.24 | 24.72 | 12.55 | 18.22 | 14.57 | 21.00 | 9.64 | 14.14 | 12.96 | 17.20 | 9.45 | 14.08 | 13.64 | 16.99 | 9.72 | 14.22 |
| — | +42.9% | -16.1% | +8.8% | +12.3% | +32.0% | +17.7% | +30.1% | +28.9% | +12.4% | +22.1% | +2.1% | +0.4% | -5.0% | +1.2% | -2.9% | -1.0% | -0.1% | +8.0% | +38.5% | +45.2% | |
| EV / EBIT | 21.79 | 27.49 | 38.95 | 18.16 | 27.61 | 26.94 | 45.08 | 16.86 | — | 19.77 | 37.57 | 11.92 | 19.79 | 17.95 | 30.29 | 12.08 | — | 21.66 | 44.39 | 13.35 | 38.93 |
| — | +2.0% | -13.6% | +7.7% | — | +36.3% | +20.0% | +41.5% | — | +10.2% | +24.0% | -1.3% | — | -17.1% | -31.8% | -9.5% | — | -42.3% | -43.7% | -46.4% | +108.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.2% | 57.7% | 56.2% | 60.6% | 58.7% | 58.8% | 55.2% | 59.5% | 56.3% | 56.8% | 53.5% | 59.1% | 54.4% | 54.9% | 52.7% | 57.7% | 52.7% | 53.4% | 51.7% | 56.9% | 53.6% |
| — | -1.8% | +1.8% | +1.9% | +4.4% | +3.5% | +3.2% | +0.7% | +3.4% | +3.3% | +1.6% | +2.4% | +3.3% | +2.9% | +2.0% | +1.4% | -1.8% | -3.4% | -3.0% | +10.2% | +11.7% | |
| Operating Margin | 18.5% | 15.2% | 13.9% | 24.6% | 16.3% | 18.2% | 12.1% | 22.2% | 14.5% | 15.4% | 10.8% | 23.0% | 14.3% | 14.7% | 10.1% | 21.0% | 11.1% | 12.6% | 8.3% | 17.8% | 10.1% |
| — | -16.2% | +14.9% | +10.8% | +12.0% | +17.8% | +12.3% | -3.3% | +2.0% | +4.9% | +7.3% | +9.6% | +28.9% | +16.7% | +20.8% | +17.7% | +9.8% | +12.2% | +15.0% | -9.3% | -26.5% | |
| Net Margin | 15.7% | 12.6% | 7.6% | 28.4% | 10.7% | 12.9% | 7.3% | 16.6% | -2.2% | 11.6% | 11.1% | 18.9% | 11.6% | 10.2% | 6.5% | 16.2% | -22.7% | 9.0% | 5.2% | 14.0% | 8.5% |
| — | -2.4% | +5.3% | +71.3% | +584.3% | +11.1% | -34.6% | -12.2% | -119.1% | +13.7% | +70.6% | +16.5% | +151.0% | +14.2% | +26.0% | +16.3% | -365.7% | -3.9% | -28.7% | +110.0% | -11.8% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.2% | 6.4% | 3.7% | 18.4% | 6.3% | 8.0% | 3.9% | 11.2% | -1.4% | 7.7% | 7.0% | 14.4% | 7.5% | 7.2% | 4.2% | 12.9% | -16.1% | 7.2% | 3.8% | 11.3% | 5.1% |
| — | -20.4% | -4.8% | +64.3% | +562.4% | +4.0% | -44.4% | -21.9% | -118.1% | +7.3% | +64.7% | +11.7% | +146.5% | -0.1% | +10.3% | +14.0% | -417.1% | +18.6% | -14.9% | +75.0% | -37.0% | |
| ROA | 7.3% | 1.4% | 0.8% | 3.8% | 1.2% | 1.5% | 0.7% | 2.1% | -0.2% | 1.4% | 1.2% | 2.5% | 1.3% | 1.2% | 0.7% | 2.1% | -2.5% | 1.1% | 0.6% | 1.7% | 0.8% |
| — | -5.8% | +5.8% | +75.0% | +580.6% | +10.2% | -36.7% | -13.6% | -118.9% | +13.6% | +65.8% | +16.0% | +151.6% | +11.5% | +28.6% | +26.9% | -424.9% | +19.0% | -11.9% | +93.2% | -29.5% | |
| ROIC | 11.9% | 2.1% | 1.9% | 4.3% | 2.4% | 2.8% | 1.7% | 4.1% | 2.3% | 2.5% | 1.7% | 4.2% | 2.1% | 2.3% | 1.5% | 3.9% | 1.8% | 2.2% | 1.3% | 3.2% | 1.4% |
| — | -23.8% | +9.0% | +5.2% | +5.2% | +9.4% | +3.1% | -1.9% | +6.7% | +9.7% | +9.7% | +6.6% | +20.5% | +4.7% | +14.5% | +23.8% | +31.4% | +35.6% | +33.5% | -21.1% | -41.8% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.05 | 1.89 | 2.11 | 2.05 | 2.38 | 2.45 | 2.48 | 2.13 | 2.45 | 2.48 | 2.69 | 2.65 | 2.53 | 2.71 | 2.85 | 2.45 | 2.67 | 2.74 | 3.01 | 2.90 | 2.64 |
| — | -23.0% | -14.8% | -3.8% | -3.0% | -1.1% | -8.0% | -19.6% | -3.0% | -8.3% | -5.3% | +8.1% | -5.4% | -1.2% | -5.5% | -15.5% | +1.3% | +1.1% | +6.0% | -7.6% | -20.0% | |
| Debt / EBITDA | 3.83 | 22.01 | 19.98 | 10.93 | 16.88 | 15.56 | 22.72 | 11.65 | 17.45 | 16.67 | 23.34 | 11.64 | 18.31 | 17.97 | 24.57 | 11.65 | 19.76 | 16.65 | 23.58 | 12.66 | 19.53 |
| — | +41.4% | -12.0% | -6.2% | -3.3% | -6.7% | -2.7% | +0.0% | -4.7% | -7.2% | -5.0% | -0.1% | -7.4% | +8.0% | +4.2% | -8.0% | +1.2% | -8.7% | +1.4% | +10.8% | +13.5% | |
| Current Ratio | 0.93 | 0.79 | 0.80 | 0.93 | 0.93 | 0.91 | 1.01 | 1.04 | 1.06 | 1.12 | 1.13 | 0.96 | 0.91 | 1.06 | 1.16 | 0.92 | 0.95 | 0.88 | 0.92 | 0.88 | 0.84 |
| — | -12.9% | -20.9% | -10.8% | -12.0% | -19.2% | -11.1% | +7.9% | +16.9% | +6.0% | -2.5% | +4.3% | -4.9% | +21.0% | +26.2% | +5.2% | +13.8% | +4.2% | -1.2% | -10.6% | -20.3% | |
| Quick Ratio | 0.90 | 0.74 | 0.76 | 0.90 | 0.89 | 0.87 | 0.97 | 1.00 | 1.01 | 1.08 | 1.09 | 0.93 | 0.86 | 1.01 | 1.11 | 0.87 | 0.89 | 0.82 | 0.87 | 0.83 | 0.78 |
| — | -15.2% | -21.4% | -10.5% | -11.8% | -19.1% | -11.7% | +7.6% | +17.6% | +6.7% | -1.4% | +6.3% | -3.7% | +23.1% | +27.8% | +5.5% | +14.0% | +4.0% | -1.5% | -11.4% | -21.4% | |
| Interest Coverage | 6.34 | 6.10 | 3.93 | 9.67 | 5.94 | 6.09 | 3.55 | 8.80 | -0.87 | 6.20 | 3.49 | 10.28 | 5.55 | 5.73 | 3.88 | 11.58 | -14.26 | 6.80 | 3.00 | 10.43 | 3.80 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying IBM stock.
International Business Machines Corporation's current P/E is 20.8x. The average P/E over the last 4 quarters is 32.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
International Business Machines Corporation's current operating margin is 18.5%. 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.