INTERNATIONAL BUSINESS MACHINES CORP
IBM · Computer & office Equipment · 939.9M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $228M (gross $1.4B, SBC $1.1B)
Reference price $233.33 · est. market cap ~$219.3B — last insider purchase, 2026-02-25 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B78Cash-flow powerhouse with accelerating software/AI growth and strong returns, constrained by high leverage and thin liquidity.
Strengths
- Elite free cash flow — FCF $12.10B (98th), FCF margin 17.9%
- Strong returns and earnings growth — ROE 32.4% (84th), net income +75.9% (83rd), net margin 15.7%
- Reaccelerating growth — revenue +7.6% on hybrid-cloud/AI/consulting mix
Risks
- High leverage — D/E 1.68 (90th)
- Thin liquidity — current ratio 0.96 (11th), quick ratio 0.92
- Innovation/execution risk in a competitive AI/cloud market per risk factors — qualitative (per 10-K)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.96 (<1)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, ~$417,155, last 6mo) Form 4 ↗
- Revenue declineRevenue -19.1% YoY
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, FMR LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
58.2%
Net margin
15.7%
Return on equity
32.4%
Return on assets
7.0%
Revenue growth (QoQ)
-19.1%
Net-income growth
75.9%
Debt / equity
1.7×
Current ratio
1.0×
Free cash flow
$12.1B
Tangible book value
-$46.5B
Cash & investments
$13.6B
Stock comp / revenue
2.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-04 | Fehring Nicolas A. | Gift | 400 | — |
| 2026-02-25 | Miebach Michael | Buy | 434 | $233.33 |
| 2026-02-25 | HOWARD MICHELLE J | Buy | 50 | $237.83 |
| 2026-02-21 | Thomas Robert David | Option exercise | 2.6K | — |
| 2026-02-21 | Thomas Robert David | Tax withheld | 1.3K | $256.42 |
| 2026-02-21 | Thomas Robert David | Option exercise | 3.1K | — |
| 2026-02-21 | Thomas Robert David | Tax withheld | 1.6K | $256.42 |
| 2026-02-21 | Thomas Robert David | Option exercise | 2.7K | — |
| 2026-02-21 | Thomas Robert David | Tax withheld | 1.3K | $256.42 |
| 2026-02-21 | Fehring Nicolas A. | Option exercise | 396 | — |
| 2026-02-21 | Fehring Nicolas A. | Tax withheld | 201 | $256.42 |
| 2026-02-21 | Fehring Nicolas A. | Option exercise | 540 | — |
| 2026-02-21 | Fehring Nicolas A. | Tax withheld | 274 | $256.42 |
| 2026-02-21 | Fehring Nicolas A. | Option exercise | 632 | — |
| 2026-02-21 | Fehring Nicolas A. | Tax withheld | 320 | $256.42 |
| 2026-02-21 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.1K | — |
| 2026-02-21 | LAMOREAUX NICKLE JACLYN | Tax withheld | 538 | $256.42 |
| 2026-02-21 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.7K | — |
| 2026-02-21 | LAMOREAUX NICKLE JACLYN | Tax withheld | 888 | $256.42 |
| 2026-02-21 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.6K | — |
| 2026-02-21 | LAMOREAUX NICKLE JACLYN | Tax withheld | 817 | $256.42 |
| 2026-02-21 | KRISHNA ARVIND | Option exercise | 5.2K | — |
| 2026-02-21 | KRISHNA ARVIND | Tax withheld | 2.6K | $256.42 |
| 2026-02-21 | KRISHNA ARVIND | Option exercise | 6.1K | — |
| 2026-02-21 | KRISHNA ARVIND | Tax withheld | 3.1K | $256.42 |
| 2026-02-21 | KRISHNA ARVIND | Option exercise | 5.6K | — |
| 2026-02-21 | KRISHNA ARVIND | Tax withheld | 2.8K | $256.42 |
| 2026-02-21 | KAVANAUGH JAMES J | Option exercise | 3.4K | — |
| 2026-02-21 | KAVANAUGH JAMES J | Tax withheld | 1.7K | $256.42 |
| 2026-02-21 | KAVANAUGH JAMES J | Option exercise | 3.6K | — |
| 2026-02-21 | KAVANAUGH JAMES J | Tax withheld | 1.8K | $256.42 |
| 2026-02-21 | KAVANAUGH JAMES J | Option exercise | 2.9K | — |
| 2026-02-21 | KAVANAUGH JAMES J | Tax withheld | 1.4K | $256.42 |
| 2026-02-21 | COHN GARY D | Option exercise | 2.7K | — |
| 2026-02-21 | COHN GARY D | Tax withheld | 1.5K | $256.42 |
| 2026-02-21 | COHN GARY D | Option exercise | 2.6K | — |
| 2026-02-21 | COHN GARY D | Tax withheld | 1.4K | $256.42 |
| 2026-02-21 | COHN GARY D | Option exercise | 2.2K | — |
| 2026-02-21 | COHN GARY D | Tax withheld | 1.2K | $256.42 |
| 2026-02-18 | Robinson Anne | Option exercise | 1.7K | — |
| 2026-02-18 | Robinson Anne | Tax withheld | 953 | $258.68 |
| 2026-02-18 | Thomas Robert David | Option exercise | 2.5K | — |
| 2026-02-18 | Thomas Robert David | Tax withheld | 1.3K | $258.68 |
| 2026-02-18 | Fehring Nicolas A. | Option exercise | 696 | — |
| 2026-02-18 | Fehring Nicolas A. | Tax withheld | 353 | $258.68 |
| 2026-02-18 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.6K | — |
| 2026-02-18 | LAMOREAUX NICKLE JACLYN | Tax withheld | 810 | $258.68 |
| 2026-02-18 | KRISHNA ARVIND | Option exercise | 5.7K | — |
| 2026-02-18 | KRISHNA ARVIND | Tax withheld | 2.8K | $258.68 |
| 2026-02-18 | KAVANAUGH JAMES J | Option exercise | 2.7K | — |
| 2026-02-18 | KAVANAUGH JAMES J | Tax withheld | 1.4K | $258.68 |
| 2026-02-18 | COHN GARY D | Option exercise | 2.3K | — |
| 2026-02-18 | COHN GARY D | Tax withheld | 1.3K | $258.68 |
| 2026-02-01 | Robinson Anne | Grant | 6.3K | — |
| 2026-02-01 | Robinson Anne | Tax withheld | 3.0K | $303.75 |
| 2026-02-01 | Thomas Robert David | Grant | 42K | — |
| 2026-02-01 | Thomas Robert David | Tax withheld | 21K | $303.75 |
| 2026-02-01 | Fehring Nicolas A. | Grant | 4.1K | — |
| 2026-02-01 | Fehring Nicolas A. | Tax withheld | 1.6K | $303.75 |
| 2026-02-01 | LAMOREAUX NICKLE JACLYN | Grant | 24K | — |
| 2026-02-01 | LAMOREAUX NICKLE JACLYN | Tax withheld | 12K | $303.75 |
| 2026-02-01 | KRISHNA ARVIND | Grant | 83K | — |
| 2026-02-01 | KRISHNA ARVIND | Tax withheld | 41K | $303.75 |
| 2026-02-01 | KAVANAUGH JAMES J | Grant | 48K | — |
| 2026-02-01 | KAVANAUGH JAMES J | Tax withheld | 24K | $303.75 |
| 2026-02-01 | COHN GARY D | Grant | 35K | — |
| 2026-02-01 | COHN GARY D | Tax withheld | 19K | $303.75 |
| 2026-01-30 | FARR DAVID N | Buy | 1.0K | $304.00 |
| 2025-11-14 | Fehring Nicolas A. | Gift | 350 | — |
| 2025-11-06 | Thomas Robert David | Gift | 700 | — |
| 2025-11-05 | KRISHNA ARVIND | Gift | 20K | — |
| 2025-11-05 | KAVANAUGH JAMES J | Gift | 6.7K | — |
| 2025-09-02 | Fehring Nicolas A. | Gift | 400 | — |
| 2025-09-01 | Fehring Nicolas A. | Tax withheld | 1.4K | $243.59 |
| 2025-09-01 | Fehring Nicolas A. | Option exercise | 2.7K | — |
| 2025-07-01 | Robinson Anne | Option exercise | 8.8K | — |
| 2025-07-01 | Robinson Anne | Tax withheld | 4.9K | $292.60 |
| 2025-07-01 | Robinson Anne | Option exercise | 1.4K | — |
| 2025-07-01 | Robinson Anne | Tax withheld | 781 | $292.60 |
| 2025-06-08 | Thomas Robert David | Option exercise | 3.4K | — |
| 2025-06-08 | Thomas Robert David | Tax withheld | 1.7K | $268.85 |
| 2025-06-08 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.4K | — |
| 2025-06-08 | LAMOREAUX NICKLE JACLYN | Tax withheld | 705 | $268.85 |
| 2025-06-08 | KRISHNA ARVIND | Option exercise | 8.6K | — |
| 2025-06-08 | KRISHNA ARVIND | Tax withheld | 4.3K | $268.85 |
| 2025-06-08 | KAVANAUGH JAMES J | Option exercise | 5.2K | — |
| 2025-06-08 | KAVANAUGH JAMES J | Tax withheld | 2.6K | $268.85 |
| 2025-06-08 | Fehring Nicolas A. | Option exercise | 517 | — |
| 2025-06-08 | Fehring Nicolas A. | Tax withheld | 262 | $268.85 |
| 2025-03-06 | Fehring Nicolas A. | Gift | 400 | — |
| 2025-03-03 | Thomas Robert David | Sell | 27K | $253.01 |
| 2025-02-28 | FARR DAVID N | Buy | 1.2K | $249.00 |
| 2025-02-21 | Thomas Robert David | Option exercise | 2.6K | — |
| 2025-02-21 | Thomas Robert David | Tax withheld | 1.3K | $262.93 |
| 2025-02-21 | Thomas Robert David | Option exercise | 3.1K | — |
| 2025-02-21 | Thomas Robert David | Tax withheld | 1.6K | $262.93 |
| 2025-02-21 | Thomas Robert David | Option exercise | 2.7K | — |
| 2025-02-21 | Thomas Robert David | Tax withheld | 1.3K | $262.93 |
| 2025-02-21 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.1K | — |
| 2025-02-21 | LAMOREAUX NICKLE JACLYN | Tax withheld | 537 | $262.93 |
| 2025-02-21 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.7K | — |
| 2025-02-21 | LAMOREAUX NICKLE JACLYN | Tax withheld | 888 | $262.93 |
| 2025-02-21 | LAMOREAUX NICKLE JACLYN | Option exercise | 1.6K | — |
| 2025-02-21 | LAMOREAUX NICKLE JACLYN | Tax withheld | 817 | $262.93 |
| 2025-02-21 | KRISHNA ARVIND | Option exercise | 5.2K | — |
| 2025-02-21 | KRISHNA ARVIND | Tax withheld | 2.6K | $262.93 |
| 2025-02-21 | KRISHNA ARVIND | Option exercise | 6.1K | — |
| 2025-02-21 | KRISHNA ARVIND | Tax withheld | 3.1K | $262.93 |
| 2025-02-21 | KRISHNA ARVIND | Option exercise | 5.6K | — |
| 2025-02-21 | KRISHNA ARVIND | Tax withheld | 2.8K | $262.93 |
| 2025-02-21 | KAVANAUGH JAMES J | Option exercise | 3.4K | — |
| 2025-02-21 | KAVANAUGH JAMES J | Tax withheld | 1.7K | $262.93 |
| 2025-02-21 | KAVANAUGH JAMES J | Option exercise | 3.6K | — |
| 2025-02-21 | KAVANAUGH JAMES J | Tax withheld | 1.8K | $262.93 |
| 2025-02-21 | KAVANAUGH JAMES J | Option exercise | 2.9K | — |
| 2025-02-21 | KAVANAUGH JAMES J | Tax withheld | 1.4K | $262.93 |
| 2025-02-21 | Fehring Nicolas A. | Option exercise | 394 | — |
| 2025-02-21 | Fehring Nicolas A. | Tax withheld | 141 | $262.93 |
| 2025-02-21 | Fehring Nicolas A. | Option exercise | 541 | — |
| 2025-02-21 | Fehring Nicolas A. | Tax withheld | 193 | $262.93 |
| 2025-02-21 | Fehring Nicolas A. | Option exercise | 631 | — |
| 2025-02-21 | Fehring Nicolas A. | Tax withheld | 225 | $262.93 |
| 2025-02-21 | COHN GARY D | Option exercise | 2.7K | — |
| 2025-02-21 | COHN GARY D | Tax withheld | 1.5K | $262.93 |
| 2025-02-21 | COHN GARY D | Option exercise | 2.6K | — |
| 2025-02-21 | COHN GARY D | Tax withheld | 1.4K | $262.93 |
| 2025-02-21 | COHN GARY D | Option exercise | 2.2K | — |
| 2025-02-21 | COHN GARY D | Tax withheld | 1.2K | $262.93 |
| 2025-02-11 | Thomas Robert David | Option exercise | 15K | — |
| 2025-02-11 | Thomas Robert David | Tax withheld | 7.4K | $253.71 |
| 2025-02-01 | Thomas Robert David | Grant | 29K | — |
| 2025-02-01 | Thomas Robert David | Tax withheld | 14K | $254.56 |
| 2025-02-01 | Robinson Anne | Grant | 2.7K | — |
| 2025-02-01 | Robinson Anne | Tax withheld | 1.1K | $254.56 |
| 2025-02-01 | LAMOREAUX NICKLE JACLYN | Grant | 15K | — |
| 2025-02-01 | LAMOREAUX NICKLE JACLYN | Tax withheld | 7.5K | $254.56 |
| 2025-02-01 | LAMOREAUX NICKLE JACLYN | Grant | 12K | — |
| 2025-02-01 | LAMOREAUX NICKLE JACLYN | Tax withheld | 5.4K | $254.56 |
| 2025-02-01 | KRISHNA ARVIND | Grant | 58K | — |
| 2025-02-01 | KRISHNA ARVIND | Tax withheld | 28K | $254.56 |
| 2025-02-01 | KAVANAUGH JAMES J | Grant | 38K | — |
| 2025-02-01 | KAVANAUGH JAMES J | Tax withheld | 18K | $254.56 |
| 2025-02-01 | Fehring Nicolas A. | Grant | 2.4K | — |
| 2025-02-01 | Fehring Nicolas A. | Tax withheld | 906 | $254.56 |
| 2025-02-01 | COHN GARY D | Grant | 30K | — |
| 2025-02-01 | COHN GARY D | Tax withheld | 17K | $254.56 |
| 2025-01-04 | COHN GARY D | Option exercise | 5.1K | — |
| 2025-01-04 | COHN GARY D | Tax withheld | 2.2K | $222.07 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
Suppliers (2)
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-05-28 | Reg FD | filing ↗ |
| 2026-05-01 | Exec/director change5.03Shareholder vote | filing ↗ |
| 2026-04-22 | ResultsExhibits | filing ↗ |
| 2026-03-03 | 5.03Exhibits | filing ↗ |
| 2026-02-02 | Exhibits | filing ↗ |
| 2026-01-30 | Exec/director changeExhibits | filing ↗ |
| 2026-01-28 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-22 | 0000051143-26-000061 ↗ |
| 8-K | 2026-05-28 | 2026-05-28 | 0000051143-26-000047 ↗ |
| 8-K | 2026-05-01 | 2026-04-28 | 0000051143-26-000043 ↗ |
| 10-Q | 2026-04-23 | 2026-03-31 | 0000051143-26-000038 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0000051143-26-000036 ↗ |
| 8-K | 2026-03-03 | 2026-03-01 | 0000051143-26-000015 ↗ |
| 10-K | 2026-02-24 | 2025-12-31 | 0000051143-26-000010 ↗ |
| 8-K | 2026-02-02 | 2026-01-29 | 0001104659-26-009343 ↗ |
| 8-K | 2026-01-30 | 2026-01-27 | 0000051143-26-000006 ↗ |
| 8-K | 2026-01-28 | 2026-01-28 | 0000051143-26-000004 ↗ |
| 8-K | 2025-10-23 | 2025-10-22 | 0000051143-25-000063 ↗ |
| 10-Q | 2025-10-23 | 2025-09-30 | 0000051143-25-000064 ↗ |