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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 8/10

vs
industry
vs
history
Cash to Debt 0.28
IBM's Cash to Debt is ranked lower than
70% of the 2491 Companies
in the Global Computer Systems industry.

( Industry Median: 3.96 vs. IBM: 0.28 )
IBM' s 10-Year Cash to Debt Range
Min: 0.13   Max: 0.6
Current: 0.28

0.13
0.6
Equity to Asset 0.18
IBM's Equity to Asset is ranked lower than
74% of the 2481 Companies
in the Global Computer Systems industry.

( Industry Median: 0.58 vs. IBM: 0.18 )
IBM' s 10-Year Equity to Asset Range
Min: 0.12   Max: 0.31
Current: 0.18

0.12
0.31
Interest Coverage 46.71
IBM's Interest Coverage is ranked higher than
56% of the 1525 Companies
in the Global Computer Systems industry.

( Industry Median: 74.64 vs. IBM: 46.71 )
IBM' s 10-Year Interest Coverage Range
Min: 4.08   Max: 69.58
Current: 46.71

4.08
69.58
F-Score: 6
Z-Score: 4.00
M-Score: -2.52
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 18.82
IBM's Operating margin (%) is ranked higher than
95% of the 2448 Companies
in the Global Computer Systems industry.

( Industry Median: 3.44 vs. IBM: 18.82 )
IBM' s 10-Year Operating margin (%) Range
Min: 7.81   Max: 19.56
Current: 18.82

7.81
19.56
Net-margin (%) 16.52
IBM's Net-margin (%) is ranked higher than
94% of the 2449 Companies
in the Global Computer Systems industry.

( Industry Median: 2.74 vs. IBM: 16.52 )
IBM' s 10-Year Net-margin (%) Range
Min: 4.41   Max: 16.52
Current: 16.52

4.41
16.52
ROE (%) 72.32
IBM's ROE (%) is ranked higher than
100% of the 2412 Companies
in the Global Computer Systems industry.

( Industry Median: 5.23 vs. IBM: 72.32 )
IBM' s 10-Year ROE (%) Range
Min: 12.9   Max: 91.6
Current: 72.32

12.9
91.6
ROA (%) 13.06
IBM's ROA (%) is ranked higher than
96% of the 2450 Companies
in the Global Computer Systems industry.

( Industry Median: 2.74 vs. IBM: 13.06 )
IBM' s 10-Year ROA (%) Range
Min: 3.71   Max: 13.93
Current: 13.06

3.71
13.93
ROC (Joel Greenblatt) (%) 90.22
IBM's ROC (Joel Greenblatt) (%) is ranked higher than
98% of the 2444 Companies
in the Global Computer Systems industry.

( Industry Median: 10.26 vs. IBM: 90.22 )
IBM' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 18.01   Max: 114.49
Current: 90.22

18.01
114.49
Revenue Growth (%) 5.20
IBM's Revenue Growth (%) is ranked higher than
70% of the 1672 Companies
in the Global Computer Systems industry.

( Industry Median: 3.30 vs. IBM: 5.20 )
IBM' s 10-Year Revenue Growth (%) Range
Min: -12.4   Max: 411.7
Current: 5.2

-12.4
411.7
EBITDA Growth (%) 4.80
IBM's EBITDA Growth (%) is ranked higher than
68% of the 1284 Companies
in the Global Computer Systems industry.

( Industry Median: 5.20 vs. IBM: 4.80 )
IBM' s 10-Year EBITDA Growth (%) Range
Min: -22.7   Max: 426.4
Current: 4.8

-22.7
426.4
EPS Growth (%) 9.10
IBM's EPS Growth (%) is ranked higher than
71% of the 1131 Companies
in the Global Computer Systems industry.

( Industry Median: 6.00 vs. IBM: 9.10 )
IBM' s 10-Year EPS Growth (%) Range
Min: -16.1   Max: 415.9
Current: 9.1

-16.1
415.9
» IBM's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q2 2013

IBM Guru Trades in Q2 2013

Mark Hillman 4,603 sh (New)
Paul Tudor Jones 1,100 sh (New)
Meryl Witmer 2,700 sh (New)
Prem Watsa 1,200 sh (New)
HOTCHKIS & WILEY 335,900 sh (+1622.56%)
Steven Cohen 43,015 sh (+442.91%)
John Rogers 32,552 sh (+40.97%)
Tom Russo 16,231 sh (+29.95%)
Jeremy Grantham 6,961,422 sh (+27.78%)
Joel Greenblatt 15,948 sh (+17.73%)
Bill Frels 88,297 sh (+10.1%)
John Buckingham 32,758 sh (+3.66%)
Mario Gabelli 34,825 sh (+1.19%)
Ruane Cunniff 1,505,108 sh (+0.84%)
Warren Buffett 68,121,984 sh (unchged)
Tom Gayner 20,100 sh (unchged)
Jean-Marie Eveillard 11,668 sh (unchged)
Robert Bruce 57,400 sh (unchged)
John Keeley Sold Out
Richard Snow Sold Out
Louis Moore Bacon Sold Out
Ken Fisher 3,147,078 sh (-0.09%)
Ronald Muhlenkamp 5,030 sh (-0.98%)
Dodge & Cox 135,777 sh (-1.37%)
Chris Davis 713,588 sh (-2.32%)
PRIMECAP Management 202,000 sh (-4.72%)
Diamond Hill Capital 752,951 sh (-6.34%)
Private Capital 3,064 sh (-7.12%)
Manning & Napier Advisors, Inc 59,060 sh (-7.31%)
Pioneer Investments 429,699 sh (-10.1%)
Ray Dalio 32,220 sh (-19.69%)
Irving Kahn 3,283 sh (-27.27%)
Jim Simons 1,104,100 sh (-52.04%)
James Barrow 1,115,830 sh (-75.27%)
» More
Q3 2013

IBM Guru Trades in Q3 2013

John Keeley 1,380 sh (New)
David Dreman 12,380 sh (New)
John Hussman 1,000 sh (New)
Ray Dalio 123,120 sh (+282.12%)
HOTCHKIS & WILEY 1,023,782 sh (+204.79%)
Jim Simons 2,831,400 sh (+156.44%)
John Rogers 49,402 sh (+51.76%)
Robert Bruce 74,100 sh (+29.09%)
Diamond Hill Capital 845,830 sh (+12.34%)
Mario Gabelli 38,665 sh (+11.03%)
Jeremy Grantham 7,631,817 sh (+9.63%)
Tom Russo 16,668 sh (+2.69%)
John Buckingham 33,625 sh (+2.65%)
Joel Greenblatt 16,310 sh (+2.27%)
Mark Hillman 4,627 sh (+0.52%)
Irving Kahn 3,283 sh (unchged)
Private Capital 3,064 sh (unchged)
Warren Buffett 68,121,984 sh (unchged)
Jean-Marie Eveillard 11,668 sh (unchged)
Prem Watsa 1,200 sh (unchged)
Paul Tudor Jones 1,100 sh (unchged)
Tom Gayner 20,100 sh (unchged)
Ken Fisher 3,146,627 sh (-0.01%)
Ruane Cunniff 1,503,173 sh (-0.13%)
Bill Frels 87,950 sh (-0.39%)
Dodge & Cox 134,351 sh (-1.05%)
Ronald Muhlenkamp 4,815 sh (-4.27%)
Pioneer Investments 409,649 sh (-4.67%)
PRIMECAP Management 182,700 sh (-9.55%)
Steven Cohen 35,208 sh (-18.15%)
James Barrow 748,291 sh (-32.94%)
Manning & Napier Advisors, Inc 27,850 sh (-52.84%)
Chris Davis 18,954 sh (-97.34%)
» More
Q4 2013

IBM Guru Trades in Q4 2013

Arnold Van Den Berg 1,624 sh (New)
John Hussman 60,000 sh (+5900%)
Paul Tudor Jones 4,945 sh (+349.55%)
Ray Dalio 167,820 sh (+36.31%)
HOTCHKIS & WILEY 1,395,457 sh (+36.3%)
Joel Greenblatt 21,369 sh (+31.02%)
Ronald Muhlenkamp 6,050 sh (+25.65%)
Tom Gayner 24,200 sh (+20.4%)
Bill Frels 104,128 sh (+18.39%)
Jeremy Grantham 8,999,935 sh (+17.93%)
Diamond Hill Capital 967,574 sh (+14.39%)
Mario Gabelli 41,365 sh (+6.98%)
Robert Bruce 78,100 sh (+5.4%)
Mark Hillman 4,738 sh (+2.4%)
Chris Davis 19,085 sh (+0.69%)
John Buckingham 33,833 sh (+0.62%)
Tom Russo 16,668 sh (unchged)
Jean-Marie Eveillard 11,668 sh (unchged)
Prem Watsa 1,200 sh (unchged)
Warren Buffett 68,121,984 sh (unchged)
Irving Kahn 3,283 sh (unchged)
Private Capital 3,064 sh (unchged)
Manning & Napier Advisors, Inc Sold Out
John Keeley Sold Out
PRIMECAP Management Sold Out
John Rogers 49,382 sh (-0.04%)
Dodge & Cox 133,348 sh (-0.75%)
Ruane Cunniff 1,481,575 sh (-1.44%)
Ken Fisher 3,083,844 sh (-2%)
James Barrow 687,869 sh (-8.07%)
Pioneer Investments 365,105 sh (-10.87%)
David Dreman 9,634 sh (-22.18%)
Jim Simons 637,300 sh (-77.49%)
Steven Cohen 1,518 sh (-95.69%)
» More
Q1 2014

IBM Guru Trades in Q1 2014

Arnold Van Den Berg 69,054 sh (+4152.09%)
Ken Fisher 3,102,792 sh (+0.61%)
» More
» Details

Insider Trades

Latest Guru Trades with IBM

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Arnold Van Den Berg 2014-03-31 Add 4152.09%1.07%$172.84 - $195.04 $ 190.223%69054
John Hussman 2013-12-31 Add 5900%0.79%$172.8 - $186.97 $ 190.226%60000
Ray Dalio 2013-12-31 Add 36.31%0.07%$172.8 - $186.97 $ 190.226%167820
David Dreman 2013-12-31 Reduce -22.18%0.05%$172.8 - $186.97 $ 190.226%9634
PRIMECAP Management 2013-12-31 Sold Out 0.05%$172.8 - $186.97 $ 190.226%0
Ronald Muhlenkamp 2013-12-31 Add 25.65%0.04%$172.8 - $186.97 $ 190.226%6050
Arnold Van Den Berg 2013-12-31 New Buy0.03%$172.8 - $186.97 $ 190.226%1624
Tom Gayner 2013-12-31 Add 20.4%0.02%$172.8 - $186.97 $ 190.226%24200
Joel Greenblatt 2013-12-31 Add 31.02%0.02%$172.8 - $186.97 $ 190.226%21369
John Keeley 2013-12-31 Sold Out $172.8 - $186.97 $ 190.226%0
David Dreman 2013-09-30 New Buy0.21%$182.16 - $197.99 $ 190.220%12380
Ray Dalio 2013-09-30 Add 282.12%0.14%$182.16 - $197.99 $ 190.220%123120
James Barrow 2013-09-30 Reduce -32.94%0.12%$182.16 - $197.99 $ 190.220%748291
John Hussman 2013-09-30 New Buy0.01%$182.16 - $197.99 $ 190.220%1000
John Keeley 2013-09-30 New Buy$182.16 - $197.99 $ 190.220%1380
James Barrow 2013-06-30 Reduce -75.27%1.28%$187.83 - $214.36 $ 190.22-7%1115830
Prem Watsa 2013-06-30 New Buy0.01%$187.83 - $214.36 $ 190.22-7%1200
John Keeley 2013-06-30 Sold Out 0.01%$187.83 - $214.36 $ 190.22-7%0
Joel Greenblatt 2013-03-31 New Buy0.15%$191.55 - $215.8 $ 190.22-6%13546
Ray Dalio 2013-03-31 New Buy0.08%$191.55 - $215.8 $ 190.22-6%40120
PRIMECAP Management 2013-03-31 Add 606.67%0.06%$191.55 - $215.8 $ 190.22-6%212000
Donald Yacktman 2013-03-31 Sold Out 0.0032%$191.55 - $215.8 $ 190.22-6%0
Premium More recent guru trades are included for Premium Members only!!
» Interactive Charts

Peter Lynch Chart ( What is Peter Lynch Charts )

Guru Investment Theses on International Business Machines Corp

Hotchkis & Wiley Comments on IBM - Mar 20, 2014

We took a new position in IBM (IBM) (1.5%)*, which we believe is a well-positioned, diversified technology company with a strong balance sheet, prudent capital allocation, and an attractive valuation.



From Hotchkis & Wiley's fourth quarter 2013 manager commentary.



Check out Hotchkis & Wiley latest stock trades

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Ratios

vs
industry
vs
history
P/E(ttm) 12.70
IBM's P/E(ttm) is ranked higher than
79% of the 1774 Companies
in the Global Computer Systems industry.

( Industry Median: 19.40 vs. IBM: 12.70 )
IBM' s 10-Year P/E(ttm) Range
Min: 8.86   Max: 31.36
Current: 12.7

8.86
31.36
P/B 9.10
IBM's P/B is ranked lower than
84% of the 2373 Companies
in the Global Computer Systems industry.

( Industry Median: 1.48 vs. IBM: 9.10 )
IBM' s 10-Year P/B Range
Min: 3.34   Max: 12.73
Current: 9.1

3.34
12.73
P/S 2.10
IBM's P/S is ranked lower than
71% of the 2545 Companies
in the Global Computer Systems industry.

( Industry Median: 0.92 vs. IBM: 2.10 )
IBM' s 10-Year P/S Range
Min: 1   Max: 2.38
Current: 2.1

1
2.38
PFCF 15.50
IBM's PFCF is ranked higher than
59% of the 1308 Companies
in the Global Computer Systems industry.

( Industry Median: 16.38 vs. IBM: 15.50 )
IBM' s 10-Year PFCF Range
Min: 7.61   Max: 20.46
Current: 15.5

7.61
20.46
EV-to-EBIT 12.20
IBM's EV-to-EBIT is ranked higher than
71% of the 1938 Companies
in the Global Computer Systems industry.

( Industry Median: 15.81 vs. IBM: 12.20 )
IBM' s 10-Year EV-to-EBIT Range
Min: 7.9   Max: 20.3
Current: 12.2

7.9
20.3
PEG 1.90
IBM's PEG is ranked higher than
53% of the 800 Companies
in the Global Computer Systems industry.

( Industry Median: 1.28 vs. IBM: 1.90 )
IBM' s 10-Year PEG Range
Min: 0.64   Max: 24.53
Current: 1.9

0.64
24.53
Shiller P/E 14.80
IBM's Shiller P/E is ranked higher than
80% of the 795 Companies
in the Global Computer Systems industry.

( Industry Median: 25.90 vs. IBM: 14.80 )
IBM' s 10-Year Shiller P/E Range
Min: 12.52   Max: 25.97
Current: 14.8

12.52
25.97

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.00
IBM's Dividend Yield is ranked higher than
58% of the 1578 Companies
in the Global Computer Systems industry.

( Industry Median: 1.77 vs. IBM: 2.00 )
IBM' s 10-Year Dividend Yield Range
Min: 0.63   Max: 2.4
Current: 2

0.63
2.4
Dividend Payout 0.25
IBM's Dividend Payout is ranked higher than
78% of the 1225 Companies
in the Global Computer Systems industry.

( Industry Median: 0.31 vs. IBM: 0.25 )
IBM' s 10-Year Dividend Payout Range
Min: 0.11   Max: 13
Current: 0.25

0.11
13
Dividend growth (3y) 14.00
IBM's Dividend growth (3y) is ranked higher than
79% of the 613 Companies
in the Global Computer Systems industry.

( Industry Median: 3.70 vs. IBM: 14.00 )
IBM' s 10-Year Dividend growth (3y) Range
Min: 7.3   Max: 34.6
Current: 14

7.3
34.6
Yield on cost (5-Year) 3.95
IBM's Yield on cost (5-Year) is ranked higher than
80% of the 1646 Companies
in the Global Computer Systems industry.

( Industry Median: 1.91 vs. IBM: 3.95 )
IBM' s 10-Year Yield on cost (5-Year) Range
Min: 1.25   Max: 4.74
Current: 3.95

1.25
4.74
Share Buyback Rate 5.00
IBM's Share Buyback Rate is ranked higher than
94% of the 1236 Companies
in the Global Computer Systems industry.

( Industry Median: -1.20 vs. IBM: 5.00 )
IBM' s 10-Year Share Buyback Rate Range
Min: 79.5   Max: -11.3
Current: 5

Valuation & Return

vs
industry
vs
history
Price/DCF (Projected) 1.10
IBM's Price/DCF (Projected) is ranked higher than
73% of the 928 Companies
in the Global Computer Systems industry.

( Industry Median: 1.30 vs. IBM: 1.10 )
IBM' s 10-Year Price/DCF (Projected) Range
Min: 0.7   Max: 6.08
Current: 1.1

0.7
6.08
Price/Median PS Value 1.20
IBM's Price/Median PS Value is ranked higher than
52% of the 2322 Companies
in the Global Computer Systems industry.

( Industry Median: 1.10 vs. IBM: 1.20 )
IBM' s 10-Year Price/Median PS Value Range
Min: 0.39   Max: 1.68
Current: 1.2

0.39
1.68
Price/Peter Lynch Fair Value 1.60
IBM's Price/Peter Lynch Fair Value is ranked higher than
52% of the 379 Companies
in the Global Computer Systems industry.

( Industry Median: 1.10 vs. IBM: 1.60 )
IBM' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.66   Max: 3.16
Current: 1.6

0.66
3.16
Earnings Yield (Greenblatt) 8.20
IBM's Earnings Yield (Greenblatt) is ranked higher than
74% of the 2084 Companies
in the Global Computer Systems industry.

( Industry Median: 6.10 vs. IBM: 8.20 )
IBM' s 10-Year Earnings Yield (Greenblatt) Range
Min: 4.9   Max: 12.7
Current: 8.2

4.9
12.7
Forward Rate of Return (Yacktman) 13.47
IBM's Forward Rate of Return (Yacktman) is ranked higher than
82% of the 1330 Companies
in the Global Computer Systems industry.

( Industry Median: 3.24 vs. IBM: 13.47 )
IBM' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -6.4   Max: 23.1
Current: 13.47

-6.4
23.1

Business Description

Industry: Computer Hardware » Computer Systems
Compare:AAPL, HPQ, DELL, LNVGY, NIPNF » details
Traded in other countries:IBM.UK, IBMC.Belgium, IBMA.Netherlands, IBM.Germany
International Business Machines Corp was incorporated in the State of New York on June 16, 1911. The company creates business value for clients and solves business problems through integrated solutions that leverage information technology and knowledge of business processes. Its solutions create value by reducing a client's operational costs or by enabling new capabilities that generate revenue. These solutions draw from an industry portfolio of consulting, delivery and implementation services, enterprise software, systems and financing. The company's operations consist of five business segments namely Global Technology Services and Global Business Services, which the company collectively calls Global Services, and Software, Systems and Technology and Global Financing. Global Services is a component of the company's strategy of providing IT infrastructure and business insight and solutions to clients. While solutions include industry's IBM software and systems, other suppliers' products are also used if a client solution requires it. Within Global Services, there are two reportable segments namely Global Technology Services and Global Business Services. Global Technology Services (GTS) provides IT infrastructure and business process services, creating business value for clients through technology and IP, Global Business Services (GBS) delivers predictable business outcomes to the company's clients across two primary business areas namely Consulting and Application Management Services. The role of GBS is to drive initiatives that integrate IBM content and solutions and drive the progress of the company's four growth initiatives. Software consists mainly of middleware and operating systems software. Middleware software enables clients to integrate systems, processes and applications across a standard software platform to improve their business results, solve critical problems and gain competitive advantage within their industries. IBM middleware is designed on open standards, making it easier to integrate disparate business applications, developed by different methods and implemented at different times. Operating systems are the software engines that run computers. Systems and Technology (STG) provides clients with business solutions requiring advanced computing power and storage capabilities. Approximately half of Systems and Technology's server and storage sales transactions are through the company's business partners; with the balance direct to end-user clients. In addition, Systems and Technology provides semiconductor technology, products and packaging solutions for IBM's own advanced technology needs and for external clients. Global Financing facilitates clients' acquisition of IBM systems, software and services. Global Financing invests in financing assets, leverages with debt and manages the associated risks with the objective of generating consistently strong returns on equity. The Company has global presence, operating in

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User Comments

SZoltan
ReplySZoltan - 2 months ago
Hi, I've been looking at IBM's financial data trend. A few discrepancies (or maybe my misunderstanding) i have found, and would appreciate some feedback on this. 2010 cash flow statement data is completely empty. As balance sheet:Other long-term liabilities meant to be the balancing line between the distinct items and the total long term liabilities, but it does not add up. For example, 2012 this is to be 7.6B (SEC filing/ARs have consistent details), while in the 10Y financial snapshot it showed at 32.6B. Could you please help me understand why it is so.

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