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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 0.22
IBM's Cash to Debt is ranked lower than
71% of the 2544 Companies
in the Global Computer Systems industry.

( Industry Median: 4.42 vs. IBM: 0.22 )
IBM' s 10-Year Cash to Debt Range
Min: 0.1   Max: 0.6
Current: 0.22

0.1
0.6
Equity to Asset 0.14
IBM's Equity to Asset is ranked lower than
73% of the 2511 Companies
in the Global Computer Systems industry.

( Industry Median: 0.57 vs. IBM: 0.14 )
IBM' s 10-Year Equity to Asset Range
Min: 0.12   Max: 0.33
Current: 0.14

0.12
0.33
Interest Coverage 46.71
IBM's Interest Coverage is ranked higher than
55% of the 1460 Companies
in the Global Computer Systems industry.

( Industry Median: 97.77 vs. IBM: 46.71 )
IBM' s 10-Year Interest Coverage Range
Min: 10.47   Max: 69.58
Current: 46.71

10.47
69.58
F-Score: 6
Z-Score: 3.99
M-Score: -2.53
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 2407 Companies
in the Global Computer Systems industry.

( Industry Median: 3.72 vs. IBM: 18.82 )
IBM' s 10-Year Operating margin (%) Range
Min: 8.37   Max: 19.56
Current: 18.82

8.37
19.56
Net-margin (%) 16.52
IBM's Net-margin (%) is ranked higher than
94% of the 2409 Companies
in the Global Computer Systems industry.

( Industry Median: 3.07 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 2378 Companies
in the Global Computer Systems industry.

( Industry Median: 5.68 vs. IBM: 72.32 )
IBM' s 10-Year ROE (%) Range
Min: 15.71   Max: 91.6
Current: 72.32

15.71
91.6
ROA (%) 13.06
IBM's ROA (%) is ranked higher than
96% of the 2414 Companies
in the Global Computer Systems industry.

( Industry Median: 2.88 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
97% of the 2406 Companies
in the Global Computer Systems industry.

( Industry Median: 11.68 vs. IBM: 90.22 )
IBM' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: 25.74   Max: 114.49
Current: 90.22

25.74
114.49
Revenue Growth (%) 5.20
IBM's Revenue Growth (%) is ranked higher than
73% of the 1829 Companies
in the Global Computer Systems industry.

( Industry Median: 2.60 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
71% of the 1486 Companies
in the Global Computer Systems industry.

( Industry Median: 1.90 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
74% of the 1337 Companies
in the Global Computer Systems industry.

( Industry Median: 2.40 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

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%)
Paul Tudor Jones 1,100 sh (unchged)
Tom Gayner 20,100 sh (unchged)
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)
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%)
Prem Watsa 1,200 sh (unchged)
Irving Kahn 3,283 sh (unchged)
Warren Buffett 68,121,984 sh (unchged)
Tom Russo 16,668 sh (unchged)
Jean-Marie Eveillard 11,668 sh (unchged)
Private Capital 3,064 sh (unchged)
PRIMECAP Management Sold Out
Manning & Napier Advisors, Inc Sold Out
John Keeley 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

Richard Snow 1,205 sh (New)
Louis Moore Bacon 2,310 sh (New)
Arnold Van Den Berg 69,054 sh (+4152.09%)
Steven Cohen 16,388 sh (+979.58%)
Bill Frels 167,957 sh (+61.3%)
David Dreman 15,489 sh (+60.77%)
Robert Bruce 93,100 sh (+19.21%)
Diamond Hill Capital 1,133,568 sh (+17.16%)
HOTCHKIS & WILEY 1,557,841 sh (+11.64%)
Chris Davis 20,936 sh (+9.7%)
Jeremy Grantham 9,572,485 sh (+6.36%)
John Buckingham 34,796 sh (+2.85%)
John Rogers 50,382 sh (+2.03%)
Ken Fisher 3,102,792 sh (+0.61%)
Warren Buffett 68,355,084 sh (+0.34%)
Jean-Marie Eveillard 11,668 sh (unchged)
Steven Cohen 42,500 sh (unchged)
Prem Watsa 1,200 sh (unchged)
Irving Kahn 3,283 sh (unchged)
Tom Gayner Sold Out
Paul Tudor Jones Sold Out
John Hussman Sold Out
Private Capital 3,054 sh (-0.33%)
Ruane Cunniff 1,476,489 sh (-0.34%)
Dodge & Cox 130,151 sh (-2.4%)
Pioneer Investments 348,001 sh (-4.68%)
Ronald Muhlenkamp 5,600 sh (-7.44%)
James Barrow 617,984 sh (-10.16%)
Mario Gabelli 35,095 sh (-15.16%)
Joel Greenblatt 18,078 sh (-15.4%)
Tom Russo 13,615 sh (-18.32%)
Ray Dalio 135,020 sh (-19.54%)
Jim Simons 202,910 sh (-68.16%)
» More
Q2 2014

IBM Guru Trades in Q2 2014

Brian Rogers 750,000 sh (New)
Arnold Van Den Berg 68,459 sh (-0.86%)
Ken Fisher 103,060 sh (-96.68%)
» 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 $ 194.46%69054
John Hussman 2014-03-31 Sold Out 0.8%$172.84 - $195.04 $ 194.46%0
Tom Gayner 2014-03-31 Sold Out 0.14%$172.84 - $195.04 $ 194.46%0
David Dreman 2014-03-31 Add 60.77%0.09%$172.84 - $195.04 $ 194.46%15489
John Hussman 2013-12-31 Add 5900%0.79%$172.8 - $186.97 $ 194.48%60000
Ray Dalio 2013-12-31 Add 36.31%0.07%$172.8 - $186.97 $ 194.48%167820
PRIMECAP Management 2013-12-31 Sold Out 0.05%$172.8 - $186.97 $ 194.48%0
David Dreman 2013-12-31 Reduce -22.18%0.05%$172.8 - $186.97 $ 194.48%9634
Ronald Muhlenkamp 2013-12-31 Add 25.65%0.04%$172.8 - $186.97 $ 194.48%6050
Arnold Van Den Berg 2013-12-31 New Buy0.03%$172.8 - $186.97 $ 194.48%1624
Joel Greenblatt 2013-12-31 Add 31.02%0.02%$172.8 - $186.97 $ 194.48%21369
Tom Gayner 2013-12-31 Add 20.4%0.02%$172.8 - $186.97 $ 194.48%24200
John Keeley 2013-12-31 Sold Out $172.8 - $186.97 $ 194.48%0
David Dreman 2013-09-30 New Buy0.21%$182.16 - $197.99 $ 194.42%12380
Ray Dalio 2013-09-30 Add 282.12%0.14%$182.16 - $197.99 $ 194.42%123120
James Barrow 2013-09-30 Reduce -32.94%0.12%$182.16 - $197.99 $ 194.42%748291
John Hussman 2013-09-30 New Buy0.01%$182.16 - $197.99 $ 194.42%1000
John Keeley 2013-09-30 New Buy$182.16 - $197.99 $ 194.42%1380
Premium More recent guru trades are included for Premium Members only!!
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Guru Investment Theses on International Business Machines Corp

Diamond Hill Capital Comments on International Business Machines Corp - Jul 25, 2014

Shares of diversified information technology company International Business Machines Corp. (IBM) declined during the quarter as investors continued to worry about the company’s ability to grow revenue, particularly in China and other emerging markets. We continue to have a favorable view of the company’s long-term competitive position.

From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Second Quarter 2014 Commentary.

Check out Diamond Hill Capital latest stock trades

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

Top Ranked Articles about International Business Machines Corp

Diamond Hill Capital Comments on International Business Machines Corp
Shares of diversified information technology company International Business Machines Corp. (IBM) declined during the quarter as investors continued to worry about the company’s ability to grow revenue, particularly in China and other emerging markets. We continue to have a favorable view of the company’s long-term competitive position. Read more...
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Even a long-term investor hopes for at least some movement in a stock after two years. But there is little appearing in Warren Buffett’s IBM (IBM), whose shares declined 6% yesterday to a new 52-week low of $172.57 after a disappointing earnings report. They are also brushing Buffett’s average purchase price of $172.80, when he bought it around a record high. This means investors can buy IBM for very close to what he paid for his stake over the first quarter of 2011 through the first quarter of 2013, if he made the right choice investing in the company. Read more...
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Ratios

vs
industry
vs
history
P/E(ttm) 13.30
IBM's P/E(ttm) is ranked higher than
85% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 31.90 vs. IBM: 13.30 )
IBM' s 10-Year P/E(ttm) Range
Min: 8.86   Max: 31.31
Current: 13.3

8.86
31.31
P/B 12.30
IBM's P/B is ranked lower than
69% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 1.65 vs. IBM: 12.30 )
IBM' s 10-Year P/B Range
Min: 3.34   Max: 12.73
Current: 12.3

3.34
12.73
P/S 2.13
IBM's P/S is ranked lower than
54% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 1.00 vs. IBM: 2.13 )
IBM' s 10-Year P/S Range
Min: 1   Max: 2.38
Current: 2.13

1
2.38
PFCF 16.60
IBM's PFCF is ranked higher than
80% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 83.39 vs. IBM: 16.60 )
IBM' s 10-Year PFCF Range
Min: 7.61   Max: 20.46
Current: 16.6

7.61
20.46
EV-to-EBIT 12.81
IBM's EV-to-EBIT is ranked higher than
79% of the 2659 Companies
in the Global Computer Systems industry.

( Industry Median: 23.82 vs. IBM: 12.81 )
IBM' s 10-Year EV-to-EBIT Range
Min: 7.9   Max: 20.3
Current: 12.81

7.9
20.3
PEG 1.90
IBM's PEG is ranked higher than
87% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 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
94% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. IBM: 14.80 )
IBM' s 10-Year Shiller P/E Range
Min: 12.48   Max: 26.03
Current: 14.8

12.48
26.03
Current Ratio 1.17
IBM's Current Ratio is ranked lower than
64% of the 2532 Companies
in the Global Computer Systems industry.

( Industry Median: 1.96 vs. IBM: 1.17 )
IBM' s 10-Year Current Ratio Range
Min: 0.88   Max: 1.47
Current: 1.17

0.88
1.47
Quick Ratio 1.11
IBM's Quick Ratio is ranked lower than
52% of the 2532 Companies
in the Global Computer Systems industry.

( Industry Median: 1.44 vs. IBM: 1.11 )
IBM' s 10-Year Quick Ratio Range
Min: 0.82   Max: 1.29
Current: 1.11

0.82
1.29

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.03
IBM's Dividend Yield is ranked higher than
61% of the 1660 Companies
in the Global Computer Systems industry.

( Industry Median: 1.66 vs. IBM: 2.03 )
IBM' s 10-Year Dividend Yield Range
Min: 0.63   Max: 2.4
Current: 2.03

0.63
2.4
Dividend Payout 0.26
IBM's Dividend Payout is ranked higher than
90% of the 2659 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. IBM: 0.26 )
IBM' s 10-Year Dividend Payout Range
Min: 0.08   Max: 44
Current: 0.26

0.08
44
Dividend growth (3y) 14.00
IBM's Dividend growth (3y) is ranked higher than
83% of the 810 Companies
in the Global Computer Systems industry.

( Industry Median: -0.10 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
79% of the 1696 Companies
in the Global Computer Systems industry.

( Industry Median: 1.80 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
93% of the 1325 Companies
in the Global Computer Systems industry.

( Industry Median: -0.90 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) 1.20
IBM's Price/DCF (Projected) is ranked higher than
91% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. IBM: 1.20 )
IBM' s 10-Year Price/DCF (Projected) Range
Min: 0.7   Max: 6.08
Current: 1.2

0.7
6.08
Price/Median PS Value 1.20
IBM's Price/Median PS Value is ranked higher than
59% of the 2660 Companies
in the Global Computer Systems industry.

( Industry Median: 1.17 vs. IBM: 1.20 )
IBM' s 10-Year Price/Median PS Value Range
Min: 0.37   Max: 1.68
Current: 1.2

0.37
1.68
Price/Peter Lynch Fair Value 1.80
IBM's Price/Peter Lynch Fair Value is ranked higher than
93% of the 2659 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. IBM: 1.80 )
IBM' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.66   Max: 4.58
Current: 1.8

0.66
4.58
Earnings Yield (Greenblatt) 7.70
IBM's Earnings Yield (Greenblatt) is ranked higher than
71% of the 2169 Companies
in the Global Computer Systems industry.

( Industry Median: 6.40 vs. IBM: 7.70 )
IBM' s 10-Year Earnings Yield (Greenblatt) Range
Min: 4.9   Max: 12.7
Current: 7.7

4.9
12.7
Forward Rate of Return (Yacktman) 12.52
IBM's Forward Rate of Return (Yacktman) is ranked higher than
82% of the 1567 Companies
in the Global Computer Systems industry.

( Industry Median: 3.05 vs. IBM: 12.52 )
IBM' s 10-Year Forward Rate of Return (Yacktman) Range
Min: -6.4   Max: 23.1
Current: 12.52

-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
» More Articles for IBM

Headlines

Articles On GuruFocus.com
Diamond Hill Capital Comments on International Business Machines Corp Jul 25 2014 
NVIDIA: This Chipmaker Is a Good Buy Jul 24 2014 
Microsoft Earnings: The Nadella Makeover is Working Jul 23 2014 
BlackBerry; has the company made a turnaround? Jul 23 2014 
Apple’s Deal with IBM is a Good Strategic Move Jul 23 2014 
Will the AAPL Fall Far From the Tree? Jul 22 2014 
What’s The Apple IBM Partnership All About? Jul 21 2014 
Warren Buffett's Dividend Growth Portfolio Jul 18 2014 
2 Reasons to Buy NVIDIA Jul 18 2014 
It´s Time to Buy IBM Jul 18 2014 

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User Comments

Terry.tang.sc@google
ReplyTerry.tang.sc@google - 2 months ago
I don't see the 32.6B.
SZoltan
ReplySZoltan - 5 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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