International Business Machines Corp

NYSE:IBMTechnologyDJ:DJANASDAQ:CPQ

——At close · Market cap — · Next earnings Wed 21 Oct

IBM · Ratios · TradingHolo

Ratio	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	Current · undated	YoY
Gross margin	55.9%	54.9%	54.0%	55.4%	56.7%	58.2%	—	—
Operating margin	8.4%	12.0%	13.5%	15.9%	16.1%	18.5%	18.5%	+0.0 pts
Net margin	10.1%	10.0%	2.7%	12.1%	9.6%	15.7%	15.7%	+0.0 pts
EBITDA margin	19.1%	21.6%	11.9%	23.8%	19.4%	25.6%	—	—
Return on equity	27.1%	30.4%	7.5%	33.3%	22.1%	32.4%	32.4%	−0.1 pts
Return on assets	3.6%	4.3%	1.3%	5.5%	4.4%	7.0%	7.0%	+0.0 pts
Return on capital employed	4.0%	7.0%	8.5%	9.7%	9.7%	11.0%	—	—
Debt / equity	3.2×	2.9×	2.5×	2.7×	2.1×	2.1×	2.1×	−0.3%
Debt / assets	41.7%	41.8%	42.4%	44.3%	42.6%	44.2%	—	—
Interest coverage	3.6×	5.9×	6.7×	6.1×	5.9×	6.5×	—	—
Current ratio	1.0×	0.9×	0.9×	1.0×	1.0×	0.9×	0.9×	+0.0%
Quick ratio	0.9×	0.8×	0.9×	0.9×	1.0×	0.9×	—	—
Cash ratio	0.3×	0.2×	0.3×	0.4×	0.4×	0.4×	0.4×	+0.0%
Asset turnover	0.4×	0.4×	0.5×	0.5×	0.5×	0.4×	—	—
Inventory turnover	13.2×	15.7×	17.9×	23.7×	21.1×	23.1×	—	—
Receivables turnover	8.9×	7.9×	8.6×	4.4×	4.5×	3.8×	—	—
Dividend payout	103.7%	102.2%	362.7%	80.5%	102.1%	59.0%	—	—

Margins, returns, leverage and liquidityUpdated 31 Dec 2025 ·

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Current snapshot ratios have no reporting date and are shown separately from fiscal periods.