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: International Business Machines Corporation (IBM or the company) was incorporated in the State of New York on June 16, 1911, as the Computing-Tabulating-Recording Co. (C-T-R), a consolidation of the Computing Scale Co. of America, the Tabulating Machine Co. and The International Time Recording Co. of New York. Since that time, IBM has focused on the intersection of business insight and techno…
$329.23
+$8.81 (+2.75%)
Last close via Marketstack
16.08% operating margin is respectable but not wide. ROIC at 8.73%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 7.6%, steady but not accelerating.
At 29x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Net debt of $57.77B represents 4.8x FCF, leverage limits flexibility.
29.1x earnings, 24.3x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$68.91B
▲ +7.6% YoY
Net Income (TTM)
$10.75B
▲ +75.9% YoY
Op. Margin
16.47%
▲ +2.7pp YoY
ROIC
8.50%
▲ +1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$12.91B
▼ -2.4% YoY
Op. Cash Flow (TTM)
$13.99B
▼ -1.9% YoY
Net Debt
$65.57B
Cash & Equiv.
$11.78B
5Y CAGR: +4.1%
5Y CAGR: -4.9%
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