INTERNATIONAL BUSINESS MACHINES CORP vs Sandisk Corporation, two Computer Hardware stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
The growth signal lives in the multiple spread: Sandisk at 72.5 times earnings is priced for the flash-memory boom to extend, IBM at 24 for its familiar low-single-digit grind. The income statements have temporarily switched costumes, Sandisk earning a 69.1% operating margin that belongs to a software company while IBM's operating line hides inside a diversified services mix with a 12.5% net margin. IBM pays its holders to wait, 2.5% in dividends and 5% of its price in free cash; Sandisk banks its cycle winnings behind a debt-free sheet and a 4.8 current ratio. One price assumes continuity, the other assumes this time the cycle is structural. History votes with IBM; the order books currently vote with Sandisk.
Comparison updated 2026-07-10.
| Metric | IBM | SNDK |
|---|---|---|
| Price | $271.41 | $2084.54 |
| Market cap | $258.4B | $327.3B |
| Sector | Computer Hardware | Computer Hardware |
| Stage | Mature | Growth |
| P/E | 23.9 | 72.5 |
| P/B | 7.82 | 23.76 |
| P/S | 3.75 | 24.82 |
| EV/EBITDA | 565.7 | 59.9 |
| Revenue growth | +9.6% | +111.6% |
| Gross margin | 56.2% | 78.3% |
| Operating margin | — | 69.1% |
| Net margin | 12.5% | 34.2% |
| Return on equity | 26.1% | 32.7% |
| Return on assets | 5.5% | 26.4% |
| Return on invested capital | — | 34.3% |
| FCF yield | 5.0% | 1.4% |
| Dividend yield | 2.5% | — |
| Debt / equity | 2.01 | 0.00 |
| Current ratio | 0.80 | 4.78 |
| Altman Z (solvency) | 3.03 | 8.30 |
| Piotroski F (quality) | 5 / 9 | 6 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.