INTERNATIONAL BUSINESS MACHINES CORP
At today's price, INTERNATIONAL BUSINESS MACHINES CORP (IBM) is priced for today's economics sustained for ~5.1 years. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
• IBM has finished its long transition into a software-first company, and the proof is in the margin: its Software segment generated $29,962 million of revenue in fiscal 2025 at an 83.5% gross margin, the kind of economics that justify a higher multiple than its hardware-and-services past ever earned [Source: IBM FY2025 10-K, accession 0000051143-26-000010]. • The defining risk is debt and pace: net debt of about $56 billion sits at more than seven times trailing operating income, and IBM keeps
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3,397 institutional managers reported holding IBM in 13F filings for the quarter ended 2026-03-31. Together they hold about 61% of the company; the top 10 hold 35%. 119 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 29.9M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (2.6 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
IBM's share count is about flat over the past five years. It pays a dividend, and has paid one every year in our records (18 and counting), raised 15 years straight; the current rate is $6.71 a share annually. Cash returned over the past three years: $17.01B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at IBM over the trailing three years: 2024: 1 buy totaling $197k; 2025: 1 buy totaling $299k; 2026: 3 buys totaling $417k. 12 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
IBM's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-07-26 | +2.5% | +1.5% |
| 2023-11-01 | +4.0% | +10.1% |
| 2024-02-27 | -0.5% | -10.1% |
| 2024-05-01 | -9.2% | +6.9% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
IBM's latest 8-K filings: 2026-06-23 (items 1.01, 2.03, 9.01); 2026-05-28 (items 7.01); 2026-05-01 (items 5.02, 5.03, 5.07); 2026-04-22 (items 2.02, 9.01); 2026-03-03 (items 5.03, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: July 3, 2026
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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.