International Business Machines Corp.

IBM · NYSE · Technology · Information Technology Services

下次财报：2026年10月21日 · 收盘后

US$225.51-0.7%9月25日收盘

1M: -4.3%
6M: -3.2%
1Y: -18.6%
5Y: +99.7%

International Business Machines (IBM) sells business software, technology consulting, computers, storage equipment, and financing.

基于 International Business Machines Corp. 自己向 SEC 提交的申报文件。数字如实呈报，每股历史已重述到今天的股数口径。这是对一门生意的描述——不是投资建议，也不是买卖任何证券的推荐。

完整财务报表 →

关于International Business Machines Corp.

IBM sells software for running business applications, managing data, automating work, and using artificial intelligence (AI). Its consultants help customers update applications and business processes, including work involving AI, data, and cybersecurity. IBM also sells and supports mainframe and other computer systems and storage equipment, and provides financing to help customers acquire technology.

总部: Armonk, New York, United States
成立于: 1911
上市于: New York Stock Exchange
财年结束: December 31

怎么赚钱

Software44%
Consulting31%
Infrastructure23%
Financing1%

各项收入占比是对year ended 2025-12-31, high confidence的估算，并非来自已提交报告的数字。

竞争对手

卖什么6

IBM Z z17
A mainframe computer for large, critical workloads such as financial transactions; IBM says it is also designed to run AI work near customers' data.
Red Hat OpenShift
Software businesses use to run and manage applications across different kinds of computer systems and cloud services.
watsonx Orchestrate
Software for building, managing, and governing AI agents—software assistants that can carry out assigned tasks.

再显示 3 项

Confluent
Software that moves and manages data in real time so it can be used by applications and AI systems.
IBM Power11
A family of IBM servers used to run business applications and workloads.
IBM Storage
Storage equipment, including flash, tape, and other systems that businesses use to store and manage data.

谁在买6

Businesses across industries, which buy software through subscriptions, usage charges, support agreements, or software license contracts.
Banks and other financial institutions, which use IBM software and mainframes for critical business systems and transactions.
Retailers and airlines, which use IBM technology for business operations and critical workloads.

再显示 3 项

Government organizations, which buy technology and services through government contracts.

靠什么支撑，什么会击垮它

业务依赖什么

1Some software sales are tied to customers' mainframe purchases and associated software license agreements, so changes in customers' spending priorities can shift when those sales close.
2IBM relies on critical suppliers and the availability of components to build and deliver computer and storage equipment; the company described supply constraints affecting infrastructure purchases in 2026.
3

与同行业相比处在什么位置

三项评分，每一项都是相对我们在Information Technology Services覆盖的 73 家公司的百分位。刻意分开而不揉成一个总分：便宜、上涨和经营得好是三件不同的事，一个数字会把它们是哪一件藏起来。

动量

72在同行业中满分 100

高于行业内多数公司

截至一个月前的 12 个月0.4%

截至一个月前的 6 个月0.0%

最近一个月被刻意剔除：回报往往在 7 到 12 个月内延续，而最新的一个月往往反转。这描述的是股价已经走过的路，不说明它接下来会怎么走。

估值

42在同行业中满分 100

处于同行业中游

每单位价格对应的利润5.05%

每单位价格对应的现金6.49%

每单位价格对应的营收32.52%

每单位价格对应的资产15.37%

整个企业对应的经营利润—

这些是收益率，所以数值越高越便宜——亏损的公司会排在最后，而不是被剔除。便宜不等于好：高收益率往往意味着股价是有原因才跌下来的。由 5 项指标中的 4 项混合而成。

资本配置

3/4大体克制

2 项检验未披露

资本回报率—

股东回报率3.58%

股本数量，3 年3.3%

净债务 / EBITDA—

内部人，12 个月+US$417.2K

管理层怎么使用这笔钱——只按财报能回答的部分计分，绝不按占总数的比例计分。

六项资本配置检验

投入资金的回报披露不足，无法计算
债务与盈利之比没有可比的盈利用来衡量债务
回馈给股东的现金每年 3.6% 用于回购和分红
三年间的股本数量三年间股本数量增加 3.3%
现金流对派付的覆盖自由现金流覆盖了派付的部分
内部人在公开市场的买入3 位内部人净买入 US$417.2K

这是对该公司在同行中所处位置的描述，不是投资建议。评分更新于 2026年9月26日。

Companies hiring consultants for application modernization, data transformation, cybersecurity, and business-process work.

Organizations buying IBM computers or storage equipment, sometimes using IBM financing.

IBM sells and delivers some work with technology, cloud, and services partners, and says it also competes with some of those partners.

4The business depends on employees with specialized technology and consulting skills.

可能出什么问题

1Customers may delay or redirect spending on large software and mainframe purchases. IBM said in its second-quarter 2026 discussion that customers shifted some spending toward servers, storage, and memory, delaying large deals.
2Rapid technology changes and competition could make IBM's products less appealing; the company also identifies possible legal, regulatory, security, and reputation consequences from developing and using AI.
3Supplier problems or infrastructure supply constraints could affect IBM's ability to deliver equipment, while acquisitions and alliances may bring integration challenges or fail to meet their objectives.