2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $57.4B to $67.5B, increasing; diluted EPS 6.35 to 11.17, increasing.
86
Median gross margin 54.8% over 10y, stable.
—
Not enough years of ROIC data to score returns on capital.
23
Net debt/EBITDA 3.1x, interest coverage 6x.
45
Owner earnings changed +1.5%/yr over up to the ten most recent annual observations.
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
79% above value if growth stopped today
$10.1B
$119.75
$193.99
$214.19
79% above value if growth stopped today
What today’s price assumes: owner earnings growing ~12%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.
Missing a usable price or zero-growth estimate: ANF, BKNG.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 4% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
20 years of fundamentals
The business, in plain English
INTERNATIONAL BUSINESS MACHINES CORPORATION booked $67.5B of revenue in FY2025 in the Technology sector and kept 58.2% of it as gross profit — a high-margin business by that measure. After every other cost, 15.7% of each revenue dollar reached the bottom line.
Across the filed record, revenue shrank from $98.8B (FY2007) to $67.5B (FY2025) — about −2.1% a year compounded over 18 years.
The balance sheet carried $67.7B of total debt in FY2025 against $14.5B of owner earnings — roughly 4.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 23/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2006–FY2025 · 20 fiscal years, normalized from IBM’s SEC filings
Sales, as filed$67.5B FY2025Revenue kept after cost of goods58.2% FY2025Standard ROIC or separately labeled Operating ROIC
Not disclosed in IBM’s filings for these years — we don’t estimate it.
Cash an owner could take out$14.5B FY2025
Gaps in a line mean that item isn’t in IBM’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How INTERNATIONAL BUSINESS MACHINES CORPORATION makes its money
INTERNATIONAL BUSINESS MACHINES CORPORATION's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
Flagship explainer
Where INTERNATIONAL BUSINESS MACHINES CORPORATION's cash went
INTERNATIONAL BUSINESS MACHINES CORPORATION’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 18, 2026.
1533 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for IBM; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Technology context
#211 of 744 scored Technology companies, ranked by Moat Score.
Does INTERNATIONAL BUSINESS MACHINES CORPORATION have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores INTERNATIONAL BUSINESS MACHINES CORPORATION (IBM) 58.0 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 78, pricing power 86, returns on capital not measurable from the filings, balance-sheet safety 23, capital allocation 45.
Is IBM trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $119.75 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $214.19, that is 79% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has IBM's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 58.0 out of 100 (shallow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell IBM. See the disclaimer.