Price to Sales (P/S)
since 2005
Calculation
International Business Machines Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenue1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 3.19 | = | 229.32 | ÷ | 72.00 | 72.00 | = | 67,535 | ÷ | 938,034,404 | |
| Feb 25, 2025 | 3.81 | = | 257.75 | ÷ | 67.68 | 67.68 | = | 62,753 | ÷ | 927,264,332 | |
| Feb 26, 2024 | 2.73 | = | 184.13 | ÷ | 67.48 | 67.48 | = | 61,860 | ÷ | 916,744,848 | |
| Feb 28, 2023 | 1.94 | = | 129.30 | ÷ | 66.73 | 66.73 | = | 60,530 | ÷ | 907,105,611 | |
| Feb 22, 2022 | 1.94 | = | 123.92 | ÷ | 63.77 | 63.77 | = | 57,350 | ÷ | 899,309,986 | |
| Feb 23, 2021 | 1.47 | = | 120.71 | ÷ | 82.39 | 82.39 | = | 73,620 | ÷ | 893,594,090 | |
| Feb 25, 2020 | 1.63 | = | 141.71 | ÷ | 86.84 | 86.84 | = | 77,147 | ÷ | 888,408,023 | |
| Feb 26, 2019 | 1.56 | = | 139.72 | ÷ | 89.44 | 89.44 | = | 79,591 | ÷ | 889,866,256 | |
| Feb 27, 2018 | 1.82 | = | 156.55 | ÷ | 85.91 | 85.91 | = | 79,139 | ÷ | 921,167,894 | |
| Feb 28, 2017 | 2.12 | = | 179.82 | ÷ | 84.73 | 84.73 | = | 79,919 | ÷ | 943,212,551 | |
| Feb 23, 2016 | 1.56 | = | 132.40 | ÷ | 85.07 | 85.07 | = | 81,741 | ÷ | 960,880,915 | |
| Feb 24, 2015 | 1.76 | = | 164.83 | ÷ | 93.88 | 93.88 | = | 92,793 | ÷ | 988,424,172 | |
| Feb 25, 2014 | 1.91 | = | 183.23 | ÷ | 95.79 | 95.79 | = | 99,751 | ÷ | 1,041,340,758 | |
| Feb 26, 2013 | 2.12 | = | 199.14 | ÷ | 93.77 | 93.77 | = | 104,507 | ÷ | 1,114,509,771 | |
| Feb 28, 2012 | 2.15 | = | 197.98 | ÷ | 92.28 | 92.28 | = | 106,916 | ÷ | 1,158,661,712 | |
| Feb 22, 2011 | 1.98 | = | 161.95 | ÷ | 81.89 | 81.89 | = | 99,870 | ÷ | 1,219,536,250 | |
| Feb 23, 2010 | 1.72 | = | 126.46 | ÷ | 73.72 | 73.72 | = | 95,758 | ÷ | 1,299,003,390 | |
| Feb 24, 2009 | 1.12 | = | 86.40 | ÷ | 77.24 | 77.24 | = | 103,630 | ÷ | 1,341,677,786 | |
| Feb 26, 2008 | 1.60 | = | 114.38 | ÷ | 71.36 | 71.36 | = | 98,786 | ÷ | 1,384,330,881 | |
| Feb 27, 2007 | 1.55 | = | 93.96 | ÷ | 60.73 | 60.73 | = | 91,424 | ÷ | 1,505,528,922 | |
| Feb 28, 2006 | 1.38 | = | 80.24 | ÷ | 58.15 | 58.15 | = | 91,134 | ÷ | 1,567,313,082 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of International Business Machines Corp. Annual Report.
The price-to-sales (P/S) ratio, calculated from the provided share price and sales per share figures, exhibits considerable fluctuation over the analyzed period from 2006 to 2026. An initial increasing trend is observed, followed by periods of decline and subsequent recovery, culminating in a significant increase in recent years.
- Initial Trend (2006-2008)
- From 2006 to 2008, the P/S ratio generally increased, moving from 1.38 to 1.60. This suggests a growing investor confidence in the company’s ability to generate sales relative to its market capitalization during this period.
- Decline and Recovery (2009-2011)
- A notable decline occurred in 2009, with the P/S ratio falling to 1.12, potentially reflecting market conditions or company-specific challenges. However, the ratio subsequently recovered, reaching 1.98 in 2011, indicating a renewed positive market sentiment.
- Fluctuation and Stabilization (2012-2015)
- The period between 2012 and 2015 demonstrates a more fluctuating pattern. The P/S ratio peaked at 2.15 in 2012, then decreased to 1.76 in 2015. This suggests a period of relative stabilization with some volatility, potentially influenced by evolving market expectations.
- Recent Trends (2016-2026)
- From 2016 onwards, the P/S ratio experienced another period of fluctuation, with a low of 1.47 in 2017, followed by a gradual increase. A significant surge is observed in the latest reported years, reaching 2.73 in 2023 and further increasing to 3.81 in 2024, before slightly decreasing to 3.19 in 2025 and 2.73 in 2026. This substantial increase suggests a considerable shift in investor valuation, potentially driven by anticipated future growth or a re-evaluation of the company’s assets.
Overall, the P/S ratio demonstrates a dynamic relationship with market conditions and company performance. The recent upward trend warrants further investigation to determine the underlying factors driving this valuation increase.
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Comparison to Competitors
International Business Machines Corp., P/S, long-term trends, comparison to competitors
| International Business Machines Corp. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | 3.19 | 2.15 | 5.25 | 25.35 | 15.27 | 19.36 | 12.53 | 9.90 | 13.54 | 10.32 | 71.09 | 13.82 | 7.40 | 9.20 | 13.05 | 7.65 |
| Feb 25, 2025 | 3.81 | 3.48 | 8.27 | 23.14 | 15.26 | 26.10 | 16.12 | 10.72 | 12.82 | 7.44 | 102.00 | 13.62 | 8.45 | 18.99 | 12.45 | 9.61 |
| Feb 26, 2024 | 2.73 | 2.98 | 13.88 | 6.14 | 20.02 | 12.81 | 20.19 | 10.72 | 11.60 | 6.63 | 23.27 | 10.87 | 5.84 | 17.52 | 14.75 | 7.71 |
| Feb 28, 2023 | 1.94 | 2.56 | 8.95 | 1.80 | 14.23 | 30.15 | 14.64 | 9.30 | 10.40 | 4.25 | 9.34 | 9.62 | 7.40 | 12.75 | 10.03 | 11.19 |
| Feb 22, 2022 | 1.94 | 4.28 | 14.94 | 5.99 | 12.55 | 48.70 | 49.25 | 16.09 | 12.81 | 5.38 | 15.58 | 10.72 | 9.24 | 19.02 | 13.22 | 13.95 |
| Feb 23, 2021 | 1.47 | 3.26 | 17.04 | — | 13.85 | 22.79 | 49.57 | 11.78 | 10.85 | 4.33 | 39.86 | 6.66 | 8.88 | 25.66 | 10.08 | 10.65 |
| Feb 25, 2020 | 1.63 | 2.72 | 15.11 | — | 8.56 | — | 36.28 | 11.05 | 8.38 | 4.74 | — | 7.06 | 9.00 | 19.36 | 6.27 | 14.75 |
| Feb 26, 2019 | 1.56 | 2.35 | 13.23 | — | 7.53 | — | — | 9.52 | 7.51 | 4.41 | — | 9.75 | 8.89 | 16.63 | 4.10 | 13.73 |
| Feb 27, 2018 | 1.82 | 2.45 | 13.32 | — | 5.85 | — | — | 6.99 | 6.19 | 5.56 | — | 7.49 | 6.96 | 14.55 | 4.80 | 11.06 |
| Feb 28, 2017 | 2.12 | 2.13 | 9.34 | — | 4.53 | — | — | 6.17 | 5.13 | 4.45 | — | 9.69 | 7.09 | 10.50 | 3.71 | 12.08 |
| Feb 23, 2016 | 1.56 | 2.11 | 9.27 | — | 3.73 | — | — | 5.56 | 3.99 | 4.66 | — | 16.88 | 7.82 | 8.69 | 3.07 | 19.97 |
| Feb 24, 2015 | 1.76 | 1.61 | 8.59 | — | 3.42 | — | — | 5.32 | 4.10 | 4.67 | — | 13.17 | 9.54 | 16.81 | 3.15 | 35.87 |
| Feb 25, 2014 | 1.91 | 1.64 | 7.45 | — | 2.96 | — | — | 4.47 | 3.41 | 3.75 | — | 8.38 | 8.92 | 22.61 | 3.12 | 37.91 |
| Feb 26, 2013 | 2.12 | 1.54 | 4.30 | — | 3.02 | — | — | 4.27 | 3.32 | 3.66 | — | 17.50 | 8.91 | 19.84 | 2.76 | — |
| Feb 28, 2012 | 2.15 | 1.47 | 3.65 | — | 2.81 | — | — | 3.71 | 3.32 | 4.60 | — | — | 9.79 | — | 2.52 | — |
| Feb 22, 2011 | 1.98 | 1.36 | 4.50 | — | 2.76 | — | — | 4.12 | 3.57 | 4.04 | — | — | 7.35 | — | 2.93 | — |
| Feb 23, 2010 | 1.72 | 1.20 | 6.12 | — | 1.81 | — | — | 2.81 | 3.63 | 4.63 | — | — | 3.52 | — | 2.33 | — |
| Feb 24, 2009 | 1.12 | 0.92 | 2.88 | — | 1.01 | — | — | 3.21 | 3.89 | 4.79 | — | — | 9.52 | — | 1.93 | — |
| Feb 26, 2008 | 1.60 | 1.41 | 6.24 | — | 1.91 | — | — | 3.61 | 20.52 | 5.60 | — | — | 9.94 | — | 3.16 | — |
| Feb 27, 2007 | 1.55 | 1.44 | 8.78 | — | 3.95 | — | — | 4.87 | 17.98 | 5.51 | — | — | 13.93 | — | 3.54 | — |
| Feb 28, 2006 | 1.38 | 1.32 | 11.84 | — | 3.86 | — | — | 3.94 | 21.64 | 5.80 | — | — | 8.64 | — | 3.15 | — |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Software & Services)
International Business Machines Corp., P/S, long-term trends, comparison to sector (software & services)
| International Business Machines Corp. | Software & Services | |
|---|---|---|
| Feb 24, 2026 | 3.19 | 10.41 |
| Feb 25, 2025 | 3.81 | 10.40 |
| Feb 26, 2024 | 2.73 | 8.78 |
| Feb 28, 2023 | 1.94 | 7.45 |
| Feb 22, 2022 | 1.94 | 9.54 |
| Feb 23, 2021 | 1.47 | 7.74 |
| Feb 25, 2020 | 1.63 | 6.11 |
| Feb 26, 2019 | 1.56 | 5.24 |
| Feb 27, 2018 | 1.82 | 4.65 |
| Feb 28, 2017 | 2.12 | 3.95 |
| Feb 23, 2016 | 1.56 | 3.41 |
| Feb 24, 2015 | 1.76 | 3.34 |
| Feb 25, 2014 | 1.91 | 2.89 |
| Feb 26, 2013 | 2.12 | 2.79 |
| Feb 28, 2012 | 2.15 | 2.85 |
| Feb 22, 2011 | 1.98 | 2.73 |
| Feb 23, 2010 | 1.72 | 2.61 |
| Feb 24, 2009 | 1.12 | 2.31 |
| Feb 26, 2008 | 1.60 | 6.95 |
| Feb 27, 2007 | 1.55 | 6.20 |
| Feb 28, 2006 | 1.38 | 6.73 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
International Business Machines Corp., P/S, long-term trends, comparison to industry (information technology)
| International Business Machines Corp. | Information Technology | |
|---|---|---|
| Feb 24, 2026 | 3.19 | 10.47 |
| Feb 25, 2025 | 3.81 | 9.34 |
| Feb 26, 2024 | 2.73 | 7.33 |
| Feb 28, 2023 | 1.94 | 6.01 |
| Feb 22, 2022 | 1.94 | 7.00 |
| Feb 23, 2021 | 1.47 | 6.13 |
| Feb 25, 2020 | 1.63 | 4.62 |
| Feb 26, 2019 | 1.56 | 4.31 |
| Feb 27, 2018 | 1.82 | 4.19 |
| Feb 28, 2017 | 2.12 | 3.47 |
| Feb 23, 2016 | 1.56 | 3.04 |
| Feb 24, 2015 | 1.76 | 3.32 |
| Feb 25, 2014 | 1.91 | 2.86 |
| Feb 26, 2013 | 2.12 | 2.89 |
| Feb 28, 2012 | 2.15 | 2.84 |
| Feb 22, 2011 | 1.98 | 3.03 |
| Feb 23, 2010 | 1.72 | 3.12 |
| Feb 24, 2009 | 1.12 | 2.39 |
| Feb 26, 2008 | 1.60 | 5.74 |
| Feb 27, 2007 | 1.55 | 5.19 |
| Feb 28, 2006 | 1.38 | 5.61 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).