Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

$19.99

Analysis of Reportable Segments

Microsoft Excel

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Segment Profit Margin

International Business Machines Corp., profit margin by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing

Based on: 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).

Segment profitability ratio Reportable segment The company
Segment profit margin Software Software segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Consulting Consulting segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.
Infrastructure Infrastructure segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Financing Financing segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Profit Margin: Software

International Business Machines Corp.; Software; segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Revenue
Segment Profitability Ratio
Segment profit margin1

Based on: 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).

1 2021 Calculation
Segment profit margin = 100 × Pre-tax income from continuing operations ÷ Revenue
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Software Software segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment Profit Margin: Consulting

International Business Machines Corp.; Consulting; segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Revenue
Segment Profitability Ratio
Segment profit margin1

Based on: 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).

1 2021 Calculation
Segment profit margin = 100 × Pre-tax income from continuing operations ÷ Revenue
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Consulting Consulting segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Profit Margin: Infrastructure

International Business Machines Corp.; Infrastructure; segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Revenue
Segment Profitability Ratio
Segment profit margin1

Based on: 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).

1 2021 Calculation
Segment profit margin = 100 × Pre-tax income from continuing operations ÷ Revenue
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Infrastructure Infrastructure segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment Profit Margin: Financing

International Business Machines Corp.; Financing; segment profit margin calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Revenue
Segment Profitability Ratio
Segment profit margin1

Based on: 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).

1 2021 Calculation
Segment profit margin = 100 × Pre-tax income from continuing operations ÷ Revenue
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment profit margin Financing Financing segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Return on Assets (Segment ROA)

International Business Machines Corp., ROA by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing

Based on: 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).

Segment profitability ratio Reportable segment The company
Segment ROA Software Software segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Consulting Consulting segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Infrastructure Infrastructure segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Financing Financing segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment ROA: Software

International Business Machines Corp.; Software; segment ROA calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Assets
Segment Profitability Ratio
Segment ROA1

Based on: 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).

1 2021 Calculation
Segment ROA = 100 × Pre-tax income from continuing operations ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Software Software segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment ROA: Consulting

International Business Machines Corp.; Consulting; segment ROA calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Assets
Segment Profitability Ratio
Segment ROA1

Based on: 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).

1 2021 Calculation
Segment ROA = 100 × Pre-tax income from continuing operations ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Consulting Consulting segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment ROA: Infrastructure

International Business Machines Corp.; Infrastructure; segment ROA calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Assets
Segment Profitability Ratio
Segment ROA1

Based on: 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).

1 2021 Calculation
Segment ROA = 100 × Pre-tax income from continuing operations ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Infrastructure Infrastructure segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment ROA: Financing

International Business Machines Corp.; Financing; segment ROA calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Pre-tax income from continuing operations
Assets
Segment Profitability Ratio
Segment ROA1

Based on: 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).

1 2021 Calculation
Segment ROA = 100 × Pre-tax income from continuing operations ÷ Assets
= 100 × ÷ =

Segment profitability ratio Reportable segment The company
Segment ROA Financing Financing segment ROA deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Asset Turnover

International Business Machines Corp., asset turnover by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing

Based on: 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).

Segment activity ratio Reportable segment The company
Segment asset turnover Software Software segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021.
Consulting Consulting segment asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.
Infrastructure Infrastructure segment asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Financing Financing segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Asset Turnover: Software

International Business Machines Corp.; Software; segment asset turnover calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenue
Assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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).

1 2021 Calculation
Segment asset turnover = Revenue ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Software Software segment asset turnover ratio improved from 2019 to 2020 and from 2020 to 2021.

Segment Asset Turnover: Consulting

International Business Machines Corp.; Consulting; segment asset turnover calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenue
Assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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).

1 2021 Calculation
Segment asset turnover = Revenue ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Consulting Consulting segment asset turnover ratio deteriorated from 2019 to 2020 and from 2020 to 2021.

Segment Asset Turnover: Infrastructure

International Business Machines Corp.; Infrastructure; segment asset turnover calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenue
Assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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).

1 2021 Calculation
Segment asset turnover = Revenue ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Infrastructure Infrastructure segment asset turnover ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Segment Asset Turnover: Financing

International Business Machines Corp.; Financing; segment asset turnover calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Revenue
Assets
Segment Activity Ratio
Segment asset turnover1

Based on: 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).

1 2021 Calculation
Segment asset turnover = Revenue ÷ Assets
= ÷ =

Segment activity ratio Reportable segment The company
Segment asset turnover Financing Financing segment asset turnover ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.

Segment Capital Expenditures to Depreciation

International Business Machines Corp., capital expenditures to depreciation by reportable segment

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing

Based on: 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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Software Software segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.
Consulting Consulting segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.
Infrastructure Infrastructure segment capital expenditures to depreciation ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.
Financing Financing segment capital expenditures to depreciation ratio improved from 2019 to 2020 and from 2020 to 2021.

Segment Capital Expenditures to Depreciation: Software

International Business Machines Corp.; Software; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures/investments in intangibles
Depreciation/amortization of intangibles
Segment Financial Ratio
Segment capital expenditures to depreciation1

Based on: 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).

1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures/investments in intangibles ÷ Depreciation/amortization of intangibles
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Software Software segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021.

Segment Capital Expenditures to Depreciation: Consulting

International Business Machines Corp.; Consulting; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures/investments in intangibles
Depreciation/amortization of intangibles
Segment Financial Ratio
Segment capital expenditures to depreciation1

Based on: 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).

1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures/investments in intangibles ÷ Depreciation/amortization of intangibles
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Consulting Consulting segment capital expenditures to depreciation ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 not reaching 2019 level.

Segment Capital Expenditures to Depreciation: Infrastructure

International Business Machines Corp.; Infrastructure; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures/investments in intangibles
Depreciation/amortization of intangibles
Segment Financial Ratio
Segment capital expenditures to depreciation1

Based on: 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).

1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures/investments in intangibles ÷ Depreciation/amortization of intangibles
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Infrastructure Infrastructure segment capital expenditures to depreciation ratio improved from 2019 to 2020 but then slightly deteriorated from 2020 to 2021 not reaching 2019 level.

Segment Capital Expenditures to Depreciation: Financing

International Business Machines Corp.; Financing; segment capital expenditures to depreciation calculation

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Capital expenditures/investments in intangibles
Depreciation/amortization of intangibles
Segment Financial Ratio
Segment capital expenditures to depreciation1

Based on: 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).

1 2021 Calculation
Segment capital expenditures to depreciation = Capital expenditures/investments in intangibles ÷ Depreciation/amortization of intangibles
= ÷ =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Financing Financing segment capital expenditures to depreciation ratio improved from 2019 to 2020 and from 2020 to 2021.

Revenue

International Business Machines Corp., revenue by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing
Total segments

Based on: 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).


Pre-tax income from continuing operations

International Business Machines Corp., pre-tax income from continuing operations by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing
Total segments

Based on: 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).


Assets

International Business Machines Corp., assets by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing
Total segments

Based on: 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).


Depreciation/amortization of intangibles

International Business Machines Corp., depreciation/amortization of intangibles by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing
Total segments

Based on: 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).


Capital expenditures/investments in intangibles

International Business Machines Corp., capital expenditures/investments in intangibles by reportable segment

US$ in millions

Microsoft Excel
Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Software
Consulting
Infrastructure
Financing
Total segments

Based on: 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).