International Business Machines Corporation
IBM 6Price and target zones价格与目标区间
What the company does公司做什么
IBM today mostly sells software and IT consulting, plus mainframe computers, to large businesses and governments. Hardware is now less than a quarter of revenue. This is a different company from the hardware maker of the past.如今的IBM主要向大企业和政府出售软件和IT咨询，还有大型主机电脑。硬件现在还不到收入的四分之一。这已经是一家和过去那个硬件制造商不同的公司了。
Earns from营收来源 software licences and support, consulting contracts, and mainframe sales.软件授权和支持服务、咨询合同，以及大型主机的销售。
Read the full description查看完整介绍
International Business Machines Corporation, together with its subsidiaries, provides integrated solutions and services in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. It operates through Software, Consulting, Infrastructure, and Financing segments. The Software segment offers hybrid cloud and AI platforms that allow clients to realize their digital and AI transformations across the applications, data, and environments in which they operate. The Consulting segment delivers strategy and technology services and intelligent operations, providing business transformation, technology implementation, managed services, application modernization, and AI-powered solutions. The Infrastructure segment provides on-premises and cloud-based server, and storage solutions, as well as life-cycle services for hybrid cloud infrastructure deployment. The Financing segment offers client and commercial financing, and facilitates IBM clients' acquisition of hardware, software, and services. It operates a data streaming platform. The company has strategic partnerships with various companies, including hyperscalers, service providers, global system integrators, and software and hardware vendors that include Adobe, Amazon Web Services, Microsoft, Oracle, Salesforce, Samsung Electronics and SAP, and others. It also has a strategic collaboration with Arm Holdings plc for the development of new dual-architecture hardware that helps enterprises run future AI and data intensive workloads; strategic partnership with three.ws to advance ai-powered 3d agent technology; and collaboration with Lightwell to help strengthen open source software supply chain. Additionally, it offers operational resilience, logistics, and future-ready technology to the UK Ministry of Defence through Team ORION. The company was formerly known as Computing-Tabulating-Recording Co. and changed its name to International Business Machines Corporation in 1924. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.
What the company sells公司卖什么
Enterprise software. FY2025 revenue was $30.0 billion at an 83% gross margin.企业软件。2025财年收入为$30.0 billion，毛利率83%。
- Red Hat
- Sells a supported version of the Linux operating system that companies run their servers on, and OpenShift, which runs software across a company's own data centres and several clouds at once. Red Hat grew 13% in FY2025.销售一个受支持的 Linux 操作系统版本，公司用它来运行服务器；还有 OpenShift，它能同时在公司自有数据中心和多个云上运行软件。Red Hat 在2025财年增长了13%。
- Transaction processing事务处理
- The software that runs on mainframes for banks, airlines, and retailers.在大型主机上为银行、航空公司和零售商运行的软件。
Plus:此外： Consulting咨询 (31%) — People-based services — advice, building systems, and running a client's operations. FY2025 revenue was $21.1 billion以人力为基础的服务——出主意、搭建系统，以及运营客户的业务。2025财年收入为$21.1 billion; Infrastructure基础设施 (23%) — Hardware, mostly the IBM Z mainframe. A mainframe is a very large, very reliable computer built to process huge volumes of transactions without stopping. IBM says mainframes handle about 70% of the world's transactions. FY2025 revenue was $15.7 billion硬件，主要是 IBM Z 大型主机。大型主机是一种非常庞大、非常可靠的计算机，专门用来不间断地处理海量事务。IBM 称大型主机处理着全球约70%的事务。2025财年收入为$15.7 billion.
Company facts公司资料
- Founded成立时间
- 1911
- Headquarters总部
- Armonk, New York
- Employees员工人数
- 264,300
- Industry行业
- Information Technology Services
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Q2 (7/22) partially resolved the fork: revenue $17.16B +1% (1.8% light), but software +5% to $7.76B (Red Hat +11%, Data +19%) — the miss was Infrastructure −7.4% (mainframe/memory supply), not a structural software collapse. FY26 guide cut >5% → 4-5% cc. 3.13% yield, 30-yr streak, ~55% FCF payout. Bear case unconfirmed, bull case unclean. The $210-220 tranche window closed. Strong buy <$195. A2026-07-14
📋 Q2（7/22）部分化解了分歧：营收 $17.16B +1%（比预期低 1.8%），但软件 +5% 至 $7.76B（Red Hat +11%，数据 +19%）——不及预期的是基础设施 −7.4%（大型机/内存供应），而非软件结构性崩塌。FY26 指引下调 >5% → 4-5% 固定汇率。3.13% 股息率，30 年连续增长，~55% 自由现金流派息率。空头论点未确认，多头论点不干净。$210-220 分批建仓窗口已关闭。<$195 强力买入。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 34%
- Revenue growth营收增长
- +1%
- Dividend yield股息率
- 3.02%
Competitors竞争对手
Why customers stay客户为什么留下
Mainframe lock-in. Banks and airlines run decades of custom code on IBM Z, and moving it off is slow, costly, and risky, so they keep buying each new generation and the high-margin software that only runs on it. Red Hat adds a second lock-in on the software side.大型主机的锁定效应。银行和航空公司在IBM Z上运行着几十年的定制代码，要把它迁走既慢、又贵、又有风险，所以他们持续购买每一代新机，以及只能在其上运行的高利润软件。Red Hat在软件端又增添了第二重锁定。
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Manage as one position. Do not add a second name to raise exposure.
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