IBM — International Business Machines Corporation · Research

CHAIN-D scores pending — refresh after next quarterly run.

Numbers on the wire.

Market cap

$249.0B

P/E (TTM)

23.04

P/S (TTM)

3.60

EV / EBITDA

24.74

Gross margin

58.36%

Op margin

15.32%

Net margin

15.60%

FCF margin

—

Rev growth YoY

9.67%

EPS growth YoY

94.45%

ROE

35.53%

ROA

7.13%

Debt / Equity

2.01

Current ratio

0.80

Price / Book

6.91

Beta

0.69

Layer Presence.

Post-Quantum CryptographyNIST post-quantum cryptography standardization (CRYSTALS-Kyber/ML-KEM, CRYSTALS-Dilithium/ML-DSA, FALCON/FN-DSA, SPHINCS+/SLH-DSA) and algorithm library vendors.55%
Post-Quantum CryptographyPost-quantum cryptography library integration into enterprise software, cloud HSMs, and network security products.52%
Quantum Computing (All Modalities)Quantum software frameworks, compilers, and middleware (Qiskit, Cirq, Braket, CUDA-Q, etc.).68%
Quantum Computing (All Modalities)Error correction decoders, fault-tolerant circuit compilers, and syndrome extraction software.60%
Quantum Computing (All Modalities)Cloud-hosted quantum computing platforms, managed services, and end-user access layers.72%
Quantum Computing (Superconducting Qubits)Superconducting qubit processors (chips with coupled resonators, transmon qubits, control circuitry).78%
Quantum Networking & QKDQuantum repeaters, quantum memory nodes, and entanglement distribution for long-haul quantum networks.50%
Quantum Supporting Hardware & CryogenicsJosephson junction fabrication, niobium patterning, and superconducting resonator assembly.85%

IBM's quantum strategy is vertically integrated across qubit fab, control software, and cloud distribution. Qiskit open-source ecosystem drives developer lock-in. Enterprise pilots ramping 2025-26. Error correction milestone (Heron chip, 2024) moves roadmap toward fault tolerance. Risk: timeline slips, Google/IonQ competition.

IBM — International Business Machines Corporation

Numbers on the wire.

Layer Presence.

From the EDGAR wire.

From the tape.