International Business Machines (IBM) — Capital Reinvestment Ratio
Latest as of March 2026:
0.08x
International Business Machines (IBM) has a Capital Reinvestment Ratio of 0.08x as of March 2026, meaning it reinvests 0% of its operating cash flow ($5.17 Billion) in capital expenditures ($391.00 Million). See International Business Machines (IBM) free cash flow to measure how efficiently the company converts operating cash flow to free cash.
Capital Reinvestment Ratio
0.08x
Capex / Operating Cash Flow
Operating Cash Flow
$5.17 Billion
USD
Capital Expenditures
$391.00 Million
USD
Data as of
Mar 2026
Most recent filing
International Business Machines Capital Reinvestment Ratio (1989–2025)
This chart tracks International Business Machines's Capital Reinvestment Ratio across 37 annual periods.
Annual Capital Reinvestment Ratio for International Business Machines (1989–2025)
Year-by-year Capital Reinvestment Ratio for International Business Machines from 1989 to 2025. For live market cap and broader valuation context, see IBM stock market capitalisation.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 0.12x | $13.19 Billion | $1.62 Billion | ▼ -2.2% |
| 2024 | 0.13x | $13.45 Billion | $1.69 Billion | ▼ -12.2% |
| 2023 | 0.14x | $13.43 Billion | $1.92 Billion | ▼ -19.9% |
| 2022 | 0.18x | $10.44 Billion | $1.86 Billion | ▼ -4.2% |
| 2021 | 0.19x | $12.80 Billion | $2.38 Billion | ▲ +11.3% |
| 2020 | 0.17x | $18.20 Billion | $3.04 Billion | ▼ -15.1% |
| 2019 | 0.20x | $14.77 Billion | $2.91 Billion | ▼ -24.3% |
| 2018 | 0.26x | $15.25 Billion | $3.96 Billion | ▲ +15.2% |
| 2017 | 0.23x | $16.72 Billion | $3.77 Billion | ▼ -7.1% |
| 2016 | 0.24x | $17.08 Billion | $4.15 Billion | ▲ +1.0% |
| 2015 | 0.24x | $17.25 Billion | $4.15 Billion | ▼ -3.0% |
| 2014 | 0.25x | $16.87 Billion | $4.18 Billion | ▲ +4.7% |
| 2013 | 0.24x | $17.48 Billion | $4.14 Billion | ▼ -1.7% |
| 2012 | 0.24x | $19.59 Billion | $4.72 Billion | ▲ +2.4% |
| 2011 | 0.24x | $19.85 Billion | $4.67 Billion | ▼ -3.3% |
| 2010 | 0.24x | $19.55 Billion | $4.75 Billion | ▲ +23.9% |
| 2009 | 0.20x | $20.77 Billion | $4.08 Billion | ▼ -24.5% |
| 2008 | 0.26x | $18.81 Billion | $4.89 Billion | ▼ -24.1% |
| 2007 | 0.34x | $16.09 Billion | $5.50 Billion | ▼ -0.5% |
| 2006 | 0.34x | $15.02 Billion | $5.17 Billion | ▲ +10.7% |
| 2005 | 0.31x | $14.91 Billion | $4.63 Billion | ▼ -5.3% |
| 2004 | 0.33x | $15.41 Billion | $5.06 Billion | ▲ +7.6% |
| 2003 | 0.30x | $14.41 Billion | $4.39 Billion | ▼ -21.4% |
| 2002 | 0.39x | $13.79 Billion | $5.35 Billion | ▲ +0.7% |
| 2001 | 0.39x | $14.02 Billion | $5.40 Billion | ▼ -42.2% |
| 2000 | 0.67x | $9.27 Billion | $6.18 Billion | ▲ +4.9% |
| 1999 | 0.64x | $10.11 Billion | $6.42 Billion | ▼ -13.0% |
| 1998 | 0.73x | $9.27 Billion | $6.77 Billion | ▼ -8.9% |
| 1997 | 0.80x | $8.87 Billion | $7.11 Billion | ▲ +33.3% |
| 1996 | 0.60x | $10.28 Billion | $6.18 Billion | ▲ +15.7% |
| 1995 | 0.52x | $10.71 Billion | $5.57 Billion | ▲ +38.1% |
| 1994 | 0.38x | $11.79 Billion | $4.44 Billion | ▼ -0.6% |
| 1993 | 0.38x | $8.33 Billion | $3.15 Billion | ▼ -63.5% |
| 1992 | 1.04x | $6.27 Billion | $6.50 Billion | ▲ +7.3% |
| 1991 | 0.97x | $6.72 Billion | $6.50 Billion | ▲ +10.9% |
| 1990 | 0.87x | $7.47 Billion | $6.51 Billion | ▲ +0.1% |
| 1989 | 0.87x | $7.37 Billion | $6.41 Billion | — |
Capital Reinvestment Ratio = ABS(Capital Expenditures) / Operating Cash Flow