Valuation + Options Snapshot
IBM
$238.93 · 52-week range $199.19 – $332.46 · as of 2026-09-10
Value
Cheap
Volatility setup
Discounted
What the numbers show
- P/E 21.2× vs 5y median 26.3× — 19.6% below its own history.
- FCF yield 6.1% — modest.
- Dividend yield 2.82% — well covered by TTM FCF (2.2×).
- YoY growth — revenue +7.9%, EPS +82.7%, FCF +12.7%.
- Share count up 1.9% over 8 quarters — modest dilution.
- ATM IV 40.1% vs trailing realized vol 50.5% — -10.4 vol points (deep discount; market underpricing risk).
- Liquid chain — ATM-band put OI 48,014.
Current P/E
21.2×
5y median P/E
26.3×
vs 5y median
-19.6%
FCF yield
6.13%
Dividend yield
2.82%
Coverage (FCF / div)
2.2×
Revenue YoY
+7.9%
EPS YoY
+82.7%
FCF YoY
+12.7%
Shares Δ (8 quarters)
+1.9%
ATM implied vol
40.1%
Realized vol (1y)
50.5%
IV − RV
-10.4 pts
ATM-band put OI
48,014
Range position
17% above low
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This page is not a recommendation. It shows structural numbers and classification only. Whether IBM is a name worth owning — at any price or strike — is the analyst work the paid Value Options Letter does every week.