IBM vs SMCI
International Business Machines Corp. and Super Micro Computer, Inc., side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | IBM | SMCI |
|---|---|---|
| Revenue | $67.5B | $39.1B |
| Net income | $10.6B | $2.2B |
| Gross margin | 58.2% | 10.8% |
| Net margin | 15.7% | 5.7% |
| Return on equity | 35.3% | 21.5% |
| Diluted EPS | $11.17 | $3.26 |
| Dividend / share | $6.71 | · |
| Payout ratio | 59.0% | · |
| Free cash flow | $12.1B | $-7.0B |
| Equity | $32.6B | $14.5B |
| Net debt / equity | 1.46× | · |
| Current ratio | 0.96× | 3.87× |
| Revenue CAGR 5y | 4.1% | 61.5% |
| Profit CAGR 5y | 13.6% | 81.9% |
IBM bills 1.7× the revenue of SMCI, and keeps more of each dollar of revenue as profit (15.7% against 5.7%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | IBM | SMCI |
|---|---|---|
| FY2025 | $67.5B | $39.1B |
| FY2024 | $62.8B | $22.0B |
| FY2023 | $61.9B | $15.0B |
| FY2022 | $60.5B | $7.1B |
| FY2021 | $57.4B | $5.2B |
| FY2020 | $55.2B | $3.6B |
| FY2019 | $57.7B | $3.3B |
| FY2018 | $79.6B | $3.5B |
| FY2017 | $79.1B | $3.4B |
| FY2016 | $79.9B | $2.5B |
Bottom line
| Fiscal year | IBM | SMCI |
|---|---|---|
| FY2025 | $10.6B | $2.2B |
| FY2024 | $6.0B | $1.0B |
| FY2023 | $7.5B | $1.2B |
| FY2022 | $1.6B | $640.0M |
| FY2021 | $5.7B | $285.2M |
| FY2020 | $5.6B | $111.9M |
| FY2019 | $9.4B | $84.3M |
| FY2018 | $8.7B | $71.9M |
| FY2017 | $5.8B | $46.2M |
| FY2016 | $11.9B | $66.9M |
17 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$28,471,928,000 | IBM |
| FY2024 | +$40,780,958,000 | IBM |
| FY2023 | +$46,870,749,000 | IBM |
| FY2022 | +$53,406,518,000 | IBM |
| FY2021 | +$52,153,901,000 | IBM |
| FY2020 | +$51,621,578,000 | IBM |
| FY2019 | +$54,374,719,000 | IBM |
| FY2018 | +$76,090,640,000 | IBM |
| FY2017 | +$75,778,508,000 | IBM |
| FY2016 | +$77,434,071,000 | IBM |
| FY2015 | +$79,515,978,000 | IBM |
| FY2014 | +$90,838,647,000 | IBM |
| FY2013 | +$96,899,798,000 | IBM |
| FY2012 | +$101,711,439,000 | IBM |
| FY2011 | +$105,902,126,000 | IBM |
| FY2010 | +$98,927,418,000 | IBM |
| FY2009 | +$95,036,562,000 | IBM |
IBM has reported the higher revenue in every one of these 17 fiscal years. The gap has narrowed since the earliest year compared.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.
17 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +10.0 pp | IBM |
| FY2024 | +4.8 pp | IBM |
| FY2023 | +4.4 pp | IBM |
| FY2022 | −6.3 pp | SMCI |
| FY2021 | +4.5 pp | IBM |
| FY2020 | +7.0 pp | IBM |
| FY2019 | +13.8 pp | IBM |
| FY2018 | +8.9 pp | IBM |
| FY2017 | +5.9 pp | IBM |
| FY2016 | +12.2 pp | IBM |
| FY2015 | +12.9 pp | IBM |
| FY2014 | +8.2 pp | IBM |
| FY2013 | +13.1 pp | IBM |
| FY2012 | +14.3 pp | IBM |
| FY2011 | +11.9 pp | IBM |
| FY2010 | +10.6 pp | IBM |
| FY2009 | +10.3 pp | IBM |
The higher net margin has changed hands between IBM and SMCI over this period.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
IBM's net margin has been more volatile than SMCI's over the 17 comparable fiscal years — 3.7 percentage points of standard deviation against 2.0.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between IBM and SMCI over these 17 fiscal years — IBM led in 16 and SMCI in 1.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
IBM's return on equity has been more volatile than SMCI's over the 17 comparable fiscal years — 25.4 percentage points of standard deviation against 8.6.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in return on equity changed hands between IBM and SMCI over these 17 fiscal years — IBM led in 16 and SMCI in 1.
17 of 19 comparable fiscal years — a year missing data on either side is not counted.