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How IBM’s Higher Leverage Is Impacting Business

Aaron Hemsworth
How IBM’s Higher Leverage Is Impacting Business

IBM’s (IBM) debt has grown over the last two years, driven by the company’s capital return policy. In the last five years, the company has returned ~$72.5 billion to investors at an average of $14.5 billion every year, exceeding the company’s average annual free cash flow of $13 billion.