International Business Machines (IBM)

Activity ratios

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Inventory turnover	22.42	21.10	23.74	17.94	15.69
Receivables turnover	8.33	4.48	4.43	8.64	3.83
Payables turnover	—	6.75	6.67	6.87	6.54
Working capital turnover	—	46.83	—	—	—

		Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Days of inventory on hand (DOH)	days	16.28	17.30	15.38	20.35	23.27
Days of sales outstanding (DSO)	days	43.84	81.49	82.35	42.24	95.32
Number of days of payables	days	—	54.10	54.72	53.11	55.81

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Fixed asset turnover	7.48	7.03	7.09	7.37	6.43
Total asset turnover	0.44	0.46	0.46	0.48	0.43