IBM vs INFY: International Business Machines and Infosys Ltd ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- International Business Machines is the larger company, worth $221.1B, about 4.7 times Infosys Ltd ADR.
- Infosys Ltd ADR grew revenue faster over the last year (+3.9% vs +1.1%).
- On earnings, Infosys Ltd ADR is the cheaper stock (14.1x vs 20.8x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | IBM | INFY |
|---|---|---|
| Market cap | $221.1B | $46.6B |
| Share price | $227.13 | $10.73 |
| Revenue (last fiscal year) | $67.5B | $19.3B |
| Free cash flow (last fiscal year) | $12.1B | — |
| Revenue growth, last year | +1.1% | +3.9% |
| Revenue growth per year, last 5 fiscal years | +4.2% | +9.2% |
| Operating margin | — | 21.1% |
| Net margin | 15.5% | 16.4% |
| Return on equity | 31.1% | 28.2% |
| P/E (trailing) | 20.8x | 14.1x |
| Price / free cash flow | 19.1x | 12.5x |
| EV / EBITDA | 15.9x | 11.7x |
| FCF growth the price implies | 3.8% | — |
| Dividend yield | 2.9% | 4.5% |
| Debt / equity | 3.41x | 0.55x |
| Fundamental grade | C | C |
| Superinvestors holding it | 10 | 1 |
| Insider purchases, last 12 months | 10 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
International Business Machines
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $57.4B | $10.7B | — |
| 2022 | $60.5B | $9.1B | — |
| 2023 | $61.9B | $12.7B | — |
| 2024 | $62.8B | $12.4B | — |
| 2025 | $67.5B | $12.1B | — |
Infosys Ltd ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $13.6B | — | 24.5% |
| 2022 | $16.3B | — | 23.0% |
| 2023 | $18.2B | — | 21.0% |
| 2024 | $18.6B | — | 20.7% |
| 2025 | $19.3B | — | 21.1% |
Where the revenue comes from
International Business Machines · by segments, 2025
Software$30.0B44%
Consulting$21.1B31%
Infrastructure$15.7B23%
Financing$737M1%
Infosys Ltd ADR · by segments, 2026
Financial Services$5.6B28%
Manufacturing$3.3B16%
Energy, Utilities, Resources and Services$2.7B13%
Retail$2.6B13%
Communication$2.5B12%
Hi Tech$1.6B8%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open IBM in InvestinglyQuestions
Which is bigger, International Business Machines or Infosys Ltd ADR?
International Business Machines (IBM), at $221.1B against $46.6B.
Is IBM or INFY cheaper?
By trailing P/E, Infosys Ltd ADR (14.1x) is cheaper than International Business Machines (20.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, IBM or INFY?
Infosys Ltd ADR: revenue grew +3.9% over the last year, against +1.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.