IBM
International Business Machines Corporation
IBM has the edge over RDW overall, supported by lower modeled downside and stronger valuation.
RDW
Redwire Corporation
RDW offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
IBM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Under pressure |
IBM's profitability and cash flow are currently strong, and its revenue is stable, but its balance sheet is under pressure.
RDW Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Unavailable |
RDW's revenue is currently healthy, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
IBM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $194 | -21% |
| Forward | 19x | $245 | — |
| Current | 21x | $245 | — |
| Fair | 23x | $274 | +12% |
| Expensive | 46x | $538 | +120% |
Historical ranges are pointers, not guarantees.
IBM's PE is in its cheap range at 21x. If earnings grow as analysts expect, today's price would be 19x next year's earnings.
RDW PE Valuation
RDW has no meaningful PE right now: it lost money over the past year.
IBM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect IBM's earnings to grow and its profitability to improve, with its revenue holding steady.
RDW Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
RDW has the edge over IBM on the outlook, with more favorable revenue expectations.
IBM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.06 | +11% |
| Q3 2026 | $11.75 | +40% |
| Q2 2026 | $11.29 | +83% |
| Q1 2026 | $11.33 | +94% |
| Q4 2025 | $11.17 | +74% |
| Q3 2025 | $8.38 | +22% |
| Q2 2025 | $6.18 | -32% |
| Q1 2025 | $5.83 | -34% |
| Q4 2024 | $6.43 | -21% |
IBM has the edge over RDW on earnings quality, reporting a profit while its opponent remains loss making.
RDW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.17 | +$2.01 |
| Q2 2026 | -$1.37 | +$1.89 |
| Q1 2026 | -$2.59 | -$0.32 |
| Q4 2025 | -$2.28 | +$0.07 |
| Q3 2025 | -$3.18 | -$1.97 |
| Q2 2025 | -$3.26 | -$2.28 |
| Q1 2025 | -$2.27 | -$1.55 |
| Q4 2024 | -$2.35 | -$1.62 |
RDW is still losing money, but far less than before: $1.17 per share over the past year, against $3.26 at its worst in mid-2025.
IBM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $17.1B | +4.7% |
| Q2 2026 | $17.2B | +1.1% |
| Q1 2026 | $15.9B | +9.5% |
| Q4 2025 | $19.7B | +12% |
| Q3 2025 | $16.3B | +9.1% |
| Q2 2025 | $17B | +7.7% |
| Q1 2025 | $14.5B | +0.5% |
| Q4 2024 | $17.6B | +1% |
IBM's revenue has grown year over year for 13 quarters in a row: $17.1B last quarter, up 4.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | -0.3 points |
| Q2 2026 | 14% | -0.9 points |
| Q1 2026 | 8.7% | +0.8 points |
| Q4 2025 | 21% | +2.2 points |
| Q3 2025 | 15% | +20 points |
| Q2 2025 | 15% | +1.2 points |
| Q1 2025 | 8% | +0.5 points |
| Q4 2024 | 19% | -2.8 points |
IBM has the edge over RDW on profitability, with a higher operating margin.
RDW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $109M | +5.4% |
| Q2 2026 | $117.1M | +90% |
| Q1 2026 | $97M | +58% |
| Q4 2025 | $108.8M | +56% |
| Q3 2025 | $103.4M | +51% |
| Q2 2025 | $61.8M | -21% |
| Q1 2025 | $61.4M | -30% |
| Q4 2024 | $69.6M | +9.6% |
RDW's revenue has grown year over year for five quarters in a row: $109M last quarter, up 5.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -24% | +16 points |
| Q2 2026 | -19% | +130 points |
| Q1 2026 | -72% | -49 points |
| Q4 2025 | -75% | -48 points |
| Q3 2025 | -40% | -22 points |
| Q2 2025 | -149% | -140 points |
| Q1 2025 | -23% | -19 points |
| Q4 2024 | -27% | -17 points |
RDW's operating margin was −24% last quarter, up 16 points from the same quarter a year ago.
IBM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +31% |
| Q2 2026 | $2.4B | +59% |
| Q1 2026 | $4.9B | +20% |
| Q4 2025 | $3.7B | -9.2% |
| Q3 2025 | $2.8B | +8.9% |
| Q2 2025 | $1.5B | -19% |
| Q1 2025 | $4.1B | +5% |
| Q4 2024 | $4B | -3.3% |
IBM has the edge over RDW on cash generation, producing positive trailing cash flow while its opponent burns cash.
RDW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$65.3M | -$38.5M |
| Q2 2026 | -$33.5M | +$57.2M |
| Q1 2026 | -$11.4M | +$35.5M |
| Q4 2025 | -$26.5M | -659% |
| Q3 2025 | -$26.9M | -$7.6M |
| Q2 2025 | -$90.6M | -$80.2M |
| Q1 2025 | -$46.9M | -3996% |
| Q4 2024 | $4.7M | -65% |
RDW has burned cash in most quarters: −$137M over the past year, against −$160M the year before.
IBM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +260K shares |
| 1 year | +0.5% | +4.6M shares |
| 3 years | +3.2% | +29.9M shares |
| 5 years | +5.3% | +47.6M shares |
| Available history | +2.1% | +19.6M shares |
IBM has the edge over RDW on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2019 | — |
RDW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +29.6M shares |
| 1 year | +179% | +160M shares |
| 3 years | +289% | +186M shares |
| 5 years | +319% | +190M shares |
RDW has 250M diluted shares, up 179% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
IBM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.9x | Elevated |
| Q2 2026 | 3.9x | Elevated |
| Q1 2026 | 4.0x | High |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 4.2x | High |
| Q2 2025 | 5.5x | High |
| Q1 2025 | 5.6x | High |
| Q4 2024 | 4.4x | High |
IBM's net debt is about 3.9 years of its operating earnings (EBITDA), down from 4.2 years a year ago.
RDW Net Leverage
RDW's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
IBM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.1 | Neutral |
| Stochastic | 74.8 | Neutral |
IBM's weekly RSI is 50 (neutral) and its Stochastic is 75 (neutral).
RDW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.3 | Neutral |
| Stochastic | 16.1 | Oversold |
RDW's weekly RSI is 42 (neutral) and its Stochastic is 16 (oversold).
IBM PE vs Technology Sector
| Metric | IBM | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 31 | 35 | 4 pts below |
IBM is trading at 21x earnings, a 25% discount to the Technology sector's median of 28x.
RDW PE vs Industrials Sector
RDW has no meaningful PE right now: it lost money over the past year.
IBM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $238.6 | 2.6% above |
| 20 week MA | $239.3 | 2.2% above |
| 50 week MA | $256.6 | 4.6% below |
| 100 week MA | $258.5 | 5.3% below |
| 200 week MA | $212.3 | 15% above |
IBM has the edge over RDW on trend strength, trading above more of its moving averages.
RDW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.06 | 11% below |
| 20 week MA | $10.1 | 20% below |
| 50 week MA | $10.6 | 24% below |
| 100 week MA | $11.6 | 31% below |
| 200 week MA | $8.07 | 0.5% below |
RDW is in a downtrend: it's below all five of its weekly moving averages, and 0.5% below its 200-week average.
IBM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $129.3 | $119.2 | -7.8% |
| 2021 | $119.2 | $130.6 | +9.6% |
| 2022 | $130.6 | $141.7 | +8.4% |
| 2023 | $141.7 | $163.6 | +15% |
| 2024 | $163.6 | $222.8 | +36% |
| 2025 | $222.8 | $305.1 | +37% |
| 2026 YTD | $305.1 | $244.7 | -20% |
IBM has finished higher in five of the last six years. It's down 20% so far in 2026.
RDW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $10.2 | $7.34 | -28% |
| 2022 | $7.34 | $1.92 | -74% |
| 2023 | $1.92 | $2.85 | +48% |
| 2024 | $2.85 | $17.1 | +501% |
| 2025 | $17.1 | $7.15 | -58% |
| 2026 YTD | $7.15 | $8.03 | +12% |
RDW has the edge over IBM on returns for 2026, with the stronger performance.