IBM (IBM)

NYSEInformation TechnologyInformation Technology ServicesSnapshot 2026-10-16

$232.14-0.85%

Close 2026-10-16 · 1-day change

Published Living FV report summary

IBM conditional business value

This summary shows published values and their evidence and input disclosures. Expand the evidence sections below to inspect the complete published assumptions and monitoring records.

partial source scope coverage · Financial evidence: questionable · Scope: explicit source sample

Values are USD per common share, conditional on the published operating, funding and return assumptions. A scenario range is not a probability or confidence interval.

Swipe or scroll horizontally to compare Low, Base and High. Keyboard users can focus the table and use the arrow keys.

Published conditional value ranges in USD per common share
Business scope	Bear (Low)	Base	Bull (High)
Value of today’s operating business Current reported operating scale, with the stated tax, funding and return assumptions.	$93.68	$93.68	$93.68
Value including the business growth plan The whole company forecast, including initiative effects and the investment needed to deliver them.	$165.39	$193.33	$236.02

Valuation date: 2026-10-13
Reported financial opening date: 2026-06-30
Report input as of: 2026-10-13T20:41:40.557462+00:00
Narrative source cutoff: 2026-10-13T19:10:58.243418+00:00
Report published: 2026-10-13T21:18:48.855020+00:00

Following: current · Continuing updates: awaiting current update receipt.

8 of 8 published forecast outcomes remain unknown. Publication does not establish forecast accuracy or complete evidence.

Assumptions, estimates and uncertainty

These values depend on modeled operations, growth, funding and required return. Company estimates and any disclosed proxy inputs are assumptions, not newly observed company facts. The scenario range does not measure the chance of an outcome.

Published accounting estimates: 1 disclosed
Published financing assumptions: 0 entries supplied
Required equity return: 9.93%
Sensitivity cases: 3 entries; unavailable cases remain visible below

Published base-scenario operating assumptions

These are model inputs for the published base case. All scenario paths and all source references remain in the published operating phases below.

Years 1–1
Annual revenue growth: 4.53% · Operating margin: 18.29%
Input origin: source reconciled analyst estimate
Years 2–2
Annual revenue growth: 5% · Operating margin: 18.5%
Input origin: source reconciled analyst estimate
Years 3–3
Annual revenue growth: 5% · Operating margin: 18.5%
Input origin: source reconciled analyst estimate
Years 4–4
Annual revenue growth: 5% · Operating margin: 18.7%
Input origin: source reconciled analyst estimate
Years 5–5
Annual revenue growth: 5% · Operating margin: 18.7%
Input origin: source reconciled analyst estimate
Years 6–6
Annual revenue growth: 5% · Operating margin: 18.7%
Input origin: source reconciled analyst estimate

Mature annual growth: 3.5% · Mature operating margin: 19%.

Published maturity basis: Mature-state assumptions retained from the reviewed fixed calculation control.

Exact input bases and proxy disclosures, where supplied, appear under Accounting estimates and Required return below. No supplied entry does not establish that an assumption is unnecessary or evidence is complete.

Evidence and model limitations

Historical interest over closing claims is a dated financing-rate estimate; maturity/refinancing and cash-payment timing may differ.
Operating-lease discount rate is carried or proxied; retain source age.
Noncommon claim cost uses the industry asset return until a claim-specific distribution schedule is bound.
Future cash yield equals dated Treasury as a declared estimate; financing rates and share balances are fixed absent explicit schedules.
Reported balances are carried, with any source-bound cash issuance applied separately to dated value; other interim balance movements are unobserved.
Mature profitability, growth duration and future investment are company estimates, not guarantees.
Source inventory/extraction coverage and historical data quality remain separate from calculation completion.
Empirical range uses the completed annual calibration source family; conditional transfer, not total FV probability.
Negative donor residuals remain visible; fixed-financing stress results are not negative tradable share prices.
Reported TTM is the funding reference; first forecast is a separate fiscal-guide bridge.
Annual operating forecasts are conditional model estimates informed by dated disclosures, not issuer guidance. The equation, annual dates and mature-state settings are retained.
Gross modeled common-cash contributions before the separately valued post-opening cash issuance: LOW 0.00 billion USD; BASE 0.00 billion USD; HIGH 0.00 billion USD. This is a reported-opening cash-path diagnostic, not a claim that financing is secured or a net unfunded balance. Timing, other cash uses and financing terms remain uncertain; do not deduct it again from fair value.

Source coverage and unresolved evidence

Coverage

Status

PARTIAL_SOURCE_SCOPE

Scope

EXPLICIT_SOURCE_SAMPLE

Financial

QUESTIONABLE

Narrative source profile

Cutoff: 2026-10-13T19:10:58.243418+00:00
Mode: CURRENT_FISCAL_DESK
Basis: Latest released annual and all subsequent/recent filings, calls and linked news over at least one full year. Older narrative interpretation is outside this initial valuation scope; numerical history is retained.
Version: living_fv_narrative_coverage_profile_v1
Scope start: 2025-10-13
Numerical history preserved: Yes
Deferred periodic accessions: 0000051143-16-000013
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Selected periodic accessions: 0000051143-25-000064
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Archive interpretation status: NOT_REQUIRED_FOR_CURRENT_DESK
Numerical history scope start: 2016-01-01

Narrative

By kind

News: 839
Periodic report: 4
Earnings transcript: 8
Issuer ex99 exhibit: 8
Current report cover: 14

Sources

873

Undated

Truncated

With text

873

Missing text

Reused sources

Current request

Label

FV preparation complete for requested sources

Status

COMPLETE

Meaning

Completion of processing the retained text in this source request. Full publisher text is not certified; older narrative sources outside the request are not marked complete.

Completed chunks

Requested sources

News text coverage

Meaning: Counts describe retained news text. Unknown metadata and an absent truncation flag do not certify a complete publisher article.
Records: 0
Flagged truncated: 0
Completeness unknown: 0
Not flagged truncated: 0

Rejected proposals

Archive sources outside request

871

Evidence repair

Counts

Failure policy

PRESERVE_REJECTED_ON_LOCAL_REPAIR_FAILURE_V1

Coverage status

COMPLETE

Deferred repairs

Accounting estimates, financing and sensitivity cases

Input disclosures

Estimated inputs

Unit
USD
Basis
Explicit accounting estimate.
Field
nonoperating_assets
Label
Nonoperating assets
Value
8132000000
Period
End
2026-06-30
Start
Not supplied
Status
ESTIMATED

Sensitivity cases

Name
equity_rate_plus_1pp
Basis
Not supplied
Label
Equity rate plus 1pp
Reason
Not supplied
Status
COMPLETE
Meaning
Sensitivity case, not a statistical confidence bound.
Value ranges
Existing business
Low
85.124734557157050043821773447404556091893874834874
Base
85.124734557157050043821773447404556091893874834874
High
85.124734557157050043821773447404556091893874834874
Joint funded business
Low
144.40980149513039618343581669945158930261723519334
Base
166.75263043822266982690865266743901926364304562740
High
200.20885745484965987903400164036371079492923288177
Name
equity_rate_minus_1pp
Basis
Not supplied
Label
Equity rate minus 1pp
Reason
Not supplied
Status
COMPLETE
Meaning
Sensitivity case, not a statistical confidence bound.
Value ranges
Existing business
Low
104.14377926674236126529804167839740011437254779995
Base
104.14377926674236126529804167839740011437254779995
High
104.14377926674236126529804167839740011437254779995
Joint funded business
Low
193.57589576544348868880977340072497243322429299419
Base
229.89647353482289984064430709749141255199174763269
High
286.69769575277003441986125302776677664302958703176
Name
zero_common_excess_at_endpoint
Basis
Not supplied
Label
Zero common excess at endpoint
Reason
Not supplied
Status
COMPLETE
Meaning
Sensitivity case, not a statistical confidence bound.
Value ranges
Existing business
Low
40.373303340423251772734312719120273145475729832717
Base
40.373303340423251772734312719120273145475729832717
High
40.373303340423251772734312719120273145475729832717
Joint funded business
Low
69.993853667989133545871511013953325570017046044809
Base
73.278622261919787883724881129459807772939158025893
High
78.614943329366414429223261289379835990309460835695

Financing assumptions

No entries supplied

Ownership basis

One IBM NYSE capital-stock share is one common economic share. The June 30 2026 cover identifies IBM capital stock par $.20 and 942,134,390 common shares outstanding on that exact date; debt listings have separate symbols. https://www.sec.gov/Archives/edgar/data/51143/000005114326000078/ibm-20260630.htm

Scenario funding

Unit
USD
Basis
UNDISCOUNTED_REPORTED_OPENING_COMMON_CASH_PATH
Status
NO_NET_COMMON_CASH_DEFICIT_IN_THIS_PATH
Meaning
Negative common cash represents modeled contributions, not secured financing. This gross path diagnostic does not net the separately valued post-opening cash issuance and is not a forecast of future dilution. Do not deduct it again from fair value.
Scenario
LOW
Peak cumulative common cash contribution
0
Unit
USD
Basis
UNDISCOUNTED_REPORTED_OPENING_COMMON_CASH_PATH
Status
NO_NET_COMMON_CASH_DEFICIT_IN_THIS_PATH
Meaning
Negative common cash represents modeled contributions, not secured financing. This gross path diagnostic does not net the separately valued post-opening cash issuance and is not a forecast of future dilution. Do not deduct it again from fair value.
Scenario
BASE
Peak cumulative common cash contribution
0
Unit
USD
Basis
UNDISCOUNTED_REPORTED_OPENING_COMMON_CASH_PATH
Status
NO_NET_COMMON_CASH_DEFICIT_IN_THIS_PATH
Meaning
Negative common cash represents modeled contributions, not secured financing. This gross path diagnostic does not net the separately valued post-opening cash issuance and is not a forecast of future dilution. Do not deduct it again from fair value.
Scenario
HIGH
Peak cumulative common cash contribution
0

Accounting coverage

Required fields: 16
Resolved fields: 16
Source documents: 9
Resolved opening fields: 7

Classification policy

Estimate construction

Origin

SOURCE_RECONCILED_ANALYST_ESTIMATE

Meaning

Annual forecast amounts are model estimates, not issuer guidance. The calculation method and annual dates are retained; common cash contributions are not secured financing.

Profile

Version: living_fv_fixed_annual_model_v1
Profile id: ibm-2026q2-fixed-annual-20261013
Profile hash: 63f997184cb944184286f786d6254036bd00292fb9fc46b8869e04c6aa6e7828

Version

living_fv_fixed_annual_model_v1

Revenue reference basis

Starting annual revenue: 69095000000
Starting reference basis: Reported TTM is the funding reference; first forecast is a separate fiscal-guide bridge.
Accounting annual revenue: 69095000000

Reviewed estimate provenance

Kind

SOURCE_RECONCILED_ANALYST_ESTIMATE

Review

Mode: SOURCE_RECONCILED_ANALYST_ESTIMATE
Basis: User-authorized company valuation. Correct source definitions and finite-vs-perpetual growth estimates; preserve the established calculation and calendar.
Review id: ibm-primary-source-model-review-20261013
Reviewed at: 2026-10-13
Analyst role: AI_ASSISTANT_ANALYST

Version

living_fv_fixed_annual_model_v1

Profile hash

63f997184cb944184286f786d6254036bd00292fb9fc46b8869e04c6aa6e7828

Informational accounting gaps

No entries supplied

Dated share basis

Share basis: One IBM NYSE capital-stock share is one common economic share. The June 30 2026 cover identifies IBM capital stock par $.20 and 942,134,390 common shares outstanding on that exact date; debt listings have separate symbols. https://www.sec.gov/Archives/edgar/data/51143/000005114326000078/ibm-20260630.htm

Required return and its source policy

Equity return

0.099346088724809340355950480662123887159089790625885

Equity return policy

Basis: Solve central funded intrinsic capital, then hold the resulting equity rate across paired and empirical operating comparisons.
Method: INTRINSIC_CAPITAL_FIXED_POINT

Published operating phases

{
  "phases": [
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.0308816846370938562848252406107533106592372820030"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1829"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.039309958602401810392064891756519170554257780950029"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.01"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "LOW",
      "from_year": 1,
      "phase_index": 0,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2027-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 1,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2027-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "1800000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "4600000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.03"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1850"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.032712864301582643876891726843150488672059179708762"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.01"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "LOW",
      "from_year": 2,
      "phase_index": 1,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2028-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 2,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2028-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "1900000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "4300000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.03"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1850"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.023820046821540760104532810808119287868004257069487"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.01"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "LOW",
      "from_year": 3,
      "phase_index": 2,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2029-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 3,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2029-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "2000000000",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "3800000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.03"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1870"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.015417506033359715278014764277099862697737383216496"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.01"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "LOW",
      "from_year": 4,
      "phase_index": 3,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2030-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 4,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2030-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "2100000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "3300000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.03"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1870"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.012473710382977115920723919318041960111438012311081"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.01"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "LOW",
      "from_year": 5,
      "phase_index": 4,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2031-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 5,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2031-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "2200000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "3200000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.03"
        },
        {
          "key": "operating_margin",
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          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.0087956583223669321213773875492138145934495830739036"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.02"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "HIGH",
      "from_year": 4,
      "phase_index": 3,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2030-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 4,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2030-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "3200000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "4000000000",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.08"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1920"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.0061080960571992584176231857980651490232288771346553"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.02"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "HIGH",
      "from_year": 5,
      "phase_index": 4,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2031-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 5,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2031-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "3500000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "4100000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    },
    {
      "fields": [
        {
          "key": "revenue_growth",
          "unit": "FRACTION",
          "label": "Annual revenue growth",
          "value": "0.08"
        },
        {
          "key": "operating_margin",
          "unit": "FRACTION",
          "label": "Operating profit margin",
          "value": "0.1920"
        },
        {
          "key": "cash_tax_rate",
          "unit": "FRACTION",
          "label": "Cash tax rate",
          "value": "0.15"
        },
        {
          "key": "net_ppe_investment_ratio",
          "unit": "FRACTION",
          "label": "Net investment in property and equipment / revenue",
          "value": "-0.0047130370811722672975487544738157014068124051964933"
        },
        {
          "key": "working_capital_investment_ratio",
          "unit": "FRACTION",
          "label": "Working capital investment / revenue",
          "value": "0.02"
        },
        {
          "key": "cash_reserve_per_added_revenue",
          "unit": "FRACTION",
          "label": "Cash held for each additional dollar of revenue",
          "value": "0.00"
        },
        {
          "key": "years",
          "unit": "YEARS",
          "label": "Years in this phase",
          "value": 1
        }
      ],
      "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
      "scenario": "HIGH",
      "from_year": 6,
      "phase_index": 5,
      "evidence_ids": [
        "Q2_RESULTS",
        "Q2_10Q",
        "ANDERON_AWARD"
      ],
      "setting_rule": "Conditional annual operating estimate for 2032-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
      "through_year": 6,
      "capital_components": {
        "method": "EXPLICIT_ANNUAL_CASH_BUDGET_BY_PHASE",
        "origin": "SOURCE_RECONCILED_ANALYST_ESTIMATE",
        "rationale": "Conditional annual operating estimate for 2032-06-30; cited disclosures inform the assumptions but do not guarantee these forecast amounts.",
        "evidence_ids": [
          "Q2_RESULTS",
          "Q2_10Q",
          "ANDERON_AWARD"
        ],
        "annual_cash_capex": "3800000000.0",
        "capital_receipts_basis": "EXPLICIT_MODEL_FORECAST",
        "annual_depreciation_amortization": "4300000000.0",
        "annual_capital_incentive_receipts": "0"
      }
    }
  ]
}

Published maturity assumptions

{
  "maturity": [
    {
      "basis": "Mature-state assumptions retained from the reviewed fixed calculation control.",
      "origin": "RETAINED_FIXED_ANNUAL_PROFILE",
      "scenario": "LOW",
      "unknowns": [
        "Conditional analyst estimates, not price forecasts or issuer guidance.",
        "Six existing rolling annual windows, zero transition years, tax, working-capital and reserve bases, rates and nominal claims remain fixed.",
        "Terminal growth is a reviewed estimate distinct from the initial unaccepted perpetual-growth proposal.",
        "Acquisition timing, contingent incentive receipts, future dilution and financing changes remain uncertain."
      ],
      "evidence_ids": [
        "ACCOUNTING",
        "BUSINESS_PATHS",
        "RATES"
      ],
      "terminal_growth": "0.03",
      "operating_margin": "0.1900",
      "return_persistence": "PERSISTENT_OPERATING_MARGIN",
      "annual_revenue_growth_rates": [],
      "net_capital_per_added_revenue": "0.02",
      "cash_reserve_per_added_revenue": "0.00"
    },
    {
      "basis": "Mature-state assumptions retained from the reviewed fixed calculation control.",
      "origin": "RETAINED_FIXED_ANNUAL_PROFILE",
      "scenario": "BASE",
      "unknowns": [
        "Conditional analyst estimates, not price forecasts or issuer guidance.",
        "Six existing rolling annual windows, zero transition years, tax, working-capital and reserve bases, rates and nominal claims remain fixed.",
        "Terminal growth is a reviewed estimate distinct from the initial unaccepted perpetual-growth proposal.",
        "Acquisition timing, contingent incentive receipts, future dilution and financing changes remain uncertain."
      ],
      "evidence_ids": [
        "ACCOUNTING",
        "BUSINESS_PATHS",
        "RATES"
      ],
      "terminal_growth": "0.035",
      "operating_margin": "0.1900",
      "return_persistence": "PERSISTENT_OPERATING_MARGIN",
      "annual_revenue_growth_rates": [],
      "net_capital_per_added_revenue": "0.02",
      "cash_reserve_per_added_revenue": "0.00"
    },
    {
      "basis": "Mature-state assumptions retained from the reviewed fixed calculation control.",
      "origin": "RETAINED_FIXED_ANNUAL_PROFILE",
      "scenario": "HIGH",
      "unknowns": [
        "Conditional analyst estimates, not price forecasts or issuer guidance.",
        "Six existing rolling annual windows, zero transition years, tax, working-capital and reserve bases, rates and nominal claims remain fixed.",
        "Terminal growth is a reviewed estimate distinct from the initial unaccepted perpetual-growth proposal.",
        "Acquisition timing, contingent incentive receipts, future dilution and financing changes remain uncertain."
      ],
      "evidence_ids": [
        "ACCOUNTING",
        "BUSINESS_PATHS",
        "RATES"
      ],
      "terminal_growth": "0.04",
      "operating_margin": "0.1950",
      "return_persistence": "PERSISTENT_OPERATING_MARGIN",
      "annual_revenue_growth_rates": [],
      "net_capital_per_added_revenue": "0.03",
      "cash_reserve_per_added_revenue": "0.00"
    }
  ]
}

Published source-linked initiative observations

{
  "initiatives": [
    {
      "name": "go-to-market model",
      "state": "AHEAD_OF_SCHEDULE",
      "condition": "Expansion of sales coverage across thousands of additional clients to capture growth opportunities.",
      "included_in": "ALREADY_IN_OPERATING_REFERENCE",
      "source_date": "2026-07-23 00:10:24+00:00",
      "source_refs": [
        {
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            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
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          },
          "source_id": 1342875,
          "body_sha256": "81db586b3df7069dd57f6705c8a004ed92f32f7d8c7db1e0d775db53416b9ead"
        }
      ],
      "setting_rule": "Consolidated into full-year revenue growth guidance of 4-5%.",
      "initiative_id": "I0c09c9dfa729c1cd",
      "affected_fields": [
        "revenue_growth"
      ]
    },
    {
      "name": "Lightwell",
      "state": "PROGRESS_REPORTED",
      "condition": "More than 7,500 open source patches made available in the first two weeks of availability.",
      "included_in": "UNQUANTIFIED",
      "source_date": "2026-07-23 00:10:24+00:00",
      "source_refs": [
        {
          "chunk_ref": {
            "why_id": "8b99a9ed-12bd-5960-88c5-ecd917534ee8",
            "known_at": "2026-10-13T20:31:55.897842+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
            "output_hash": "d5f948fafb9ba212961fbf2584fdaf2c747a3ee869193273953beb08dbbbfd28",
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          "body_sha256": "81db586b3df7069dd57f6705c8a004ed92f32f7d8c7db1e0d775db53416b9ead"
        }
      ],
      "setting_rule": "Early-stage security patching initiative; volume activity noted but no financial impact quantified.",
      "initiative_id": "I1f6482fed924932d",
      "affected_fields": []
    },
    {
      "name": "Quantum",
      "state": "UNKNOWN",
      "condition": "Investment spans next 5 years; specific annual allocation and revenue impact not disclosed.",
      "included_in": "UNQUANTIFIED",
      "source_date": "2026-07-22",
      "source_refs": [
        {
          "chunk_ref": {
            "why_id": "0a7e4e06-1d9e-5d6a-a64c-13afaa95fe03",
            "known_at": "2026-10-13T20:36:21.791784+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
            "output_hash": "019864491bd59c9032db191567b64dc5f19f256336d163db581a3b27ec5e7ac6",
            "record_hash": "8b7aa036d45d5b90cc875d009b25c469909f51575e1d2749fd2ddfaeffa07d64"
          },
          "source_id": 1343739,
          "body_sha256": "3ae0746217298c1a98ee1dd610487bb0bba5e09624221de008cfebcff1850d83"
        }
      ],
      "setting_rule": "Increase net_ppe_investment_ratio to reflect >$10B 5-year investment plan for R&D, CapEx, and manufacturing scale-up.",
      "initiative_id": "I371136b96cc5c13c",
      "affected_fields": [
        "net_ppe_investment_ratio"
      ]
    },
    {
      "name": "Spyre Accelerator",
      "state": "PROGRESS_REPORTED",
      "condition": "The initiative is active and contributing to the consolidated path. The revenue growth and operating margin expansion are estimated based on the evidence of customer adoption and capacity growth.",
      "included_in": "CONSOLIDATED_PATH",
      "source_date": "2026-07-22",
      "source_refs": [
        {
          "chunk_ref": {
            "why_id": "0a7e4e06-1d9e-5d6a-a64c-13afaa95fe03",
            "known_at": "2026-10-13T20:36:21.791784+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
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          },
          "source_id": 1343739,
          "body_sha256": "3ae0746217298c1a98ee1dd610487bb0bba5e09624221de008cfebcff1850d83"
        }
      ],
      "setting_rule": "The Spyre Accelerator is an active initiative that contributes to revenue growth and operating margin expansion. The evidence shows that nearly 50% of z17 customers are investing in AI capabilities with Spyre Accelerator, and clients deploying watsonx Code Assistant for Z are growing MIPS capacity 3x faster. This suggests that the initiative is driving revenue growth and improving operating margins.",
      "initiative_id": "I85ee23b685279018",
      "affected_fields": [
        "revenue_growth",
        "operating_margin"
      ]
    },
    {
      "name": "fault-tolerant quantum computer",
      "state": "UNKNOWN",
      "condition": "The initiative is ramping and will contribute to the consolidated path. The net PPE investment ratio is estimated based on the evidence of the 2029 installation timeline. The revenue growth is estimated based on the long-term potential of the initiative.",
      "included_in": "CONSOLIDATED_PATH",
      "source_date": "2026-07-22",
      "source_refs": [
        {
          "chunk_ref": {
            "why_id": "0a7e4e06-1d9e-5d6a-a64c-13afaa95fe03",
            "known_at": "2026-10-13T20:36:21.791784+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
            "output_hash": "019864491bd59c9032db191567b64dc5f19f256336d163db581a3b27ec5e7ac6",
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          },
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          "body_sha256": "3ae0746217298c1a98ee1dd610487bb0bba5e09624221de008cfebcff1850d83"
        }
      ],
      "setting_rule": "The fault-tolerant quantum computer is a ramping initiative that will contribute to revenue growth in the future. The evidence shows that the company is on track to install the world's first large-scale fault-tolerant quantum computer in 2029. This suggests that the initiative will drive revenue growth in the long term, but the near-term impact is limited to capital investment.",
      "initiative_id": "I9690f3a9a1ed363a",
      "affected_fields": [
        "net_ppe_investment_ratio",
        "revenue_growth"
      ]
    },
    {
      "name": "strengthen our supply chain",
      "state": "PROGRESS_REPORTED",
      "condition": "Proactive supply chain actions in H1 to support anticipated H2 customer demand; inventory up $600M YTD expected to become a tailwind in H2.",
      "included_in": "ALREADY_IN_OPERATING_REFERENCE",
      "source_date": "2026-07-22",
      "source_refs": [
        {
          "chunk_ref": {
            "why_id": "07ad7221-46b9-5700-a48c-8dfb1ee3eb7e",
            "known_at": "2026-10-13T20:32:58.278627+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
            "output_hash": "b5884052a599115cda4471368c0edc796bf5580fa0638e8bed499fcb670af115",
            "record_hash": "7d90c6051e4c1e12495c326982d463cf57a692cb851a4bbb64820775f5932e4e"
          },
          "source_id": 1343739,
          "body_sha256": "3ae0746217298c1a98ee1dd610487bb0bba5e09624221de008cfebcff1850d83"
        },
        {
          "chunk_ref": {
            "why_id": "d12a5542-cf8e-5aeb-b698-361a6a0269bf",
            "known_at": "2026-10-13T20:32:26.724226+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
            "output_hash": "f15ad3cf47e702216bb7d6d04d4931a9b921a05717aee30004c976ec69f9f98b",
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          },
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        }
      ],
      "setting_rule": "Supply chain strengthening actions taken in H1 to support H2 demand; inventory headwind of $600M expected to flush through in H2, impacting working capital dynamics.",
      "initiative_id": "Ia4f30db3c30da8cc",
      "affected_fields": [
        "working_capital_investment_ratio"
      ]
    },
    {
      "name": "watsonx portfolio",
      "state": "PROGRESS_REPORTED",
      "condition": "The initiative is active and contributing to the consolidated path. The revenue growth is estimated based on the evidence of the higher growth rate of the watsonx portfolio.",
      "included_in": "CONSOLIDATED_PATH",
      "source_date": "2026-07-22",
      "source_refs": [
        {
          "chunk_ref": {
            "why_id": "31a19bd1-8756-5e0f-8ab2-6f4f213f5578",
            "known_at": "2026-10-13T20:33:59.434716+00:00",
            "subject_id": "c2036c5f-5c3b-44ba-8f5c-27f17e333264",
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          },
          "source_id": 1343739,
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        }
      ],
      "setting_rule": "The watsonx portfolio is an active initiative that contributes to revenue growth. The evidence shows that the organic watsonx portfolio is growing at much higher rates than the aggregate. This suggests that the initiative is driving revenue growth in the near term.",
      "initiative_id": "Iae6dfb48abff5771",
      "affected_fields": [
        "revenue_growth"
      ]
    },
    {
      "name": "investing in capabilities",
      "state": "REAFFIRMED",
      "condition": "Investing in capabilities that grow more at 15% to 20% within the software segment.",
      "included_in": "ALREADY_IN_OPERATING_REFERENCE",
      "source_date": "2026-07-22",
      "source_refs": [
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        {
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        }
      ],
      "setting_rule": "Investment in capabilities targeting 15-20% growth is part of the software segment's overall 6-8% full-year guidance; no separate premium added.",
      "initiative_id": "Ib29167ae8bf119b5",
      "affected_fields": [
        "revenue_growth"
      ]
    },
    {
      "name": "z17",
      "state": "PROGRESS_REPORTED",
      "condition": "Z performance below expectations on Z units, but revenue is well ahead of prior cycles at nearly 130% program-to-program through first 5 quarters of z17 availability.",
      "included_in": "ALREADY_IN_OPERATING_REFERENCE",
      "source_date": "2026-07-22",
      "source_refs": [
        {
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        }
      ],
      "setting_rule": "z17 program revenue is nearly 130% program-to-program through first 5 quarters, well ahead of prior cycles, contributing to Infrastructure growth.",
      "initiative_id": "Ib65d7bbbb08ae224",
      "affected_fields": [
        "revenue_growth"
      ]
    },
    {
      "name": "Anderon",
      "state": "UNKNOWN",
      "condition": "The initiative is ramping and contributing to the consolidated path. The net PPE investment ratio is estimated based on the evidence of the $1 billion cash contribution and the construction timeline.",
      "included_in": "CONSOLIDATED_PATH",
      "source_date": "2026-07-22",
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      "setting_rule": "Anderon is a ramping initiative that will contribute to the company's quantum computing capabilities. The evidence shows that the company has announced a letter of intent to build Anderon, supported by $1 billion in chips incentives and $1 billion cash contribution by IBM. This suggests that the initiative will drive capital investment in the near term.",
      "initiative_id": "Icd6bff89b5bea37e",
      "affected_fields": [
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    },
    {
      "name": "productivity actions",
      "state": "AHEAD_OF_SCHEDULE",
      "condition": "Actions include AI-driven software productivity, sales/marketing efficiency, and supply chain acceleration; effects are embedded in consolidated margin guidance.",
      "included_in": "ALREADY_IN_OPERATING_REFERENCE",
      "source_date": "2026-07-22",
      "source_refs": [
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      "setting_rule": "Maintain operating_margin consistent with issuer guidance to enhance margin commitments via productivity actions.",
      "initiative_id": "Id04435adb8951f4f",
      "affected_fields": [
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    },
    {
      "name": "Anderon",
      "state": "UNKNOWN",
      "condition": "The initiative is ramping and contributing to the consolidated path. The net PPE investment ratio is estimated based on the evidence of the $1 billion cash contribution and the construction timeline.",
      "included_in": "CONSOLIDATED_PATH",
      "source_date": "2026-07-22",
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      "initiative_id": "Id2e51e88edf31b92",
      "affected_fields": [
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    },
    {
      "name": "z17",
      "state": "PROGRESS_REPORTED",
      "condition": "z17 remains at nearly 130% program to program, well ahead of z16, which was our strongest on record.",
      "included_in": "ALREADY_IN_OPERATING_REFERENCE",
      "source_date": "2026-07-22",
      "source_refs": [
        {
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      ],
      "setting_rule": "z17 program-to-program growth at nearly 130%, well ahead of z16, indicating strong Infrastructure segment performance.",
      "initiative_id": "Id4209e200bac29cc",
      "affected_fields": [
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    },
    {
      "name": "Distributed Infrastructure, Power and Storage",
      "state": "PROGRESS_REPORTED",
      "condition": "The initiative is active and contributing to the consolidated path. The revenue growth is estimated based on the evidence of the explosive demand growth and the company's proactive actions to address it.",
      "included_in": "CONSOLIDATED_PATH",
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      "initiative_id": "If60ad6789de77e3d",
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}

Published frozen forecast outcomes

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    },
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      "forecast": {
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    {
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      "absolute_error": null,
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    },
    {
      "status": "UNKNOWN",
      "actual": null,
      "reason": "NO_COMPARABLE_RELEASED_ACTUAL",
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        "forecast_id": "a6d44f7b4b8a514d5e605e0000550c14aaa6df6a22d0613c0f0dbf28f16a4f2a",
        "construction": "COMPANY_PATH_WITH_EXPLICIT_FISCAL_ALLOCATION_AND_BOUND_GUIDANCE",
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    },
    {
      "status": "UNKNOWN",
      "actual": null,
      "reason": "NO_COMPARABLE_RELEASED_ACTUAL",
      "forecast": {
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  ]
}

Empirical operating-error envelope

Conditional operating-error evidence, separate from the scenario range. This is not a probability interval covering every valuation assumption. The published status, labels and limitations follow.

{
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        "record_hash": "7979aaec50c13beaf89b38e1cab7701581a66ed897372e20db19b85296d3cca3"
      },
      "negative_economic_residual": false
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    "base": "193.33088859238494468432252216057474522210970346301",
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      "donor_ref": {
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        "subject_id": "MLM",
        "output_hash": "70dffe3bfa22ee15069b7cd9dde26b3e9a64d9fb757cb81edb31ee310371556e",
        "record_hash": "cef93c0c3b86a365f6eb2293f8b560118d7c8f57881f550e027e560f59ac252b"
      },
      "negative_economic_residual": false
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    "issuers": 64,
    "meaning": "CONDITIONAL_EMPIRICAL_MODEL_ERROR_STRESS_NOT_TOTAL_FV_PROBABILITY",
    "donor_paths": 229
  }
}

Published changes and transitions

{
  "changes": [],
  "transitions": []
}

Additional published report fields

{
  "version": "living_fv_report_v1",
  "status": "CALCULATED_CONDITIONAL",
  "headline_scenario": "BASE",
  "publication_status": "CURRENT",
  "symbol": "IBM",
  "currency": "USD",
  "valuation_date": "2026-10-13",
  "reported_opening_date": "2026-06-30",
  "source_asof": "2026-10-13T20:41:40.557462+00:00",
  "published_at": "2026-10-13T21:18:48.855020+00:00",
  "following_status": "CURRENT",
  "updates_status": "AWAITING_CURRENT_UPDATE_RECEIPT",
  "disclaimer": "Not investment advice.",
  "name": null,
  "hypothesis": {
    "reset": "Read the latest living report and discard overrides.",
    "targets": [
      "phase",
      "capital",
      "maturity",
      "rate"
    ],
    "version": "living_fv_user_hypothesis_v1",
    "independence": "User scenarios never replace the living company selection.",
    "phase_fields": {
      "years": "Years in this phase",
      "cash_tax_rate": "Cash tax rate",
      "revenue_growth": "Annual revenue growth",
      "operating_margin": "Operating profit margin",
      "net_ppe_investment_ratio": "Net investment in property and equipment / revenue",
      "cash_reserve_per_added_revenue": "Cash held for each additional dollar of revenue",
      "working_capital_investment_ratio": "Working capital investment / revenue"
    }
  }
}

Report identity and exact published values

Living version identifies the selected calculation.

Report id

49701e94-7b2a-58ba-8a12-b171e0518a5e

Living version

dca4b428-9fb9-5700-bfac-8b99633a61a9

Value ranges

Key
existing_business
Label
Value of today’s operating business
Meaning
Current reported operating scale, with the stated tax, funding and return assumptions.
Low
93.676356104778839803513142346647136116986428721266
Base
93.676356104778839803513142346647136116986428721266
High
93.676356104778839803513142346647136116986428721266
Negative economic residual
No
Negative value meaning
A negative economic residual indicates a funding shortfall under these financing assumptions; it is not a negative tradable share price.
Key
joint_funded_business
Label
Value including the business growth plan
Meaning
The whole company forecast, including initiative effects and the investment needed to deliver them.
Low
165.38706947364672343019336017678879430629276339916
Base
193.33088859238494468432252216057474522210970346301
High
236.02487947219376935813625684211615351638433614213
Negative economic residual
No
Negative value meaning
A negative economic residual indicates a funding shortfall under these financing assumptions; it is not a negative tradable share price.

Not investment advice.

Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.