IBM a Tech Giant - How it Lost its Way Key Indicators Market Cap – $129.39Bn EV – $173.4Bn Debt - $57.5Bn, Cash - $17.9Bn P/B – 8.57 P/E (Trailing) – 60.44 (Growth) P/E (Forward) – 14.3 (Div. Centric, No Growth) Economic Moat: Narrow (under threat) Where is the Growth How it Lost its Way IBM a more than 100-year-old company that used to be a trendsetter in the technology space has become a laggard and is struggling to get its Mojo back. It is facing headwinds, and it is not clear how it will modernise its business. Today, IBM has 3 business segments, Infrastructure, Software and Consulting, and all of them are declining YoY. There are multiple reasons why IBM's revenues are declining except for the minor surge in 2021, and 2022. Let's look at the key reasons. Unlike its peer group players like Salesforce and ServiceNow which specialises in providing packaged application software in the Cloud (SaaS), IBM has no application software to offer. Instead, IBM's software o