IBM · CIK 51143
What International Business Machines Corporation told the SEC could break it.
As a globally integrated company doing business in more than 175 countries, IBM draws about 60% of its revenue from outside the United States, exposing its results to shifts in local laws, policies and economic and political conditions around the world. On the supply side, certain of its businesses rely on a single or limited number of suppliers — including for the server processor technology behind certain semiconductors — so a deterioration in one of those suppliers could cause losses and impair its ability to bring products to market. A lower-severity, more specialized risk is its pension obligations: plan funding could reduce financial flexibility, and premiums for mandatory pension-insolvency insurance outside the U.S. could rise significantly, driven by the insolvencies of unrelated companies in a given country.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- ~60% of revenue from outside the U.S. across 175+ countriesmedium
As a globally integrated entity doing business in over 175 countries, IBM derives about 60% of its revenue from sales outside the United States, exposing results to changes in local laws, policies and economic/political conditions.
“The company is a globally integrated entity, doing business in over 175 countries worldwide and deriving about sixty percent of its revenues from sales outside the United States.”
SEC filing →As of 2026
Sole-source dependency
- single/limited supplier for server processor technology and certain semiconductorsmedium
Certain IBM businesses rely on a single or limited number of suppliers, including for server processor technology for certain semiconductors; deterioration in those suppliers' condition could cause losses and impair IBM's ability to bring products to market.
“Certain of the company's businesses rely on a single or a limited number of suppliers, including for server processor technology for certain semiconductors.”
SEC filing →As of 2026
Liquidity & debt
- pension funding and mandatory pension-insolvency insurance premium risklow
IBM faces pension-plan funding and resulting liquidity risk that could reduce financial flexibility, plus potentially significant premium increases for mandatory pension-insolvency insurance outside the U.S. driven by unrelated companies' insolvencies.
“the company's results could be negatively impacted by premiums for mandatory pension insolvency insurance coverage outside the United States. Premium increases could be significant due to the level of insolvencies of unrelated companies in the country at issue.”
SEC filing →As of 2026
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