"My other problem involves its financial management. IBM is more interested in extracting profit, and maintaining its dividend, than in growing. It has been shrinking ever since Virginia Rometty became CEO in 2012. This was once a $100 billion sales company. Now sales are below $80 billion.
Instead, IBM has steadily increased its debt-to-assets ratio, $45.6 billion in debt on $121.6 billion of assets as of September 30. It buys back shares to make earnings per share look good, and hands out cash to stockholders to keep them in the game."
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https://investorplace.com/2017/11/international-business-machines-corp-ibm-still-flawed/view-all/