Their share price has gone sideways forever in spite of growing revenues and profits. It's called multiple contraction. The reason is that everyone knows they cannot continue to extract those kinds of margins from people forever for stuff that is basically commoditised.

[Edit] The funny thing is that they were the ones who commoditised computing. They were the ones who made computing cheap and ubiquitous. Now they are on the wrong side of the equation. Now they are the ones defending an overpriced unscalable model as IBM once did.