Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 194,227 - -
Change - 6.27% 17.24% 36.11% 36.22% -29.85% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 237,486 227,724 222,560
Change - 3.34% 13.53% 26.51% 32.96% -26.63% -4.11% -2.27%
P/E 21x 78.3x 20.1x 34.2x 26.5x 20.3x 18.1x 16x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.06x 4.35x 3.75x
PEG - -1.1x 0x -1.6x 0.4x -2.33x 1.5x 1.2x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.76x 2.65x 2.51x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.38x 3.1x 2.87x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 11.7x 10.5x 9.77x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 15.9x 14.2x 12.5x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 15.2x 13.4x 12.5x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.56% 7.47% 8%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.765 6.795 6.871
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 3.27% 3.29% 3.32%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.2 11.39 12.92
Distribution rate 103% 362% 81.4% 104% 60.1% 66.3% 59.6% 53.2%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,349 73,421 77,536
EBITDA 1 - 14,739 15,447 16,400 19,200 20,258 21,614 22,786
EBIT 1 - 9,937 11,052 11,263 14,126 14,975 16,090 17,815
Net income 1 5,743 1,639 7,502 6,023 10,593 9,887 11,524 12,749
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,259 33,497 28,332
Reference price 2 133.66 140.89 163.55 219.83 296.21 206.65 206.65 206.65
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 939,885 - -
Announcement Date 1/24/22 1/25/23 1/24/24 1/29/25 1/28/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-92.86x14.68x84.97x-.--% 91.89B
10.27x1.13x5.93x4.68% 84.9B
14.54x2.65x10.01x5.65% 83.8B
19.18x5.09x12.52x2.95% 56.97B
13.66x1.98x8.37x5.76% 43.79B
19.57x1.45x9.17x1.01% 34.32B
18.54x1.49x9.37x1.6% 34.34B
16.96x2.19x10.16x5.1% 34.78B
21.13x2.45x16.03x2.84% 28.73B
Average 4.55x 3.68x 18.50x 3.29% 54.84B
Weighted average by Cap. -4.55x 4.64x 23.67x 3.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield