Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 272,783 - -
Change - 6.27% 17.24% 36.11% 36.22% -1.48% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 323,488 314,871 305,527
Change - 3.34% 13.53% 26.51% 32.96% -0.06% -2.66% -2.97%
P/E 21x 78.3x 20.1x 34.2x 26.5x 28.2x 24.7x 21.8x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 7.08x 6.05x 5.17x
PEG - -1.1x 0x -1.6x 0.4x -3.59x 1.8x 1.6x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.81x 3.65x 3.46x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.52x 4.22x 3.88x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 15.8x 14.3x 13x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 21.2x 19.3x 17.1x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 21x 18.7x 16.6x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 4.76% 5.36% 6.01%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.75 6.792 6.868
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.33% 2.34% 2.37%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.29 11.73 13.29
Distribution rate 103% 362% 81.4% 104% 60.1% 65.6% 57.9% 51.7%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,512 74,668 78,775
EBITDA 1 - 14,739 15,447 16,400 19,200 20,484 22,052 23,591
EBIT 1 - 9,937 11,052 11,263 14,126 15,263 16,297 17,855
Net income 1 5,743 1,639 7,502 6,023 10,593 9,949 11,534 12,853
Net Debt 1 44,147 42,108 43,085 40,168 46,789 50,705 42,089 32,744
Reference price 2 133.66 140.89 163.55 219.83 296.21 290.23 290.23 290.23
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.($)
-94.09x14.88x86.13x-.--% 93.11B
10.29x1.13x5.93x4.69% 84.77B
14.14x2.58x9.73x5.81% 82.46B
19.48x5.11x12.62x2.92% 58.41B
14.32x2.09x8.77x5.44% 46.62B
18.9x1.52x9.57x1.57% 35.35B
20.03x1.48x9.4x0.99% 35.45B
16.64x2.14x9.95x5.2% 34.52B
Average 2.46x 3.87x 19.01x 3.32% 58.84B
Weighted average by Cap. -6.30x 4.82x 24.40x 3.33%

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