Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 255,874 - -
Change - 6.27% 17.24% 36.11% 36.22% -7.59% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 303,748 292,392 288,595
Change - 3.34% 13.53% 26.51% 32.96% -6.15% -3.74% -1.3%
P/E Ratio 21x 78.3x 20.1x 34.2x 26.5x 26.5x 23.1x 20.3x
PBR 6.34x 5.8x 6.64x 7.46x - 6.65x 5.68x 4.85x
PEG - -1.1x 0x -1.6x 0.4x -3.27x 1.6x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.58x 3.43x 3.24x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.25x 3.92x 3.66x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 14.8x 13.3x 12.2x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 20.1x 18.1x 16.2x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 19.4x 17.2x 15.7x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.16% 5.81% 6.38%
Dividend per Share 2 6.55 6.52 6.63 6.67 - 6.75 6.792 6.868
Rate of return 4.9% 4.63% 4.05% 3.03% - 2.48% 2.49% 2.52%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.26 11.77 13.44
Distribution rate 103% 362% 81.4% 104% - 65.8% 57.7% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,465 74,636 78,922
EBITDA 1 - 14,739 15,447 16,400 19,200 20,477 22,030 23,571
EBIT 1 - 9,937 11,052 11,263 14,126 15,144 16,149 17,836
Net income 1 5,743 1,639 7,502 6,023 10,593 9,937 11,532 12,821
Net Debt 1 44,147 42,108 43,085 40,168 46,789 47,874 36,518 32,720
Reference price 2 133.66 140.89 163.55 219.83 296.21 272.24 272.24 272.24
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 Ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.66x1.35x7.08x3.82% 105B
20.4x4.15x14.17x2.92% 90.42B
13.87x2.53x9.34x6.01% 82.27B
-81.53x12.84x74.47x-.--% 80.68B
19.59x5.12x12.66x2.9% 58.94B
14.49x2.12x8.9x5.34% 47.53B
12.93x1.48x10.14x1.25% 35.3B
20.8x1.41x10.03x0.84% 32.12B
15.12x1.91x9x5.72% 31.59B
Average 5.37x 3.66x 17.31x 3.2% 62.6B
Weighted average by Cap. 2.09x 4.12x 19.40x 3.26%

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

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