Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 246,579 - -
Change - 6.27% 17.24% 36.11% 36.22% -10.94% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 297,209 288,640 279,299
Change - 3.34% 13.53% 26.51% 32.96% -8.17% -2.88% -3.24%
P/E 21x 78.3x 20.1x 34.2x 26.5x 25.5x 22.4x 19.5x
PBR 6.34x 5.8x 6.64x 7.46x - 6.4x 5.47x 4.68x
PEG - -1.1x 0x -1.6x 0.4x -3.22x 1.6x 1.3x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.45x 3.3x 3.12x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 4.16x 3.87x 3.54x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 14.5x 13.1x 11.8x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 19.5x 17.7x 15.7x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 19x 17x 15.2x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.28% 5.88% 6.59%
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% - 2.57% 2.59% 2.62%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.28 11.74 13.44
Distribution rate 103% 362% 81.4% 104% - 65.6% 57.9% 51.1%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,473 74,641 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 15,258 16,278 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 50,630 42,061 32,720
Reference price 2 133.66 140.89 163.55 219.83 296.21 262.35 262.35 262.35
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.($)
11.6x1.23x6.46x4.17% 95.78B
14.27x2.61x9.62x5.82% 85.22B
-82.14x12.94x74.91x-.--% 81.28B
19.22x5.04x12.45x2.96% 57.71B
15.03x2.21x9.26x5.15% 49.64B
12.91x1.48x10.13x1.25% 35.25B
15.89x2.02x9.52x5.44% 33.45B
20.65x1.4x9.96x0.85% 31.89B
20.11x2.33x15.14x2.99% 27.56B
Average 5.28x 3.47x 17.50x 3.18% 55.31B
Weighted average by Cap. -0.59x 4.06x 20.32x 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

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