Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 204,021 - -
Change - 6.27% 17.24% 36.11% 36.22% -26.31% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 255,667 247,750 239,037
Change - 3.34% 13.53% 26.51% 32.96% -21.01% -3.1% -3.52%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.2x 19.3x 17x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.31x 4.55x 3.89x
PEG - -1.1x 0x -1.6x 0.4x -1.4x 0.9x 1.3x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.87x 2.75x 2.6x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.59x 3.34x 3.05x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.6x 11.4x 10.3x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 16.8x 15.3x 13.3x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.7x 15x 13.3x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.97% 6.68% 7.52%
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% 3.11% 3.13% 3.16%
EPS 2 6.35 1.8 8.14 6.43 11.17 9.338 11.25 12.74
Distribution rate 103% 362% 81.4% 104% 60.1% 72.3% 60.4% 53.9%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,185 74,197 78,407
EBITDA 1 - 14,739 15,447 16,400 19,200 20,250 21,760 23,262
EBIT 1 - 9,937 11,052 11,263 14,126 15,225 16,219 17,993
Net income 1 5,743 1,639 7,502 6,023 10,593 8,889 11,146 12,432
Net Debt 1 44,147 42,108 43,085 40,168 46,789 51,646 43,729 35,016
Reference price 2 133.66 140.89 163.55 219.83 296.21 217.07 217.07 217.07
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-96.65x15.29x88.53x-.--% 95.64B
10x1.1x5.75x4.82% 82.34B
14.27x2.6x9.81x5.76% 82.89B
19.21x5.05x12.47x2.96% 57.7B
14.2x2.07x8.69x5.49% 46.07B
20.6x1.53x9.68x0.96% 36.55B
19.3x1.56x9.78x1.54% 36.18B
15.89x2.03x9.46x5.44% 32.87B
Average 2.10x 3.90x 19.27x 3.37% 58.78B
Weighted average by Cap. -7.45x 4.96x 25.29x 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