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5-day change | 1st Jan Change | ||
| 206.65 USD | +0.43% |
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-5.66% | -30.24% |
| 07-23 | IBM CEO on AI Spending, Mainframes and Quantum | MT |
| 07-23 | IBM's 2026 Revenue, Free Cash Flow Guidance Ahead of Expectations, RBC Capital Markets Says | MT |
Projected Income Statement: IBM
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 57,350 | 60,530 | 61,860 | 62,753 | 67,535 | 70,370 | 73,416 | 77,524 |
| Change | - | 5.54% | 2.2% | 1.44% | 7.62% | 4.2% | 4.33% | 5.6% |
| EBITDA 1 | - | 14,739 | 15,447 | 16,400 | 19,200 | 20,258 | 21,614 | 22,786 |
| Change | - | - | 4.8% | 6.17% | 17.07% | 5.51% | 6.69% | 5.42% |
| EBIT 1 | - | 9,937 | 11,052 | 11,263 | 14,126 | 14,975 | 16,090 | 17,815 |
| Change | - | - | 11.22% | 1.91% | 25.42% | 6.01% | 7.45% | 10.72% |
| Interest Paid 1 | -1,155 | -1,216 | -1,607 | -1,712 | -1,935 | -1,890 | -1,970 | -2,067 |
| Earnings before Tax (EBT) 1 | 4,837 | 1,156 | 8,690 | 5,797 | 10,328 | 11,192 | 13,353 | 15,703 |
| Change | - | -76.1% | 651.73% | -33.29% | 78.16% | 8.36% | 19.31% | 17.6% |
| Net income 1 | 5,743 | 1,639 | 7,502 | 6,023 | 10,593 | 9,887 | 11,524 | 12,749 |
| Change | - | -71.46% | 357.72% | -19.71% | 75.88% | -6.66% | 16.56% | 10.63% |
| Announcement Date | 1/24/22 | 1/25/23 | 1/24/24 | 1/29/25 | 1/28/26 | - | - | - |
Forecast Balance Sheet: IBM
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 44,147 | 42,108 | 43,085 | 40,168 | 46,789 | 46,695 | 33,667 | 28,596 |
| Change | - | -4.62% | 2.32% | -6.77% | 16.48% | -0.2% | -27.9% | -15.06% |
| Announcement Date | 1/24/22 | 1/25/23 | 1/24/24 | 1/29/25 | 1/28/26 | - | - | - |
Cash Flow Forecast: IBM
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
| CAPEX 1 | 2,381 | 1,860 | 1,488 | 1,127 | 1,617 | 1,558 | 1,687 | 1,734 |
| Change | - | -21.88% | -20% | -24.26% | 43.48% | -3.65% | 8.3% | 2.74% |
| Free Cash Flow (FCF) 1 | 6,508 | 9,291 | 11,210 | 12,749 | 14,734 | 15,580 | 17,000 | 17,795 |
| Change | - | 42.76% | 20.65% | 13.73% | 15.57% | 5.74% | 9.11% | 4.68% |
| Announcement Date | 1/24/22 | 1/25/23 | 1/24/24 | 1/29/25 | 1/28/26 | - | - | - |
Forecast Financial Ratios: IBM
| Fiscal Period: December | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|---|
Profitability | ||||||||
| EBITDA Margin (%) | - | 24.35% | 24.97% | 26.13% | 28.43% | 28.79% | 29.44% | 29.39% |
| EBIT Margin (%) | - | 16.42% | 17.87% | 17.95% | 20.92% | 21.28% | 21.92% | 22.98% |
| EBT Margin (%) | 8.43% | 1.91% | 14.05% | 9.24% | 15.29% | 15.9% | 18.19% | 20.26% |
| Net margin (%) | 10.01% | 2.71% | 12.13% | 9.6% | 15.69% | 14.05% | 15.7% | 16.45% |
| FCF margin (%) | 11.35% | 15.35% | 18.12% | 20.32% | 21.82% | 22.14% | 23.16% | 22.95% |
| FCF / Net Income (%) | 113.32% | 566.87% | 149.43% | 211.67% | 139.09% | 157.58% | 147.51% | 139.58% |
Profitability | ||||||||
| ROA | 3.99% | 6.42% | 5.73% | 7.11% | 7.61% | 7.6% | 7.49% | 8.02% |
| ROE | 36.33% | 40.77% | 33.79% | 38.86% | 36.67% | 32.69% | 30.75% | 27.68% |
Financial Health | ||||||||
| Leverage (Debt/EBITDA) | - | 2.86x | 2.79x | 2.45x | 2.44x | 2.3x | 1.56x | 1.26x |
| Debt / Free cash flow | 6.78x | 4.53x | 3.84x | 3.15x | 3.18x | 3x | 1.98x | 1.61x |
Capital Intensity | ||||||||
| CAPEX / Current Assets (%) | 4.15% | 3.07% | 2.41% | 1.8% | 2.39% | 2.21% | 2.3% | 2.24% |
| CAPEX / EBITDA (%) | - | 12.62% | 9.63% | 6.87% | 8.42% | 7.69% | 7.81% | 7.61% |
| CAPEX / FCF (%) | 36.59% | 20.02% | 13.27% | 8.84% | 10.97% | 10% | 9.92% | 9.74% |
Items per share | ||||||||
| Cash flow per share 1 | 14.15 | 11.44 | 15.11 | 14.35 | 13.91 | 18.38 | 18.02 | 18.8 |
| Change | - | -19.14% | 32.08% | -5.04% | -3.06% | 32.17% | -1.94% | 4.32% |
| Dividend per Share 1 | 6.55 | 6.52 | 6.63 | 6.67 | 6.71 | 6.768 | 6.795 | 6.871 |
| Change | - | -0.46% | 1.69% | 0.6% | 0.6% | 0.86% | 0.4% | 1.12% |
| Book Value Per Share 1 | 21.09 | 24.31 | 24.63 | 29.48 | 34.84 | 41 | 47.27 | 54.97 |
| Change | - | 15.24% | 1.3% | 19.71% | 18.2% | 17.67% | 15.29% | 16.28% |
| EPS 1 | 6.35 | 1.8 | 8.14 | 6.43 | 11.17 | 10.3 | 11.02 | 12.92 |
| Change | - | -71.65% | 352.22% | -21.01% | 73.72% | -7.81% | 7.03% | 17.19% |
| Nbr of stocks (in thousands) | 896,800 | 904,126 | 913,119 | 924,645 | 934,735 | 939,885 | 939,885 | 939,885 |
| Announcement Date | 1/24/22 | 1/25/23 | 1/24/24 | 1/29/25 | 1/28/26 | - | - | - |
| 2026 * | 2027 * | |
|---|---|---|
| P/E | 20.1x | 18.7x |
| PBR | 5.04x | 4.37x |
| EV / Sales | 3.42x | 3.1x |
| Yield | 3.27% | 3.29% |
EPS & Dividend
Y-o-Y evolution of P/E
Year-on-year evolution of the Yield
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