Financials IBM Buenos Aires S.E.

Stocks

IBM

ARDEUT110202

IT Services & Consulting

End-of-day quote Buenos Aires S.E. Other stock markets 2026-07-06			5-day change	1st Jan Change
31,360.00 ^ARS	+2.48%		+9.04%	+1.82%

07-07	Nasdaq set to fall at open as DeepSeek's AI chip push rattles markets	RE
07-07	IBM Announces New z17 And LinuxONE 5 Configurations With Single Frame And Rack Mount Systems	CI

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	71,525	74,651	78,770
Change	-	5.54%	2.2%	1.44%	7.62%	5.91%	4.37%	5.52%
EBITDA ¹	-	14,739	15,447	16,400	19,200	20,497	22,050	23,589
Change	-	-	4.8%	6.17%	17.07%	6.75%	7.58%	6.98%
EBIT ¹	-	9,937	11,052	11,263	14,126	15,275	16,295	17,853
Change	-	-	11.22%	1.91%	25.42%	8.14%	6.68%	9.56%
Interest Paid ¹	-1,155	-1,216	-1,607	-1,712	-1,935	-1,880	-1,958	-2,100
Earnings before Tax (EBT) ¹	4,837	1,156	8,690	5,797	10,328	11,759	13,672	15,695
Change	-	-76.1%	651.73%	-33.29%	78.16%	13.85%	16.27%	14.8%
Net income ¹	5,743	1,639	7,502	6,023	10,593	9,983	11,588	12,951
Change	-	-71.46%	357.72%	-19.71%	75.88%	-5.76%	16.08%	11.76%
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1
Net sales ¹	18,745	17,618	16,695	14,197	15,535	14,107	16,690	14,252	15,475	14,752	17,381	14,462	15,770	14,968	17,553	14,541	16,977	16,331	19,686	15,917	17,856	17,127	20,589	16,657	18,704	17,853	21,468	16,956
Change	-	-6.01%	-5.24%	-14.96%	9.42%	-9.19%	18.31%	-14.61%	8.58%	-4.67%	17.82%	-16.79%	9.04%	-5.09%	17.27%	-17.16%	16.75%	-3.81%	20.54%	-19.15%	12.18%	-4.08%	20.21%	-19.1%	12.29%	-4.55%	20.25%	-21.02%
EBITDA ¹	4,482	4,282	5,013	2,904	3,642	3,130	5,063	2,650	3,632	3,602	5,565	3,000	4,000	3,800	5,600	3,400	4,700	4,600	6,500	4,000	4,993	4,828	6,705	3,957	5,294	5,022	7,164	-
Change	-	-4.46%	17.07%	-42.07%	25.41%	-14.06%	61.76%	-47.66%	37.06%	-0.83%	54.5%	-46.09%	33.33%	-5%	47.37%	-39.29%	38.24%	-2.13%	41.3%	-38.46%	24.82%	-3.3%	38.89%	-40.98%	33.79%	-5.15%	42.67%	-
EBIT ¹	2,802	2,598	3,633	1,647	2,397	1,967	3,926	1,576	2,556	2,509	4,413	1,627	2,870	2,363	4,403	2,006	3,641	3,334	5,149	2,504	3,706	3,531	5,438	2,504	3,784	3,663	5,743	-
Change	-	-7.28%	39.84%	-54.67%	45.54%	-17.94%	99.59%	-59.86%	62.18%	-1.84%	75.89%	-63.13%	76.4%	-17.67%	86.33%	-54.44%	81.51%	-8.43%	54.44%	-51.37%	48.01%	-4.71%	54%	-53.96%	51.13%	-3.2%	56.78%	-
Charge d'intérêts ¹	-281	-291	-303	-311	-297	-295	-313	-367	-423	-400	-405	-432	-427	-429	-424	-455	-510	-492	-478	-473	-461.9	-464	-469.1	-461.4	-461.2	-461.5	-461.9	-
Earnings before Tax (EBT) ¹	1,552	1,319	2,869	623	1,722	-4,501	3,312	1,058	2,000	1,873	3,759	1,074	2,219	-802	3,306	1,158	2,597	2,430	4,144	1,387	2,900	2,840	4,402	-	-	-	-	-
Change	-	-15.01%	117.51%	-78.29%	176.4%	-361.38%	173.58%	-68.06%	89.04%	-6.35%	100.69%	-71.43%	106.61%	-136.14%	512.22%	-64.97%	124.27%	-6.43%	70.53%	-66.53%	109.08%	-2.07%	54.98%	-	-	-	-	-
Net income ¹	1,325	1,130	2,332	733	1,392	-3,196	2,711	927	1,583	1,704	3,288	1,605	1,834	-330	2,915	1,055	2,194	1,744	5,600	1,216	2,407	2,351	3,736	1,230	2,440	2,410	4,270	-
Change	-	-14.72%	106.37%	-68.57%	89.9%	-329.6%	184.82%	-65.81%	70.77%	7.64%	92.96%	-51.19%	14.27%	-117.99%	983.33%	-63.81%	107.96%	-20.51%	221.1%	-78.29%	97.92%	-2.33%	58.93%	-67.08%	98.37%	-1.23%	77.18%	-
Announcement Date	7/19/21	10/20/21	1/24/22	4/19/22	7/18/22	10/19/22	1/25/23	4/19/23	7/19/23	10/25/23	1/24/24	4/24/24	7/24/24	10/23/24	1/29/25	4/23/25	7/23/25	10/22/25	1/28/26	4/22/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

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	50,630	42,061	32,720
Change	-	-4.62%	2.32%	-6.77%	16.48%	8.21%	-16.92%	-22.21%
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-

¹USD in Million

Estimates

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	1,643	1,700	1,741
Change	-	-21.88%	-20%	-24.26%	43.48%	1.61%	3.47%	2.39%
Free Cash Flow (FCF) ¹	6,508	9,291	11,210	12,749	14,734	15,645	16,882	18,369
Change	-	42.76%	20.65%	13.73%	15.57%	6.18%	7.91%	8.8%
Announcement Date	1/24/22	1/25/23	1/24/24	1/29/25	1/28/26	-	-	-

¹USD in Million

Estimates

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%	28.66%	29.54%	29.95%
EBIT Margin (%)	-	16.42%	17.87%	17.95%	20.92%	21.36%	21.83%	22.66%
EBT Margin (%)	8.43%	1.91%	14.05%	9.24%	15.29%	16.44%	18.31%	19.93%
Net margin (%)	10.01%	2.71%	12.13%	9.6%	15.69%	13.96%	15.52%	16.44%
FCF margin (%)	11.35%	15.35%	18.12%	20.32%	21.82%	21.87%	22.62%	23.32%
FCF / Net Income (%)	113.32%	566.87%	149.43%	211.67%	139.09%	156.72%	145.69%	141.83%
Profitability
ROA	3.99%	6.42%	5.73%	7.11%	7.61%	6.88%	7.38%	7.95%
ROE	36.33%	40.77%	33.79%	38.86%	36.67%	33.14%	29.83%	26.93%
Financial Health
Leverage (Debt/EBITDA)	-	2.86x	2.79x	2.45x	2.44x	2.47x	1.91x	1.39x
Debt / Free cash flow	6.78x	4.53x	3.84x	3.15x	3.18x	3.24x	2.49x	1.78x
Capital Intensity
CAPEX / Current Assets (%)	4.15%	3.07%	2.41%	1.8%	2.39%	2.3%	2.28%	2.21%
CAPEX / EBITDA (%)	-	12.62%	9.63%	6.87%	8.42%	8.02%	7.71%	7.38%
CAPEX / FCF (%)	36.59%	20.02%	13.27%	8.84%	10.97%	10.5%	10.07%	9.48%
Items per share
Cash flow per share ¹	14.15	11.44	15.11	14.35	13.91	18.89	18.67	20.4
Change	-	-19.14%	32.08%	-5.04%	-3.06%	35.84%	-1.15%	9.24%
Dividend per Share ¹	6.55	6.52	6.63	6.67	-	6.75	6.792	6.868
Change	-	-0.46%	1.69%	0.6%	-	-	0.63%	1.11%
Book Value Per Share ¹	21.09	24.31	24.63	29.48	-	40.99	47.97	56.13
Change	-	15.24%	1.3%	19.71%	-	-	17.04%	17.01%
EPS ¹	6.35	1.8	8.14	6.43	11.17	10.31	11.78	13.44
Change	-	-71.65%	352.22%	-21.01%	73.72%	-7.67%	14.17%	14.15%
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	-	-	-