Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 214,383 - -
Change - 6.27% 17.24% 36.11% 36.22% -22.57% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 257,696 247,947 242,823
Change - 3.34% 13.53% 26.51% 32.96% -20.38% -3.78% -2.07%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.5x 20.1x 17.8x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.54x 4.78x 4.12x
PEG - -1.1x 0x -1.6x 0.4x -2.3x 1.7x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.05x 2.93x 2.78x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.66x 3.38x 3.15x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.8x 11.5x 10.7x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.2x 15.5x 13.8x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.6x 14.4x 13.5x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.01% 6.93% 7.43%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.759 6.799 6.875
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.98% 3% 3.04%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.08 11.29 12.72
Distribution rate 103% 362% 81.4% 104% 60.1% 67.1% 60.2% 54%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,375 73,260 77,067
EBITDA 1 - 14,739 15,447 16,400 19,200 20,153 21,555 22,784
EBIT 1 - 9,937 11,052 11,263 14,126 14,973 15,999 17,606
Net income 1 5,743 1,639 7,502 6,023 10,593 9,810 11,336 12,506
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 226.44 226.44 226.44
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 942,134 - -
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.($)
12.19x1.35x7.06x3.94% 101B
-94.69x14.98x86.7x-.--% 93.71B
15.55x2.84x10.74x5.29% 90.82B
22.25x5.73x14.09x2.58% 65.81B
14.48x2.11x8.93x5.39% 46.87B
21.14x1.71x10.78x1.4% 39.21B
17.96x2.28x10.94x4.84% 37.35B
20.7x1.53x9.73x0.95% 36.38B
20.42x2.37x15.47x2.94% 27.8B
Average 5.56x 3.88x 19.38x 3.04% 59.86B
Weighted average by Cap. -2.36x 4.73x 23.71x 3.07%

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