Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 213,337 - -
Change - 6.27% 17.24% 36.11% 36.22% -22.95% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 256,650 246,901 241,777
Change - 3.34% 13.53% 26.51% 32.96% -20.71% -3.8% -2.08%
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 3.03x 2.91x 2.77x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.65x 3.37x 3.14x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.7x 11.5x 10.6x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.1x 15.4x 13.7x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.6x 14.4x 13.4x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.03% 6.95% 7.47%
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 A 1/25/23 A 1/24/24 A 1/29/25 A 1/28/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
12.82x1.42x7.44x3.75% 106B
-99.09x15.69x90.82x-.--% 98.05B
15.87x2.9x10.97x5.18% 92.42B
22.58x5.8x14.27x2.54% 66.69B
15.13x2.21x9.37x5.16% 48.86B
21.96x1.78x11.22x1.35% 40.7B
18.31x2.35x11.27x4.72% 37.98B
20.58x1.52x9.59x0.92% 37.34B
20.75x2.41x15.72x2.89% 28.23B
Average 5.43x 4.01x 20.07x 2.95% 61.8B
Weighted average by Cap. -3.06x 4.92x 24.81x 2.96%

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