Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 207,750 - -
Change - 6.27% 17.24% 36.11% 36.22% -24.97% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 251,063 241,314 236,190
Change - 3.34% 13.53% 26.51% 32.96% -22.43% -3.88% -2.12%
P/E 21x 78.3x 20.1x 34.2x 26.5x 21.6x 19.6x 17.4x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.4x 4.66x 4.01x
PEG - -1.1x 0x -1.6x 0.4x -2.45x 1.9x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.95x 2.84x 2.7x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.57x 3.3x 3.07x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.5x 11.2x 10.4x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 16.8x 15.1x 13.4x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.2x 14.1x 13.1x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.17% 7.09% 7.64%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.766 6.813 6.949
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 3.07% 3.09% 3.15%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.19 11.26 12.65
Distribution rate 103% 362% 81.4% 104% 60.1% 66.4% 60.5% 54.9%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,395 73,120 76,948
EBITDA 1 - 14,739 15,447 16,400 19,200 20,153 21,474 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 9,868 11,305 12,433
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 220.51 220.51 220.51
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.($)
21.65x3.57x12.46x3.07% 208B
21.49x4.55x11.16x0.77% 185B
-591.66x42.08x172.86x-.--% 122B
-130.95x18.18x99.98x-.--% 117B
14.61x1.59x8.35x3.28% 117B
13.53x2.44x9.25x6.08% 77.81B
20.02x5.31x13.05x2.8% 59.71B
-17.3x7.37x12.53x-.--% 48.78B
23.1x1.91x12.12x1.35% 45.27B
Average -69.50x 9.67x 39.08x 1.93% 108.97B
Weighted average by Cap. -76.46x 10.19x 41.93x 1.9%

Y-o-Y evolution of P/E

Valuation ratios - P/E - IBM

Historical PBR trend

Valuation ratios - PBR - IBM

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - IBM

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - IBM


Year-on-year evolution of the Yield

Valuation ratios - Yield - IBM