Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 218,293 - -
Change - 6.27% 17.24% 36.11% 36.22% -21.16% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 261,605 251,857 246,733
Change - 3.34% 13.53% 26.51% 32.96% -19.17% -3.73% -2.03%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.7x 20.6x 18.3x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.67x 4.89x 4.22x
PEG - -1.1x 0x -1.6x 0.4x -2.58x 2x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.1x 2.98x 2.84x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.72x 3.44x 3.21x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13x 11.7x 10.8x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.5x 15.7x 14x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.9x 14.7x 13.7x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.92% 6.82% 7.32%
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% 2.92% 2.94% 3%
EPS 2 6.35 1.8 8.14 6.43 11.17 10.19 11.25 12.65
Distribution rate 103% 362% 81.4% 104% 60.1% 66.4% 60.6% 54.9%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,384 73,198 76,948
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 9,867 11,298 12,433
Net Debt 1 44,147 42,108 43,085 40,168 46,789 43,313 33,564 28,440
Reference price 2 133.66 140.89 163.55 219.83 296.21 231.70 231.70 231.70
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.($)
22.75x3.72x12.98x2.92% 218B
13.94x1.54x8.07x3.44% 115B
-107.91x16.98x97.19x-.--% 106B
15.2x2.78x10.49x5.4% 89.93B
20.27x5.32x13.08x2.81% 61.08B
14.94x2.18x9.24x5.22% 48.87B
21.46x1.75x10.79x1.37% 41.56B
21.03x1.59x10.19x0.9% 39.92B
18.38x2.35x11.05x4.75% 38.14B
Average 4.45x 4.25x 20.34x 2.98% 84.29B
Weighted average by Cap. 1.18x 4.87x 23.11x 2.93%

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