Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse 04:00:02 2024-04-12 pm EDT 5-day change 1st Jan Change
182.3 USD -1.95% Intraday chart for IBM -3.63% +11.45%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 118,711 112,166 119,866 127,382 149,341 167,095 - -
Enterprise Value (EV) 1 172,601 159,429 164,013 169,490 192,426 205,484 200,761 195,428
P/E ratio 12.7 x 20.2 x 21 x 78.3 x 20.1 x 21 x 19.6 x 18.7 x
Yield 4.8% 5.17% 4.9% 4.63% 4.05% 3.68% 3.74% 3.75%
Capitalization / Revenue 1.54 x 1.52 x 2.09 x 2.1 x 2.41 x 2.62 x 2.51 x 2.39 x
EV / Revenue 2.24 x 2.17 x 2.86 x 2.8 x 3.11 x 3.22 x 3.01 x 2.8 x
EV / EBITDA 9.46 x 10.4 x - 11.5 x 12.5 x 12.9 x 12 x 11.3 x
EV / FCF 14.5 x 14.8 x 25.2 x 18.2 x 17.2 x 17.2 x 16 x 14.6 x
FCF Yield 6.9% 6.78% 3.97% 5.48% 5.83% 5.82% 6.24% 6.86%
Price to Book 5.71 x 5.44 x 6.34 x 5.8 x 6.64 x 6.39 x 5.57 x 4.84 x
Nbr of stocks (in thousands) 885,637 891,057 896,800 904,126 913,119 916,745 - -
Reference price 2 134.0 125.9 133.7 140.9 163.6 182.3 182.3 182.3
Announcement Date 1/21/20 1/21/21 1/24/22 1/25/23 1/24/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 77,147 73,620 57,350 60,530 61,860 63,792 66,689 69,878
EBITDA 1 18,246 15,379 - 14,739 15,447 15,934 16,693 17,221
EBIT 1 12,187 8,684 - 9,937 11,052 11,661 12,587 13,427
Operating Margin 15.8% 11.8% - 16.42% 17.87% 18.28% 18.87% 19.22%
Earnings before Tax (EBT) 1 10,166 4,637 4,837 1,156 8,690 9,248 10,031 10,892
Net income 1 9,431 5,590 5,743 1,639 7,502 8,068 8,644 9,087
Net margin 12.22% 7.59% 10.01% 2.71% 12.13% 12.65% 12.96% 13%
EPS 2 10.56 6.230 6.350 1.800 8.140 8.685 9.283 9.766
Free Cash Flow 1 11,909 10,805 6,508 9,291 11,210 11,969 12,530 13,412
FCF margin 15.44% 14.68% 11.35% 15.35% 18.12% 18.76% 18.79% 19.19%
FCF Conversion (EBITDA) 65.27% 70.26% - 63.04% 72.57% 75.12% 75.06% 77.88%
FCF Conversion (Net income) 126.28% 193.29% 113.32% 566.87% 149.43% 148.35% 144.95% 147.6%
Dividend per Share 2 6.430 6.510 6.550 6.520 6.630 6.715 6.808 6.838
Announcement Date 1/21/20 1/21/21 1/24/22 1/25/23 1/24/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 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
Net sales 1 17,618 16,695 14,197 15,535 14,107 16,690 14,252 15,475 14,752 17,381 14,574 15,904 15,289 18,073 14,954
EBITDA 1 4,282 5,013 2,904 3,642 3,130 5,063 2,650 3,632 3,602 5,565 3,063 3,805 3,811 5,086 3,450
EBIT 1 2,598 3,633 1,647 2,397 1,967 3,926 1,576 2,556 2,509 4,413 1,979 2,723 2,727 4,244 2,290
Operating Margin 14.75% 21.76% 11.6% 15.43% 13.94% 23.52% 11.06% 16.52% 17.01% 25.39% 13.58% 17.12% 17.84% 23.48% 15.31%
Earnings before Tax (EBT) 1 1,319 2,869 623 1,722 -4,501 3,312 1,058 2,000 1,873 3,759 1,265 2,105 2,063 3,818 -
Net income 1 1,130 2,332 733 1,392 -3,196 2,711 927 1,583 1,704 3,288 1,163 1,839 1,852 3,272 -
Net margin 6.41% 13.97% 5.16% 8.96% -22.66% 16.24% 6.5% 10.23% 11.55% 18.92% 7.98% 11.56% 12.11% 18.1% -
EPS 2 1.260 2.570 0.8100 1.530 -3.540 2.960 1.010 1.720 1.840 3.550 1.317 2.028 1.997 3.578 -
Dividend per Share 2 1.640 1.640 1.640 1.650 1.649 1.631 1.650 1.660 - 1.660 1.665 1.670 1.675 1.675 1.680
Announcement Date 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 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 53,890 47,263 44,147 42,108 43,085 38,389 33,666 28,333
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.954 x 3.073 x - 2.857 x 2.789 x 2.409 x 2.017 x 1.645 x
Free Cash Flow 1 11,909 10,805 6,508 9,291 11,210 11,969 12,530 13,412
ROE (net income / shareholders' equity) 60.8% 37.5% 36.3% 40.8% 33.8% 38.1% 35.1% 31.6%
ROA (Net income/ Total Assets) 8.3% 5.05% 3.99% 6.42% 5.73% 6.92% 7.09% 7.25%
Assets 1 113,628 110,792 143,989 25,516 131,032 116,677 121,950 125,305
Book Value Per Share 2 23.50 23.10 21.10 24.30 24.60 28.50 32.70 37.70
Cash Flow per Share 2 16.50 20.30 14.10 11.40 15.10 14.50 15.30 16.20
Capex 1 2,370 3,042 2,381 1,860 1,488 1,818 2,050 1,945
Capex / Sales 3.07% 4.13% 4.15% 3.07% 2.41% 2.85% 3.07% 2.78%
Announcement Date 1/21/20 1/21/21 1/24/22 1/25/23 1/24/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
20
Last Close Price
182.3 USD
Average target price
185.9 USD
Spread / Average Target
+2.01%
Consensus