Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 233,549 - -
Change - 6.27% 17.24% 36.11% 36.22% -15.65% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 281,914 269,328 265,446
Change - 3.34% 13.53% 26.51% 32.96% -12.9% -4.46% -1.44%
P/E 21x 78.3x 20.1x 34.2x 26.5x 24.7x 22x 19.3x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 6.08x 5.25x 4.52x
PEG - -1.1x 0x -1.6x 0.4x -2.4x 1.8x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.31x 3.19x 3.02x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.99x 3.68x 3.44x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.9x 12.5x 11.6x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 18.9x 16.9x 15x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.9x 15.7x 14.5x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.6% 6.36% 6.91%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.763 6.82 6.952
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 2.74% 2.76% 2.81%
EPS 2 6.35 1.8 8.14 6.43 11.17 9.997 11.23 12.79
Distribution rate 103% 362% 81.4% 104% 60.1% 67.6% 60.7% 54.3%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,567 73,238 77,211
EBITDA 1 - 14,739 15,447 16,400 19,200 20,258 21,525 22,929
EBIT 1 - 9,937 11,052 11,263 14,126 14,889 15,982 17,719
Net income 1 5,743 1,639 7,502 6,023 10,593 9,559 11,166 12,534
Net Debt 1 44,147 42,108 43,085 40,168 46,789 48,365 35,779 31,897
Reference price 2 133.66 140.89 163.55 219.83 296.21 247.11 247.11 247.11
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 945,121 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
24.72x3.99x13.92x2.74% 234B
21.29x4.51x11.06x0.78% 183B
18.1x2.05x10.58x2.61% 157B
-107.09x14.66x80.63x-.--% 95B
-421.73x29.86x122.69x-.--% 87.07B
16.27x2.93x11.32x4.95% 95.55B
23.74x6.16x15.12x2.36% 72.27B
15.32x2.23x9.46x5.03% 50.04B
19.49x2.51x12x4.44% 40.97B
19.91x1.51x9.57x0.93% 39.69B
Average -37.00x 7.04x 29.63x 2.38% 105.38B
Weighted average by Cap. -27.29x 6.71x 27.32x 2.19%

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