Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 220,761 - -
Change - 6.27% 17.24% 36.11% 36.22% -20.27% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 264,074 254,325 249,201
Change - 3.34% 13.53% 26.51% 32.96% -18.41% -3.69% -2.01%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.3x 20.8x 18.4x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.73x 4.95x 4.26x
PEG - -1.1x 0x -1.6x 0.4x -2.38x 1.7x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.14x 3.01x 2.86x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.75x 3.47x 3.23x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.1x 11.8x 10.9x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.6x 15.9x 14.2x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.1x 14.8x 13.8x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.86% 6.75% 7.24%
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% 2.88% 2.9% 2.93%
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 2 133.66 140.89 163.55 219.83 296.21 234.32 234.32 234.32
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.($)
23.25x3.75x13.1x2.88% 221B
-115.3x18.35x105.96x-.--% 114B
13.11x1.45x7.6x3.67% 108B
15.29x2.8x10.56x5.37% 89.33B
19.78x5.21x12.81x2.88% 59.78B
15.31x2.24x9.49x5.1% 49.52B
22.87x1.67x10.61x0.83% 43.08B
21.64x1.77x10.98x1.35% 41.87B
18.53x2.38x11.3x4.67% 38.48B
20.14x2.34x15.24x2.95% 27.51B
Average 5.46x 4.20x 20.76x 2.97% 79.26B
Weighted average by Cap. -0.16x 5.11x 24.91x 2.89%

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