Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 118,711 112,166 119,866 127,382 149,341 234,342 234,342 -
Change - -5.51% 6.86% 6.27% 17.24% 56.92% 0% -
Enterprise Value (EV) 1 172,601 159,429 164,013 169,490 192,426 243,433 268,927 261,236
Change - -7.63% 2.88% 3.34% 13.53% 26.51% -1.88% -2.86%
P/E ratio 12.7x 20.2x 21x 78.3x 20.1x 34.2x 28.4x 26.6x
PBR 5.71x 5.44x 6.34x 5.8x 6.64x 7.54x 7.51x 6.6x
PEG - -0.5x 10.9x -1.1x 0x -1.6x 1.3x 3.79x
Capitalization / Revenue 1.54x 1.52x 2.09x 2.1x 2.41x 3.24x 3.6x 3.44x
EV / Revenue 2.24x 2.17x 2.86x 2.8x 3.11x 3.88x 4.14x 3.84x
EV / EBITDA 9.46x 10.4x - 11.5x 12.5x 14.8x 15.9x 14.6x
EV / EBIT 14.2x 18.4x - 17.1x 17.4x 21.6x 22.1x 20.1x
EV / FCF 14.5x 14.8x 25.2x 18.2x 17.2x 19.1x 19.9x 18.3x
FCF Yield 6.9% 6.78% 3.97% 5.48% 5.83% 5.24% 5.03% 5.47%
Dividend per Share 2 6.43 6.51 6.55 6.52 6.63 6.666 6.758 6.845
Rate of return 4.8% 5.17% 4.9% 4.63% 4.05% 2.64% 2.68% 2.71%
EPS 2 10.56 6.23 6.35 1.8 8.14 6.43 8.872 9.495
Distribution rate 60.9% 104% 103% 362% 81.4% 91.8% 76.2% 72.1%
Net sales 1 77,147 73,620 57,350 60,530 61,860 62,753 65,022 68,072
EBITDA 1 18,246 15,379 - 14,739 15,447 16,400 16,866 17,836
EBIT 1 12,187 8,684 - 9,937 11,052 11,263 12,180 13,020
Net income 1 9,431 5,590 5,743 1,639 7,502 6,023 8,622 9,108
Net Debt 1 53,890 47,263 44,147 42,108 43,085 40,168 34,585 26,894
Reference price 2 134.04 125.88 133.66 140.89 163.55 252.34 252.34 252.34
Nbr of stocks (in thousands) 885,637 891,057 896,800 904,126 913,119 924,645 924,645 -
Announcement Date 1/21/20 1/21/21 1/24/22 1/25/23 1/24/24 1/29/25 - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

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P/E ratio (Y) EV / Sales (Y) EV / EBITDA (Y) Yield (Y) Capi.($)
34.9x4.37x17.18x2.63% 234B
30.25x3.48x18.11x1.5% 242B
30.01x5.56x20.82x2.85% 169B
31.09x6.13x21.19x1.92% 126B
1245.11x25.43x98.91x-.--% 104B
38.08x8.51x21.71x1.55% 93.2B
30.01x4.61x19.26x2.7% 90.6B
-49x16.33x171.22x-.--% 61.52B
152.95x22.3x53.54x-.--% 56.59B
26.99x3.78x17.28x3.36% 53.34B
Average 157.04x 10.05x 45.92x percentage-no-prefix 122.98B
Weighted average by Cap. 135.62x 8.04x 35.04x percentage-no-prefix
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Year-on-year evolution of the PER

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield