Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 112,166 119,866 127,382 149,341 203,265 243,770 243,770 -
Change - 6.86% 6.27% 17.24% 36.11% 19.93% 0% -
Enterprise Value (EV) 1 159,429 164,013 169,490 192,426 243,433 323,667 285,534 270,489
Change - 2.88% 3.34% 13.53% 26.51% 32.96% -0.36% -5.27%
P/E ratio 20.2x 21x 78.3x 20.1x 34.2x 26.5x 24.2x 22x
PBR 5.44x 6.34x 5.8x 6.64x 7.46x 8x 6.4x 5.5x
PEG - 10.9x -1.1x 0x -1.6x 0.4x 1.2x 2.2x
Capitalization / Revenue 1.52x 2.09x 2.1x 2.41x 3.24x 4.1x 3.42x 3.28x
EV / Revenue 2.17x 2.86x 2.8x 3.11x 3.88x 4.79x 4.01x 3.64x
EV / EBITDA 10.4x - 11.5x 12.5x 14.8x 16.9x 14.3x 12.4x
EV / EBIT 18.4x - 17.1x 17.4x 21.6x 22.9x 19.6x 17.1x
EV / FCF 14.8x 25.2x 18.2x 17.2x 19.1x 22x 18x 15.2x
FCF Yield 6.78% 3.97% 5.48% 5.83% 5.24% 4.55% 5.57% 6.58%
Dividend per Share 2 6.51 6.55 6.52 6.63 6.67 6.708 6.754 6.802
Rate of return 5.17% 4.9% 4.63% 4.05% 3.03% 2.57% 2.59% 2.61%
EPS 2 6.23 6.35 1.8 8.14 6.43 11.17 10.77 11.86
Distribution rate 104% 103% 362% 81.4% 104% 74.7% 62.7% 57.4%
Net sales 1 73,620 57,350 60,530 61,860 62,753 67,535 71,190 74,261
EBITDA 1 15,379 - 14,739 15,447 16,400 19,200 20,023 21,759
EBIT 1 8,684 - 9,937 11,052 11,263 14,126 14,572 15,782
Net income 1 5,590 5,743 1,639 7,502 6,023 10,593 10,509 11,706
Net Debt 1 47,263 44,147 42,108 43,085 40,168 46,789 41,764 26,719
Reference price 2 125.88 133.66 140.89 163.55 219.83 260.79 260.79 260.79
Nbr of stocks (in thousands) 891,057 896,800 904,126 913,119 924,645 934,735 934,735 -
Announcement Date 1/21/21 1/24/22 1/25/23 1/24/24 1/29/25 1/28/26 - -
1USD in Million2USD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
28.77x4.24x15.15x2.6% 241B
16.34x1.75x9.34x2.96% 135B
19.43x3.57x13.11x4.46% 108B
19.41x3.33x11.42x3.03% 85.8B
19.91x2.98x12.64x3.57% 62.09B
-45.25x12.47x91.24x-.--% 60.6B
19.62x4.89x12.21x3% 54.49B
23.47x2.91x13.91x3.87% 44.25B
14.92x1.67x11.33x0.81% 42.08B
21.46x1.46x10.26x0.82% 34.81B
Average 13.81x 3.93x 20.06x 2.51% 86.93B
Weighted average by Cap. 17.15x 3.90x 18.12x 2.75%

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