Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 199,885 - -
Change - 6.27% 17.24% 36.11% 36.22% -27.81% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 247,085 239,128 230,059
Change - 3.34% 13.53% 26.51% 32.96% -23.66% -3.22% -3.79%
P/E 21x 78.3x 20.1x 34.2x 26.5x 21.8x 19.1x 17.2x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.24x 4.52x 3.88x
PEG - -1.1x 0x -1.6x 0.4x -1.7x 1.3x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.82x 2.71x 2.58x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.49x 3.25x 2.97x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.4x 11.3x 10.3x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 16.5x 15.4x 13.6x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.2x 14.5x 13x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.16% 6.88% 7.71%
Dividend per Share 2 6.55 6.52 6.63 6.67 6.71 6.75 6.792 6.868
Rate of return 4.9% 4.63% 4.05% 3.03% 2.27% 3.17% 3.19% 3.23%
EPS 2 6.35 1.8 8.14 6.43 11.17 9.741 11.15 12.39
Distribution rate 103% 362% 81.4% 104% 60.1% 69.3% 60.9% 55.4%
Net sales 1 57,350 60,530 61,860 62,753 67,535 70,842 73,645 77,549
EBITDA 1 - 14,739 15,447 16,400 19,200 19,959 21,124 22,274
EBIT 1 - 9,937 11,052 11,263 14,126 14,931 15,548 16,919
Net income 1 5,743 1,639 7,502 6,023 10,593 9,376 11,138 12,352
Net Debt 1 44,147 42,108 43,085 40,168 46,789 47,199 39,243 30,173
Reference price 2 133.66 140.89 163.55 219.83 296.21 212.67 212.67 212.67
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 939,885 - -
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.($)
21.83x3.49x12.38x3.17% 200B
-94.18x14.89x86.21x-.--% 93.2B
10.67x1.17x6.15x4.52% 87.86B
14.71x2.68x10.13x5.59% 85.25B
19.62x5.15x12.71x2.9% 59.17B
14.24x2.08x8.72x5.47% 46.1B
20.09x1.49x9.43x0.98% 35.57B
18.84x1.52x9.54x1.58% 35.24B
16.4x2.11x9.79x5.27% 33.83B
19.19x2.22x14.49x3.13% 26.15B
Average 6.14x 3.68x 17.96x 3.26% 70.22B
Weighted average by Cap. 2.89x 4.35x 20.58x 3.25%

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