Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 198,504 - -
Change - 6.27% 17.24% 36.11% 36.22% -28.31% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 245,703 237,747 228,677
Change - 3.34% 13.53% 26.51% 32.96% -24.09% -3.24% -3.81%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.7x 19x 16.9x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.19x 4.46x 3.83x
PEG - -1.1x 0x -1.6x 0.4x -1.3x 1x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.79x 2.68x 2.54x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.45x 3.21x 2.92x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.3x 11.2x 10.1x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 16.5x 15x 13.1x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.1x 14.4x 12.7x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.22% 6.96% 7.86%
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% 3.2% 3.22% 3.25%
EPS 2 6.35 1.8 8.14 6.43 11.17 9.29 11.12 12.5
Distribution rate 103% 362% 81.4% 104% 60.1% 72.7% 61.1% 55%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,131 74,129 78,261
EBITDA 1 - 14,739 15,447 16,400 19,200 19,919 21,246 22,530
EBIT 1 - 9,937 11,052 11,263 14,126 14,856 15,805 17,416
Net income 1 5,743 1,639 7,502 6,023 10,593 8,889 11,146 12,432
Net Debt 1 44,147 42,108 43,085 40,168 46,789 47,199 39,243 30,173
Reference price 2 133.66 140.89 163.55 219.83 296.21 211.20 211.20 211.20
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 939,885 - -
Announcement Date 24/01/22 25/01/23 24/01/24 29/01/25 28/01/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
-96.65x15.29x88.53x-.--% 94.23B
14.27x2.6x9.81x5.76% 82.32B
10x1.1x5.75x4.82% 83.85B
19.21x5.05x12.47x2.96% 59.44B
14.2x2.07x8.69x5.49% 45.29B
20.6x1.53x9.68x0.96% 34.94B
19.3x1.56x9.78x1.54% 34.44B
15.89x2.03x9.46x5.44% 32.85B
94.29x7.56x28.41x-.--% 26.22B
Average 12.35x 4.31x 20.29x 3% 54.84B
Weighted average by Cap. -1.89x 5.09x 25.32x 3.18%

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