Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 210,708 - -
Change - 6.27% 17.24% 36.11% 36.22% -23.9% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 254,021 244,272 239,149
Change - 3.34% 13.53% 26.51% 32.96% -21.52% -3.84% -2.1%
P/E 21x 78.3x 20.1x 34.2x 26.5x 22.2x 19.8x 17.6x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.47x 4.72x 4.07x
PEG - -1.1x 0x -1.6x 0.4x -2.27x 1.6x 1.4x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 2.99x 2.88x 2.73x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.61x 3.33x 3.1x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 12.6x 11.3x 10.5x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17x 15.3x 13.6x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 16.4x 14.2x 13.2x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 6.09% 7.03% 7.55%
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% 3.02% 3.04% 3.07%
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 2 133.66 140.89 163.55 219.83 296.21 223.65 223.65 223.65
Nbr of stocks (in thousands) 896,800 904,126 913,119 924,645 934,735 942,134 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-102.72x16.28x94.23x-.--% 102B
12.28x1.36x7.12x3.91% 102B
15.34x2.8x10.59x5.36% 89.66B
20.46x5.35x13.13x2.8% 61.3B
14.8x2.16x9.15x5.28% 47.94B
20.64x1.69x10.75x1.42% 39.83B
21.15x1.56x9.88x0.9% 39.45B
18.35x2.36x11.29x4.71% 38.18B
21.11x2.45x16.01x2.84% 28.79B
Average 4.60x 4.00x 20.24x 3.02% 60.93B
Weighted average by Cap. -5.27x 5.04x 25.91x 3.02%

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