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 21.9x 18.9x 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 -1.6x 1.2x 1.5x
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 12.1x 10.9x 9.83x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 16.1x 14.7x 12.7x
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 9.627 11.2 12.5
Distribution rate 103% 362% 81.4% 104% 60.1% 70.1% 60.7% 55%
Net sales 1 57,350 60,530 61,860 62,753 67,535 71,142 74,134 78,261
EBITDA 1 - 14,739 15,447 16,400 19,200 20,250 21,760 23,262
EBIT 1 - 9,937 11,052 11,263 14,126 15,225 16,219 17,993
Net income 1 5,743 1,639 7,502 6,023 10,593 9,262 11,175 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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-95.22x15.06x87.19x-.--% 94.23B
14.2x2.58x9.76x5.79% 82.32B
10.18x1.12x5.86x4.74% 83.85B
19.66x5.16x12.73x2.89% 59.44B
13.98x2.04x8.55x5.57% 45.29B
19.71x1.46x9.24x1% 34.94B
18.39x1.48x9.29x1.61% 34.44B
15.91x2.04x9.47x5.43% 32.85B
91.99x7.36x27.65x-.--% 26.22B
Average 12.09x 4.25x 19.97x 3% 54.84B
Weighted average by Cap. -1.81x 5.04x 24.99x 3.17%

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