Financials IBM

Equities

IBM

US4592001014

IT Services & Consulting

Market Closed - Nyse 21:00:02 19/07/2024 BST 5-day change 1st Jan Change
183.2 USD -1.06% Intraday chart for IBM +0.23% +12.05%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 118,711 112,166 119,866 127,382 149,341 168,334 - -
Enterprise Value (EV) 1 172,601 159,429 164,013 169,490 192,426 205,224 198,623 194,325
P/E ratio 12.7 x 20.2 x 21 x 78.3 x 20.1 x 21.2 x 20.6 x 19 x
Yield 4.8% 5.17% 4.9% 4.63% 4.05% 3.71% 3.78% 3.76%
Capitalization / Revenue 1.54 x 1.52 x 2.09 x 2.1 x 2.41 x 2.67 x 2.55 x 2.44 x
EV / Revenue 2.24 x 2.17 x 2.86 x 2.8 x 3.11 x 3.25 x 3.01 x 2.82 x
EV / EBITDA 9.46 x 10.4 x - 11.5 x 12.5 x 13 x 11.9 x 10.8 x
EV / FCF 14.5 x 14.8 x 25.2 x 18.2 x 17.2 x 17.1 x 15.8 x 14.6 x
FCF Yield 6.9% 6.78% 3.97% 5.48% 5.83% 5.83% 6.32% 6.86%
Price to Book 5.71 x 5.44 x 6.34 x 5.8 x 6.64 x 6.4 x 5.58 x 4.9 x
Nbr of stocks (in thousands) 885,637 891,057 896,800 904,126 913,119 918,603 - -
Reference price 2 134.0 125.9 133.7 140.9 163.6 183.2 183.2 183.2
Announcement Date 21/01/20 21/01/21 24/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 77,147 73,620 57,350 60,530 61,860 63,085 66,030 69,000
EBITDA 1 18,246 15,379 - 14,739 15,447 15,779 16,640 17,987
EBIT 1 12,187 8,684 - 9,937 11,052 11,472 12,500 13,460
Operating Margin 15.8% 11.8% - 16.42% 17.87% 18.19% 18.93% 19.51%
Earnings before Tax (EBT) 1 10,166 4,637 4,837 1,156 8,690 8,761 9,816 10,729
Net income 1 9,431 5,590 5,743 1,639 7,502 8,078 8,389 9,119
Net margin 12.22% 7.59% 10.01% 2.71% 12.13% 12.81% 12.7% 13.22%
EPS 2 10.56 6.230 6.350 1.800 8.140 8.638 8.908 9.627
Free Cash Flow 1 11,909 10,805 6,508 9,291 11,210 11,967 12,551 13,338
FCF margin 15.44% 14.68% 11.35% 15.35% 18.12% 18.97% 19.01% 19.33%
FCF Conversion (EBITDA) 65.27% 70.26% - 63.04% 72.57% 75.84% 75.43% 74.16%
FCF Conversion (Net income) 126.28% 193.29% 113.32% 566.87% 149.43% 148.14% 149.61% 146.28%
Dividend per Share 2 6.430 6.510 6.550 6.520 6.630 6.797 6.925 6.883
Announcement Date 21/01/20 21/01/21 24/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 16,695 14,197 15,535 14,107 16,690 14,252 15,475 14,752 17,381 14,462 15,618 15,069 17,864 14,787 16,131
EBITDA 1 5,013 2,904 3,642 3,130 5,063 2,650 3,632 3,602 5,565 2,759 3,728 3,734 5,269 3,500 3,900
EBIT 1 3,633 1,647 2,397 1,967 3,926 1,576 2,556 2,509 4,413 1,627 2,670 2,687 4,389 1,905 2,640
Operating Margin 21.76% 11.6% 15.43% 13.94% 23.52% 11.06% 16.52% 17.01% 25.39% 11.25% 17.1% 17.83% 24.57% 12.88% 16.37%
Earnings before Tax (EBT) 1 2,869 623 1,722 -4,501 3,312 1,058 2,000 1,873 3,759 1,074 1,890 2,084 3,739 1,150 2,000
Net income 1 2,332 733 1,392 -3,196 2,711 927 1,583 1,704 3,288 1,605 1,662 1,792 3,189 1,124 1,754
Net margin 13.97% 5.16% 8.96% -22.66% 16.24% 6.5% 10.23% 11.55% 18.92% 11.1% 10.64% 11.89% 17.85% 7.6% 10.87%
EPS 2 2.570 0.8100 1.530 -3.540 2.960 1.010 1.720 1.840 3.550 1.720 1.799 1.933 3.435 1.160 1.950
Dividend per Share 2 1.640 1.640 1.650 1.649 1.631 1.650 1.660 - 1.660 - 1.670 1.675 1.675 1.680 1.680
Announcement Date 24/01/22 19/04/22 18/07/22 19/10/22 25/01/23 19/04/23 19/07/23 25/10/23 24/01/24 24/04/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 53,890 47,263 44,147 42,108 43,085 36,890 30,289 25,991
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.954 x 3.073 x - 2.857 x 2.789 x 2.338 x 1.82 x 1.445 x
Free Cash Flow 1 11,909 10,805 6,508 9,291 11,210 11,967 12,551 13,339
ROE (net income / shareholders' equity) 60.8% 37.5% 36.3% 40.8% 33.8% 38.4% 34% 31.3%
ROA (Net income/ Total Assets) 8.3% 5.05% 3.99% 6.42% 5.73% 6.67% 6.89% 7.18%
Assets 1 113,628 110,792 143,989 25,516 131,032 121,148 121,703 126,999
Book Value Per Share 2 23.50 23.10 21.10 24.30 24.60 28.60 32.90 37.40
Cash Flow per Share 2 16.50 20.30 14.10 11.40 15.10 15.00 15.20 15.80
Capex 1 2,370 3,042 2,381 1,860 1,488 1,695 1,815 1,821
Capex / Sales 3.07% 4.13% 4.15% 3.07% 2.41% 2.69% 2.75% 2.64%
Announcement Date 21/01/20 21/01/21 24/01/22 25/01/23 24/01/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
21
Last Close Price
183.2 USD
Average target price
179.8 USD
Spread / Average Target
-1.87%
Consensus