Company Valuation: IBM

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 119,866 127,382 149,341 203,265 276,878 222,268 - -
Change - 6.27% 17.24% 36.11% 36.22% -19.72% - -
Enterprise Value (EV) 1 164,013 169,490 192,426 243,433 323,667 265,581 255,832 250,709
Change - 3.34% 13.53% 26.51% 32.96% -17.95% -3.67% -2%
P/E 21x 78.3x 20.1x 34.2x 26.5x 23.4x 20.9x 18.5x
PBR 6.34x 5.8x 6.64x 7.46x 8.5x 5.77x 4.98x 4.29x
PEG - -1.1x 0x -1.6x 0.4x -2.39x 1.7x 1.5x
Capitalization / Revenue 2.09x 2.1x 2.41x 3.24x 4.1x 3.16x 3.03x 2.88x
EV / Revenue 2.86x 2.8x 3.11x 3.88x 4.79x 3.77x 3.49x 3.25x
EV / EBITDA - 11.5x 12.5x 14.8x 16.9x 13.2x 11.9x 11x
EV / EBIT - 17.1x 17.4x 21.6x 22.9x 17.7x 16x 14.2x
EV / FCF 25.2x 18.2x 17.2x 19.1x 22x 17.2x 14.9x 13.9x
FCF Yield 3.97% 5.48% 5.83% 5.24% 4.55% 5.83% 6.71% 7.2%
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% 2.86% 2.88% 2.91%
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 2 133.66 140.89 163.55 219.83 296.21 235.92 235.92 235.92
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.($)
23.41x3.77x13.18x2.86% 222B
-111.07x17.66x101.98x-.--% 110B
12.64x1.4x7.33x3.8% 104B
15.63x2.86x10.8x5.26% 91.82B
21.26x5.54x13.6x2.68% 63.87B
15.38x2.25x9.53x5.08% 50B
20.66x1.52x9.63x0.92% 38.98B
18.39x2.36x11.32x4.73% 38.42B
19.65x1.6x9.8x1.49% 38.35B
Average 3.99x 4.33x 20.80x 2.98% 84.22B
Weighted average by Cap. 0.20x 5.10x 24.30x 2.92%

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