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NYSE-IBM
Dec '05
Dec '08
Dec '11
Dec '14
Dec '17
Dec '20
Dec '23
Trailing Valuation
Stock Price
309.2
219.8
163.6
140.9
133.7
120.2
128
108.6
146.5
158.6
131.5
Total Shares Outstanding
934.7
926.3
915
906.1
899
892.7
887.1
889.6
922.2
945.9
965.7
Market Cap
289,057.5
203,626.3
149,650.5
127,659.3
120,157.4
107,332.6
113,576.8
96,582.3
135,136.1
149,967.3
126,945
Total Enterprise Value (TEV)
340,856.5
247,517.3
196,224.5
173,011.3
168,142.4
158,761.6
173,010.8
130,531.3
169,511.1
183,754.3
158,802
Dividend Yield
2.2%
3%
4.1%
4.7%
4.9%
5.4%
5%
5.7%
4%
3.4%
3.8%
Buyback Yield
0.1%
-0%
0.3%
1.4%
4.8%
2.4%
3.6%
Debt Paydown Yield
1.3%
0.4%
-3%
-0.8%
6.7%
2.7%
-16.6%
1.7%
-2.1%
-1.8%
Shareholder Yield
-0.7%
7%
-15.1%
6.5%
0.6%
3.7%
P/S
4.4
3.2
2.4
2.1
1.9
2
1.2
1.7
1.6
P/Gross Profit
7.6
5.7
3.9
3.8
3.5
3.6
2.6
3.7
3.1
P/E
36.9
34.2
20.1
78.3
25.7
27.5
12
11.4
23.9
12.8
9.8
Earnings Yield
2.9%
3.9%
8.4%
8.8%
4.2%
7.8%
10.2%
P/OCF
21.4
15.1
10.7
12.2
9.4
5.9
7.7
6.3
8.1
8.8
7.4
P/FCF
23.2
16.4
11.8
14
11.2
6.9
9.1
10
11.1
9.3
FCF Yield
4.3%
6.1%
8.5%
7.1%
8.9%
14.5%
11%
12.3%
10%
9%
10.8%
P/B
10.4
7.5
6.6
5.8
6.4
5.2
5.4
8.2
8.9
EV/Sales
2.9
3
2.3
EV/Gross Profit
9
7
5.3
5.1
5.5
4.6
4.8
EV/EBITDA
21
20.3
13.4
24.1
13.6
21.9
7.9
10.2
10.6
7.8
EV/EBIT
30
33
19.1
73
28.1
41.1
20.2
10.8
14.1
14.2
9.7
EV/OCF
25.3
18.4
16.6
13.1
8.7
11.7
8.6
10.1
9.2
EV/FCF
27.3
20
15.5
19
15.7
13.9
11
12.6
11.6
Dividends
DPS
6.7
6.5
6.2
5
Payout Ratio
78.8%
102.1%
80.5%
362.9%
102.2%
103.7%
60.5%
64.9%
95.7%
44.3%
37.1%
Margins
Gross Profit Margin
57.8%
56.7%
55.4%
54%
54.9%
55.9%
54.6%
46.4%
46.7%
48.2%
49.8%
Operating Margin
17.4%
12%
16.6%
10.4%
14.8%
15.2%
16.2%
20.1%
EBITDA Margin
24.8%
19.4%
23.8%
11.9%
21.6%
13.2%
25.3%
20.8%
20.9%
21.7%
Net Profit Margin
12.1%
9.6%
8.2%
12.4%
7.3%
14.9%
16.3%
Effective Tax Rate
-3.8%
13.5%
-54.2%
2.6%
-52.9%
0.8%
23.1%
49.5%
Pre-Tax Profit Margin
9.2%
14%
1.9%
12.5%
14.3%
14.4%
15.4%
19.5%
Free Cash Flow Margin
19.1%
19.8%
20.5%
15%
18.7%
28.2%
17.1%
16.9%
16.7%
OCF / Sales
20.6%
21.4%
22.5%
17.2%
22.3%
33%
25.6%
19.2%
21.1%
OCF / Net Income
170.3%
223.5%
185.4%
585.2%
271.6%
462.8%
206.7%
174.8%
290.4%
143.8%
129.1%
FCF / OCF
92.5%
92.2%
91.1%
87.1%
83.9%
85.6%
84.5%
77.7%
80.7%
79.1%
79.3%
FCF / Net Income
157.5%
206.1%
168.8%
509.8%
227.8%
396.2%
174.7%
135.9%
234.4%
113.8%
102.3%
FCF / EBITDA
76.9%
101.8%
86.3%
126.7%
86.5%
214.4%
85.5%
71.6%
81.5%
78%
67.5%
Capital Efficiency
Return on Invested Capital
6.9%
6%
13%
Return on Assets
6.8%
2.8%
6.2%
7.5%
Return on Equity
28.6%
24.1%
33.7%
8.7%
23.7%
18.9%
37.7%
50.3%
31.9%
72.4%
101.1%
Return on Total Capital
7.7%
3.2%
14.7%
Return on Capital Employed
10.5%
5.6%
3.3%
8.6%
13.9%
14.2%
16.5%
21.3%
Return on Tangible Assets
11.8%
9.3%
10.3%
15.7%
Receivables Turnover
4.2
4.1
Days Sales Outstanding
76.8
86
87.9
93.2
105.5
89.3
56.2
41.5
46.5
44.9
47.8
Payables Turnover
6.8
Days Payables Outstanding
52.2
54.8
54.2
52.5
56.4
67
79.8
55.7
53.9
57.3
Inventory Turnover
20.5
22.2
18.1
15.9
26.1
26.9
26.7
22.5
Days Inventory Outstanding
17.8
18
17
25.8
23
13.7
16.2
Cash Conversion Cycle
42.3
47.6
51.7
57.8
69.3
48
-0.6
-0.2
4.7
Asset Turnover
0.5
0.4
0.6
0.7
Fixed Asset Turnover
7.3
7.1
6.1
4.5
7.2
Operating Cycle
94.5
102.4
105.9
110.3
125.7
115
79.2
55.4
60
58.6
64.1
CapEx to OCF
0.1
0.2
CapEx to Revenue
0
CapEx to Depreciation
0.3
0.8
0.9
Financial Health
Total Debt
66,569
58,396
59,935
54,013
55,140
65,088
68,158
45,812
46,824
42,168
39,889
Net Debt
51,714
43,805
46,494
45,275
47,890
51,300
59,290
33,815
34,244
33,641
31,695
Current Ratio
1
1.3
Quick Ratio
Cash Ratio
Debt Ratio
Assets to Equity
6
Cash Flow to Debt Ratio
Long-term Debt to Assets
Intangibles to Total Assets
Net Current Asset Value
-85,667
-75,387
-79,800
-76,181
-83,561
-96,208
-92,926
-57,440
-58,027
-55,336
-53,729
Goodwill / Assets
Debt / Equity
2.7
2.5
2.8
Total Debt / Capitalization
Long Term Debt / Capitalization
Long-Term Debt / Equity
2.2
Net Debt / EBITDA
EBIT / Interest Expense
16.7
19.5
20.6
35.1
EBITDA / Interest Expense
5.6
10.9
22.9
43.3
(EBITDA - Capex) / Interest Expense
8.4
18.2
21.7
35.7
Per Share
Revenue per Share
69.1
67.1
66.4
63.4
61.5
64.4
86.9
84.4
82.6
83.2
Basic EPS
8.5
1.8
9.6
12.4
13.5
Diluted EPS
9.5
Book Value per Share
29.5
29.1
24.4
20.9
23.3
18.3
18.8
18.9
14.5
Tangible Book Value per Share
-54.1
-47
-52.8
-49.5
-54.4
-52.3
-58.8
-24.6
-24.5
-23.4
-21.6
Cash per Share
15.6
14.6
8
15.4
9.9
8.3
Operating Cash Flow per Share
14.3
16.5
17.7
17.6
Free Cash Flow per Share
13.2
13.8
11.9
17.4
12.9
14.4
CapEx per Share
1.1
1.4
1.5
3.4
Weighted Avg. Shares Outstanding
929.2
921.8
911.2
902.7
896
890.3
891.1
912
932.8
965.1
978.7
Weighted Avg. Shares Outstanding Diluted
946.2
937.2
922.1
912.3
904.6
896.6
895.5
916.3
937.4
967.2
982.7
Common Size
R&D to Revenue
11.3%
7.2%
6.4%
SG&A to Revenue
29.9%
31.4%
30.7%
32.7%
37.3%
32.4%
24.3%
24.9%
26.1%
25%
Stock-based Comp to Revenue
2.5%
2.1%
1.8%
1.6%
1.2%
0.7%
