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NYSE-IBM
Mar '15
Dec '16
Sep '18
Jun '20
Mar '22
Dec '23
Sep '25
Trailing Valuation
Stock Price
282.2
294.8
248.7
219.8
221.1
173
Total Shares Outstanding
934.7
931.5
929.4
926.3
924.6
921.1
Market Cap
263,744.9
274,593.2
231,103.8
203,626.3
204,420.6
159,312.6
Total Enterprise Value (TEV)
315,543.9
326,944.2
280,545.8
247,517.3
250,926.6
205,537.6
Dividend Yield
1.2%
0.6%
0.7%
1.5%
0.8%
1%
Buyback Yield
0.1%
-0%
0%
0.3%
Debt Paydown Yield
1.4%
2.5%
0.4%
3.2%
4.4%
Shareholder Yield
1.6%
3.5%
4.8%
P/S
4
4.3
3.7
3.2
3.3
2.6
P/Gross Profit
7
7.4
6.4
5.7
5.8
4.6
P/E
33.7
47.5
42.5
34.2
32.1
19.1
Earnings Yield
3%
2.1%
2.4%
2.9%
3.1%
5.2%
P/OCF
19.6
20.7
16.9
15.1
11.6
P/FCF
21.1
22.4
18.4
16.4
16.3
12.5
FCF Yield
4.7%
4.5%
5.4%
6.1%
8%
P/B
9.5
10
8.6
7.5
8.4
6.6
EV/Sales
4.8
5.1
4.5
3.9
EV/Gross Profit
8.3
8.9
7.8
7.1
5.9
EV/EBITDA
19.5
25.3
22.8
20.3
19.8
13.6
EV/EBIT
27.7
40.5
36.8
33
31.6
19.4
EV/OCF
23.4
24.6
20.6
18.5
14.9
EV/FCF
26.7
22.3
20
16.2
Dividends
DPS
3.4
1.7
Payout Ratio
181.7%
71.2%
146.8%
104.5%
-467.6%
83.8%
Margins
Gross Profit Margin
57.3%
58.8%
55.2%
59.5%
56.3%
56.8%
Operating Margin
17.9%
18.3%
11.1%
21.2%
-2.5%
16.8%
EBITDA Margin
33.7%
33.4%
19.2%
33.9%
6%
31.7%
Net Profit Margin
10.7%
12.9%
7.3%
16.7%
-2.1%
11.6%
Effective Tax Rate
28.2%
15.6%
8.9%
11.5%
60.5%
17.5%
Pre-Tax Profit Margin
14.9%
15.3%
18.8%
-5.4%
14.1%
Free Cash Flow Margin
7%
28.4%
20.7%
17.3%
9.2%
OCF / Sales
18.9%
10%
30.1%
24.7%
13.1%
OCF / Net Income
176.7%
77.6%
414.2%
147.9%
-908.8%
112.9%
FCF / OCF
78.7%
70%
94.4%
90.1%
FCF / Net Income
139.2%
54.3%
391.1%
123.9%
-818.6%
79%
FCF / EBITDA
44.1%
21%
61%
289.9%
28.9%
Capital Efficiency
Return on Invested Capital
2%
1.1%
2.6%
-0.1%
1.8%
Return on Assets
1.9%
Return on Equity
6.6%
8.5%
4.2%
11.7%
-1.3%
7.9%
Return on Total Capital
1.7%
2.8%
Return on Capital Employed
2.7%
3.6%
-0.4%
Return on Tangible Assets
3.3%
-0.5%
Receivables Turnover
1.3
1.2
Days Sales Outstanding
275.9
277.5
311.1
307.3
291.2
292.4
Payables Turnover
2
1.8
1.9
Days Payables Outstanding
187
198.2
201.1
209.4
184.4
197
Inventory Turnover
5
5.6
4.9
4.7
Days Inventory Outstanding
72.4
64.8
74.1
62.9
77.1
73.2
Cash Conversion Cycle
161.3
144.1
184.1
160.7
183.9
168.5
Asset Turnover
0.1
Fixed Asset Turnover
1.6
Operating Cycle
348.3
342.3
385.2
370.2
368.3
365.6
CapEx to OCF
0.2
0.3
CapEx to Revenue
0
CapEx to Depreciation
Financial Health
Total Debt
66,569
67,719
66,835
58,396
60,126
59,839
Net Debt
51,714
52,272
49,370
43,805
46,424
46,148
Current Ratio
0.9
1
1.1
Quick Ratio
0.8
Cash Ratio
0.4
0.5
Debt Ratio
Assets to Equity
5.2
5.4
5.5
Cash Flow to Debt Ratio
Long-term Debt to Assets
Intangibles to Total Assets
Net Current Asset Value
-85,667
-86,824
-83,450
-75,387
-79,348
-76,523
Goodwill / Assets
Debt / Equity
2.4
2.5
2.1
Total Debt / Capitalization
Long Term Debt / Capitalization
Long-Term Debt / Equity
2.2
2.3
Net Debt / EBITDA
9.4
9.2
17.7
51.9
EBIT / Interest Expense
6.1
3.5
8.8
-0.9
6.2
EBITDA / Interest Expense
11.2
11.1
14
11.7
(EBITDA - Capex) / Interest Expense
9.9
10.1
12.4
1.4
10.3
Per Share
Revenue per Share
17.2
17.9
15.4
18.6
Basic EPS
-0.3
Diluted EPS
3.1
Book Value per Share
29.4
29
28.4
26.5
25.7
Tangible Book Value per Share
-54
-55.1
-54.6
-46.8
-51.7
-48.8
Cash per Share
15.7
15.5
14.8
14.7
Operating Cash Flow per Share
Free Cash Flow per Share
4.4
3.8
2.8
1.5
CapEx per Share
0.7
Weighted Avg. Shares Outstanding
933.9
930.8
928
924.2
923.6
920.3
Weighted Avg. Shares Outstanding Diluted
948.9
948
945.4
942.4
934.4
Common Size
R&D to Revenue
12.7%
12.4%
13.4%
11.2%
12.5%
SG&A to Revenue
29.1%
29.6%
33.6%
27.7%
32.8%
31.3%
Stock-based Comp to Revenue
2.2%
