International Business Machines Corporation Financial Ratios — IBM.L

Profitability (USD)

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Return on Common Equity (%)	11.56	11.38	10.9	10.35	9.44	6.46	6.77	5.85	2.78	4.14	4.35	2.55	2.67	0.78	3.58
Return on Assets (%)	12.29	13.33	13.79	14.09	13.43	9.87	11.58	10.42	4.74	7.02	6.84	3.63	3.99	1.27	5.72
Return on Capital (%)	9.38	9.57	9.21	8.79	7.96	5.48	5.77	5.11	2.41	3.61	3.93	- -	2.49	- -	3.34
Return on Invested Capital (%)	24.59	26.91	29.41	30.02	27.54	23.89	23.35	21.85	10.06	15.18	9.51	- -	8.11	- -	9.97
Gross Margin (%)	45.72	46.07	46.89	48.95	49.49	50.01	49.77	48.19	46.68	46.41	54.64	55.94	54.9	54	55.45
EBITDA Margin (%)	22.98	24.21	24.6	26.13	25.56	25.17	24.19	22.55	22.34	22.23	23.56	20.58	23.16	21.4	22.26
Operating Margin (%)	17.77	19.37	20.09	21.59	20.81	20.33	19.48	17.07	16.6	16.61	13.06	8.45	11.97	13.47	15.15
Incremental Operating Margin (%)	-13.63	56.7	30.35	-17.91	38.55	28.75	26.65	125.25	64.02	17.26	25.96	113.45	101.43	40.55	91.73
Pretax Margin (%)	18.94	19.75	19.64	21.91	20.58	21.54	19.51	15.43	14.41	14.25	12.49	4.66	8.43	1.91	14.05
Profit Margin (%)	14.02	14.85	14.83	16.14	16.76	12.96	16.14	14.85	7.27	10.97	16.34	10.13	10.01	2.71	12.13
Net Income to Common Margin (%)	14.02	14.85	14.83	16.14	16.76	12.96	16.14	14.85	7.27	10.97	16.34	10.13	10.01	2.71	12.13
Effective Tax Rate (%)	25.98	24.79	24.51	24.58	16.61	21.18	16.19	3.64	49.49	23.09	0.83	- -	2.56	- -	13.53
Dvd Payout Ratio (%)	21.3	21.42	21.9	22.2	24.04	27.08	36.64	44.24	95.62	64.95	79.86	147.43	124.55	333.6	80.38
Sustainable Growth Rate (%)	9.1	8.94	8.51	8.06	7.17	4.71	4.29	3.26	0.12	1.45	0.88	-1.21	-0.65	-1.83	0.7

Credit (USD)

API ChatGPT

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Total Debt	26,100	28,624	31,322	33,270	39,719	40,722	39,889	42,168	46,823	45,812	68,158	65,088	55,139	54,013	59,935
ST Debt	4,168	6,778	8,465	9,182	6,863	5,731	6,461	7,513	6,986	10,207	10,177	8,151	7,760	5,634	7,246
LT Debt	21,932	21,846	22,857	24,088	32,856	34,991	33,428	34,655	39,837	35,605	57,981	56,937	47,379	48,379	52,689
Total Debt/EBITDA	1.19	1.18	1.19	1.24	1.58	1.74	2.02	2.34	2.65	2.59	5.01	5.73	4.15	4.17	4.35
Net Debt/EBITDA	0.63	0.74	0.74	0.85	1.15	1.38	1.63	1.91	1.97	1.95	4.02	4.24	3.39	3.32	3.16
Total Debt/EBIT	1.53	1.48	1.46	1.5	1.94	2.16	2.51	3.09	3.56	3.47	9.04	13.96	8.03	6.62	6.39
Net Debt/EBIT	0.82	0.93	0.9	1.03	1.42	1.71	2.02	2.52	2.65	2.61	7.26	10.33	6.56	5.28	4.64
EBITDA to Interest Expense	54.74	65.69	63.98	58.57	62.55	48.26	42.26	28.6	28.75	24.48	10.12	8.82	11.5	10.65	8.57
EBITDA-CapEx/Interest Expense	44.6	52.77	52.63	48.29	52.26	39.62	33.39	22.02	22.61	18.99	7.95	6.31	9.1	9.03	7.44
EBIT to Interest Expense	42.32	52.57	52.27	48.38	50.92	38.98	34.02	21.65	21.36	18.28	5.61	3.62	5.94	6.71	5.83
Interest Expense	402	368	411	459	402	484	468	630	615	723	1,344	1,288	1,155	1,216	1,607
Common Equity/Total Assets	112.56	121.59	131.39	140.72	143.9	162.41	180.45	175.95	165.68	173.73	143.8	140.59	160.25	163.6	155.96
Long-Term Debt/Equity (%)	96.38	94.28	112.96	126.89	143.29	291.25	231.75	188.42	224.75	210.31	276.3	274.71	249.42	219.69	233
Long-Term Debt/Capital (%)	14.73	13.1	12.4	11.98	14.83	15.13	13.96	13.92	15.64	13.68	20.19	20.01	17.76	18.45	19.45
Long-Term Debt/Total Assets (%)	20.12	19.26	19.63	20.21	26.03	29.84	30.25	29.5	31.78	28.86	38.1	36.5	35.89	38.02	38.96
Total Debt/Equity (%)	114.7	123.53	154.79	175.25	173.23	338.95	276.55	229.27	264.16	270.6	324.79	314.04	290.27	245.28	265.05
Total Debt/Capital (%)	17.53	17.17	16.99	16.54	17.93	17.6	16.66	16.93	18.39	17.6	23.74	22.88	20.67	20.6	22.12
Total Debt/Total Assets (%)	23.94	25.23	26.9	27.91	31.47	34.72	36.1	35.9	37.35	37.13	44.79	41.73	41.77	42.45	44.32
Net Debt to Equity	61.16	77.52	95.87	120.41	126.49	268.4	223.26	186.72	196.62	203.38	260.79	232.29	237.17	195.55	192.27
Net Debt/Capital (%)	10.18	11.51	11.25	11.98	13.76	14.47	13.9	14.24	14.36	13.83	19.62	17.75	17.32	16.93	16.86
EBITDA	22,006	24,175	26,297	26,882	25,147	23,358	19,776	18,020	17,680	17,697	13,597	11,357	13,282	12,956	13,770
EBITDA-CapEx	17,929	19,421	21,630	22,165	21,007	19,175	15,625	13,870	13,907	13,733	10,690	8,127	10,514	10,984	11,960
Operating Income (Loss)	17,012	19,344	21,482	22,206	20,469	18,866	15,921	13,639	13,139	13,217	7,538	4,662	6,865	8,154	9,374

Liquidity (USD)

API ChatGPT

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Cash Ratio	0.39	0.29	0.28	0.26	0.28	0.21	0.24	0.24	0.34	0.31	0.24	0.35	0.22	0.28	0.39
Current Ratio	1.36	1.19	1.21	1.13	1.28	1.2	1.24	1.21	1.33	1.29	1.02	0.98	0.88	0.92	0.96
Quick Ratio	1.13	0.98	0.98	0.96	1.07	1.02	1.07	1.04	1.18	1.11	0.87	0.77	0.66	0.73	0.8
CFO/Avg Current Liab	0.53	0.51	0.48	0.46	0.42	0.42	0.47	0.48	0.45	0.4	0.39	0.47	0.35	0.32	0.42
Common Equity/Total Assets	112.56	121.59	131.39	140.72	143.9	162.41	180.45	175.95	165.68	173.73	143.8	140.59	160.25	163.6	155.96
Long-Term Debt/Equity (%)	96.38	94.28	112.96	126.89	143.29	291.25	231.75	188.42	224.75	210.31	276.3	274.71	249.42	219.69	233
Long-Term Debt/Capital (%)	14.73	13.1	12.4	11.98	14.83	15.13	13.96	13.92	15.64	13.68	20.19	20.01	17.76	18.45	19.45
Long-Term Debt/Total Assets (%)	20.12	19.26	19.63	20.21	26.03	29.84	30.25	29.5	31.78	28.86	38.1	36.5	35.89	38.02	38.96
Total Debt/Equity (%)	114.7	123.53	154.79	175.25	173.23	338.95	276.55	229.27	264.16	270.6	324.79	314.04	290.27	245.28	265.05
Total Debt/Capital (%)	17.53	17.17	16.99	16.54	17.93	17.6	16.66	16.93	18.39	17.6	23.74	22.88	20.67	20.6	22.12
Total Debt/Total Assets (%)	23.94	25.23	26.9	27.91	31.47	34.72	36.1	35.9	37.35	37.13	44.79	41.73	41.77	42.45	44.32
CFO/Total Liabilities	24.08	21.65	20.63	19.54	16.93	16.03	17.96	17.24	15.54	14.32	11.26	13.45	11.32	9.92	12.37
CFO/CapEx	5.1	4.11	4.25	4.15	4.22	4.03	4.16	4.12	4.43	3.85	5.08	5.63	4.62	5.29	7.7
Altman's Z-Score	3.96	4.29	4.71	4.85	4.7	4.86	5.21	5.2	4.68	4.89	4.37	3.77	5.06	5.47	5.51

Working Capital (USD)

API ChatGPT

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Accounts Receivable Turnover	7.99	8.38	9.24	9.42	9.31	9.49	9.38	9.13	8.74	9.73	7.54	8.08	9.14	9.11	8.99
Days Sales Outstanding	45.66	43.58	39.51	38.76	39.21	38.46	38.9	40	41.76	37.51	48.39	45.18	39.92	40.08	40.58
Inventory Turnover	20.01	21.79	22.51	21.51	21.62	21.02	22.47	26.68	26.91	26.13	15.86	14.17	14.95	17.4	20.32
Days Inventory Outstanding	18.24	16.75	16.22	16.97	16.89	17.36	16.24	13.68	13.56	13.97	23.01	25.75	24.42	20.98	17.97
Accounts Payable Turnover	7.16	7.06	6.98	6.34	6.45	6.45	6.28	6.77	6.67	6.57	4.56	5.49	6.44	6.93	6.64
Accounts Payable Turnover Days	50.94	51.68	52.33	57.57	56.59	56.61	58.09	53.94	54.72	55.53	80.04	66.49	56.72	52.66	54.97
Cash Conversion Cycle	12.96	8.65	3.4	-1.85	-0.5	-0.79	-2.95	-0.26	0.61	-4.05	-8.64	4.44	7.62	8.41	3.58
Inventory to Cash Days	27.42	26.82	23.29	21.79	22.32	21.1	22.66	26.31	28.2	23.54	25.38	19.43	15.5	19.1	22.61
Inventories	2,494	2,450	2,595	2,287	2,310	2,103	1,551	1,553	1,583	1,682	1,619	1,812	1,649	1,552	1,161
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	1,960	2,018	2,007	1,812	1,866	1,674	1,199	1,195	1,250	1,415	1,399	1,649	1,442	1,394	1,083
Finished Goods	534	432	589	475	444	430	352	358	333	266	220	163	208	158	78
Other Inventory	- -	- -	-1	- -	- -	-1	- -	- -	- -	1	- -	- -	-1	- -	- -

Enterprise Value (USD)

API ChatGPT

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Market Capitalization	101,740	109,801	135,722	136,701	127,004	103,139	89,477	108,823	96,510	108,990	90,507	91,181	94,814	100,133	145,684
- Cash & Cash Equivalents	12,183	10,661	11,922	10,412	10,716	8,476	7,686	7,826	11,972	11,379	8,172	13,188	6,650	7,886	13,068
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	118	126	97	124	137	146	162	146	131	134	144	129	95	77	80
+ Total Debt	26,100	28,624	31,322	33,270	39,719	40,722	39,889	42,168	46,823	45,812	68,158	65,088	55,139	54,013	59,935
Enterprise Value	113,984	126,900	155,219	158,966	155,794	135,531	121,334	142,610	130,884	142,939	149,941	142,610	142,798	145,485	192,258
Total Capital	148,928	166,700	184,405	201,145	221,492	231,327	239,437	249,008	254,646	260,303	287,151	284,490	266,762	262,258	270,934
Total Debt/Capital (%)	17.53	17.17	16.99	16.54	17.93	17.6	16.66	16.93	18.39	17.6	23.74	22.88	20.67	20.6	22.12
Total Debt / EV	0.23	0.23	0.2	0.21	0.25	0.3	0.33	0.3	0.36	0.32	0.45	0.46	0.39	0.37	0.31
EV/Sales	1.19	1.27	1.45	1.55	1.58	1.46	1.48	1.78	1.65	1.8	2.6	2.58	2.49	2.4	3.11
EV/EBITDA	5.18	5.25	5.9	5.91	6.2	5.8	6.14	7.91	7.4	8.08	11.03	12.56	10.75	11.23	13.96
EV/EBIT	6.7	6.56	7.23	7.16	7.61	7.18	7.62	10.46	9.96	10.81	19.89	30.59	20.8	17.84	20.51
EV/Cash Flow to Firm	5.41	6.4	7.7	7.98	8.74	7.86	6.88	8.06	7.68	9.05	9.31	7.07	10.26	11.82	12.55
EV/Free Cash Flow to Firm	4.53	5.16	6.25	6.45	7.09	6.32	5.57	6.53	6.29	7.23	7.89	6.1	8.56	10.19	11.22
Diluted Market Cap	102,828	111,408	137,629	138,250	127,997	103,727	89,838	109,198	96,982	109,500	91,076	91,817	95,729	101,198	147,421
Diluted Enterprise Value	116,863	129,497	157,126	161,232	157,137	136,119	122,203	143,686	131,964	144,067	151,206	143,846	144,313	147,402	194,368
EV per Share	85.89	100.02	129.68	139.14	142.34	134.95	123.97	149.26	140.31	156.72	169	160.17	159.37	161.17	210.99
TTM Sales	95,758	99,871	106,916	102,874	98,368	92,793	81,742	79,920	79,139	79,591	57,714	55,179	57,351	60,530	61,860
TTM EBITDA	22,006	24,175	26,297	26,882	25,147	23,358	19,776	18,020	17,680	17,697	13,597	11,357	13,282	12,956	13,770
TTM Operating Income	17,012	19,344	21,482	22,206	20,469	18,866	15,921	13,639	13,139	13,217	7,538	4,662	6,865	8,154	9,374
TTM Cash Flow to Firm	21,071	19,826	20,156	19,932	17,820	17,249	17,647	17,691	17,035	15,803	16,103	20,166	13,921	12,309	15,321
TTM Free Cash Flow to Firm	25,148	24,580	24,823	24,649	21,960	21,432	21,798	21,841	20,808	19,767	19,010	23,396	16,689	14,281	17,131

Multiples (USD)

API ChatGPT

	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
As of date	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023

Price/Free Cash Flow	4.14	4.58	5.61	5.69	5.92	4.93	4.2	5.14	4.73	5.7	5.15	4.29	6.15	8.16	9.37
EV/EBIT	6.7	6.56	7.23	7.16	7.61	7.18	7.62	10.46	9.96	10.81	19.89	30.59	20.8	17.84	20.51
Enterprise Value	113,984	126,900	155,219	158,966	155,794	135,531	121,334	142,610	130,884	142,939	149,941	142,610	142,798	145,485	192,258
Low Price	90	115.99	140.27	169.79	165.76	144.88	126.4	113.38	140.47	104.25	59.09	87.37	109.14	115.93	118.95
EV/Sales	1.19	1.27	1.45	1.55	1.58	1.46	1.48	1.78	1.65	1.8	2.6	2.58	2.49	2.4	3.11
EV/EBITDA	5.18	5.25	5.9	5.91	6.2	5.8	6.14	7.91	7.4	8.08	11.03	12.56	10.75	11.23	13.96
Price/Earnings	7.58	7.4	8.56	8.23	7.71	8.58	6.78	9.17	16.78	12.49	9.6	16.31	16.51	61.06	19.42
Price/Earnings Average	5.66	6.61	7.71	8.22	8.01	9.65	7.48	8.13	18.03	12.21	11	15.65	17.82	63.83	15.59
Price/Earnings High	12.42	12.08	14.24	14.16	13.71	15.92	14.79	13.02	28.37	17.11	14.71	24.23	22.79	84.28	20.2
Price/Earnings Low	8.9	9.92	10.59	11.68	11.01	12.1	9.38	9.12	22.78	10.89	5.56	13.92	17.03	63.81	14.45
Price/Book Value	0.83	0.8	0.89	0.81	0.7	0.54	0.45	0.53	0.46	0.51	0.41	0.42	0.45	0.48	0.69
Price/Book Value Average	0.62	0.71	0.8	0.81	0.73	0.61	0.49	0.47	0.5	0.5	0.47	0.4	0.48	0.5	0.55
Price/Book Value High	1.36	1.3	1.48	1.4	1.24	1	0.98	0.75	0.79	0.7	0.63	0.62	0.62	0.66	0.72
Price/Book Value Low	0.97	1.07	1.1	1.16	1	0.76	0.62	0.52	0.63	0.44	0.24	0.35	0.46	0.5	0.51
Price/Tangible Book Value	1,956.54	-20.14	-14.48	-9.73	-10.47	-4.77	-4.24	-4.84	-4.23	-4.86	-1.72	-1.95	-1.93	-2.22	-3
Price/Tangible Book Value Average	1,460.06	-17.99	-13.04	-9.71	-10.89	-5.36	-4.68	-4.29	-4.55	-4.75	-1.98	-1.87	-2.08	-2.32	-2.41
Price/Tangible Book Value High	3,205.6	-32.88	-24.09	-16.74	-18.64	-8.84	-9.25	-6.87	-7.16	-6.66	-2.64	-2.9	-2.66	-3.06	-3.12
Price/Tangible Book Value Low	2,297	-26.99	-17.91	-13.81	-14.96	-6.72	-5.87	-4.82	-5.75	-4.24	-1	-1.66	-1.99	-2.32	-2.23
Price/Sales	1.06	1.1	1.27	1.33	1.29	1.11	1.09	1.36	1.22	1.37	1.57	1.65	1.65	1.65	2.36
Price/Sales Average	0.79	0.98	1.14	1.33	1.34	1.25	1.21	1.21	1.31	1.34	1.8	1.59	1.78	1.73	1.89
Price/Sales High	1.74	1.79	2.11	2.29	2.3	2.06	2.39	1.93	2.06	1.88	2.4	2.45	2.28	2.28	2.45
Price/Sales Low	1.25	1.47	1.57	1.89	1.84	1.57	1.51	1.36	1.66	1.19	0.91	1.41	1.71	1.73	1.75
Price/Cash Flow	4.9	5.62	6.84	6.98	7.26	6.11	5.19	6.37	5.77	7.15	6.13	5.01	7.41	9.6	10.46
Price/Cash Flow Average	3.65	5.02	6.16	6.97	7.55	6.88	5.71	5.65	6.2	6.99	7.03	4.81	8	10.03	8.39
Price/Cash Flow High	8.02	9.17	11.38	12	12.92	11.34	11.31	9.05	9.76	9.8	9.39	7.44	10.22	13.25	10.88
Price/Cash Flow Low	5.75	7.53	8.46	9.9	10.38	8.63	7.17	6.34	7.84	6.24	3.55	4.27	7.64	10.03	7.78
Price/Free Cash Flow Average	3.09	4.09	5.06	5.68	6.15	5.54	4.63	4.56	5.09	5.57	5.91	4.11	6.64	8.53	7.52
Price/Free Cash Flow High	6.78	7.48	9.34	9.78	10.53	9.14	9.15	7.31	8	7.81	7.9	6.37	8.49	11.26	9.74
Price/Free Cash Flow Low	4.86	6.14	6.95	8.07	8.46	6.95	5.8	5.12	6.42	4.97	2.98	3.66	6.34	8.52	6.97
EV/Sales Average	0.94	1.16	1.33	1.55	1.64	1.6	1.6	1.64	1.75	1.77	2.84	2.53	2.63	2.49	2.65
EV/Sales High	1.89	1.98	2.29	2.51	2.59	2.41	2.78	2.37	2.5	2.31	3.44	3.4	3.13	3.05	3.21
EV/Sales Low	1.39	1.65	1.75	2.11	2.14	1.92	1.91	1.79	2.1	1.63	1.95	2.35	2.55	2.49	2.51
EV/EBITDA Average	4.09	4.81	5.39	5.93	6.41	6.35	6.62	7.27	7.85	7.97	12.05	12.29	11.36	11.65	11.9
EV/EBITDA High	8.21	8.16	9.33	9.6	10.15	9.58	11.5	10.49	11.21	10.39	14.62	16.51	13.51	14.23	14.41
EV/EBITDA Low	6.07	6.84	7.13	8.07	8.37	7.62	7.89	7.93	9.39	7.33	8.28	11.43	11.02	11.64	11.28
EV/EBIT Average	5.29	6.01	6.6	7.18	7.87	7.86	8.23	9.6	10.56	10.68	21.74	29.93	21.98	18.5	17.48
EV/EBIT High	10.62	10.2	11.42	11.62	12.46	11.86	14.29	13.86	15.08	13.92	26.38	40.21	26.13	22.62	21.17
EV/EBIT Low	7.85	8.54	8.72	9.77	10.29	9.43	9.8	10.47	12.64	9.81	14.93	27.85	21.32	18.5	16.57
Last Price	76.66	86.54	113.39	119.65	116.04	102.7	91.42	113.9	103.46	119.5	102.01	102.41	105.82	110.93	159.88
High Price	125.6	141.28	188.64	205.8	206.47	190.55	199.36	161.81	174.94	163.78	156.32	152.12	146.02	153.12	166.27
Enterprise Value Average	89,958	116,171	141,726	159,423	161,135	148,363	130,970	130,977	138,732	141,111	163,893	139,527	150,898	150,878	163,887
Enterprise Value High	180,726	197,344	245,290	258,110	255,119	223,756	227,488	189,085	198,171	183,942	198,823	187,469	179,417	184,420	198,454
Enterprise Value Low	133,479	165,256	187,393	216,969	210,562	177,891	156,078	142,814	166,016	129,648	112,557	129,819	146,372	150,850	155,335

Shares Outstanding	1,305	1,228	1,163	1,117	1,054	991	966	946	922	892	887	893	898	906	915
Diluted Weighted Avg Shares	1,341	1,287	1,214	1,155	1,103	1,010	983	959	937	916	893	897	905	912	922
Basic Weighted Avg Shares	1,327	1,269	1,197	1,143	1,094	1,004	979	955	933	912	887	890	896	903	911
Revenue per Share	72.15	78.71	89.32	90.04	89.88	92.4	83.52	83.65	84.84	87.27	65.05	61.97	64.01	67.06	67.89
EBITDA per Share	16.58	19.05	21.97	23.53	22.98	23.26	20.21	18.86	18.95	19.4	15.33	12.76	14.82	14.35	15.11
Operating Income per Share	12.82	15.25	17.95	19.44	18.7	18.79	16.27	14.28	14.09	14.49	8.5	5.24	7.66	9.03	10.29
Basic EPS, GAAP	10.12	11.69	13.25	14.53	15.06	11.97	13.48	12.43	6.17	9.57	10.63	6.28	6.41	1.82	8.23
Basic EPS from Cont Ops	10.12	11.69	13.25	14.88	15.42	15.68	13.65	12.44	6.17	9.56	8.05	4.42	5.26	1.98	8.25
Diluted EPS, GAAP	10.01	11.52	13.06	14.37	14.94	11.9	13.42	12.38	6.14	9.53	10.56	6.23	6.35	1.8	8.14
Diluted EPS from Cont Ops	10.01	11.52	13.06	14.71	15.3	15.6	13.6	12.39	6.14	9.52	8	4.39	5.21	1.95	8.15
Dividend per Share	2.15	2.5	2.9	3.3	3.71	4.25	5	5.5	5.9	6.21	6.43	6.51	6.55	6.59	6.63
Cash Flow per Share	15.65	15.41	16.58	17.14	15.98	16.8	17.63	17.88	17.93	16.72	16.65	20.44	14.28	11.56	15.29
Free Cash Flow per Basic Share	12.58	11.66	12.68	13.01	12.19	12.63	13.39	13.54	13.88	12.37	13.37	16.81	11.19	9.38	13.3
Cash & Equivalents per Share	10.53	9.18	9.96	9.74	10.11	8.44	8.37	8.92	13.49	13.15	10	15.49	8.09	9.68	14.75
Book Value per Share	92.46	108.73	127.81	146.83	165.96	189.65	203.72	216.34	222.65	235.03	246.66	246.28	236.08	230.62	231.47
Tangible Book Value per Share	0.04	-4.3	-7.83	-12.3	-11.08	-21.55	-21.54	-23.55	-24.45	-24.59	-59.14	-52.54	-54.86	-49.98	-53.34

International Business Machines Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)