International Business Machines Corporation Financial Ratios — IBM.TO

Profitability (USD)

	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	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Return on Common Equity (%)	73.43	85.15	79.15	69.37	100.96	73.04	32.1	50.76	50.12	26.98	29.07	8.03	33.73	24.17	35.34
Return on Assets (%)	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	4.42	7.33
Return on Capital (%)	31.28	32.66	29.27	21.5	25.38	21.73	9.69	14.59	14.17	- -	8.59	- -	11.21	- -	- -
Return on Invested Capital (%)	30.01	31.08	28.93	25.76	24.21	23.51	10.06	15.18	9.51	- -	8.11	- -	9.98	- -	- -
Gross Margin (%)	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	56.65	58.19
EBITDA Margin (%)	25.01	26.89	26.61	26.76	24.91	23.85	22.34	22.23	23.56	20.58	23.16	21.44	22.27	23.49	25.93
Operating Margin (%)	20.5	22.35	21.86	21.92	20.2	18.36	16.6	16.61	13.06	8.45	11.97	13.5	15.17	16.05	18.5
Incremental Operating Margin (%)	27.49	-26.42	33.07	20.84	34.66	100.49	196.93	17.26	25.96	113.45	101.43	41.18	90.83	77.49	50.55
Pretax Margin (%)	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	9.24	15.29
Profit Margin (%)	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	9.6	15.68
Net Income to Common Margin (%)	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	9.6	15.68
Effective Tax Rate (%)	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 (%)	21.9	22.2	24.04	27.08	36.64	44.24	95.62	64.95	79.86	147.43	124.55	333.6	80.38	102.19	59.17
Sustainable Growth Rate (%)	57.35	66.25	60.12	50.59	63.96	40.73	1.41	17.79	10.09	-12.8	-7.14	-18.76	6.62	-0.53	14.43

Credit (USD)

Credit Ratios API ChatGPT

	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	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Total Debt	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	58,396	64,607
ST Debt	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	5,857	7,224
LT Debt	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	52,539	57,383
Total Debt/EBITDA	1.17	1.2	1.52	1.64	1.96	2.21	2.65	2.59	5.01	5.73	4.15	4.16	4.35	3.96	3.69
Net Debt/EBITDA	0.73	0.83	1.11	1.3	1.58	1.8	1.97	1.95	4.02	4.24	3.39	3.32	3.16	2.78	2.72
Total Debt/EBIT	1.43	1.45	1.85	2	2.42	2.87	3.56	3.47	9.04	13.96	8.03	6.61	6.39	5.8	5.17
Net Debt/EBIT	0.88	0.99	1.35	1.59	1.95	2.34	2.65	2.61	7.26	10.33	6.56	5.27	4.63	4.07	3.82
EBITDA to Interest Expense	65.05	60.27	65.12	51.3	43.51	30.25	28.75	24.48	10.12	8.82	11.5	10.67	8.57	8.61	9.05
EBITDA-CapEx/Interest Expense	53.7	50	54.82	42.66	34.64	23.66	22.61	18.99	7.95	6.31	9.1	9.05	7.45	7.63	8.15
EBIT to Interest Expense	53.34	50.09	53.48	42.02	35.27	23.3	21.36	18.28	5.61	3.62	5.94	6.72	5.84	5.88	6.46
Interest Expense	411	459	402	484	468	630	615	723	1,344	1,288	1,155	1,216	1,607	1,712	1,935
Common Equity/Total Assets	17.3	15.82	18.06	10.12	12.91	15.53	14.04	13.61	13.69	13.21	14.32	17.25	16.66	19.91	21.5
Long-Term Debt/Equity (%)	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	191.8	175.26
Long-Term Debt/Capital (%)	44.33	46.1	52.45	66.35	61.55	57.22	61.72	56.75	65.04	66.35	63.91	63.63	63.83	61.24	58.95
Long-Term Debt/Total Assets (%)	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	38.3	37.78
Total Debt/Equity (%)	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	213.18	197.33
Total Debt/Capital (%)	60.75	63.67	63.4	77.22	73.44	69.63	72.54	73.02	76.46	75.85	74.38	71.04	72.61	68.07	66.37
Total Debt/Total Assets (%)	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	42.57	42.54
Net Debt to Equity	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	149.77	145.61
Net Debt/Capital (%)	48.95	54.63	55.85	72.86	69.07	65.12	66.29	67.04	67.59	66.29	66.76	63.19	62.58	57.11	56.92
EBITDA	26,737	27,666	26,178	24,830	20,363	19,058	17,680	17,697	13,597	11,357	13,282	12,976	13,778	14,741	17,513
EBITDA-CapEx	22,070	22,949	22,038	20,647	16,212	14,908	13,907	13,733	10,690	8,127	10,514	11,004	11,968	13,056	15,775
Operating Income (Loss)	21,922	22,990	21,500	20,338	16,508	14,677	13,139	13,217	7,538	4,662	6,865	8,174	9,382	10,074	12,492

Liquidity (USD)

Liquidity Ratios API ChatGPT

	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	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Cash Ratio	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	0.44	0.37
Current Ratio	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	1.04	0.96
Quick Ratio	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	0.86	0.8
CFO/Avg Current Liab	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	0.4	0.37
Common Equity/Total Assets	17.3	15.82	18.06	10.12	12.91	15.53	14.04	13.61	13.69	13.21	14.32	17.25	16.66	19.91	21.5
Long-Term Debt/Equity (%)	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	191.8	175.26
Long-Term Debt/Capital (%)	44.33	46.1	52.45	66.35	61.55	57.22	61.72	56.75	65.04	66.35	63.91	63.63	63.83	61.24	58.95
Long-Term Debt/Total Assets (%)	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	38.3	37.78
Total Debt/Equity (%)	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	213.18	197.33
Total Debt/Capital (%)	60.75	63.67	63.4	77.22	73.44	69.63	72.54	73.02	76.46	75.85	74.38	71.04	72.61	68.07	66.37
Total Debt/Total Assets (%)	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	42.57	42.54
CFO/Total Liabilities	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	12.25	11.07
CFO/CapEx	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	7.98	7.59
Altman's Z-Score	3.88	4.07	4	4.33	4.68	4.59	4.15	4.27	3.96	3.36	4.56	4.9	4.73	4.7	4.61

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Accounts Receivable Turnover	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	8.95	9.06
Days Sales Outstanding	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	40.77	40.31
Inventory Turnover	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	22.2	22.51
Days Inventory Outstanding	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	16.44	16.21
Accounts Payable Turnover	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	6.7	6.41
Accounts Payable Turnover Days	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	54.52	56.93
Cash Conversion Cycle	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	2.69	-0.41
Inventory to Cash Days	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	24.33	24.09
Inventories	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	1,289	1,220
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	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	1,155	990
Finished Goods	589	475	444	430	352	358	333	266	220	163	208	158	78	134	230
Other Inventory	-1	- -	- -	-1	- -	- -	- -	1	- -	- -	-1	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	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	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	30,219
- Cash & Cash Equivalents	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	13,947	13,587
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	97	124	137	146	162	146	131	134	144	129	95	77	80	86	93
+ Total Debt	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	58,396	64,607
Enterprise Value	19,497	22,265	28,790	32,392	31,857	33,787	34,374	33,949	59,434	51,429	47,984	45,352	46,574	43,891	80,502
Total Capital	51,557	52,254	62,648	52,736	54,313	60,560	64,548	62,742	89,143	85,814	74,135	76,034	82,548	85,789	97,348
Total Debt/Capital (%)	60.75	63.67	63.4	77.22	73.44	69.63	72.54	73.02	76.46	75.85	74.38	71.04	72.61	68.07	66.37
Total Debt / EV	1.61	1.49	1.38	1.26	1.25	1.25	1.36	1.35	1.15	1.27	1.15	1.19	1.29	1.33	0.8
EV/Sales	0.18	0.22	0.29	0.35	0.39	0.42	0.43	0.43	1.03	0.93	0.84	0.75	0.75	0.7	1.19
EV/EBITDA	0.73	0.8	1.1	1.3	1.56	1.77	1.94	1.92	4.37	4.53	3.61	3.5	3.38	2.98	4.6
EV/EBIT	0.89	0.97	1.34	1.59	1.93	2.3	2.62	2.57	7.88	11.03	6.99	5.55	4.96	4.36	6.44
EV/Cash Flow to Firm	0.97	1.12	1.62	1.88	1.81	1.91	2.02	2.15	3.69	2.55	3.45	3.68	3.04	2.88	5.31
EV/Free Cash Flow to Firm	0.79	0.9	1.31	1.51	1.46	1.55	1.65	1.72	3.13	2.2	2.88	3.18	2.72	2.6	4.76
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	272,404
Diluted Enterprise Value	19,497	22,982	29,140	32,392	32,365	34,488	34,982	34,567	60,130	52,029	48,584	46,204	46,947	44,535	323,517
EV per Share	16.76	19.93	27.3	32.7	32.99	35.72	37.27	38.04	67	57.61	53.43	50.05	50.9	47.38	85.92
TTM Sales	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	62,753	67,536
TTM EBITDA	26,737	27,666	26,178	24,830	20,363	19,058	17,680	17,697	13,597	11,357	13,282	12,976	13,778	14,741	17,513
TTM Operating Income	21,922	22,990	21,500	20,338	16,508	14,677	13,139	13,217	7,538	4,662	6,865	8,174	9,382	10,074	12,492
TTM Cash Flow to Firm	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	15,221	15,173
TTM Free Cash Flow to Firm	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	16,906	16,911

Multiples (USD)

Valuation Multiples API ChatGPT

	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	2024 Y	2025 Y
As of date	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	12/31/2024	12/31/2025

Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.24
EV/EBIT	0.89	0.97	1.34	1.59	1.93	2.3	2.62	2.57	7.88	11.03	6.99	5.55	4.96	4.36	6.44
Enterprise Value	19,497	22,265	28,790	32,392	31,857	33,787	34,374	33,949	59,434	51,429	47,984	45,352	46,574	43,891	80,502
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.24
EV/Sales	0.18	0.22	0.29	0.35	0.39	0.42	0.43	0.43	1.03	0.93	0.84	0.75	0.75	0.7	1.19
EV/EBITDA	0.73	0.8	1.1	1.3	1.56	1.77	1.94	1.92	4.37	4.53	3.61	3.5	3.38	2.98	4.6
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.27
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.86
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.36
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	25.26
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.93
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.95
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.97
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.93
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.65
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.67
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.68
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-0.65
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.96
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.06
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	4.13
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3.96
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.29
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.77
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	21.17
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	20.28
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.67
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	19.03
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	18.24
EV/Sales Average	0.18	0.22	0.3	0.35	0.4	0.43	0.44	0.43	1.04	0.94	0.85	0.76	0.76	0.71	1.21
EV/Sales High	0.18	0.22	0.3	0.35	0.4	0.43	0.44	0.43	1.04	0.94	0.85	0.76	0.76	0.71	1.22
EV/Sales Low	0.18	0.22	0.3	0.35	0.4	0.43	0.44	0.43	1.04	0.94	0.85	0.76	0.76	0.71	1.2
EV/EBITDA Average	0.73	0.83	1.11	1.3	1.59	1.81	1.98	1.95	4.42	4.58	3.66	3.56	3.41	3.02	4.68
EV/EBITDA High	0.73	0.83	1.11	1.3	1.59	1.81	1.98	1.95	4.42	4.58	3.66	3.56	3.41	3.02	4.72
EV/EBITDA Low	0.73	0.83	1.11	1.3	1.59	1.81	1.98	1.95	4.42	4.58	3.66	3.56	3.41	3.02	4.64
EV/EBIT Average	0.89	1	1.36	1.59	1.96	2.35	2.66	2.62	7.98	11.16	7.08	5.65	5	4.42	6.57
EV/EBIT High	0.89	1	1.36	1.59	1.96	2.35	2.66	2.62	7.98	11.16	7.08	5.65	5	4.42	6.62
EV/EBIT Low	0.89	1	1.36	1.59	1.96	2.35	2.66	2.62	7.98	11.16	7.08	5.65	5	4.42	6.51
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	32.25
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	33.64
Enterprise Value Average	19,497	22,982	29,140	32,392	32,365	34,488	34,982	34,567	60,130	52,029	48,584	46,204	46,947	44,535	82,040
Enterprise Value High	19,497	22,982	29,140	32,392	32,365	34,488	34,982	34,567	60,130	52,029	48,584	46,204	46,947	44,535	82,635
Enterprise Value Low	19,497	22,982	29,140	32,392	32,365	34,488	34,982	34,567	60,130	52,029	48,584	46,204	46,947	44,535	81,318

Shares Outstanding	1,163	1,117	1,054	991	966	946	922	892	887	893	898	906	915	926	937
Diluted Weighted Avg Shares	10,806	10,286	9,820	8,992	8,749	8,535	8,346	8,158	7,948	7,982	8,053	8,122	8,209	8,344	8,446
Basic Weighted Avg Shares	10,657	10,171	9,744	8,941	8,713	8,506	8,305	8,119	7,899	7,926	7,977	8,037	8,112	8,207	8,300
Revenue per Share	10.03	10.11	10.1	10.38	9.38	9.4	9.53	9.8	7.31	6.96	7.19	7.53	7.63	7.65	8.14
EBITDA per Share	2.51	2.72	2.69	2.78	2.34	2.24	2.13	2.18	1.72	1.43	1.67	1.61	1.7	1.8	2.11
Operating Income per Share	2.06	2.26	2.21	2.27	1.89	1.73	1.58	1.63	0.95	0.59	0.86	1.02	1.16	1.23	1.51
Basic EPS, GAAP	1.49	1.63	1.69	1.34	1.51	1.4	0.69	1.07	1.19	0.71	0.72	0.2	0.92	0.73	1.28
Basic EPS from Cont Ops	1.49	1.67	1.73	1.76	1.53	1.4	0.69	1.07	0.9	0.5	0.59	0.22	0.93	0.73	1.27
Diluted EPS, GAAP	1.47	1.61	1.68	1.34	1.51	1.39	0.69	1.07	1.19	0.7	0.71	0.2	0.91	0.72	1.25
Diluted EPS from Cont Ops	1.47	1.65	1.72	1.75	1.53	1.39	0.69	1.07	0.9	0.49	0.59	0.22	0.92	0.72	1.25
Dividend per Share	0.33	0.37	0.42	0.48	0.56	0.62	0.66	0.7	0.72	0.73	0.74	0.74	0.74	0.75	0.75
Cash Flow per Share	1.86	1.93	1.79	1.89	1.98	2.01	2.01	1.88	1.87	2.3	1.6	1.3	1.72	1.64	1.59
Free Cash Flow per Basic Share	1.42	1.46	1.37	1.42	1.5	1.52	1.56	1.39	1.5	1.89	1.26	1.05	1.49	1.43	1.38
Cash & Equivalents per Share	10.25	9.96	10.5	8.56	8.48	9.02	13.64	13.44	10	15.45	8.07	9.64	14.69	15.75	15.39
Book Value per Share	17.31	16.88	21.62	11.98	14.77	19.29	19.08	18.82	23.49	23.07	21.05	24.22	24.63	29.48	34.84
Tangible Book Value per Share	-8.14	-12.69	-11.63	-22	-22	-23.94	-24.87	-25.27	-59.31	-52.55	-54.84	-49.87	-53.2	-47.57	-49.59

International Business Machines Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)