International Business Machines Corporation Financial Ratios — IBM

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
Return on Common Equity (%)	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	2.84	4.91
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 (%)	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 (%)	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 (%)	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	-0.06	2

Credit (USD)

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	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
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	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	154.94	144.17
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 (%)	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	19.39	20.23
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 (%)	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	21.55	22.78
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 (%)	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	15.96	17.65
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)

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	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
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	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	154.94	144.17
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 (%)	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	19.39	20.23
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 (%)	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	21.55	22.78
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	5.19	5.32	5.14	5.21	5.48	5.51	4.91	4.83	4.48	3.84	5.19	5.62	5.53	5.81	5.85

Working Capital (USD)

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	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
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)

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	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
Market Capitalization	210,241	209,032	196,091	153,909	128,650	151,479	136,693	99,016	113,588	107,050	119,759	127,181	149,027	202,639	276,157
- 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	229,738	231,297	224,881	186,301	160,507	185,266	171,067	132,965	173,022	158,479	167,743	172,533	195,601	246,530	326,440
Total Capital	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	271,025	283,666
Total Debt/Capital (%)	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	21.55	22.78
Total Debt / EV	0.14	0.14	0.18	0.22	0.25	0.23	0.27	0.34	0.39	0.41	0.33	0.31	0.31	0.24	0.2
EV/Sales	2.15	2.25	2.29	2.01	1.96	2.32	2.16	1.67	3	2.87	2.92	2.85	3.16	3.93	4.83
EV/EBITDA	8.59	8.36	8.59	7.5	7.88	9.72	9.68	7.51	12.73	13.95	12.63	13.3	14.2	16.72	18.64
EV/EBIT	10.48	10.06	10.46	9.16	9.72	12.62	13.02	10.06	22.95	33.99	24.43	21.11	20.85	24.47	26.13
EV/Cash Flow to Firm	11.4	11.6	12.62	10.8	9.1	10.47	10.04	8.41	10.74	7.86	12.05	14.02	12.77	16.2	21.51
EV/Free Cash Flow to Firm	9.25	9.38	10.24	8.69	7.36	8.48	8.22	6.73	9.1	6.77	10.05	12.08	11.42	14.58	19.3
Diluted Market Cap	213,192	211,392	197,613	154,782	129,176	152,002	137,367	99,483	114,305	107,807	120,909	128,534	150,809	206,025	281,014
Diluted Enterprise Value	232,689	234,374	226,753	187,174	161,541	186,490	172,349	134,050	174,435	159,836	169,493	174,738	197,756	250,560	332,127
EV per Share	191.93	202.45	205.46	185.5	164	193.91	183.39	145.79	195.02	178.01	187.21	191.13	214.66	267.44	350.14
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)

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	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
Price/Free Cash Flow	8.7	8.7	9.14	7.35	6.03	7.16	6.7	5.18	6.47	5.03	7.77	10.36	9.58	13.62	18.82
EV/EBIT	10.48	10.06	10.46	9.16	9.72	12.62	13.02	10.06	22.95	33.99	24.43	21.11	20.85	24.47	26.13
Enterprise Value	229,738	231,297	224,881	186,301	160,507	185,266	171,067	132,965	173,022	158,479	167,743	172,533	195,601	246,530	326,440
Low Price	140.07	169.4	164.83	143.75	125.75	111.66	132.89	101.19	106.68	86.5	112.1	115.55	120.55	157.89	214.5
EV/Sales	2.15	2.25	2.29	2.01	1.96	2.32	2.16	1.67	3	2.87	2.92	2.85	3.16	3.93	4.83
EV/EBITDA	8.59	8.36	8.59	7.5	7.88	9.72	9.68	7.51	12.73	13.95	12.63	13.3	14.2	16.72	18.64
Price/Earnings	13.26	12.59	11.9	12.8	9.75	12.76	23.76	11.34	12.04	19.15	20.86	77.55	19.86	33.64	26.07
Price/Earnings Average	12.33	12.92	12.31	14.55	11.01	11.57	24.42	14.36	12.31	18.92	20.11	73.56	16.9	29.68	23.44
Price/Earnings High	14.05	13.92	13.69	15.9	12.5	13.06	28.31	17.08	13.74	24.15	22.78	84.33	20.2	36.63	28.59
Price/Earnings Low	10.57	11.66	10.94	12.01	9.33	8.99	21.55	10.57	10.04	13.78	17.49	63.6	14.64	24.16	18.88
Price/Book Value	1.37	1.25	1.08	0.81	0.65	0.73	0.66	0.46	0.52	0.49	0.57	0.61	0.71	0.95	1.26
Price/Book Value Average	1.28	1.28	1.12	0.92	0.73	0.66	0.68	0.58	0.53	0.48	0.55	0.58	0.6	0.84	1.13
Price/Book Value High	1.46	1.38	1.24	1	0.83	0.75	0.78	0.7	0.59	0.62	0.62	0.66	0.72	1.04	1.38
Price/Book Value Low	1.1	1.15	0.99	0.76	0.62	0.52	0.6	0.43	0.43	0.35	0.47	0.5	0.52	0.68	0.91
Price/Tangible Book Value	-22.43	-14.88	-16.17	-7.11	-6.1	-6.73	-5.99	-4.42	-2.16	-2.29	-2.44	-2.82	-3.07	-4.61	-5.96
Price/Tangible Book Value Average	-20.85	-15.27	-16.74	-8.08	-6.89	-6.11	-6.16	-5.59	-2.21	-2.26	-2.35	-2.67	-2.61	-4.07	-5.35
Price/Tangible Book Value High	-23.78	-16.45	-18.61	-8.83	-7.82	-6.89	-7.14	-6.65	-2.47	-2.89	-2.66	-3.07	-3.12	-5.02	-6.53
Price/Tangible Book Value Low	-17.89	-13.78	-14.88	-6.67	-5.84	-4.74	-5.44	-4.12	-1.8	-1.65	-2.04	-2.31	-2.26	-3.31	-4.31
Price/Sales	1.97	2.03	1.99	1.66	1.57	1.9	1.73	1.24	1.97	1.94	2.09	2.1	2.41	3.23	4.09
Price/Sales Average	1.83	2.09	2.06	1.88	1.78	1.72	1.77	1.57	2.01	1.92	2.01	1.99	2.05	2.85	3.68
Price/Sales High	2.08	2.25	2.29	2.06	2.02	1.94	2.06	1.87	2.25	2.45	2.28	2.28	2.45	3.52	4.49
Price/Sales Low	1.57	1.88	1.83	1.56	1.51	1.33	1.57	1.16	1.64	1.4	1.75	1.72	1.78	2.32	2.96
Price/Cash Flow	10.59	10.67	11.21	9.12	7.46	8.87	8.17	6.49	7.69	5.88	9.36	12.19	10.7	15.07	20.93
Price/Cash Flow Average	9.85	10.95	11.61	10.37	8.42	8.04	8.4	8.22	7.86	5.81	9.02	11.56	9.1	13.3	18.82
Price/Cash Flow High	11.23	11.8	12.91	11.33	9.55	9.08	9.74	9.78	8.78	7.42	10.22	13.25	10.88	16.41	22.96
Price/Cash Flow Low	8.45	9.88	10.32	8.56	7.13	6.24	7.41	6.05	6.41	4.23	7.85	10	7.88	10.83	15.16
Price/Free Cash Flow Average	8.08	8.93	9.46	8.35	6.81	6.49	6.89	6.55	6.61	4.97	7.49	9.83	8.15	12.01	16.92
Price/Free Cash Flow High	9.22	9.62	10.52	9.13	7.73	7.33	7.98	7.8	7.38	6.34	8.49	11.27	9.74	14.83	20.64
Price/Free Cash Flow Low	6.94	8.05	8.41	6.9	5.77	5.04	6.08	4.83	5.39	3.62	6.52	8.5	7.06	9.78	13.63
EV/Sales Average	2.01	2.31	2.36	2.23	2.17	2.15	2.22	2.01	3.05	2.86	2.86	2.76	2.81	3.56	4.43
EV/Sales High	2.27	2.47	2.59	2.41	2.41	2.37	2.5	2.31	3.29	3.39	3.13	3.05	3.21	4.23	5.24
EV/Sales Low	1.75	2.1	2.13	1.9	1.9	1.77	2.01	1.59	2.68	2.34	2.6	2.49	2.53	3.03	3.72
EV/EBITDA Average	8.04	8.59	8.87	8.35	8.72	9.02	9.92	9.03	12.96	13.9	12.35	12.86	12.61	15.15	17.09
EV/EBITDA High	9.06	9.18	9.74	9	9.68	9.95	11.19	10.38	13.95	16.47	13.51	14.22	14.41	17.99	20.21
EV/EBITDA Low	7	7.83	8	7.12	7.63	7.41	8.99	7.17	11.38	11.36	11.22	11.6	11.38	12.89	14.34
EV/EBIT Average	9.8	10.33	10.8	10.19	10.76	11.71	13.35	12.1	23.38	33.85	23.9	20.41	18.52	22.17	23.96
EV/EBIT High	11.05	11.05	11.85	10.99	11.94	12.92	15.06	13.89	25.17	40.12	26.13	22.57	21.16	26.32	28.34
EV/EBIT Low	8.54	9.42	9.75	8.69	9.42	9.62	12.1	9.6	20.53	27.68	21.71	18.41	16.71	18.87	20.1
Last Price	175.64	182.96	179.16	153.25	131.45	158.55	146.54	108.57	128.03	120.24	133.66	140.89	163.55	219.83	296.21
High Price	186.16	202.29	206.22	190.28	168.4	162.33	174.59	163.46	146.09	151.63	145.99	153.21	166.34	239.35	324.9
Enterprise Value Average	214,920	237,517	232,108	207,271	177,591	171,843	175,452	159,881	176,219	157,817	164,043	166,839	173,712	223,324	299,364
Enterprise Value High	242,331	254,098	254,848	223,490	197,178	189,578	197,840	183,643	189,741	187,025	179,391	184,507	198,516	265,168	354,017
Enterprise Value Low	187,161	216,522	209,546	176,760	155,437	141,168	158,942	126,852	154,776	129,040	149,026	150,511	156,792	190,078	251,091

	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
Shares Outstanding	1,163	1,117	1,054	991	966	946	922	892	887	893	898	906	915	926	937
Diluted Weighted Avg Shares	1,214	1,155	1,103	1,010	983	959	937	916	893	897	905	912	922	937	949
Basic Weighted Avg Shares	1,197	1,142	1,094	1,004	979	955	933	912	887	890	896	903	911	922	932
Revenue per Share	89.32	90.04	89.87	92.4	83.52	83.65	84.84	87.27	65.05	61.98	64.01	67.05	67.89	68.08	72.44
EBITDA per Share	22.34	24.22	23.92	24.72	20.81	19.95	18.95	19.4	15.33	12.76	14.82	14.37	15.12	15.99	18.78
Operating Income per Share	18.31	20.12	19.64	20.25	16.87	15.36	14.09	14.49	8.5	5.24	7.66	9.06	10.3	10.93	13.4
Basic EPS, GAAP	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	6.53	11.36
Basic EPS from Cont Ops	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	6.53	11.34
Diluted EPS, GAAP	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	6.43	11.17
Diluted EPS from Cont Ops	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	6.42	11.14
Dividend per Share	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	6.67	6.71
Cash Flow per Share	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	14.59	14.15
Free Cash Flow per Basic Share	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	12.76	12.29
Cash & Equivalents per Share	9.96	9.74	10.11	8.44	8.37	8.93	13.49	13.15	10	15.49	8.09	9.68	14.75	15.83	15.46
Book Value per Share	127.81	146.83	165.95	189.64	203.73	216.34	222.65	235.04	246.67	246.29	236.08	230.61	231.47	230.57	234.87
Tangible Book Value per Share	-7.83	-12.3	-11.08	-21.55	-21.54	-23.55	-24.45	-24.59	-59.14	-52.54	-54.86	-49.97	-53.34	-47.7	-49.73

International Business Machines Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)