International Business Machines Corporation Financial Ratios — IBM US

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)

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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
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)

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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
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	5.15	5.29	5.1	5.2	5.47	5.5	4.9	4.82	4.48	3.84	5.2	5.63	5.53	5.81	5.86

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
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)

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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
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	204,476	204,624	189,073	151,927	127,061	150,100	135,256	96,986	113,683	107,422	120,036	127,659	149,650	203,626	277,535
- 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	223,973	226,889	217,863	184,319	158,918	183,887	169,630	130,935	173,117	158,851	168,020	173,011	196,224	247,517	327,818
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	0.14	0.15	0.18	0.22	0.25	0.23	0.28	0.35	0.39	0.41	0.33	0.31	0.31	0.24	0.2
EV/Sales	2.09	2.21	2.21	1.99	1.94	2.3	2.14	1.65	3	2.88	2.93	2.86	3.17	3.94	4.85
EV/EBITDA	8.38	8.2	8.32	7.42	7.8	9.65	9.59	7.4	12.73	13.99	12.65	13.33	14.24	16.79	18.72
EV/EBIT	10.22	9.87	10.13	9.06	9.63	12.53	12.91	9.91	22.97	34.07	24.47	21.17	20.91	24.57	26.24
EV/Cash Flow to Firm	11.11	11.38	12.23	10.69	9.01	10.39	9.96	8.29	10.75	7.88	12.07	14.06	12.81	16.26	21.6
EV/Free Cash Flow to Firm	9.02	9.2	9.92	8.6	7.29	8.42	8.15	6.62	9.11	6.79	10.07	12.11	11.45	14.64	19.38
Diluted Market Cap	213,374	211,588	197,790	154,914	129,294	152,136	137,488	99,574	114,412	107,897	120,909	128,534	150,809	206,025	281,014
Diluted Enterprise Value	232,871	234,570	226,930	187,306	161,659	186,624	172,470	134,141	174,542	159,926	169,493	174,738	197,756	250,560	332,127
EV per Share	192.55	203.06	206.62	186.08	164.56	194.41	183.94	146.71	195.15	177.95	187.09	190.94	214.45	267.21	349.88
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
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	8.7	8.71	9.15	7.36	6.04	7.16	6.71	5.18	6.47	5.04	7.77	10.36	9.58	13.62	18.82
EV/EBIT	10.22	9.87	10.13	9.06	9.63	12.53	12.91	9.91	22.97	34.07	24.47	21.17	20.91	24.57	26.24
Enterprise Value	223,973	226,889	217,863	184,319	158,918	183,887	169,630	130,935	173,117	158,851	168,020	173,011	196,224	247,517	327,818
Low Price	140.19	169.55	164.98	143.88	125.86	111.76	133.01	101.28	106.78	86.58	112.2	115.55	120.55	157.89	214.5
EV/Sales	2.09	2.21	2.21	1.99	1.94	2.3	2.14	1.65	3	2.88	2.93	2.86	3.17	3.94	4.85
EV/EBITDA	8.38	8.2	8.32	7.42	7.8	9.65	9.59	7.4	12.73	13.99	12.65	13.33	14.24	16.79	18.72
Price/Earnings	13.27	12.6	11.91	12.81	9.76	12.77	23.78	11.36	12.06	19.17	20.86	77.55	19.86	33.64	26.07
Price/Earnings Average	12.34	12.93	12.32	14.56	11.02	11.58	24.44	14.37	12.32	18.94	20.12	73.56	16.9	29.68	23.44
Price/Earnings High	14.07	13.93	13.71	15.91	12.51	13.08	28.33	17.09	13.76	24.17	22.8	84.33	20.2	36.63	28.59
Price/Earnings Low	10.58	11.67	10.95	12.02	9.34	8.99	21.57	10.58	10.05	13.79	17.51	63.6	14.64	24.16	18.88
Price/Book Value	10.15	10.85	8.3	12.8	8.91	8.23	7.69	5.77	5.45	5.22	6.35	5.82	6.64	7.46	8.5
Price/Book Value Average	9.44	11.13	8.59	14.55	10.06	7.46	7.9	7.31	5.57	5.15	6.13	5.52	5.65	6.58	7.64
Price/Book Value High	10.76	12	9.55	15.9	11.41	8.42	9.16	8.69	6.22	6.58	6.94	6.33	6.75	8.12	9.32
Price/Book Value Low	8.1	10.05	7.63	12.01	8.52	5.79	6.97	5.38	4.55	3.75	5.33	4.77	4.9	5.36	6.16
Price/Tangible Book Value	-21.59	-14.44	-15.42	-6.97	-5.98	-6.63	-5.9	-4.3	-2.16	-2.29	-2.44	-2.83	-3.07	-4.62	-5.97
Price/Tangible Book Value Average	-20.07	-14.82	-15.96	-7.92	-6.75	-6.01	-6.06	-5.44	-2.21	-2.26	-2.35	-2.68	-2.61	-4.08	-5.37
Price/Tangible Book Value High	-22.89	-15.96	-17.75	-8.66	-7.66	-6.79	-7.03	-6.47	-2.47	-2.89	-2.66	-3.07	-3.13	-5.03	-6.55
Price/Tangible Book Value Low	-17.22	-13.37	-14.19	-6.54	-5.72	-4.67	-5.35	-4.01	-1.8	-1.65	-2.05	-2.32	-2.27	-3.32	-4.33
Price/Sales	1.97	2.03	2	1.66	1.58	1.9	1.73	1.25	1.97	1.94	2.09	2.1	2.41	3.23	4.09
Price/Sales Average	1.83	2.09	2.07	1.89	1.78	1.72	1.78	1.58	2.01	1.92	2.01	1.99	2.05	2.85	3.68
Price/Sales High	2.09	2.25	2.3	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	1.84	1.56	1.51	1.34	1.57	1.16	1.64	1.4	1.75	1.72	1.78	2.32	2.96
Price/Cash Flow	10.6	10.68	11.22	9.13	7.46	8.87	8.18	6.5	7.7	5.89	9.36	12.19	10.7	15.07	20.93
Price/Cash Flow Average	9.86	10.96	11.62	10.38	8.42	8.05	8.41	8.23	7.87	5.82	9.03	11.56	9.1	13.3	18.82
Price/Cash Flow High	11.24	11.81	12.92	11.34	9.56	9.09	9.75	9.79	8.78	7.43	10.23	13.25	10.88	16.41	22.96
Price/Cash Flow Low	8.46	9.89	10.33	8.57	7.14	6.25	7.42	6.06	6.41	4.24	7.86	10	7.88	10.83	15.16
Price/Free Cash Flow Average	8.09	8.94	9.47	8.36	6.82	6.5	6.89	6.56	6.61	4.98	7.5	9.83	8.15	12.01	16.92
Price/Free Cash Flow High	9.23	9.63	10.53	9.14	7.74	7.34	7.99	7.8	7.39	6.35	8.49	11.27	9.74	14.83	20.64
Price/Free Cash Flow Low	6.94	8.06	8.41	6.9	5.78	5.05	6.08	4.83	5.39	3.62	6.52	8.5	7.06	9.78	13.63
EV/Sales Average	1.96	2.26	2.29	2.21	2.15	2.13	2.2	1.98	3.05	2.87	2.87	2.76	2.82	3.57	4.45
EV/Sales High	2.21	2.42	2.51	2.38	2.39	2.35	2.48	2.27	3.29	3.4	3.14	3.06	3.22	4.24	5.26
EV/Sales Low	1.71	2.06	2.06	1.88	1.88	1.75	1.99	1.57	2.68	2.34	2.6	2.49	2.54	3.04	3.73
EV/EBITDA Average	7.84	8.42	8.59	8.26	8.63	8.95	9.84	8.89	12.97	13.93	12.38	12.89	12.65	15.21	17.16
EV/EBITDA High	8.84	9.01	9.43	8.9	9.58	9.87	11.09	10.2	13.96	16.51	13.54	14.26	14.45	18.06	20.3
EV/EBITDA Low	6.83	7.68	7.76	7.04	7.56	7.36	8.92	7.06	11.39	11.39	11.24	11.63	11.41	12.94	14.39
EV/EBIT Average	9.56	10.13	10.46	10.08	10.65	11.62	13.24	11.9	23.39	33.93	23.95	20.47	18.57	22.25	24.06
EV/EBIT High	10.78	10.84	11.48	10.87	11.82	12.82	14.93	13.66	25.18	40.22	26.19	22.64	21.23	26.43	28.46
EV/EBIT Low	8.33	9.24	9.45	8.6	9.32	9.55	12	9.45	20.54	27.74	21.75	18.46	16.76	18.94	20.18
Last Price	175.79	183.13	179.32	153.38	131.57	158.69	146.67	108.67	128.15	120.34	133.66	140.89	163.55	219.83	296.21
High Price	186.33	202.48	206.41	190.45	168.55	162.48	174.75	163.6	146.22	151.77	146.12	153.21	166.34	239.35	324.9
Enterprise Value Average	209,570	232,986	224,846	205,027	175,795	170,594	173,977	157,309	176,310	158,192	164,398	167,292	174,242	224,195	300,602
Enterprise Value High	236,233	249,227	246,777	221,037	195,139	188,173	196,133	180,577	189,843	187,507	179,810	185,026	199,150	266,243	355,529
Enterprise Value Low	182,564	212,432	203,093	174,909	153,912	140,198	157,641	124,957	154,856	129,315	149,347	150,903	157,252	190,787	252,089

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	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)