International Business Machines Corporation Shs Thailand Depositary Receipts Repr 1 Sh Financial Ratios — IBM23

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 (%)	29.29	29.96	27.33	23.47	23.01	21.71	9.86	14.41	8.7	- -	7.94	- -	9.52	- -	- -
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 (%)	24.51	26.08	25.41	24.81	23.91	22.44	22.02	21.4	22.44	15.09	22.9	21.39	21.58	23.32	24.94
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	- -	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	1.2	1.24	1.59	1.77	2.04	2.35	2.69	2.69	5.26	7.82	4.2	4.17	4.49	3.99	3.84
Net Debt/EBITDA	0.74	0.85	1.16	1.4	1.65	1.92	2	2.02	4.23	5.78	3.43	3.33	3.26	2.8	2.83
Total Debt/EBIT	1.46	1.5	1.96	2.2	2.54	3.11	3.63	3.65	9.89	39.91	8.21	6.63	6.7	5.86	5.46
Net Debt/EBIT	0.91	1.03	1.43	1.74	2.05	2.53	2.7	2.74	7.94	29.52	6.71	5.29	4.86	4.11	4.03
EBITDA to Interest Expense	63.77	58.46	62.17	47.57	41.76	28.47	28.33	23.56	9.64	6.46	11.37	10.65	8.31	8.55	8.7
EBITDA-CapEx/Interest Expense	52.41	48.18	51.87	38.93	32.89	21.88	22.2	18.07	7.47	3.96	8.98	9.03	7.18	7.57	7.81
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	26,209	26,832	24,991	23,024	19,545	17,933	17,426	17,032	12,953	8,326	13,136	12,947	13,348	14,637	16,843
EBITDA-CapEx	21,542	22,115	20,851	18,841	15,394	13,783	13,653	13,068	10,046	5,096	10,368	10,975	11,538	12,952	15,105
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- 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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
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	26,209	26,832	24,991	23,024	19,545	17,933	17,426	17,032	12,953	8,326	13,136	12,947	13,348	14,637	16,843
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	- -	13,921	- -	15,321	- -	- -
TTM Free Cash Flow to Firm	15,489	15,215	13,680	13,066	13,496	13,541	13,262	11,839	13,196	- -	11,153	- -	13,511	- -	- -

Multiples (USD)

Valuation Multiples API ChatGPT

No data availableFinancial data will appear here once available

Per Share Data Items (USD)

Per-Share Data 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

Shares Outstanding	3,619,472	3,476,910	3,280,946	3,082,210	3,005,056	2,943,253	2,869,543	2,777,126	2,760,419	2,777,667	2,794,518	2,819,484	2,847,246	2,882,334	2,915,511
Diluted Weighted Avg Shares	3,776,978	3,595,255	3,432,202	3,142,814	3,057,865	2,983,184	2,916,905	2,851,248	2,778,123	2,789,948	2,814,841	2,838,705	2,869,296	2,916,162	2,951,990
Basic Weighted Avg Shares	3,724,702	3,555,114	3,405,753	3,125,078	3,045,418	2,972,916	2,902,591	2,837,868	2,760,698	2,770,344	2,788,081	2,808,818	2,835,379	2,868,263	2,901,017
Revenue per Share	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.02	0.02	0.02	0.02
EBITDA per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	- -	- -	- -	- -	- -	0.01	0.01
Operating Income per Share	0.01	0.01	0.01	0.01	0.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	0.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	0.01	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	0.01	- -
Book Value per Share	0.01	0.01	0.01	- -	- -	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Tangible Book Value per Share	- -	- -	- -	-0.01	-0.01	-0.01	-0.01	-0.01	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02	-0.02