International Business Machines Corp., current enterprise value calculation

Current share price (P)	$168.91
No. shares of common stock outstanding	916,744,848
US$ in millions
Common equity (market value)¹	154,847)
Add: Noncontrolling interests (per books)	80)
Total equity	154,927)
Add: Short-term debt (per books)	6,426)
Add: Long-term debt, excluding current maturities (per books)	50,121)
Total equity and debt	211,474)
Less: Cash and cash equivalents	13,068)
Less: Restricted cash	21)
Less: Marketable securities	373)
Enterprise value (EV)	198,012)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 168.91 × 916,744,848

International Business Machines Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$184.13	$129.30	$123.92	$120.71	$141.71
No. shares of common stock outstanding¹	916,744,848	907,105,611	899,309,986	893,594,090	888,408,023
US$ in millions
Common equity (market value)³	168,800)	117,289)	111,442)	107,866)	125,896)
Add: Noncontrolling interests (book value)	80)	77)	95)	130)	144)
Total equity	168,880)	117,366)	111,537)	107,996)	126,040)
Add: Short-term debt (book value)	6,426)	4,760)	6,787)	7,183)	8,797)
Add: Long-term debt, excluding current maturities (book value)	50,121)	46,189)	44,917)	54,355)	54,102)
Total equity and debt	225,427)	168,315)	163,241)	169,534)	188,939)
Less: Cash and cash equivalents	13,068)	7,886)	6,650)	13,212)	8,172)
Less: Restricted cash	21)	103)	307)	463)	141)
Less: Marketable securities	373)	852)	600)	600)	696)
Enterprise value (EV)	211,965)	159,474)	155,684)	155,259)	179,930)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of International Business Machines Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 184.13 × 916,744,848

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	International Business Machines Corp. EV increased from 2021 to 2022 and from 2022 to 2023.

International Business Machines Corp. (NYSE:IBM)

Enterprise Value (EV)