International Business Machines Corp. (IBM) | Price to FCFE (P/FCFE)

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Free Cash Flow to Equity (FCFE)

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International Business Machines Corp., FCFE calculation

USD $ in millions

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Net income
	Add: Net noncash charges
	Less: Changes in operating assets and liabilities, net of acquisitions/divestitures
	Net cash provided by operating activities
	Less: Payments for property, plant and equipment
	Add: Proceeds from disposition of property, plant and equipment
	Less: Investment in software
	Add: Short-term borrowings (repayments) less than 90 days, net
	Add: Proceeds from new debt
	Less: Payments to settle debt
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to International Business Machines Corp.'s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	International Business Machines Corp.'s FCFE increased from 2009 to 2010 and from 2010 to 2011.

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International Business Machines Corp., current P/FCFE

	International Business Machines Corp.	Technology
No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

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International Business Machines Corp., P/FCFE calculation

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)
	FCFE per share
	Share price^1, 2
	P/FCFE, Comparison to Industry
	International Business Machines Corp.
	Industry, Technology

¹ Data adjusted for splits and stock dividends.
² Close price on the filing date of International Business Machines Corp.'s Annual Report.

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders' equity.	International Business Machines Corp.'s P/FCFE ratio declined from 2009 to 2010 but then slightly increased from 2010 to 2011.