Price to Book Value (P/BV)
since 2005
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International Business Machines Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Calculation
International Business Machines Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total IBM stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2021 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2017 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2016 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2015 | = | ÷ | = | ÷ | |||||||
| Feb 25, 2014 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2012 | = | ÷ | = | ÷ | |||||||
| Feb 22, 2011 | = | ÷ | = | ÷ | |||||||
| Feb 23, 2010 | = | ÷ | = | ÷ | |||||||
| Feb 24, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 26, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 27, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 28, 2006 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of International Business Machines Corp. Annual Report.
The price-to-book value (P/BV) ratio exhibited considerable fluctuation between 2006 and 2026. Initially, the ratio demonstrated an increasing trend, followed by periods of volatility and, ultimately, a renewed increase towards the end of the observed period.
- Initial Increasing Trend (2006-2008)
- From 2006 to 2008, the P/BV ratio increased from 3.80 to 5.56. This suggests a growing investor confidence in the company’s ability to generate earnings relative to its book value. The share price increased at a faster rate than the book value per share during this period.
- Volatility and Peak (2009-2011)
- A significant spike in the P/BV ratio occurred in 2009, reaching 8.61, driven primarily by a substantial decline in book value per share. While the share price decreased, the book value decreased more dramatically. The ratio then moderated slightly in 2010 and 2011, remaining elevated at 7.26 and 8.57 respectively. This period indicates a potential overvaluation relative to book value, or a market expectation of significant future growth not yet reflected in the book value.
- Fluctuation and Moderation (2012-2015)
- The P/BV ratio experienced further fluctuations between 2012 and 2015. It peaked at 11.39 in 2012, then decreased to 8.37 in 2014 before rising sharply to 13.73 in 2015. This volatility suggests changing market perceptions and potentially varying investor sentiment. The increase in 2015 was driven by a larger decrease in book value per share than the share price.
- Decline and Stabilization (2016-2019)
- From 2016 to 2019, the P/BV ratio generally declined, moving from 8.92 to 7.40. This indicates a convergence between the share price and the book value, or a decrease in investor willingness to pay a premium for the company’s book value. The ratio stabilized in this range, suggesting a more balanced valuation.
- Recent Trends (2020-2026)
- The P/BV ratio continued to fluctuate, decreasing to a low of 5.24 in 2021, then increasing to 8.75 in 2024, and finally moderating to 6.59 in 2026. This recent trend suggests a renewed, but not overwhelming, investor confidence. The book value per share has increased at a faster rate than the share price in the last few years, contributing to the recent moderation of the ratio.
Overall, the P/BV ratio demonstrates a dynamic relationship between share price and book value, influenced by market conditions and investor expectations. The observed fluctuations suggest that the company’s valuation has been subject to periodic reassessments.
Comparison to Competitors
International Business Machines Corp., P/BV, long-term trends, comparison to competitors
| International Business Machines Corp. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | CrowdStrike Holdings Inc. | Datadog Inc. | Intuit Inc. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 24, 2026 | ||||||||||||||||
| Feb 25, 2025 | ||||||||||||||||
| Feb 26, 2024 | ||||||||||||||||
| Feb 28, 2023 | ||||||||||||||||
| Feb 22, 2022 | ||||||||||||||||
| Feb 23, 2021 | ||||||||||||||||
| Feb 25, 2020 | ||||||||||||||||
| Feb 26, 2019 | ||||||||||||||||
| Feb 27, 2018 | ||||||||||||||||
| Feb 28, 2017 | ||||||||||||||||
| Feb 23, 2016 | ||||||||||||||||
| Feb 24, 2015 | ||||||||||||||||
| Feb 25, 2014 | ||||||||||||||||
| Feb 26, 2013 | ||||||||||||||||
| Feb 28, 2012 | ||||||||||||||||
| Feb 22, 2011 | ||||||||||||||||
| Feb 23, 2010 | ||||||||||||||||
| Feb 24, 2009 | ||||||||||||||||
| Feb 26, 2008 | ||||||||||||||||
| Feb 27, 2007 | ||||||||||||||||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Software & Services)
International Business Machines Corp., P/BV, long-term trends, comparison to sector (software & services)
| International Business Machines Corp. | Software & Services | |
|---|---|---|
| Feb 24, 2026 | ||
| Feb 25, 2025 | ||
| Feb 26, 2024 | ||
| Feb 28, 2023 | ||
| Feb 22, 2022 | ||
| Feb 23, 2021 | ||
| Feb 25, 2020 | ||
| Feb 26, 2019 | ||
| Feb 27, 2018 | ||
| Feb 28, 2017 | ||
| Feb 23, 2016 | ||
| Feb 24, 2015 | ||
| Feb 25, 2014 | ||
| Feb 26, 2013 | ||
| Feb 28, 2012 | ||
| Feb 22, 2011 | ||
| Feb 23, 2010 | ||
| Feb 24, 2009 | ||
| Feb 26, 2008 | ||
| Feb 27, 2007 | ||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Information Technology)
International Business Machines Corp., P/BV, long-term trends, comparison to industry (information technology)
| International Business Machines Corp. | Information Technology | |
|---|---|---|
| Feb 24, 2026 | ||
| Feb 25, 2025 | ||
| Feb 26, 2024 | ||
| Feb 28, 2023 | ||
| Feb 22, 2022 | ||
| Feb 23, 2021 | ||
| Feb 25, 2020 | ||
| Feb 26, 2019 | ||
| Feb 27, 2018 | ||
| Feb 28, 2017 | ||
| Feb 23, 2016 | ||
| Feb 24, 2015 | ||
| Feb 25, 2014 | ||
| Feb 26, 2013 | ||
| Feb 28, 2012 | ||
| Feb 22, 2011 | ||
| Feb 23, 2010 | ||
| Feb 24, 2009 | ||
| Feb 26, 2008 | ||
| Feb 27, 2007 | ||
| Feb 28, 2006 |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).