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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

International Business Machines Corp., EBITDA calculation

USD $ in millions

 
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Net income attributable to IBM
Add: Net income attributable to noncontrolling interest
Less: Loss from discontinued operations, net of tax
Add: Income tax expense
Earnings before tax (EBT)
Add: Interest expense
Earnings before interest and tax (EBIT)
Add: Depreciation
Add: Amortization of intangibles
Earnings before interest, tax, depreciation and amortization (EBITDA)
Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. International Business Machines Corp.'s EBITDA declined from 2015 to 2016 and from 2016 to 2017.

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Enterprise Value to EBITDA Ratio, Current

International Business Machines Corp., current EV/EBITDA calculation, comparison to benchmarks

 
Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Earnings before interest, tax, depreciation and amortization (EBITDA)
Ratio
EV/EBITDA
Benchmarks
EV/EBITDA, Competitors
Adobe Systems Inc.
Alphabet Inc.
Facebook Inc.
Microsoft Corp.
Oracle Corp.
salesforce.com inc.
EV/EBITDA, Sector
Software & Computer Services
EV/EBITDA, Industry
Technology

If company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.

Otherwise, if company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

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Enterprise Value to EBITDA Ratio, Historical

International Business Machines Corp., historical EV/EBITDA calculation, comparison to benchmarks

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Enterprise value (EV)1
Earnings before interest, tax, depreciation and amortization (EBITDA)2
Ratio
EV/EBITDA3
Benchmarks
EV/EBITDA, Competitors
Adobe Systems Inc.
Alphabet Inc.
Facebook Inc.
Microsoft Corp.
Oracle Corp.
salesforce.com inc.
EV/EBITDA, Sector
Software & Computer Services
EV/EBITDA, Industry
Technology

2017 Calculations

3 EV/EBITDA = EV ÷ EBITDA
= ÷ =

Ratio Description The company
EV/EBITDA EV/EBITDA is a valuation indicator for the overall company rather than common stock. International Business Machines Corp.'s EV/EBITDA ratio increased from 2015 to 2016 but then slightly declined from 2016 to 2017.

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