Stock Analysis on Net
Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

Enterprise Value (EV)

Intermediate level

Current Enterprise Value (EV)

International Business Machines Corp., current enterprise value calculation

Microsoft Excel LibreOffice Calc
Current share price (P) $146.65
No. shares of common stock outstanding 893,522,828
US$ in millions
Common equity (market value)1 131,035 
Add: Noncontrolling interests (per books) 130 
Total equity 131,165 
Add: Short-term debt (per books) 7,183 
Add: Long-term debt, excluding current maturities (per books) 54,355 
Total equity and debt 192,703 
Less: Cash and cash equivalents 13,212 
Less: Restricted cash 463 
Less: Marketable securities 600 
Enterprise value (EV) 178,428 

Based on: 10-K (filing date: 2021-02-23).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 146.65 × 893,522,828


Historical Enterprise Value (EV)

International Business Machines Corp., EV calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Share price1, 2 $120.71 $141.71 $139.72 $156.55 $179.82
No. shares of common stock outstanding1 893,594,090 888,408,023 889,866,256 921,167,894 943,212,551
US$ in millions
Common equity (market value)3 107,866  125,896  124,332  144,209  169,608 
Add: Noncontrolling interests (book value) 130  144  134  131  146 
Total equity 107,996  126,040  124,466  144,340  169,754 
Add: Short-term debt (book value) 7,183  8,797  10,207  6,987  7,513 
Add: Long-term debt, excluding current maturities (book value) 54,355  54,102  35,605  39,837  34,655 
Total equity and debt 169,534  188,939  170,278  191,164  211,922 
Less: Cash and cash equivalents 13,212  8,172  11,379  11,972  7,826 
Less: Restricted cash 463  141  225  262  — 
Less: Marketable securities 600  696  618  608  701 
Enterprise value (EV) 155,259  179,930  158,056  178,322  203,395 

Based on: 10-K (filing date: 2021-02-23), 10-K (filing date: 2020-02-25), 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28).

1 Data adjusted for splits and stock dividends.

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

3 2020 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 120.71 × 893,594,090

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.’s EV increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.