Enterprise Value (EV)
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International Business Machines Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Current Enterprise Value (EV)
International Business Machines Corp., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Long-term debt, excluding current maturities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Restricted cash | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
International Business Machines Corp., EV calculation
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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of International Business Machines Corp. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A consistent upward trend is observed across most metrics from 2021 through 2024, followed by a decrease in 2025. Enterprise value demonstrates a notable increase over the period, though it experiences a decline in the most recent year.
- Enterprise Value Trend
- Enterprise value increased from US$155.684 billion in 2021 to US$279.256 billion in 2024, representing a substantial growth of approximately 79.4%. However, in 2025, enterprise value decreased to US$261.991 billion, indicating a potential shift in market valuation or capital structure. This decrease, while significant, does not erase the prior gains, leaving the 2025 value still considerably higher than the 2021 figure.
- Equity and Debt Relationship
- Total equity and debt exhibited a consistent increase from US$163.241 billion in 2021 to US$294.061 billion in 2024. Similar to enterprise value, this metric experienced a decline in 2025, falling to US$276.462 billion. The parallel movement between total equity and debt and enterprise value suggests a strong correlation between the company’s capital structure and its overall valuation.
- Common Equity vs. Total Equity
- Common equity (market value) and total equity values are very close throughout the observed period. This indicates that a significant portion of the company’s equity is represented by common stock. Both metrics follow the same trend of growth through 2024 and a subsequent decrease in 2025. The market value of common equity surpassed total equity in 2023 and 2024, suggesting positive market sentiment towards the company’s stock.
The observed pattern of growth followed by a decline in 2025 warrants further investigation. Potential factors contributing to this shift could include changes in macroeconomic conditions, industry-specific challenges, or company-specific performance issues. The consistency in the trends across multiple metrics suggests a broader valuation impact rather than isolated events.