Stock Analysis on Net
Stock Analysis on Net
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International Business Machines Corp. (NYSE:IBM)

Enterprise Value (EV)

Intermediate level

Current Enterprise Value (EV)

International Business Machines Corp., current enterprise value calculation

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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

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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.