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) $120.25
No. shares of common stock outstanding 890,578,748
US$ in millions
Common equity (market value)1 107,092 
Add: Noncontrolling interests (per books) 144 
Total equity 107,236 
Add: Short-term debt (per books) 8,797 
Add: Long-term debt, excluding current maturities (per books) 54,102 
Total equity and debt 170,135 
Less: Cash and cash equivalents 8,172 
Less: Restricted cash 141 
Less: Marketable securities 696 
Enterprise value (EV) 161,126 

Based on: 10-K (filing date: 2020-02-25).

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 120.25 × 890,578,748

Historical Enterprise Value (EV)

International Business Machines Corp., EV calculation

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Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Share price1, 2 $141.71 $139.72 $156.55 $179.82 $132.40
No. shares of common stock outstanding1 888,408,023 889,866,256 921,167,894 943,212,551 960,880,915
US$ in millions
Common equity (market value)3 125,896  124,332  144,209  169,608  127,221 
Add: Noncontrolling interests (book value) 144  134  131  146  162 
Total equity 126,040  124,466  144,340  169,754  127,383 
Add: Short-term debt (book value) 8,797  10,207  6,987  7,513  6,461 
Add: Long-term debt, excluding current maturities (book value) 54,102  35,605  39,837  34,655  33,428 
Total equity and debt 188,939  170,278  191,164  211,922  167,272 
Less: Cash and cash equivalents 8,172  11,379  11,972  7,826  7,686 
Less: Restricted cash 141  225  262  —  — 
Less: Marketable securities 696  618  608  701  508 
Enterprise value (EV) 179,930  158,056  178,322  203,395  159,078 

Based on: 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), 10-K (filing date: 2016-02-23).

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 2019 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 141.71 × 888,408,023

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 decreased from 2017 to 2018 but then increased from 2018 to 2019 exceeding 2017 level.