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) $120.25
No. shares of common stock outstanding 890,578,748
US$ 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

Microsoft Excel LibreOffice Calc
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.