International Business Machines Corp. (IBM)

International Business Machines Corp., FCFE calculation

USD $ in millions

	12 months ended	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	Net income attributable to IBM
	Net income attributable to noncontrolling interest
	Net noncash charges
	Changes in operating assets and liabilities, net of acquisitions/divestitures
	Net cash provided by operating activities
	Payments for property, plant and equipment
	Proceeds from disposition of property, plant and equipment
	Investment in software
	Proceeds from new debt
	Payments to settle debt
	Short-term borrowings (repayments) less than 90 days, net
	Free cash flow to equity (FCFE)

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

International Business Machines Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Adobe Inc.
Alphabet Inc.
Facebook Inc.
Microsoft Corp.
Oracle Corp.
salesforce.com inc.
P/FCFE, Sector
Software & Computer Services
P/FCFE, Industry
Technology

Based on: 10-K (filing date: 2018-02-27).

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

International Business Machines Corp., historical P/FCFE calculation, comparison to benchmarks

		Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013
	No. shares of common stock outstanding1
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)2
	FCFE per share4
	Share price1, 3
	Ratio
	P/FCFE5
	Benchmarks
	P/FCFE, Competitors
	Adobe Inc.
	Alphabet Inc.
	Facebook Inc.
	Microsoft Corp.
	Oracle Corp.
	salesforce.com inc.
	P/FCFE, Sector
	Software & Computer Services
	P/FCFE, Industry
	Technology

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

2017 Calculations