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International Business Machines Corp. (IBM)
Price to FCFE (P/FCFE)
Difficulty: Intermediate
Free Cash Flow to Equity (FCFE)
International Business Machines Corp., FCFE calculation
USD $ in millions
Based on: 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), 10-K (filing date: 2015-02-24).
| Item | Description | The company |
|---|---|---|
| FCFE | Free cash flow to equity is the cash flow available to International Business Machines Corp.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. | International Business Machines Corp.’s FCFE increased from 2016 to 2017 but then declined significantly from 2017 to 2018. |
Price to FCFE Ratio, Current
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. | |
| Intuit Inc. | |
| Microsoft Corp. | |
| Oracle Corp. | |
| salesforce.com inc. | |
| P/FCFE, Sector | |
| Software & Computer Services | |
| P/FCFE, Industry | |
| Technology | |
Based on: 10-K (filing date: 2019-02-26).
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.
Price to FCFE Ratio, Historical
International Business Machines Corp., historical P/FCFE calculation, comparison to benchmarks
Based on: 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), 10-K (filing date: 2015-02-24).
1 Data adjusted for splits and stock dividends.
3 Close price on the filing date of International Business Machines Corp.’s Annual Report.
2018 Calculations
4 FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
5 P/FCFE = Share price ÷ FCFE per share
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| P/FCFE | Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. | International Business Machines Corp.’s P/FCFE ratio declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level. |