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International Business Machines Corp. (IBM)


Price to FCFE (P/FCFE)

Medium level of difficulty


Free Cash Flow to Equity (FCFE)

International Business Machines Corp., FCFE calculation

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Net income attributable to IBM hidden hidden hidden hidden hidden
Net income attributable to noncontrolling interest hidden hidden hidden hidden hidden
Net noncash charges hidden hidden hidden hidden hidden
Changes in operating assets and liabilities, net of acquisitions/divestitures hidden hidden hidden hidden hidden
Net cash provided by operating activities hidden hidden hidden hidden hidden
Payments for property, plant and equipment hidden hidden hidden hidden hidden
Proceeds from disposition of property, plant and equipment hidden hidden hidden hidden hidden
Investment in software hidden hidden hidden hidden hidden
Proceeds from new debt hidden hidden hidden hidden hidden
Payments to settle debt hidden hidden hidden hidden hidden
Short-term borrowings (repayments) less than 90 days, net hidden hidden hidden hidden hidden
Free cash flow to equity (FCFE) hidden hidden hidden hidden hidden

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

Microsoft Excel LibreOffice Calc
No. shares of common stock outstanding hidden
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) hidden
FCFE per share hidden
Current share price (P) hidden
Valuation Ratio
P/FCFE hidden
Benchmarks
P/FCFE, Competitors1
Adobe Inc. hidden
Alphabet Inc. hidden
Facebook Inc. hidden
Intuit Inc. hidden
Microsoft Corp. hidden
Oracle Corp. hidden
salesforce.com inc. hidden
P/FCFE, Sector
Software & Computer Services hidden
P/FCFE, Industry
Technology hidden

Based on: 10-K (filing date: 2019-02-26).

1 Click competitor name to see calculations.

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

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 hidden hidden hidden hidden hidden
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 hidden hidden hidden hidden hidden
FCFE per share3 hidden hidden hidden hidden hidden
Share price1, 4 hidden hidden hidden hidden hidden
Valuation Ratio
P/FCFE5 hidden hidden hidden hidden hidden
Benchmarks
P/FCFE, Competitors6
Adobe Inc. hidden hidden hidden hidden hidden
Alphabet Inc. hidden hidden hidden hidden hidden
Facebook Inc. hidden hidden hidden hidden hidden
Intuit Inc. hidden hidden hidden hidden hidden
Microsoft Corp. hidden hidden hidden hidden hidden
Oracle Corp. hidden hidden hidden hidden hidden
salesforce.com inc. hidden hidden hidden hidden hidden
P/FCFE, Sector
Software & Computer Services hidden hidden hidden hidden hidden
P/FCFE, Industry
Technology hidden hidden hidden hidden hidden

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.

2 See details »

3 2018 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= hidden ÷ hidden = hidden

4 Closing price as at the filing date of International Business Machines Corp.’s Annual Report.

5 2018 Calculation
P/FCFE = Share price ÷ FCFE per share
= hidden ÷ hidden = hidden

6 Click competitor name to see calculations.

Valuation 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.