International Business Machines Corp., current enterprise value calculation

Current share price (P)	$251.35
No. shares of common stock outstanding	927,264,332
US$ in millions
Common equity (market value)¹	233,068)
Add: Noncontrolling interests (per books)	86)
Total equity	233,154)
Add: Short-term debt (per books)	5,089)
Add: Long-term debt, excluding current maturities (per books)	49,884)
Total equity and debt	288,127)
Less: Cash and cash equivalents	13,947)
Less: Restricted cash	214)
Less: Marketable securities	644)
Enterprise value (EV)	273,322)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 251.35 × 927,264,332

International Business Machines Corp., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$257.75	$184.13	$129.30	$123.92	$120.71
No. shares of common stock outstanding¹	927,264,332	916,744,848	907,105,611	899,309,986	893,594,090
US$ in millions
Common equity (market value)³	239,002)	168,800)	117,289)	111,442)	107,866)
Add: Noncontrolling interests (book value)	86)	80)	77)	95)	130)
Total equity	239,088)	168,880)	117,366)	111,537)	107,996)
Add: Short-term debt (book value)	5,089)	6,426)	4,760)	6,787)	7,183)
Add: Long-term debt, excluding current maturities (book value)	49,884)	50,121)	46,189)	44,917)	54,355)
Total equity and debt	294,061)	225,427)	168,315)	163,241)	169,534)
Less: Cash and cash equivalents	13,947)	13,068)	7,886)	6,650)	13,212)
Less: Restricted cash	214)	21)	103)	307)	463)
Less: Marketable securities	644)	373)	852)	600)	600)
Enterprise value (EV)	279,256)	211,965)	159,474)	155,684)	155,259)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of International Business Machines Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 257.75 × 927,264,332

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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. EV increased from 2022 to 2023 and from 2023 to 2024.

International Business Machines Corp. (NYSE:IBM)

Enterprise Value (EV)