Stock Analysis on Net

International Business Machines Corp. (NYSE:IBM)

Common Stock Valuation Ratios (Price Multiples) 
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

International Business Machines Corp., historical price multiples (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 29.62 20.87 18.66 22.50 19.07 63.16 62.36 71.56 95.23 20.78 22.19 19.40 23.26 23.99 23.63 19.30 12.46 14.07 12.44 13.35
Price to operating profit (P/OP) 20.07 18.25 16.26 17.99 14.81 15.22 13.98 14.35 15.37 15.24 17.07 16.23 19.92 19.33 17.63 15.90 10.75 12.76 12.48 11.94
Price to sales (P/S) 3.03 2.82 2.46 2.73 2.16 2.11 1.89 1.94 1.99 1.95 2.10 1.94 1.82 1.96 1.83 1.47 1.31 1.47 1.46 1.63
Price to book value (P/BV) 7.75 7.32 6.56 7.49 5.72 5.76 5.29 5.34 5.99 5.98 6.43 5.90 4.99 5.83 5.93 5.24 4.65 5.39 5.61 6.04 6.67 7.52 7.55

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. International Business Machines Corp. P/E ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. International Business Machines Corp. P/OP ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. International Business Machines Corp. P/S ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. International Business Machines Corp. P/BV ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Earnings (P/E)

International Business Machines Corp., historical P/E calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 924,645,152 921,148,195 918,602,666 916,744,848 913,118,581 911,006,240 908,045,414 907,105,611 904,126,363 903,180,353 899,435,325 899,309,986 896,800,350 896,320,073 893,522,828 893,594,090 891,057,116 890,578,748 887,891,957 888,408,023 885,637,454 885,875,161 886,642,873
Selected Financial Data (US$)
Net income (loss) (in millions) (330) 1,834 1,605 3,288 1,704 1,583 927 2,710 (3,196) 1,392 733 2,333 1,130 1,325 955 1,356 1,698 1,361 1,175 3,670 1,672 2,498 1,591
Earnings per share (EPS)2 6.92 9.15 8.90 8.18 7.58 2.22 2.02 1.81 1.40 6.19 6.14 6.39 5.31 5.95 6.01 6.26 8.87 8.85 10.15 10.62 0.00 0.00 0.00
Share price1, 3 204.90 191.04 166.20 184.13 144.64 140.33 125.89 129.30 132.93 128.54 136.19 123.92 123.61 142.75 142.01 120.71 110.56 124.47 126.27 141.71 135.25 149.77 140.27
Valuation Ratio
P/E ratio4 29.62 20.87 18.66 22.50 19.07 63.16 62.36 71.56 95.23 20.78 22.19 19.40 23.26 23.99 23.63 19.30 12.46 14.07 12.44 13.35
Benchmarks
P/E Ratio, Competitors5
Accenture PLC 27.59 30.87 31.14 27.81 27.07 24.73 23.64 22.93 27.30 31.69 40.88 36.58 32.02 31.11 31.97 28.32 27.95 20.33 27.24 24.58
Adobe Inc. 42.53 46.15 47.07 49.64 44.69 45.30 36.72 33.15 27.18 35.27 45.03 48.90 47.07 49.98 40.82 41.69 58.43 55.97 45.60 57.17 49.46 52.86 47.73
Autodesk Inc. 51.63 53.66 51.85 51.99 67.83 78.07 95.44 82.51 43.19 50.71 46.55 47.53 142.59 157.79 157.35 152.72 263.67 556.06
Cadence Design Systems Inc. 76.54 69.10 72.17 78.64 68.16 73.71 67.89 59.70 55.98 59.24 56.00 53.88 66.92 59.14 61.38 62.89 29.42 28.44 21.90 20.22
CrowdStrike Holdings Inc.
Intuit Inc. 60.26 66.50 61.19 64.61 56.26 59.38 56.80 57.31 40.47 63.28 85.13 75.17 56.40 62.56 48.28 49.52 56.56 45.75 44.67 48.17
Microsoft Corp. 34.41 36.78 31.86 33.96 29.67 26.71 26.77 28.34 27.89 30.38 34.30 35.14 35.22 34.15 33.95 35.04 29.08 28.84 25.48 26.86
Oracle Corp. 32.94 27.34 32.03 38.96 27.11 24.69 35.29 26.85 27.46 26.70 17.45 15.84 15.15 17.19 17.88 16.69 14.05 15.99 16.13 16.89
Palo Alto Networks Inc. 41.23 37.18 127.16 170.35 290.24 1,656.40
Salesforce Inc. 94.07 136.55 547.14 879.57 528.78 324.46 174.67 135.68 147.95 110.94 48.91 48.20 58.10 104.23 1,204.70 188.52 139.92 106.17 107.70
ServiceNow Inc. 147.50 148.98 77.25 90.80 71.21 80.21 231.71 284.28 417.74 479.20 452.04 487.70 620.23 681.34 654.66 978.47 142.19 113.61 99.10 106.89
Synopsys Inc. 55.30 63.08 62.39 70.08 62.65 67.52 57.28 51.76 53.76 46.52 48.45 73.37 64.13 45.71 56.52 55.92 51.53 54.36 46.45 39.55 32.80 28.89 26.11

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
EPS = (Net income (loss)Q3 2024 + Net income (loss)Q2 2024 + Net income (loss)Q1 2024 + Net income (loss)Q4 2023) ÷ No. shares of common stock outstanding
= (-330,000,000 + 1,834,000,000 + 1,605,000,000 + 3,288,000,000) ÷ 924,645,152 = 6.92

3 Closing price as at the filing date of International Business Machines Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/E ratio = Share price ÷ EPS
= 204.90 ÷ 6.92 = 29.62

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. International Business Machines Corp. P/E ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Operating Profit (P/OP)

International Business Machines Corp., historical P/OP calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 924,645,152 921,148,195 918,602,666 916,744,848 913,118,581 911,006,240 908,045,414 907,105,611 904,126,363 903,180,353 899,435,325 899,309,986 896,800,350 896,320,073 893,522,828 893,594,090 891,057,116 890,578,748 887,891,957 888,408,023 885,637,454 885,875,161 886,642,873
Selected Financial Data (US$)
Operating income (in millions) 1,871 2,413 1,188 3,969 2,070 2,162 1,181 3,507 1,549 1,938 1,180 3,154 1,347 1,495 869 1,853 2,402 2,073 458 4,229 1,925 2,369 2,020
Operating profit per share2 10.21 10.47 10.22 10.23 9.77 9.22 9.00 9.01 8.65 8.44 7.98 7.63 6.20 7.38 8.05 7.59 10.28 9.75 10.11 11.87 0.00 0.00 0.00
Share price1, 3 204.90 191.04 166.20 184.13 144.64 140.33 125.89 129.30 132.93 128.54 136.19 123.92 123.61 142.75 142.01 120.71 110.56 124.47 126.27 141.71 135.25 149.77 140.27
Valuation Ratio
P/OP ratio4 20.07 18.25 16.26 17.99 14.81 15.22 13.98 14.35 15.37 15.24 17.07 16.23 19.92 19.33 17.63 15.90 10.75 12.76 12.48 11.94
Benchmarks
P/OP Ratio, Competitors5
Accenture PLC 20.96 24.43 24.40 21.69 21.16 18.24 17.50 16.83 19.98 23.62 31.03 28.35 25.67 24.96 25.29 22.21 21.16 15.44 20.55 18.63
Adobe Inc. 34.93 37.61 37.84 40.52 35.69 35.47 28.49 25.85 21.47 28.50 36.67 40.64 49.83 54.24 47.80 51.75 56.53 54.83 41.99 51.63 45.51 48.61 45.19
Autodesk Inc. 43.43 46.34 43.80 43.26 49.15 55.00 66.66 66.40 86.38 105.10 95.50 91.28 105.67 109.98 107.00 95.51 155.77 206.35 637.38
Cadence Design Systems Inc. 64.64 62.16 64.10 65.43 57.98 59.96 53.91 47.21 41.53 46.31 46.60 48.13 60.37 53.96 56.52 57.54 55.62 55.49 43.23 40.67
CrowdStrike Holdings Inc.
Intuit Inc. 48.74 53.07 46.91 49.04 41.32 43.34 43.50 46.05 33.22 53.54 71.64 62.00 46.48 52.54 39.99 41.56 49.11 39.04 37.66 40.45
Microsoft Corp. 28.04 30.20 26.16 27.76 24.15 21.76 22.07 24.72 24.66 27.51 31.35 30.79 30.72 29.13 28.71 29.30 25.90 25.91 22.91 24.54
Oracle Corp. 23.67 19.36 21.82 25.30 16.87 15.50 20.25 16.51 18.93 24.87 15.78 14.31 12.98 12.20 12.88 12.17 10.92 12.75 12.96 13.83
Palo Alto Networks Inc. 144.37 140.84 132.92 193.40 418.83 2,480.99
Salesforce Inc. 65.09 79.66 145.83 177.62 295.77 2,318.80 818.64 357.52 280.57 236.57 228.93 431.39 914.43 3,682.10 511.08 295.22 267.46 221.93 223.46
ServiceNow Inc. 156.39 159.12 156.78 206.26 174.57 225.28 224.96 260.26 357.30 404.46 408.11 436.46 570.38 493.80 404.36 583.07 475.62 421.22 625.53 1,590.30
Synopsys Inc. 55.89 63.48 63.96 67.90 61.35 62.50 50.41 43.85 48.91 42.54 47.17 75.64 65.25 49.28 59.98 59.90 58.40 54.81 48.73 40.48 45.42 45.04 38.51

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Operating profit per share = (Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024 + Operating incomeQ4 2023) ÷ No. shares of common stock outstanding
= (1,871,000,000 + 2,413,000,000 + 1,188,000,000 + 3,969,000,000) ÷ 924,645,152 = 10.21

3 Closing price as at the filing date of International Business Machines Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 204.90 ÷ 10.21 = 20.07

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. International Business Machines Corp. P/OP ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Sales (P/S)

International Business Machines Corp., historical P/S calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 924,645,152 921,148,195 918,602,666 916,744,848 913,118,581 911,006,240 908,045,414 907,105,611 904,126,363 903,180,353 899,435,325 899,309,986 896,800,350 896,320,073 893,522,828 893,594,090 891,057,116 890,578,748 887,891,957 888,408,023 885,637,454 885,875,161 886,642,873
Selected Financial Data (US$)
Revenue (in millions) 14,968 15,770 14,462 17,381 14,752 15,475 14,252 16,691 14,107 15,535 14,197 16,694 13,251 14,218 13,187 20,366 17,560 18,123 17,571 21,776 18,028 19,161 18,182
Sales per share2 67.68 67.70 67.57 67.48 66.99 66.44 66.72 66.73 66.95 66.07 64.89 63.77 68.04 72.89 77.49 82.39 84.20 84.77 86.20 86.84 0.00 0.00 0.00
Share price1, 3 204.90 191.04 166.20 184.13 144.64 140.33 125.89 129.30 132.93 128.54 136.19 123.92 123.61 142.75 142.01 120.71 110.56 124.47 126.27 141.71 135.25 149.77 140.27
Valuation Ratio
P/S ratio4 3.03 2.82 2.46 2.73 2.16 2.11 1.89 1.94 1.99 1.95 2.10 1.94 1.82 1.96 1.83 1.47 1.31 1.47 1.46 1.63
Benchmarks
P/S Ratio, Competitors5
Accenture PLC 2.98 3.36 3.32 2.98 3.05 2.72 2.67 2.56 3.04 3.57 4.72 4.28 3.86 3.72 3.75 3.26 3.11 2.26 3.01 2.72
Adobe Inc. 10.88 11.47 11.33 13.88 12.12 11.93 9.66 8.95 7.61 10.33 13.47 14.94 18.20 19.39 16.61 17.04 18.15 17.19 12.64 15.11 12.91 13.88 13.40
Autodesk Inc. 8.86 9.00 8.51 8.55 8.57 9.18 10.18 9.35 13.52 16.50 15.51 15.15 16.75 16.19 14.02 10.00 12.49 10.82 12.79 13.21
Cadence Design Systems Inc. 18.27 17.52 18.53 20.02 16.65 17.25 15.77 14.23 12.80 13.99 13.21 12.55 15.59 13.88 14.33 13.85 12.56 11.87 9.14 8.56
CrowdStrike Holdings Inc. 19.77 14.73 15.27 12.81 13.55 23.24 22.99 30.15 37.35 54.14 46.77 48.70 46.83 43.35 37.61 22.79
Intuit Inc. 11.71 12.20 10.73 10.72 8.95 8.44 8.01 9.30 7.87 12.04 17.26 16.09 13.50 14.16 12.12 11.78 11.03 10.47 10.18 11.05
Microsoft Corp. 12.54 13.34 11.25 11.60 9.86 8.83 9.20 10.40 10.50 11.70 13.21 12.81 12.33 11.43 10.96 10.85 9.70 9.52 8.07 8.38
Oracle Corp. 6.68 5.37 5.89 6.63 4.73 4.71 4.64 4.25 4.96 6.62 5.96 5.38 4.90 4.53 4.67 4.33 3.80 4.42 4.47 4.74
Palo Alto Networks Inc. 12.95 11.24 10.83 10.87 9.63 9.23 8.70 9.62 9.22 9.68 11.48 10.72 8.85 9.71 7.64 6.66 7.03 6.29 7.16 7.06
Salesforce Inc. 7.18 6.52 6.44 5.84 4.85 5.93 6.27 7.40 10.30 11.09 9.72 9.24 10.19 12.73 8.72 8.88 8.75 9.02 8.77 9.00
ServiceNow Inc. 18.83 17.15 15.71 17.52 13.33 14.25 12.17 12.75 12.13 13.36 16.11 19.02 24.74 22.46 20.63 25.66 23.60 20.92 18.03 19.36
Synopsys Inc. 13.30 14.54 14.32 14.75 11.72 11.75 10.44 10.03 11.21 9.86 9.78 13.22 11.85 9.27 10.69 10.08 9.21 7.59 6.65 6.27 6.21 5.41 4.85

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
Sales per share = (RevenueQ3 2024 + RevenueQ2 2024 + RevenueQ1 2024 + RevenueQ4 2023) ÷ No. shares of common stock outstanding
= (14,968,000,000 + 15,770,000,000 + 14,462,000,000 + 17,381,000,000) ÷ 924,645,152 = 67.68

3 Closing price as at the filing date of International Business Machines Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 204.90 ÷ 67.68 = 3.03

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. International Business Machines Corp. P/S ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.

Price to Book Value (P/BV)

International Business Machines Corp., historical P/BV calculation (quarterly data)

Microsoft Excel
Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 924,645,152 921,148,195 918,602,666 916,744,848 913,118,581 911,006,240 908,045,414 907,105,611 904,126,363 903,180,353 899,435,325 899,309,986 896,800,350 896,320,073 893,522,828 893,594,090 891,057,116 890,578,748 887,891,957 888,408,023 885,637,454 885,875,161 886,642,873
Selected Financial Data (US$)
Total IBM stockholders’ equity (in millions) 24,448 24,026 23,261 22,533 23,081 22,201 21,604 21,944 20,076 19,409 19,050 18,901 22,228 21,942 21,389 20,597 21,208 20,551 19,999 20,841 17,956 17,645 16,481
Book value per share (BVPS)2 26.44 26.08 25.32 24.58 25.28 24.37 23.79 24.19 22.20 21.49 21.18 21.02 24.79 24.48 23.94 23.05 23.80 23.08 22.52 23.46 20.27 19.92 18.59
Share price1, 3 204.90 191.04 166.20 184.13 144.64 140.33 125.89 129.30 132.93 128.54 136.19 123.92 123.61 142.75 142.01 120.71 110.56 124.47 126.27 141.71 135.25 149.77 140.27
Valuation Ratio
P/BV ratio4 7.75 7.32 6.56 7.49 5.72 5.76 5.29 5.34 5.99 5.98 6.43 5.90 4.99 5.83 5.93 5.24 4.65 5.39 5.61 6.04 6.67 7.52 7.55
Benchmarks
P/BV Ratio, Competitors5
Accenture PLC 6.92 8.00 8.03 7.44 7.65 7.22 7.26 7.13 8.46 9.85 12.45 11.06 9.57 9.27 9.38 8.51 8.64 6.53 8.73 8.15 8.50 8.38 7.22
Adobe Inc. 15.67 15.79 14.62 16.31 14.51 14.82 12.24 11.22 9.10 12.33 15.78 15.94 19.07 20.14 16.77 16.53 19.27 19.03 14.08 16.03 13.41 14.11 12.97
Autodesk Inc. 31.94 38.89 48.44 37.37 46.35 58.85 68.31 48.29 44.52 50.21 53.52 59.48 882.10 851.54
Cadence Design Systems Inc. 17.43 17.12 21.18 24.05 20.96 22.55 19.75 18.46 16.23 17.49 15.10 13.68 17.63 15.94 15.79 14.90 13.22 12.81 10.07 9.51 12.65 14.23 13.21
CrowdStrike Holdings Inc. 27.75 21.18 23.27 19.61 20.98 34.78 34.12 42.67 50.64 68.13 55.02 48.91 43.84 35.86 28.17 14.78 14.59 23.58 235.40
Intuit Inc. 9.87 10.89 9.31 8.92 7.16 7.29 6.64 7.20 5.97 8.81 18.30 15.71 12.05 12.32 18.11 17.71 15.95 20.02 19.43 20.00 15.37 23.25 18.21
Microsoft Corp. 11.72 12.74 11.13 11.92 10.52 9.84 10.77 12.38 12.40 13.52 15.32 15.16 14.67 13.45 13.07 13.11 11.75 11.61 9.87 10.30 10.10 8.86 9.14
Oracle Corp. 62.34 71.68 126.71 308.71 41.57 21.84 22.54 19.31 14.01 10.62 11.23 9.59 8.59 7.70 5.45 4.92
Palo Alto Networks Inc. 22.59 19.43 35.97 42.84 50.71 77.94 99.68 251.98 141.27 399.29 100.84 71.88 35.40 35.42 36.65 20.61 30.82 12.21 14.24 12.91 13.49 22.29 13.10
Salesforce Inc. 4.20 3.71 3.61 3.13 2.48 2.89 2.98 3.37 4.51 4.70 5.10 4.73 5.13 6.42 4.60 4.48 4.17 7.74 7.48 7.66 7.32 8.54 8.58
ServiceNow Inc. 21.21 19.70 18.37 20.60 15.73 16.49 16.55 18.36 18.56 21.02 25.22 30.36 38.72 35.47 32.82 40.91 37.26 33.38 29.58 31.48 31.83 38.92 41.50
Synopsys Inc. 10.75 12.58 13.16 14.02 10.87 10.66 9.58 9.24 9.90 8.43 8.17 10.50 9.38 7.26 8.37 7.57 7.04 6.04 5.41 5.16 5.22 4.47 4.08

Based on: 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q3 2024 Calculation
BVPS = Total IBM stockholders’ equity ÷ No. shares of common stock outstanding
= 24,448,000,000 ÷ 924,645,152 = 26.44

3 Closing price as at the filing date of International Business Machines Corp. Quarterly or Annual Report.

4 Q3 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 204.90 ÷ 26.44 = 7.75

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. International Business Machines Corp. P/BV ratio increased from Q1 2024 to Q2 2024 and from Q2 2024 to Q3 2024.