$135.6 B

IBM Mkt cap, 18-Sep-2018

$20 B

IBM Revenue Q2, 2018
IBM Gross profit (Q2, 2018)9.2 B
IBM Gross profit margin (Q2, 2018), %46%
IBM Net income (Q2, 2018)2.4 B
IBM Cash, 30-Jun-201810.7 B
IBM EV170.4 B

IBM Revenue

IBM revenue was $79.14 b in FY, 2017 which is a 1% year over year decrease from the previous period.

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IBM Revenue Breakdown

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IBM revenue breakdown by business segment: 10.5% from Systems, 41.2% from Technology Services & Cloud, 19.7% from Global Business Services , 24.9% from Cognitive Solutions and 3.7% from Other

IBM revenue breakdown by geographic segment: 14.1% from Asia Pacific, 20.3% from Europe/Middle East/Africa and 65.6% from Americas

IBM Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

92.8 b81.7 b79.9 b79.1 b

Revenue growth, %

(7%)(12%)(2%)(1%)

Cost of goods sold

46.4 b41.1 b41.6 b42.9 b

Gross profit

46.4 b40.7 b38.3 b36.2 b

Gross profit Margin, %

50%50%48%46%

R&D expense

5.4 b5.2 b5.8 b5.8 b

General and administrative expense

23.2 b20.4 b21.1 b20.1 b

Operating expense total

28.6 b25.7 b26.8 b25.9 b

Interest expense

484 m468 m630 m615 m

Pre tax profit

20 b15.9 b12.3 b11.4 b

Income tax expense

4.2 b2.6 b449 m5.6 b

Net Income

12 b13.2 b11.9 b5.8 b

IBM Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Cash

8.5 b7.7 b7.8 b12 b

Accounts Receivable

9.1 b8.3 b9.2 b8.9 b

Prepaid Expenses

5 b4.2 b4.6 b3.9 b

Inventories

2.1 b1.6 b1.6 b1.6 b

Current Assets

49.4 b42.5 b43.9 b49.7 b

PP&E

10.8 b10.7 b10.8 b11.1 b

Goodwill

30.6 b32 b36.2 b36.8 b

Total Assets

117.5 b110.5 b117.5 b125.4 b

Accounts Payable

6.9 b6 b6.2 b6.5 b

Short-term debt

5.7 b6.5 b7.5 b7 b

Current Liabilities

39.6 b34.3 b36.3 b37.4 b

Long-term debt

35.1 b33.4 b34.7 b39.8 b

Non-Current Liabilities

65.9 b61.8 b62.8 b70.3 b

Total Debt

40.8 b39.9 b42.2 b46.8 b

Total Liabilities

105.5 b96.1 b99.1 b107.6 b

Common Stock

52.7 b53.3 b53.9 b54.6 b

Retained Earnings

137.8 b146.1 b152.8 b153.1 b

Total Equity

12 b14.4 b18.4 b17.6 b

EPS

11.9 13.4 12.4 6.1

Debt to Equity Ratio

3.4 x2.8 x2.3 x2.7 x

Debt to Assets Ratio

0.3 x0.4 x0.4 x0.4 x

Financial Leverage

9.8 x7.7 x6.4 x7.1 x

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

8.8 b8.4 b9.5 b14.4 b10 b9 b10.1 b11.7 b10.9 b11.9 b10.7 b

Accounts Receivable

8.8 b8.6 b8 b8.5 b8.8 b8.3 b8.4 b8.4 b8.2 b7.8 b7.4 b

Prepaid Expenses

5.9 b4.5 b4.2 b4.3 b4.7 b4.5 b4.7 b4.2 b4.4 b2.6 b2.4 b

Inventories

2 b1.9 b1.6 b1.7 b1.7 b1.7 b1.6 b1.6 b1.7 b1.8 b1.7 b

Current Assets

46.3 b45.2 b42.1 b47.6 b43.5 b41.4 b42.9 b45 b44.7 b49.1 b46.8 b

PP&E

10.5 b4.5 b10.7 b10.9 b11.1 b11.1 b10.9 b10.9 b11.1 b11.3 b11 b

Goodwill

29.9 b30.5 b30.3 b34.3 b36.4 b36.4 b36.3 b36.5 b36.8 b36.7 b36.5 b

Total Assets

112 b112.7 b108.6 b118.9 b118.1 b115.6 b117.5 b120.5 b121.6 b125.3 b121.6 b

Accounts Payable

6.3 b5.9 b5.2 b5.3 b5.5 b5.3 b5.3 b5.1 b5.4 b5.7 b5.5 b

Short-term debt

4.5 b5.3 b7.5 b5.3 b4.9 b6.9 b8.3 b8.1 b4.3 b6 b7.6 b

Current Liabilities

35.6 b35.5 b33.7 b34.7 b33.6 b34.4 b36.5 b36 b31.7 b35.7 b35.4 b

Long-term debt

34.3 b33.3 b32.1 b40.3 b39.6 b35.6 b34.4 b37.6 b41.3 b40.4 b37.9 b

Non-Current Liabilities

64.1 b63.4 b61.5 b69.1 b68.6 b64 b62.6 b66 b70.2 b71.3 b67.5 b

Total Debt

38.8 b38.7 b39.7 b45.6 b44.5 b42.5 b42.8 b45.7 b45.6 b46.4 b45.5 b

Total Liabilities

99.7 b98.9 b95.2 b103.8 b102.2 b98.4 b99 b102 b101.9 b107 b103 b

Common Stock

52.9 b53.1 b53.2 b53.4 b53.6 b53.8 b54.1 b54.2 b54.4 b54.7 b54.8 b

Retained Earnings

139 b141.2 b142.9 b146.9 b148.1 b149.6 b153.3 b154.2 b155.6 b156.4 b157.3 b

Total Equity

12.3 b13.8 b13.5 b15.1 b15.9 b17.2 b18.4 b18.5 b19.8 b18.3 b18.6 b

EPS

2.4 3.5 3 2.1 2.6 3 1.9 2.5 2.9 1.8 2.6

Debt to Equity Ratio

3.2 x2.8 x2.9 x3 x2.8 x2.5 x2.3 x2.5 x2.3 x2.5 x

Debt to Assets Ratio

0.3 x0.3 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x0.4 x

Financial Leverage

9.1 x8.1 x8.1 x7.9 x7.4 x6.7 x6.4 x6.5 x6.2 x6.8 x6.5 x

IBM Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Net Income

12 b13.2 b11.9 b5.8 b

Depreciation and Amortization

4.5 b3.9 b4.4 b4.5 b

Accounts Receivable

812 m712 m1.3 b

Inventories

(39 m)133 m(14 m)18 m

Accounts Payable

(456 m)81 m197 m47 m

Cash From Operating Activities

16.9 b17 b17 b16.7 b

Purchases of PP&E

(3.7 b)(3.6 b)(3.6 b)(3.2 b)

Cash From Investing Activities

(3 b)(8.2 b)(11 b)(7.1 b)

Long-term Borrowings

(4.6 b)(5.6 b)(6.4 b)(6.8 b)

Dividends Paid

(4.3 b)(4.9 b)(5.3 b)(5.5 b)

Cash From Financing Activities

(15.5 b)(9.2 b)(5.8 b)(6.4 b)

Net Change in Cash

(2.2 b)(790 m)140 m4.1 b

Interest Paid

1.1 b995 m1.2 b1.2 b

Income Taxes Paid

5.7 b2.7 b1.1 b1.6 b

Quarterly

USDQ1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

2.3 b5.8 b8.7 b2 b4.5 b7.4 b1.8 b4.1 b6.8 b1.7 b4.1 b

Depreciation and Amortization

968 m1.9 b2.9 b1 b2.1 b3.3 b1.1 b2.2 b3.4 b1.1 b2.2 b

Cash From Operating Activities

3.6 b7.5 b11.7 b5.6 b9.1 b13.3 b4 b7.4 b11 b4.6 b6.9 b

Purchases of PP&E

(857 m)(1.7 b)(2.7 b)(956 m)(1.8 b)(2.6 b)(740 m)(1.4 b)(2.3 b)(870 m)(1.8 b)

Cash From Investing Activities

560 m(1.4 b)(2.7 b)(2 b)(6.6 b)(7.6 b)350 m(1.4 b)(3.3 b)(1.8 b)(2.4 b)

Long-term Borrowings

(2.8 b)(4.5 b)(5.4 b)(2.2 b)(3.4 b)(5.6 b)(1.5 b)(2.1 b)(6.3 b)(3.3 b)(3.7 b)

Dividends Paid

(1.1 b)(2.4 b)(3.6 b)(1.3 b)(2.6 b)(3.9 b)(1.3 b)(2.7 b)(4.1 b)(1.4 b)(2.8 b)

Cash From Financing Activities

(3.4 b)(6 b)(7.8 b)2.8 b(322 m)(4.5 b)(2.1 b)(2.7 b)(5.5 b)(2.9 b)(5.4 b)

Net Change in Cash

319 m(83 m)1 b6.7 b2.3 b1.4 b2.3 b3.9 b3.1 b28 m(1.3 b)

IBM Ratios

USDY, 2018

EV/CFO

24.7 x

Financial Leverage

6.5 x

P/E Ratio

56.9
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IBM Operating Metrics

FY, 2014FY, 2015FY, 2016FY, 2017

Patents Issued

7.53 k7.36 k8.09 k9.04 k

Bookings

$128.40 b$120.70 b$118.70 b$121 b

Data Centers

46 46 50 58

Countries

175 175 175 175

Electronic Health Records (Watson Health Cloud )

100 m

Claims Records (Watson Health Cloud)

200 m

Images (Watson Health Cloud)

30 b
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