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International Business Machines Corporation (IBM) 财务分析 | 估值·财报 | 100Baggers.club

International Business Machines Corporation

IBM

International Business Machines Corporation provides integrated solutions and services worldwide. The company operates through four business segments: Software, Consulting, Infrastructure, and Financing. The Software segment offers hybrid cloud platform and software solutions, such as Red Hat, an enterprise open-source solutions; software for business automation, AIOps and management, integration, and application servers; data and artificial intelligence solutions; and security software and services for threat, data, and identity. This segment also provides transaction processing software that supports clients' mission-critical and on-premise workloads in banking, airlines, and retail industries. The Consulting segment offers business transformation services, including strategy, business process design and operations, data and analytics, and system integration services; technology consulting services; and application and cloud platform services. The Infrastructure segment provides on-premises and cloud-based server and storage solutions for its clients' mission-critical and regulated workloads; and support services and solutions for hybrid cloud infrastructure, as well as remanufacturing and remarketing services for used equipment. The Financing segment offers lease, installment payment, loan financing, and short-term working capital financing services. The company was formerly known as Computing-Tabulating-Recording Co. International Business Machines Corporation was incorporated in 1911 and is headquartered in Armonk, New York.

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

56.23%

毛利润 = $8.95B

营业收入 = $15.92B

Operating Profit Margini营业利润率

8.54%

营业利润 = $1.36B

营业收入 = $15.92B

EBITDA MarginiEBITDA利润率

11.48%

EBITDA = $1.83B

营业收入 = $15.92B

EBIT MarginiEBIT利润率

11.69%

EBIT = $1.39B

营业收入 = $15.92B

Net Profit Margini净利率

7.64%

净利润 = $1.22B

营业收入 = $15.92B

Pretax Profit Margini税前利润率

8.71%

税前利润 = $1.39B

营业收入 = $15.92B

E

运营效率指标

Interest Coveragei利息保障倍数

6.41x

EBIT (TTM) = $12.51B

利息费用 (TTM) = $1.95B

4.4x

4.4x

6.0x

6.3x

6.4x

SG&A / Revenuei销管费率

31.97%

销售及管理费用 = $5.09B

营业收入 = $15.92B

R&D / Revenuei研发占比

13.65%

研发费用 = $2.17B

营业收入 = $15.92B

R

回报率指标 (TTM)

ROAi总资产回报率

7.12%

净利润 = $10.75B

平均总资产 = $150.95B

ROEi净资产收益率

35.93%

净利润 = $10.75B

平均股东权益 = $29.93B

ROICi投入资本回报率

13.71%

NOPAT (TTM) = $11.27B

平均投入资本 = $82.20B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

9.46%

当期营收 = $15.92B

去年同期营收 = $14.54B

+0.6%

+7.7%

+9.1%

+12.2%

+9.5%

Operating Cash Flow/Sharei每股经营现金流

$14.69

经营现金流 = $13.99B

流通股数 = 0.95B

$14.44

$14.03

$14.21

$13.85

$14.69

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+9.5%	$15.92B	↑
毛利	+11.4%	$8.95B, 56.23%	↑
营业利润	-22.9%	$1.36B, 8.54%	↓
EBITDA	-34.5%	$1.83B, 11.48%	↓
税前利润	+19.8%	$1.39B, 8.71%	↑
净利润	+15.3%	$1.22B, 7.64%	↑
稀释每股收益	+14.3%	1.28	↑

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L

流动性指标

Current Ratioi流动比率

0.80

关注

流动资产 = $31.91B

流动负债 = $40.10B

Quick Ratioi速动比率

0.68

关注

速动资产 = $30.44B

流动负债 = $40.10B

Cash Ratioi现金比率

0.29

正常

现金及等价物 = $11.78B

流动负债 = $40.10B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

2.14

关注

总债务 = $70.60B

总权益 = $32.97B

Liabilities to Assetsi资产负债率 (总负债)

78.8%

关注

总负债 = $123.17B

总资产 = $156.23B

Equity Multiplieri权益乘数

4.74

关注

总资产 = $156.23B

总权益 = $32.97B

E

效率指标

Asset Turnoveri总资产周转率

0.46

关注

营收 (TTM) = $68.91B

平均总资产 = $150.95B

Inventory Turnoveri存货周转率

20.98

健康

营业成本 (TTM) = $28.27B

平均存货 = $1.35B

Receivables Turnoveri应收账款周转率

4.32

正常

营收 (TTM) = $68.91B

平均应收账款 = $15.94B

S

偿债能力

Interest Coveragei利息保障倍数

6.41

健康

EBIT (TTM) = $12.51B

利息费用 (TTM) = $1.95B

Net Debt to EBITDAi净债务/EBITDA

3.66

关注

净债务 = $59.78B

EBITDA (TTM) = $16.32B

Debt Service Coveragei偿债覆盖率

1.48

关注

经营现金流 (TTM) = $13.99B

债务偿付 = $9.45B

V

价值指标

Goodwill %i商誉占比

47.8%

关注

商誉 = $74.71B

总资产 = $156.23B

Working Capital Ratioi营运资本比率

-0.05

关注

营运资本 = $-8.19B

总资产 = $156.23B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$13.99B

自由现金流 TTMi

$13.09B

FCF = OCF - CapEx

经营现金流 (TTM) = $13.99B

资本支出 (TTM) = $-0.90B

自由现金流收益率i

5.52%

关注

FCF (TTM) = $13.09B

市值 = $237.07B

经营现金流/销售比i

20.30%

健康

经营现金流 (TTM) = $13.99B

营业收入 (TTM) = $68.91B

Q

质量与覆盖指标

收益质量i

1.30x

健康

经营现金流 (TTM) = $13.99B

净利润 (TTM) = $10.75B

现金流/债务比i

0.20x

关注

经营现金流 (TTM) = $13.99B

总负债 = $70.60B

短期覆盖率i

0.35x

关注

经营现金流 (TTM) = $13.99B

流动负债 = $40.10B

资本支出覆盖率i

15.48x

健康

经营现金流 (TTM) = $13.99B

资本支出 (TTM) = $0.90B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

93.54%

健康

自由现金流 (TTM) = $13.09B

经营现金流 (TTM) = $13.99B

资本支出/营收比i

1.31%

健康

资本支出 (TTM) = $0.90B

营业收入 (TTM) = $68.91B

净债务/EBITDAi

3.66

关注

净债务 = $59.78B

EBITDA (TTM) = $16.32B

G

增长指标

经营现金流增长率i

18.28%

健康

当期OCF (TTM) = $5.17B

上期OCF = $4.37B

股东盈余i

$11.24B

健康

净利润 (TTM) = $10.75B

+ 折旧摊销 (TTM) = $1.39B

- 资本支出 (TTM) = $-0.90B