IBM Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	213.99B EUR	264.94B EUR	227.82B EUR	277.53B EUR
Enterprise Value	270.73B EUR	323.04B EUR	286.8B EUR	328.55B EUR
Valuation Multiples
Trailing P/E	20.19x	24.7x	21.18x	29.1x
Forward P/E	17.27x	--	--	--
Price to Sales	3.1x	3.83x	3.31x	5.24x
Price to Book	6.21x	7.69x	6.91x	8.5x
EV/Revenue	3.92x	4.68x	4.16x	6.2x
EV/EBITDA	16.44x	17.47x	15.29x	21.65x
Price to FCF (P/FCF)	17.76x	20.16x	18.59x	37.1x
EV/FCF	22.47x	24.58x	23.4x	43.92x
FCF Yield	5.63%	4.96%	5.38%	2.7%