INTERNATIONAL BUSINESS MACHINES CORP (IBM)

Computer & office Equipment

Latest Price

$223.65

TTM P/E

19.81

Normalized P/E

32.03

Div Yield

3.01%

Book Value

36.66

P/B Ratio

6.10

Valuation metrics

EPS: $11.17

Book value / share: $34.84

Formula: √(22.5 × EPS × BVPS)

Graham Number

$93.58

58% downside

Norm. op. income: $7.5B (median of 7yr)

Tax rate: 7%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$23.50

89% downside

Base FCF: $12.1B (median of recent 5yr)

Growth: -2%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$78.17

65% downside

EPS: $11.17

Target P/E: 32×

Formula: EPS × P/E

P/E Fair Value

$357.44

+60% upside

61.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	77.57M	$18.80B	8.25%	-307.6K	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	60.85M	$14.75B	6.47%	--	2026-03-31
STATE STREET CORP	54.59M	$13.23B	5.81%	-401.8K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	27.66M	$6.70B	2.94%	--	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	23.08M	$5.58B	2.46%	+471.2K	2026-03-31
MORGAN STANLEY	19.63M	$4.76B	2.09%	+4.77M	2026-03-31
Capital World Investors	17.06M	$4.13B	1.82%	-4.96M	2026-03-31
BANK OF AMERICA CORP /DE/	16.06M	$3.89B	1.71%	+1.05M	2026-03-31
NORTHERN TRUST CORP	10.30M	$2.50B	1.10%	+172.6K	2026-03-31
GOLDMAN SACHS GROUP INC	7.74M	$1.88B	0.82%	-145.7K	2026-03-31