IBM EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
IBM's ev/ebitda is higher than 65% of the last 10 years.
EV/EBITDA History
IBM EV/EBITDA by year
Yearly range of IBM’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 7.8 to 27.1, averaging 14.4.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 14.9 | 17.5 | 21.6 | 17.2 |
| 2025 | 19.4 | 22.8 | 27.1 | 19.4 |
| 2024 | 13.2 | 16.1 | 21.1 | 20.7 |
| 2023 | 12.5 | 20.8 | 25.1 | 14.3 |
| 2022 | 12.3 | 16.2 | 26.2 | 24.9 |
| 2021 | 12.2 | 13.8 | 15.8 | 13.7 |
| 2020 | 8.0 | 10.3 | 12.7 | 12.7 |
| 2019 | 8.0 | 9.2 | 10.7 | 9.9 |
| 2018 | 7.8 | 9.8 | 11.2 | 8.0 |
| 2017 | 9.3 | 10.2 | 11.5 | 10.1 |
| 2016 | 9.9 | 10.3 | 10.9 | 10.7 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is IBM EV/EBITDA High or Low Right Now?
International Business Machines Corporation's EV/EBITDA is currently 17.2, which is above average relative to its 10-year historical range. The 10-year median EV/EBITDA for IBM is approximately 13.1. See all IBM valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.