International Accounting: Financial Analysis of IBM and Competitors

This assessment evaluates the financial ratio of IBM and compares it with its competitors. It includes a critical analysis of the industry sector and a financial analysis of three other companies. The recommendation for IBM is also conducted for detecting the level of improvements, which can be conducted by the organization for improving its financial performance. The document type is an assignment and the subject is International Accounting.

Running head: INTERNATIONAL ACCOUNTING
International Accounting
Name of the Student:
Name of the University:
Author’s Note:
Course ID:

1INTERNATIONAL ACCOUNTING
Table of Contents
Introduction:....................................................................................................................................2
1. Analysis of the current business and financial health of IBM:....................................................2
2. Evaluating and critically analyzing the industry sector and a financial analysis of the three
other companies:..............................................................................................................................6
3. Critically appraising the financial strengths and weaknesses of IBM and comparing it with
competitors:...................................................................................................................................17
4. Critical analysis of the financial techniques applied in the report:............................................19
5. Recommendation suitable for IBM:..........................................................................................20
6. Conclusion and Summary of the findings:................................................................................21
References and Bibliography:........................................................................................................22

2INTERNATIONAL ACCOUNTING
Introduction:
The assessment aims in evaluating the financial ratio of IBM and detect its performance
over the past fiscal years. In addition, the critical analysis is conducted on the industry sector for
comprising the performance of IBM with its competitor. Moreover, the financial strength and
weakness of IBM is compared with the competitors to identify its financial position.
Furthermore, the critical analysis of the financial techniques is conducted to detect its viability.
The recommendation for IBM is also conducted for detecting the level of improvements, which
can be conducted by the organization for improving its financial performance. The financial
performance of IBM is compared with Salesforce, Oracle, and SAP to determine the financial
strength of the organization. The financial performance of the organizations is mainly evaluated
with the help of financial ratios and Altman Z-Score. Furthermore, the calculations also help in
evaluating the strength and weakness of the chosen companies.
1. Analysis of the current business and financial health of IBM:
Altman Z-score:
IBM
Particulars 2017 2016 2015 2014
Total assets 125365 117470 110495 117271
Working capital 12373 7613 8235 7796
Retained earnings 153126 152759 146124 137793
Earnings before interest and taxes 12015 12960 16413 20470
Market value of equity 141453 157027 132941 158996
Book value of total liabilities 125356 117470 110495 117271
Sales 79139 79919 81741 92793
A 0.10 0.06 0.07 0.07

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B 1.22 1.30 1.32 1.17
C 0.10 0.11 0.15 0.17
D 1.13 1.34 1.20 1.36
E 0.63 0.68 0.74 0.79
Altman Z-score 3.45 3.74 3.89 3.90
The above table represent the overall Altman Z-score of IBM from 2014 to 2017, where
the values have declined over the period of 4 years. However, the values of Altman Z-score for
IBM have been higher than 3, which directly indicates that the company is not on the verge of
bankruptcy. Vogel (2014) mentioned that Altman Z-score provides information to the investors
regarding the current financial performance of the company, which improve their decision-
making capability. Hence, IBM in the past four years has never breached the level of 3 in Altman
Z-score, which depicts its financial performance.
Financial Ratios:
IBM
Particulars 2017 2016 2015 2014
Net profit 5753 11872 13190 12022
Gross profit 36227 38294 40684 46407
Total equity 17725 18392 14424 12014
Total assets
12536
5
11747
0
11049
5 117271
Sales 79139 79919 81741 92793
Current assets 49736 43888 42504 47377
Current liabilities 37363 36275 34269 39581
Inventory 1583 1553 1551 2103
EBIT 12015 12960 16413 20470
Interest 615 630 468 484
Total debt 46824 42169 39890 40722

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Profitability ratio 2017 2016 2015 2014
Net profit margin 7.27%
14.86
%
16.14
% 12.96%
Gross profit margin
45.78
%
47.92
%
49.77
% 50.01%
Return on equity
32.46
%
64.55
%
91.44
%
100.07
%
Return on assets 4.59%
10.11
%
11.94
% 10.25%
Liquidity ratio 2017 2016 2015 2014
Current assets 1.33 1.21 1.24 1.20
Quick assets 1.29 1.17 1.20 1.14
Financial performance ratio 2017 2016 2015 2014
Debt ratio 0.37 0.36 0.36 0.35
Debt-equity ratio 2.64 2.29 2.77 3.39
Interest coverage ratio 19.54 20.57 35.07 42.29
2017 2016 2015 2014
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
120.00%
IBM

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The figure reposts the profitability ratio of IBM from 2014 to 2017, which helps in
detecting its financial performance over the tenure of 4 years. The evaluation directly indicates
that the financial performance of the company has mainly deteriorated over the four-year period,
as the all the profitability ratios have declined. The decline in the financial ratio is due to the
reduction in net income of the company. The reduction in net profits is due to the high level of
administrative expenses, which is being conducted by IBM, as the gross profit level did not alter
exponentially, as the net profits. Hence, the rising expenses have hindered its net profit margin,
return on equity and return on assets (Ibm.com, 2019).
2017 2016 2015 2014
1.05
1.10
1.15
1.20
1.25
1.30
1.35
IBM
The liquidity ratios of IBM represent the values of current ratio and quick ratio, which
helps in detecting the current financial position of the company. From the evaluation, it is
detected that there is low difference between the quick and current ratios, as the inventory level
is minimum. In addition, from the evaluation it is detected that the current financial position of
IBM is adequate, as the company has been maintaining adequate current assets to support its

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short-term obligations. Moreover, the values of both current ratio and quick ratio have been
rising for four years, which portrays high financial position of IBM (Ibm.com, 2019).
2017 2016 2015 2014
-
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
IBM
The financial stability of IBM has declined over the period of 4 years, as the debt ratio
increased from 0.35 to 0.37, which indicates the increment in their debt accumulation. This high
debt accumulation has also declined the debt to equity ratio and interest coverage ratio of the
organisation. Hence, it could be detected that the current financial position of IBM has mainly
declined, as the company has increased its debt exposure. The interest coverage ratio has
declined, due to the reduction in EBIT of the company (Ibm.com, 2019).
2. Evaluating and critically analyzing the industry sector and a financial analysis of the
three other companies:
Sales Force:
Altman Z-score:

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Salesforce
Particulars 2017 2016 2015 2014
Total assets 17584923 12762920 10692982 9152930
Working capital -1261526 114318 -840031 -1299936
Retained earnings -464910 -653271 -605845 -343157
Earnings before interest and taxes 114371 136764 -139848 -280724
Market value of equity 54404743 54347685 40407342 36747223.37
Book value of total liabilities 10084796 7760051 6717799 6087715
Sales 8391984 6667216 5373586 4071003
A (0.07) 0.01 (0.08) (0.14)
B (0.03) (0.05) (0.06) (0.04)
C 0.01 0.01 (0.01) (0.03)
D 5.39 7.00 6.01 6.04
E 0.48 0.52 0.50 0.44
Altman Z-score 3.61 4.69 3.89 3.74
The Altman Z-score of Salesforce has declined from 3.74 in 2014 to 3.61 in 2017,
whereas the decay does not affect its creditability. In addition, it could be understood that
Salesforce will not go bankrupt in accordance with the Altman Z-score, as it has high financial
stability in its operations (S1.q4cdn.com, 2019).
Financial Ratios:
Salesforce
Particulars 2017 2016 2015 2014
Net profit 179632 -47426 -262688 -232175
Gross profit 6157945 5012668 4084316
310257
5
Total equity 7500127 5002869 3975183
303851
0
Total assets
1758492
3
1276292
0
1069298
2
915293
0
Sales 8391984 6667216 5373586
407100
3
Current assets 5996827 5731323 3550072 268025

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2
Current liabilities 7258353 5617005 4390103
398018
8
Inventory 0 0 0 0
EBIT 114371 136764 -139848 -280724
Interest 88988 72485 73237 77211
Total debt 2789330 2119160 2254086
200231
1
Profitability ratio 2017 2016 2015 2014
Net profit margin 2.14% -0.71% -4.89% -5.70%
Gross profit margin 73.38% 75.18% 76.01% 76.21%
Return on equity 2.40% -0.95% -6.61% -7.64%
Return on assets 1.02% -0.37% -2.46% -2.54%
Liquidity ratio 2017 2016 2015 2014
Current assets 0.83 1.02 0.81 0.67
Quick assets 0.83 1.02 0.81 0.67
Financial performance
ratio 2017 2016 2015 2014
Debt ratio 0.16 0.17 0.21 0.22
Debt-equity ratio 0.37 0.42 0.57 0.66
Interest coverage ratio 1.29 1.89 (1.91) (3.64)
2017 2016 2015 2014
-20.00%
0.00%
20.00%
40.00%
60.00%
80.00%
100.00%
Salesforce

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The financial performance of Salesforce has increased over the period of three years, as
the company incurred losses in 2014, while the net profits become positive in 2017. The gross
profit margin of the company has declined from 76.21% to 76.3854, which indicates that the
company overall cost of sales has increased. On the other hand, the improvements in profit level
depict the reduction in administrative expense of Salesforce. The rising profits of the company
have improved the return on equity and return of asses of the Salesforce from 2014 to 2017
(S1.q4cdn.com, 2019).
2017 2016 2015 2014
-
0.20
0.40
0.60
0.80
1.00
1.20
Salesforce
The liquidity ratio comprises of current ratio and quick ratio, which is same, as the
company does not have any kind of inventory at hand. The quick ratio value of Salesforce has
improved from 0.67 in 2014 to 0.83 in 2017. This improvement in ratios is not higher than 1,
which indicates that Salesforce does not have adequate current asset to support its short term
obligations (S1.q4cdn.com, 2019).

10INTERNATIONAL ACCOUNTING
2017 2016 2015 2014
(4.00)
(3.00)
(2.00)
(1.00)
-
1.00
2.00
3.00
Salesforce
The debt composition of the organisation has mainly improved over the period of four
years, as the debt value has declined. This decline in the debt ratio indicates that the company
has improved its operations. Moreover, the rising interest coverage ratio states that the company
can take more debt to improve its operations (S1.q4cdn.com, 2019).
Oracle:
Altman Z-score:
Oracle
Particulars 2017 2016 2015 2014
Total assets 134991 112180 110903 90266
Working capital 50337 47105 47892 33739
Retained earnings 27598 23888 26503 25965
Earnings before interest and taxes 12710 12604 13871 14759
Market value of equity 178969 162557 186739 172650
Book value of total liabilities 80745 64390 61805 42819
Sales 37728 37047 38226 38275
A 0.37 0.42 0.43 0.37
B 0.20 0.21 0.24 0.29

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C 0.09 0.11 0.13 0.16
D 2.22 2.52 3.02 4.03
E 0.28 0.33 0.34 0.42
Altman Z-score 2.65 3.01 3.42 4.23
The Altman Z-score of Oracle has declined exponentially during the past 4 years, which
increases the bankruptcy conditions of the organisation. In addition, from the evaluation it is
detected that current values of Altman Z-score is at 2.65, which does not portray any alarm
regarding its bankruptcy position. However, if the values of Altman Z-score decline below 1.81,
then Oracle’s financial position is in jeopardy (Annualreports.com, 2019).
Financial Ratios:
Oracle
Particulars 2017 2016 2015 2014
Net profit 9335 8901 9938 10955
Gross profit 12710 12604 13871 14759
Total equity 54246 47790 490098 47447
Total assets 134991 112180 110903 90266
Sales 37728 37047 38226 38275
Current assets 74515 64313 63183 48128
Current liabilities 24178 17208 15291 14389
Inventory 300 212 314 189
EBIT 12710 12604 13871 14759
Interest 1798 1467 1143 914
Total debt 57909 43855 41958 24097
Profitability ratio 2017 2016 2015 2014
Net profit margin 24.74% 24.03% 26.00% 28.62%
Gross profit margin 33.69% 34.02% 36.29% 38.56%
Return on equity 17.21% 18.63% 2.03% 23.09%
Return on assets 6.92% 7.93% 8.96% 12.14%

12INTERNATIONAL ACCOUNTING
Liquidity ratio 2017 2016 2015 2014
Current assets 3.08 3.74 4.13 3.34
Quick assets 3.07 3.73 4.11 3.33
Financial performance
ratio 2017 2016 2015 2014
Debt ratio 0.43 0.39 0.38 0.27
Debt-equity ratio 1.07 0.92 0.09 0.51
Interest coverage ratio 7.07 8.59 12.14 16.15
2017 2016 2015 2014
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
Oracle
The profitability ratios of the company have declined over the period of four years, as its
net profits reduced gradually from 2014 to 2017. The net profit margin has declined from
28.62% to 24.74% in 2017, while the gross profit margin has reduced from 38.56% to 36.29%.
This decline in the current financial performance of the company is due to the reduction in sales,
whereas the cost of goods and administrative expenses increased. This resulted in the reduction
of its financial performance in the past 4-years (Annualreports.com, 2019).

13INTERNATIONAL ACCOUNTING
2017 2016 2015 2014
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Oracle
There is low reduction between the current and quick ratios of Oracle, as the inventory
composition is low. However, the current financial ratio is adequate for Oracle, as it is more than
1, which highlights its ability to support the short term obligations. The company has adequate
exposure in their current assets to pay off its short term liabilities (Annualreports.com, 2019).
2017 2016 2015 2014
-
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
18.00
Oracle
The debt composition of Oracle has increased during the four-year period, which
indicates that the management is utilising debt to support its operations. The debt ratio and debt-

14INTERNATIONAL ACCOUNTING
equity ratio has increased from 2014 to 2017. On the other hand, this increment in debt has
reduced the interest coverage ratio from 16.15 in 2014 to 7.07 in 2017. Hence, the declining
profits and rising interest payments has reduced the viability of Oracle to accumulate more debt
for supporting its operations (Annualreports.com, 2019).
SAP:
Altman Z-score:
SAP
Particulars 2017 2016 2015 2014
Total assets 42497 44277 41390 38565
Working capital 1720 1890 1872 425
Retained earnings 24794 22302 20044 18317
Earnings before interest and taxes 4877 5135 4252 4331
Market value of equity 132269 99206 89595 74747
Book value of total liabilities 16958 17880 18095 19031
Sales 23461 22062 20793 17560
A 0.04 0.04 0.05 0.01
B 0.58 0.50 0.48 0.47
C 0.11 0.12 0.10 0.11
D 7.80 5.55 4.95 3.93
E 0.55 0.50 0.50 0.46
Altman Z-score 6.47 4.96 4.54 3.86
The Altman Z-score of SAP has increased from the values of 3.86 in 2014 to 6.47 in
2017, which states the high financial performance of the organisation. This rising performance
indicates that the company is not going to be bankrupt soon, as the z-score value is triple than the
threshold score (Sap.com, 2019).

15INTERNATIONAL ACCOUNTING
Financial Ratios:
SAP
Particulars 2017 2016 2015 2014
Net profit 4056 3634 3056 3280
Gross profit 16410 15479 14548 12288
Total equity 25540 26397 23295 19534
Total assets 42497 44277 41390 38565
Sales 23461 22062 20793 17560
Current assets 11930 11564 9739 8999
Current liabilities 10210 9674 7867 8574
Inventory 0 0 0 0
EBIT 4877 5135 4252 4331
Interest 278 268 246 152
Total debt 6301 7880 9522 11542
Profitability ratio 2017 2016 2015 2014
Net profit margin 17.29% 16.47% 14.70% 18.68%
Gross profit margin 69.95% 70.16% 69.97% 69.98%
Return on equity 15.88% 13.77% 13.12% 16.79%
Return on assets 9.54% 8.21% 7.38% 8.51%
Liquidity ratio 2017 2016 2015 2014
Current assets 1.17 1.20 1.24 1.05
Quick assets 1.17 1.20 1.24 1.05
Financial performance
ratio 2017 2016 2015 2014
Debt ratio 0.15 0.18 0.23 0.30
Debt-equity ratio 0.25 0.30 0.41 0.59
Interest coverage ratio 17.54 19.16 17.28 28.49

16INTERNATIONAL ACCOUNTING
2017 2016 2015 2014
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
SAP
The profitability ratios of SAP have declined during the four-year period, as its expenses
increased more than the income. This is the main reason why the net profit margin, gross profit
margin and return on equity of the company declined in four years. On the other hand, the return
on assets increased due to the low increment in assets in comparison to the net income (Sap.com,
2019).
2017 2016 2015 2014
0.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
SAP

17INTERNATIONAL ACCOUNTING
There is no difference between the quick ratio and current ratio of SAP, as the company
does not have any inventory stock. Hence, the values of quick ratios are higher than 1, which
indicates that the company’s overall performance has improved. SAP has high current assets,
which increases its capability to support the short-term obligations (Sap.com, 2019).
2017 2016 2015 2014
-
5.00
10.00
15.00
20.00
25.00
30.00
SAP
The debt composition of SAP has declined during the period of four years, which
improves its financial performance. However, the interest coverage ratio of the company has
declined regardless of the reduction in debt, which depicts about the high interest rates of the
loans. Nevertheless, the interest coverage ratio is at adequate levels, where the company can
acquire additional debt to support its operations (Sap.com, 2019).
3. Critically appraising the financial strengths and weaknesses of IBM and comparing it
with competitors:
The financial performance of IBM can be evaluated with SAP, Oracle, and Salesforce,
which can eventually help in detecting the current financial help of the organization. The

18INTERNATIONAL ACCOUNTING
financial strength and weakness of IBM can be evaluated by analyzing its competitor’s
performance with the current financial levels of the organization. This would eventually allow
the management to compare the financial capability of IBM with its competitors. The Altman Z
score of IBM is considered to be at adequate levels, as compared to its competitors. This is
considered to be one of the major strengths of IBM against its peers. The company is currently
not on the verge of bankruptcy, as identified by the Z score (Kou, Peng & Wang, 2014).
Profitability ratio of IBM is at adequate levels in comparison to its competitors, as the
financial performance of SAP, Oracle, and Salesforce has declined during the past 4 years. This
decline in profitability ratio of the organization is due to the low Level of process that has been
generated throughout 2014 to 2017. Moreover, the gross profit margin of IBM has also been
declining in comparison to other competitors, which is due to the high levels of expenses
incurred by the organization. This has mainly reduced the return on equity and return on Assets
of IBM and its competitors during the four fiscal years. This is considered a major weakness for
IBM.
Liquidity ratio of IBM has increased from 2014 to 2017, which states the high financial
capability of the management to maintain adequate assets for supporting its short-term
obligations. Analysis of the current ratio and quick ratio of all the companies directly highlight a
low inventory level or no inventory level that has been maintained by the management. Being
software related organization, the management does not maintain adequate inventory in its
operations. Moreover, the financial performance of IBM is at adequate levels when compared to
the other competitors. Hence, the high current ratio and quick ratio of IBM is considered to be
major strength of the organization.

19INTERNATIONAL ACCOUNTING
The debt composition of IBM is at adequate levels in comparison to its competitors as
debt ratio is lower than 0.5. After analyzing the debt composition of IBM and its competitors, it
could be identified that the organization has adequately maintained the debt levels, which is not
hindering its operations and profitability. Moreover, the interest coverage ratio of IBM is at
adequate levels in comparison to the competitors, where it could be considered a major strength
for the organization, as they can acquire additional debt to support its operations (Wahlen,
Baginski & Bradshaw, 2014).
4. Critical analysis of the financial techniques applied in the report:
The financial techniques that have been applied in the report are financial ratios and
Altman Z score, which directly helps in detecting the current operational capability of IBM and
its competitors. The financial ratios have certain limitations, as it does not provide adequate
information to the investor regarding the future performance of the company. Moreover,
financial ratios only project historical performance of an organization and the trend, which has
been maintained by the company during the past fiscal years. The profitability ratio, liquidity
ratio, and debt ratio of an organization directly help in detecting its current financial capability,
which can be used by investors to compare the performance of with its peers. Therefore, it could
be understood that the financial ratios has certain limitations and advantages, which needs to be
evaluated by the investors while making adequate investment decisions on the basis of financial
ratios (Ecer & Boyukaslan, 2014).
Altman Z score model adequate measure, which allows the investors to detect the
bankruptcy position of an organization. This model utilizes different values and an adequate
formula for deriving the current financial capability of an organization. Altman Z score is similar

20INTERNATIONAL ACCOUNTING
to the financial ratios where the historical performance of the company is being evaluated, while
no future performance is projected from the calculation. Altman Z score directly suggest a range
of intervals, which the organization value must comply for else it would be considered on the
verge of bankruptcy. Therefore, investors can adequately evaluate Altman Z score to identify the
current financial capability of an organization and determine whether adequate investment can be
conducted without the risk of loss (Drew & Dollery, 2014).
5. Recommendation suitable for IBM:
After evaluating the financial ratio of IBM, certain recommendations can be identified for
the organization, which can eventually help in improving its financial performance. The current
Altman Z score of the organization is at adequate levels, where no improvements are needed.
However, the profitability ratio of the organization portrays a declining value, which directly
reduces its capability to improve the level of profits obtained from operations. Hence, the
organization needs to control the administrative and cost of sales expenses for adequately
improving its profitability conditions. The excessive administrative expense that has been
incurred by the company in past 4 years has relatively reduced its profitability conditions. This is
negatively affecting its financial performance and capability to portray high growth rate to its
shareholders.
Moreover, IBM can also increase its current assets value to support the financial
obligations, which can minimize the negative impact of the rising debt of the company. IBM can
also reduce financial debt, which has been increasing during the past 4 years and declining its
interest coverage ratio. This reduction in debt composition would eventually help IBM to
generate high level of profits by reducing the interest payments, which would boost its

21INTERNATIONAL ACCOUNTING
performance. Hence, IBM needs to reduce its administrative expenses and debt composition for
improving its financial performance in the long run.
6. Conclusion and Summary of the findings:
After analyzing all the relevant information from the above assessment, it could be
identified that IBM has adequate financial strength, which can be improved if the management
reduces the administrative expenses and debt composition. Furthermore, the Altman Z score
formula has relatively provided the adequate information regarding financial performance of
IBM and its competitors. Hence, using the Altman Z score formula could eventually allow the
investors to detect the financial stability of an organization before making any kind of
investments. The analysis of the financial strength and weakness of IBM directly highlights its
financial viability against the competitors. The company has been forming adequately over the
past few years when compared with the competitors in the industry. However, slight
improvements in the financial performance of IBM can be conducted for strengthening its
operations in the long run.
.

22INTERNATIONAL ACCOUNTING
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