Bristol-Myers Squibb Co
BMYHealthcare|Drug Manufacturers - General|USA
$58.23
-1.10 (-1.85%)
DCF (FCF)
$68.81
Earnings Power
$30.07
Financials
Financial Snapshot
Market Cap
$118.89B
Enterprise Value
$-36.50B
Revenue (TTM)
$48.20B
Net Income (TTM)
$7.05B
Cash & Equivalents
$10.70B
Net Cash/Share
$-29.91
Free Cash Flow (TTM)
$12.85B
Operating CF (TTM)
$14.16B
Debt/Equity
2.55
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $6.35B | $6.81B | $8.76B | $15.39B | $16.45B | $17.22B | $9.25B | $12.28B | $10.86B | $10.67B | $10.67B | |
| Operating Cash Flow | $3.06B | $5.28B | $7.07B | $8.21B | $14.05B | $16.21B | $13.07B | $13.86B | $15.19B | $14.16B | $14.16B | |
| Free Cash Flow | $1.84B | $4.22B | $6.12B | $7.37B | $13.30B | $15.23B | $11.95B | $12.65B | $13.94B | $12.85B | $12.85B | |
| Capital Expenditure | $-1.22B | $-1.05B | $-951.0M | $-836.0M | $-753.0M | $-973.0M | $-1.12B | $-1.21B | $-1.25B | $-1.31B | $-1.31B | |
| Financing Cash Flow | $-2.65B | $-4.08B | $-3.54B | $7.62B | $-1.15B | $-16.22B | $-16.96B | $-9.42B | $5.13B | $-10.35B | $-10.35B |
R&D Spending
R&D (TTM)
$9.95B
R&D Intensity
20.6%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.43B | $20.78B | $22.56B | $26.14B | $42.52B | $46.38B | $46.16B | $45.01B | $48.30B | $48.20B | $48.20B | |
| R&D Expense | $5.01B | $6.47B | $6.33B | $6.15B | $11.14B | $10.20B | $9.51B | $9.30B | $11.16B | $9.95B | $9.95B | |
| R&D % of Revenue | 25.8% | 31.1% | 28.1% | 23.5% | 26.2% | 22.0% | 20.6% | 20.7% | 23.1% | 20.6% | 20.6% | |
| SG&A | $4.91B | $4.75B | $4.52B | $6.47B | $7.65B | $7.69B | $7.81B | $7.77B | $8.41B | $7.27B | $7.27B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.43B | $20.78B | $22.56B | $26.14B | $42.52B | $46.38B | $46.16B | $45.01B | $48.30B | $48.20B | $48.20B | |
| Cost of Goods Sold | $4.97B | $6.01B | $6.47B | $8.08B | $11.77B | $9.94B | $10.14B | $10.69B | $13.97B | $13.94B | $13.94B | |
| Gross Profit | $14.46B | $14.76B | $16.09B | $18.07B | $30.75B | $36.45B | $36.02B | $34.31B | $34.33B | $34.26B | $34.26B | |
| R&D | $5.01B | $6.47B | $6.33B | $6.15B | $11.14B | $10.20B | $9.51B | $9.30B | $11.16B | $9.95B | $9.95B | |
| SG&A | $4.91B | $4.75B | $4.52B | $6.47B | $7.65B | $7.69B | $7.81B | $7.77B | $8.41B | $7.27B | $7.27B | |
| Operating Income | $4.54B | $3.45B | $5.14B | $4.31B | $2.19B | $8.54B | $9.10B | $8.20B | $5.89B | $13.72B | $13.72B | |
| Interest Expense | $-167.0M | $-196.0M | $-183.0M | $-656.0M | $-1.42B | $-1.33B | $-1.23B | $-1.17B | $-1.95B | $-1.89B | $-1.89B | |
| Pretax Income | $5.92B | $5.13B | $5.97B | $4.97B | $-6.87B | $8.10B | $7.71B | $8.44B | $-8.38B | $9.33B | $9.33B | |
| Net Income | $4.46B | $1.01B | $4.92B | $3.44B | $-9.02B | $6.99B | $6.33B | $8.03B | $-8.95B | $7.05B | $7.05B | |
| EPS (Diluted) | 2.65 | 0.61 | 3.01 | 2.01 | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 | 3.45 | |
| EBITDA | $6.46B | $6.12B | $6.79B | $7.38B | $4.93B | $20.12B | $19.22B | $19.37B | $3.17B | $15.23B | $15.23B | |
| Shares Out. (M) | 1680.00 | 1652.00 | 1637.00 | 1712.00 | 2258.00 | 2245.00 | 2146.00 | 2078.00 | 2027.00 | 2039.00 | 2039.00 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.24B | $5.42B | $6.91B | $12.35B | $14.55B | $13.98B | $9.12B | $11.46B | $10.35B | $10.21B | $10.21B | |
| Marketable Securities | $2.11B | $1.39B | $1.85B | $3.05B | $1.90B | $3.24B | $130.0M | $816.0M | $513.0M | $464.0M | $464.0M | |
| Total Current Assets | $13.70B | $14.85B | $17.72B | $29.35B | $30.19B | $33.26B | $27.27B | $31.77B | $29.78B | $29.39B | $29.39B | |
| Total Assets | $33.71B | $33.55B | $34.99B | $129.94B | $118.48B | $109.31B | $96.82B | $95.16B | $92.60B | $90.04B | $90.04B | |
| Total Current Liabilities | $8.84B | $9.56B | $10.65B | $18.30B | $19.08B | $21.87B | $21.89B | $22.26B | $23.77B | $23.42B | $23.42B | |
| Long-Term Debt | $5.72B | $6.97B | $5.65B | $43.39B | $48.34B | $39.60B | $35.06B | $36.65B | $47.60B | $42.85B | $42.85B | |
| Total Liabilities | $17.36B | $21.70B | $20.86B | $78.25B | $80.60B | $73.31B | $65.70B | $65.67B | $76.22B | $71.53B | $71.53B | |
| Stockholders' Equity | $16.18B | $11.74B | $14.03B | $51.60B | $37.82B | $35.95B | $31.06B | $29.43B | $16.34B | $18.47B | $18.47B | |
| Retained Earnings | $33.51B | $31.16B | $34.06B | $34.47B | $21.28B | $23.82B | $25.50B | $28.77B | $14.91B | $16.90B | $16.90B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $3.06B | $5.28B | $7.07B | $8.21B | $14.05B | $16.21B | $13.07B | $13.86B | $15.19B | $14.16B | $14.16B | |
| Capital Expenditure | $-1.22B | $-1.05B | $-951.0M | $-836.0M | $-753.0M | $-973.0M | $-1.12B | $-1.21B | $-1.25B | $-1.31B | $-1.31B | |
| Free Cash Flow | $1.84B | $4.22B | $6.12B | $7.37B | $13.30B | $15.23B | $11.95B | $12.65B | $13.94B | $12.85B | $12.85B | |
| Investing Cash Flow | $1.48B | $-66.0M | $-2.00B | $-9.91B | $-10.86B | $-538.0M | $-1.06B | $-2.29B | $-21.35B | $-4.13B | $-4.13B | |
| Financing Cash Flow | $-2.65B | $-4.08B | $-3.54B | $7.62B | $-1.15B | $-16.22B | $-16.96B | $-9.42B | $5.13B | $-10.35B | $-10.35B | |
| Issuance of Stock | $181.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-231.0M | $-2.47B | $-320.0M | $-7.30B | $-1.55B | $-6.29B | $-8.00B | $-5.16B | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $125.0M | $2.21B | $0.00 | $26.91B | $6.95B | $0.00 | $6.12B | $4.46B | $15.97B | $5.76B | $5.76B | |
| Payments of Debt | $-15.0M | $-1.22B | $-548.0M | $-9.26B | $-3.02B | $-6.18B | $-11.43B | $-4.00B | $-5.87B | $-10.94B | $-10.94B | |
| Stock Based Comp. | $205.0M | $199.0M | $221.0M | $441.0M | $779.0M | $583.0M | $457.0M | $518.0M | $507.0M | $553.0M | $553.0M | |
| Net Change in Cash | $1.85B | $1.18B | $1.49B | $5.91B | $2.15B | $-657.0M | $-4.99B | $2.19B | $-1.17B | $-129.0M | $-129.0M |
Dilution Tracker
Shares Outstanding
2039M
5-Year Share Growth
-9.2%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 1680.00 | 1652.00 | 1637.00 | 1712.00 | 2258.00 | 2245.00 | 2146.00 | 2078.00 | 2027.00 | 2039.00 | 2039.00 | |
| YoY Change % | — | -1.7% | -0.9% | 4.6% | 31.9% | -0.6% | -4.4% | -3.2% | -2.5% | 0.6% | 0.0% | |
| Stock Issuance | $181.0M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-231.0M | $-2.47B | $-320.0M | $-7.30B | $-1.55B | $-6.29B | $-8.00B | $-5.16B | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $205.0M | $199.0M | $221.0M | $441.0M | $779.0M | $583.0M | $457.0M | $518.0M | $507.0M | $553.0M | $553.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 74.4% | 71.1% | 71.3% | 69.1% | 72.3% | 78.6% | 78.0% | 76.2% | 71.1% | 71.1% | 71.1% | |
| Operating Margin % | 23.4% | 16.6% | 22.8% | 16.5% | 5.2% | 18.4% | 19.7% | 18.2% | 12.2% | 28.5% | 28.5% | |
| Net Margin % | 22.9% | 4.8% | 21.8% | 13.2% | -21.2% | 15.1% | 13.7% | 17.8% | -18.5% | 14.6% | 14.6% | |
| EBITDA Margin % | 33.3% | 29.4% | 30.1% | 28.2% | 11.6% | 43.4% | 41.6% | 43.0% | 6.6% | 31.6% | 31.6% | |
| FCF Margin % | 9.5% | 20.3% | 27.1% | 28.2% | 31.3% | 32.8% | 25.9% | 28.1% | 28.9% | 26.7% | 26.6% | |
| ROE % | 29.3% | 7.2% | 38.2% | 10.5% | -20.2% | 19.0% | 18.9% | 26.5% | -39.1% | 40.5% | 40.0% | |
| ROA % | 13.6% | 3.0% | 14.4% | 4.2% | -7.3% | 6.1% | 6.1% | 8.4% | -9.5% | 7.7% | 7.6% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)16.88
Historical11.40 / 21.37 / 259.38
Industry Med.21.25
P/S2.47
Historical1.74 / 3.42 / 7.25
Industry Med.2.33
P/B6.42
Historical2.09 / 5.15 / 9.54
Industry Med.2.06
EV/EBITDA10.20
Historical6.62 / 14.01 / 51.90
Industry Med.13.04
EV/Revenue3.22
Historical2.57 / 3.99 / 7.39
Industry Med.2.48
P/FCF9.24
Historical5.81 / 11.56 / 379.64
Industry Med.23.48
Intrinsic Value Models
DCF (FCF Based)
$68.81
Median P/S Value
$82.28
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 22.05 | 100.46 | 17.27 | 31.94 | At Loss | 19.98 | 24.39 | 13.29 | At Loss | 15.59 | 16.90 | |
| PS Ratio | 5.05 | 4.87 | 3.77 | 4.20 | 3.29 | 3.02 | 3.35 | 2.37 | 2.37 | 2.28 | 2.47 | |
| PB Ratio | 6.01 | 8.48 | 6.02 | 2.77 | 3.64 | 3.73 | 4.81 | 3.52 | 7.03 | 5.94 | 6.43 | |
| EV/EBITDA | 15.13 | 16.49 | 12.24 | 23.76 | 35.11 | 8.09 | 9.41 | 6.86 | 48.98 | 9.61 | 10.21 | |
| EV/Revenue | 5.03 | 4.85 | 3.68 | 6.70 | 4.07 | 3.51 | 3.92 | 2.95 | 3.21 | 3.04 | 3.23 |
Analyst Estimates & Quality
Altman Z-Score
2.30
Grey Zone
Piotroski F-Score
8
Strong
Beneish M-Score
-2.60
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $47,100M | $46,140M | $40,602M |
| Net Income | $12,830M | $12,453M | $10,848M |
| EPS | 4.90 | 5.05 | 4.61 |
| Book Value per Share | 11.42 | 13.56 | 16.86 |
| Operating Cash Flow per Share | 7.01 | 6.68 | 6.48 |
| Operating CF | $14,300.73M | $13,612.36M | $13,205.99M |
Dividends
Dividend/Share (TTM)
$2.49
Dividend Yield
4.26%
Yield 10Y Median
3.02%
Frequency
Quarterly
Next Payment
2026-05-01
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-04-02 | 2026-05-01 | $0.63 | Cash Div. |
| 2026-01-02 | 2026-02-02 | $0.63 | Cash Div. |
| 2025-10-03 | 2025-11-03 | $0.62 | Cash Div. |
| 2025-07-03 | 2025-08-01 | $0.62 | Cash Div. |
| 2025-04-04 | 2025-05-01 | $0.62 | Cash Div. |
| 2025-01-03 | 2025-02-03 | $0.62 | Cash Div. |
| 2024-10-04 | 2024-11-01 | $0.6 | Cash Div. |
| 2024-07-05 | 2024-08-01 | $0.6 | Cash Div. |
| 2024-04-04 | 2024-05-01 | $0.6 | Cash Div. |
| 2024-01-04 | 2024-02-01 | $0.6 | Cash Div. |
| 2023-10-05 | 2023-11-01 | $0.57 | Cash Div. |
| 2023-07-06 | 2023-08-01 | $0.57 | Cash Div. |
| 2023-04-06 | 2023-05-01 | $0.57 | Cash Div. |
| 2023-01-05 | 2023-02-01 | $0.57 | Cash Div. |
| 2022-10-06 | 2022-11-01 | $0.54 | Cash Div. |
| 2022-06-30 | 2022-08-01 | $0.54 | Cash Div. |
| 2022-03-31 | 2022-05-02 | $0.54 | Cash Div. |
| 2022-01-06 | 2022-02-01 | $0.54 | Cash Div. |
| 2021-09-30 | 2021-11-01 | $0.49 | Cash Div. |
| 2021-07-01 | 2021-08-02 | $0.49 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Eliquis | $14.44B |
| Orencia | $3.71B |
| Zeposia | $577.0M |
| Yervoy | $2.90B |
| Sprycel | $493.0M |
| Sotyktu | $291.0M |
| Revlimid | $2.95B |
| Reblozyl | $2.33B |
| Pomalyst/Imnovid | $2.73B |
| Other Legacy products | $798.0M |
| Other Growth products | $1.92B |
| Abecma | $427.0M |
| Opdualag | $1.19B |
| Opdivo Qvantig | $238.0M |
| Opdivo | $10.05B |
| Krazati | $205.0M |
| Cobenfy | $155.0M |
| Camzyos | $1.07B |
| Breyanzi | $1.36B |
| Abraxane | $368.0M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $33.28B |
| International | $13.83B |
| Other | $1.09B |