NYSE: BMY · Pharmaceuticals
Bristol-Myers Squibb Company
Bristol Myers Squibb is a global drug maker in oncology, hematology, immunology, cardiovascular disease and neuroscience. It splits its sales into a Growth Portfolio — Opdivo, Yervoy, Reblozyl, Breyanzi, Camzyos, Cobenfy and others — and a Legacy Portfolio dominated by Eliquis (with Pfizer) and Revlimid. 2025 revenue was flat at $48.2 billion: the Growth Portfolio rose 17% to $26.4 billion while the Legacy Portfolio fell 15% as Revlimid, Pomalyst, Sprycel and Abraxane lost sales to generics. Net income recovered to $7.1 billion after a 2024 loss caused by acquired R&D charges (mainly Karuna). Medicare price negotiation now applies to Eliquis from 2026 and to Pomalyst from 2027. In Q2 2026 Growth Portfolio revenue rose 15%, and the company raised its outlook.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-1110-Q (quarter ended 2026-09-30) · filed 2026-10-29
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 2.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.01x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 13.6x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.45
Higher than 11% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 73% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$62.46close on 2026-11-04
Market cap$125.73B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 13.6x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 10.2%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.0%
At FY2025 year-end: 15.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.9x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 11.8%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$12.22B → $13.07B (vs. a year earlier)↑ +6.9%$12.22B → $13.07B (vs. a year earlier)
- Net income$2.2B → $2.16B (vs. a year earlier)↓ −1.8%$2.2B → $2.16B (vs. a year earlier)
- Diluted EPS$1.08 → $1.05 (vs. a year earlier)↓ −2.8%$1.08 → $1.05 (vs. a year earlier)
- Cash$8.72B → $9.57B (vs. previous quarter-end)↑ +9.8%$8.72B → $9.57B (vs. previous quarter-end)
- Long-term debt$42.86B → $42.62B (vs. previous quarter-end)↓ −0.6%$42.86B → $42.62B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook ↑ Raised
Raised 2026 revenue guidance to $49.75B–$50.25B. Source sentence
Raising 2026 revenue guidance to a range of $49.75 billion to $50.25 billion;
Key changes
Q3 revenues up 7% to $13.1B. Source sentence
Third quarter revenues increased 7% to $13.1 billion
Growth Portfolio revenues up 12% to $7.7B. Source sentence
◦ Growth Portfolio revenues increased 12% to $7.7 billion
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BRISTOL MYERS SQUIBB CO
- Headquarters
- PRINCETON, NJ
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BMY
- Industry
- Pharmaceuticals
- CIK
- 14272
- Website
- https://www.bms.com/ ↗
Workforce (as of FY2025 year-end)
Employees
32,500
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 33–37 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 2, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 24–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Jul 30, 2026 10-Q (+30 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 30, 2026 (+30 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 11, 2026 10-K (+42 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Jul 31, 2025 10-Q (+31 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 24, 2025 (+24 days) | Apr 24, 2025 10-Q (+24 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 12, 2025 10-K (+43 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 26, 2024 (+26 days) | Jul 26, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 25, 2024 (+25 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 2, 2024 (+33 days) | Feb 13, 2024 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Growth Portfolio
Opdivo / Opdivo Qvantig / Yervoy / Opdualag
Examples: Immuno-oncology
$14.4B combined in 2025.
Growth Portfolio
Reblozyl, Breyanzi, Abecma
Examples: Hematology and cell therapy
Reblozyl $2.3B (+31%), Breyanzi $1.4B (+82%).
Growth Portfolio
Camzyos, Cobenfy
Examples: Cardiology, schizophrenia
Camzyos $1.1B (+77%); Cobenfy $155M in 2025.
Growth Portfolio
Orencia, Zeposia, Sotyktu
Examples: Immunology
Orencia $3.7B.
Legacy Portfolio
Eliquis
Examples: Anticoagulant (with Pfizer)
$14.4B (+8%).
Legacy Portfolio
Revlimid, Pomalyst, Sprycel, Abraxane
Examples: Hematology and oncology
Declining with generic competition.
2025 revenue from the FY2025 Form 10-K.
U.S. and worldwide share of flagship products/services
The filings reviewed give no market share figure for the company's products or services.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q3 earnings release, 10-Q and 8-Ks.
Q3 2026 results
Revenue $13.1B (+7%), Growth Portfolio $7.7B (+12%); GAAP EPS $1.05 and non-GAAP $1.35, both including a −$0.58 net impact from acquired IPR&D and licensing. 2026 revenue guidance raised to $49.75–50.25B. Zenbexus, a first-in-class CELMoD for multiple myeloma, was approved.
Source: Q3 2026 earnings release
Debt refinancing
Cash tender offers for up to $7B of notes and new euro notes in November 2025.
Source: 8-Ks filed 2025-11-03, 2025-11-10 and 2025-11-18
Capex ÷ D&A (FY2025)
0.33x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,311M ÷ $4,011M = 0.33x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
20.6%
formularesearch & development expense ÷ revenue × 100
e.g.$9,951M ÷ $48,194M × 100 = 20.6%
M&A spend (6-year total)
$45.91B
Latest year: $3.94B
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $753M in FY2020 to $1.31B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$48.19B
As reported in the 10-K
Revenue CAGR (5 years)
+2.5%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($48,194M ÷ $42,518M) ^ (1÷5) − 1 = 2.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
40.5%▲favorable
6-year average: 7.0%
As reported in the 10-K
P/B (FY2025 end)
5.88x
formulafiscal year-end closing price ÷ book value per share
e.g.$53.94 ÷ $9.18 = 5.88x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +2.5% a year over 5 years (modest growth)
From $42.52B in FY2020 to $48.19B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 20.5% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 7.0% over 6 years (latest: 40.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Pfizer
07 · what it does
Key activities
- Clinical development
- Biologics and small-molecule manufacturing
- Commercialization
06 · what it draws on
Key resources
- R&D ($10.0B in 2025)
- About 32,500 employees in 43 countries
- Acquired pipelines (Celgene, Karuna, Mirati, RayzeBio)
02 · why customers buy
Value propositions
- Prescription medicines in oncology, immunology, cardiovascular and neuroscience, often developed with partners.
04 · how it keeps them
Customer relationships
- Contracts with payers and government programs that set access and rebates.
03 · how it reaches them
Channels
- Mainly U.S. pharmaceutical wholesalers; abroad, subsidiaries, distributors and alliances sell to hospitals, pharmacies and governments.
01 · who it serves
Customer segments
- U.S. wholesalers (three largest about 87% of U.S. gross sales)
- Hospitals and governments abroad
09 · where money goes
Cost structure
FY2025, share of revenue ($48.19B)
- Cost of revenue28.9%
- Research & development20.6%
- Selling, general & administrative15.1%
Depreciation & amortization (inside the costs above): $4.01B. Capital spending: $1.31B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Product sales
- Alliance revenue and royalties
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Discovers, develops, manufactures and sells prescription medicines, often with partners; sold mainly through wholesalers in the U.S. and to direct customers abroad.
01 what it draws on
Inputs & resources
- R&D ($10.0B in 2025)
- About 32,500 employees in 43 countries
- Acquired pipelines (Celgene, Karuna, Mirati, RayzeBio)
02 what it does
Activities
- Clinical development
- Biologics and small-molecule manufacturing
- Commercialization
03 who it serves
Customers
- U.S. wholesalers (three largest about 87% of U.S. gross sales)
- Hospitals and governments abroad
04 how money comes in
How it earns
- Product sales
- Alliance revenue and royalties
How the business makes money
- Growth Portfolio $26.4B (55% of revenue): Opdivo $10.0B, Orencia $3.7B, Yervoy $2.9B, Reblozyl $2.3B.
- Legacy Portfolio $21.8B: Eliquis $14.4B, Revlimid $3.0B (down from $5.8B).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
BMS faces Medicare redesign costs and price setting for Orencia, and advocates on health policy.
Regulated prices & reimbursement
Medicare price setting
HHS selected Orencia in January 2026 for government-set prices from 2028.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Medicare Part D redesign
From 2025 BMS pays 10% of costs up to the $2,000 out-of-pocket cap and 20% after it.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Political engagement
Healthcare policy advocacy
Advocates for sustainable healthcare policies alongside tiered pricing and patient support.
Supports the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Eliquis
14,443 (30%)Opdivo (incl. Qvantig)
10,287 (21%)Other Growth Portfolio
16,122 (33%)Revlimid
2,951 (6%)Pomalyst/Imnovid
2,733 (6%)Other Legacy Portfolio
1,658 (3%)
Source: Form 10-K (FY2025) — Note 2, revenue by product BMS reports one segment; these are product groupings from its revenue table.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
United States — 69% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
United States
33,279 (69%)International
13,828 (29%)Other (alliance revenue)
1,087 (2%)
Source: Form 10-K (FY2025) — Note 2
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
In the U.S., BMS sells mostly to three large wholesalers under distribution service agreements that expire in June 2027 and cap wholesaler inventory at about one month of demand. Prices are increasingly set by government programs, including Medicare negotiation under the Inflation Reduction Act.
U.S. wholesaler sales
$33.3B U.S. revenue (69%)
Typical term: Distribution service agreements expiring June 2027
Three largest wholesalers about 87% of U.S. gross sales.
Eliquis alliance with Pfizer
$14.4B
Typical term: Shared commercialization
Medicare maximum fair price effective January 1, 2026.
Source: Form 10-K (FY2025)
12
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Co-commercialization
Pfizer
Eliquis alliance; BMS and Pfizer jointly defended Eliquis patents.
Source: Form 10-K (FY2025)
13
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
U.S. pharmaceutical wholesalers, plus hospitals, pharmacies and governments abroad.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- The three largest U.S. wholesalers accounted for about 87% of total gross sales of U.S. products in 2025. (Form 10-K (FY2025), MD&A)
Suppliers
Raw materials and contract manufacturers.
Named by the company
None named in the 10-K or the company’s press releases.
14
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
BMS's 10-K says it competes with other global research-based drug companies, smaller research companies and generic makers, on efficacy, safety, ease of use, price, marketing and R&D. It notes rapid change in immuno-oncology, but doesn't name competitors.
Competitors named in the 10-K
BMS's 10-K describes competition without naming companies.
Peer group the company chose
2025 primary peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
U.S. pharmaceutical peers; an extended group adds five non-U.S. companies (AstraZeneca, GSK, Novartis, Roche, Sanofi). Regeneron replaced Biogen for 2025.
- AbbViesite ↗
- Amgensite ↗
- Eli Lillysite ↗
- Gilead Sciencessite ↗
- Johnson & Johnsonsite ↗
- Merck & Co.site ↗
- Pfizersite ↗
- Regeneron Pharmaceuticalssite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
15
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 42,518 | 46,385 | 46,159 | 45,006 | 48,300 | 48,194 |
| Pretax income | -6,871 | 8,098 | 7,713 | 8,440 | -8,379 | 9,328 |
| Net income (attributable) | -9,015 | 6,994 | 6,327 | 8,025 | -8,948 | 7,054 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 9.1% | -0.5% | -2.5% | 7.3% | -0.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | -21.2% | 15.1% | 13.7% | 17.8% | -18.5% | 14.6% |
| Balance sheet ($M) | ||||||
| Total assets | 118,481 | 109,314 | 96,820 | 95,159 | 92,603 | 90,038 |
| Total equity | 37,882 | 36,006 | 31,118 | 29,485 | 16,388 | 18,506 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 52,676 | 49,317 | 43,217 | 42,645 | 51,477 | 47,088 |
| Equity ratio | 31.9% | 32.9% | 32.1% | 30.9% | 17.6% | 20.5% |
| ROE | -23.8% | 19.0% | 18.9% | 26.5% | -39.1% | 40.5% |
| Cash flow ($M) | ||||||
| Operating CF | 14,052 | 16,207 | 13,066 | 13,860 | 15,190 | 14,156 |
| Investing CF | -10,859 | -538 | -1,062 | -2,295 | -21,352 | -4,132 |
| Financing CF | -1,151 | -16,224 | -16,962 | -9,416 | 5,127 | -10,348 |
| Free cash flowcalccash flow from operations − capital expenditures | 13,299 | 15,234 | 11,948 | 12,651 | 13,942 | 12,845 |
| Cash and equivalents | 14,546 | 13,979 | 9,123 | 11,464 | 10,346 | 10,209 |
| Per share & other | ||||||
| EPS ($) | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 |
| BVPS ($) | 17.03 | 16.70 | 14.97 | 14.73 | 8.14 | 9.18 |
| Dividend per share ($) | 1.84 | 2.01 | 2.19 | 2.31 | 2.42 | 2.49 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | 64.4% | 74.2% | 59.8% | — | 72.0% |
| P/E (x) | — | 20.0 | 24.4 | 13.3 | — | 15.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 3.64 | 3.73 | 4.81 | 3.48 | 6.95 | 5.88 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $13.07B+6.9% | $2.16B-1.8% | $1.05 |
| 2026-06-30 | $12.97B+5.7% | $3.32B+153.2% | $1.62 |
| 2026-03-31 | $11.49B+2.6% | $2.68B+9.0% | $1.31 |
| 2025-12-31 † | $12.5B+1.3% | $1.09B+1409.7% | — |
| 2025-09-30 | $12.22B | $2.2B | $1.08 |
| 2025-06-30 | $12.27B | $1.31B | $0.64 |
| 2025-03-31 | $11.2B | $2.46B | $1.20 |
| 2024-12-31 † | $12.34B | $72M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
-1.7%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.2% − 7.9%
Past FCF growth (FY2020–FY2025)
-0.7%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+2.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $12.85B (operating CF − capex); enterprise value $162.15B = market cap $125.73B (latest close, 2026-11-04) + debt $47.09B − cash and short-term investments $10.67B; r = WACC of 6.2% using this page’s default assumptions (β 0.45, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$162.59B
FCF $12.85B ÷ (6.2% − -1.7%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.2% | 5.2% | 6.2% | 7.2% | 8.2% |
|---|---|---|---|---|---|
| 0% | 1.89x | 1.52x | 1.28x | 1.10x | 0.97x |
| 2% | 3.60x | 2.48x | 1.89x | 1.52x | 1.28x |
| 4% | 39.61x | 6.60x | 3.60x | 2.48x | 1.89x |
| 6% | — | — | 39.61x | 6.60x | 3.60x |
| 8% | — | — | — | — | 39.61x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.03x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -7.8%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 62 → 70 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-11
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$14,156M ÷ $7,054M = 2.01x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($9,012M + $9,592M) ÷ 2 ÷ $48,194M × 365 = 70 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($2,557M + $2,690M) ÷ 2 ÷ $13,936M × 365 = 69 days
termsInventory · Cost of revenue (COGS)
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 81.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 18.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 290 of 416
- Beta (adjusted)
- 0.45
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 69% of covered companies have more
above 1 = swings more than the market
- 1,673.2M shares reported by 2,514 13F filers ÷ 2,042.7M shares outstanding on 2026-07-22. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-25 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-22)
20
Strengths & weaknessesSite analysis
Strengths
1. Growth Portfolio momentum
Growth Portfolio revenue rose 17% in 2025, 15% in Q2 2026 and 12% in Q3 2026, now over half of revenue.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
2. Strong cash flow
Operating cash flow of $14.2B in 2025; dividends per share rose each year from $2.01 (2021) to $2.49 (2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Generic erosion
Legacy Portfolio revenue fell 15% in 2025; Revlimid generics lost volume limits in January 2026.
Evidence: Form 10-K (FY2025)
2. Heavy debt
$47.1B of debt at year-end 2025.
Evidence: SEC EDGAR XBRL
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
15.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.62%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
72%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
11.8%
(Operating CF − capex) ÷ market cap
1. Transition to new products
Growth Portfolio drugs now exceed half of revenue and grew double digits.
- What has to hold
- New launches outpace generic erosion and price controls.
- The other side
- Eliquis faces Medicare price setting and eventual generics.
Evidence: Form 10-K (FY2025); Q3 2026 earnings release
These summarize facts in BMS's filings, not a recommendation.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
4.7x
$10.67B vs. $2.26B
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
2.5x
$12.85B vs. $5.05B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.5% in FY2023 ($46.16B → $45.01B) | Yes, by FY2024 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Cash
$10.2B of cash at year-end 2025.
Source: SEC EDGAR XBRL
Cash generation
Operating cash flow above $13B every year 2021–2025.
Source: SEC EDGAR XBRL
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Bristol Myers Squibb faces a Texas AG suit over Plavix marketing, litigation over the Celgene contingent value rights (a $6.4 billion potential obligation), and Revlimid/Thalomid antitrust suits. It also lost its constitutional challenge to the IRA drug-pricing program.
5 open matters (1 flagged as major) · 1 settled or closed
Celgene CVR breach-of-contract litigation
PendingContract disputeMajorAlleged successor CVR trustee (S.D.N.Y.); original trustee crossclaims
Alleges BMS did not use 'diligent efforts' to win FDA approval of liso-cel (Breyanzi) before the milestone date, avoiding a $6.4 billion obligation to CVR holders. In December 2025 the court found the plaintiff is successor trustee and let three of five claims proceed. Related CVR securities suits were dismissed with prejudice.
- Amounts
- The potential CVR obligation at issue was $6.4 billion.
- Next step
- No trial date set; crossclaims stayed pending a final ruling on trustee identity.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Texas AG Plavix suit
PendingEnforcement / sanctionTexas Attorney General and qui tam relator v. BMS and Sanofi (Harrison County, Tex.)
Filed November 2025 over Plavix labeling, sales and promotion, and remanded to state court in March 2026. BMS's suit to enjoin it was abated in April 2026. No trial date.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Revlimid/Thalomid and Pomalyst antitrust suits
PendingAntitrustOpt-out purchasers and others (D.N.J.; San Francisco and Philadelphia state courts); Pomalyst purchasers (S.D.N.Y.; 2nd Cir.)
Claims over obtaining and litigating Revlimid patents and over copay assistance, after a 2020 class settlement. Motions to dismiss the amended complaints are pending. The Pomalyst class actions were dismissed, with judgment for BMS in March 2026, and plaintiffs appealed in April 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Opdivo biosimilar patent suit against Amgen
PendingPatent / IPBMS and Ono Pharmaceutical v. Amgen (D. Del.)
Filed in September 2026 after Amgen sought FDA approval (aBLA) to market a nivolumab biosimilar in the U.S.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
340B and IRA challenges
PendingRegulatory proceedingHHS/CMS; HRSA (D.C. Cir.); Arkansas Attorney General
The Supreme Court denied review of BMS's IRA drug-pricing challenge in May 2026, ending it. BMS's appeal over HRSA's rejection of a 340B cash-rebate model awaits a decision after November 2025 argument. Arkansas sued BMS and others in July 2026 over 340B contract-pharmacy conditions, seeking civil penalties.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Celgene securities class action
SettledClass actionCelgene stock purchasers, April 2017 – April 2018 (D.N.J.)
Settled in principle in September 2025; final approval granted May 2026.
Source: Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings
Company statement: BMS does not believe these matters will have a material adverse effect on its financial position or liquidity, though they could be material to results in a single period. Its share of environmental remediation costs is estimated at $66 million.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Generics and new rivals
- Company disclosure (summarized from the 10-K)
- BMS competes with global research-based drug companies, smaller focused biotechs and generic makers; new products with therapeutic or cost advantages can force price cuts.
- Company’s stated mitigation
- Growth Portfolio and late-stage pipeline (e.g., milvexian, Sotyktu, Cobenfy indications).
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Medicare price negotiation
- Company disclosure (summarized from the 10-K)
- Maximum fair prices apply to Eliquis (2026) and Pomalyst (2027), and Orencia was selected in January 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 3Customer/supplier concentration
Wholesaler concentration
- Company disclosure (summarized from the 10-K)
- Three wholesalers account for about 87% of U.S. gross sales.
- Company’s stated mitigation
- Distribution service agreements through June 2027.
- This site’s assessment
- Impact Med / Likelihood Low
- 4Funding & liquidity
Leverage
- Company disclosure (summarized from the 10-K)
- Debt rose in 2024, when BMS spent $21.8B on acquisitions; BMS tendered for up to $7B of notes and issued euro notes in November 2025.
- Company’s stated mitigation
- Refinancing and cash flow.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
In December 2025, we announced the U.S. Government Agreement pursuant to which we agreed to, among other things: Read more
(i) provide Eliquis for free to the Medicaid program effective January 1, 2026; (ii) donate more than seven tons of Eliquis API to fill the U.S. Strategic Active Ingredient Reserve; (iii) enable direct-to-patient access to Sotyktu, Zeposia, Reyataz, Baraclude and Orencia for cash-paying patients at discounts approximately 80% off current list prices; (iv) adopt a more balanced pricing approach for new launches across developed nations; and (v) continue to expand domestic production. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029 and will not be subject to future pricing mandates in the United States, however, such exemptions may be terminated or may not be extended. We remain subject to any current or future…
In July 2025, the OBBBA was enacted which, among other things, aims to achieve efficiencies in U.S. Read more
federal government healthcare spending over the next decade, primarily within Medicaid. We are continuing to assess the full scope of this legislation and its potential commercial implications, and it is possible that these changes may impact our cash flows and results of operations.
The U.S. and other countries have recently imposed, and may continue to impose, new tariffs. Read more
While pharmaceuticals are largely exempt from the tariffs imposed in 2025, such exemptions may be terminated or may not apply to any future tariffs. In accordance with the U.S. Government Agreement, BMS will receive certain U.S. tariff relief until January 2029. We continue to evaluate the impacts of tariffs on our business and results of operations, and it is possible that such tariffs, or future tariffs, may result in a material impact on our business and results of operations.
No longer in the text (1)
In addition, in December 2023, the Biden administration released a proposed framework that for the first time proposed that a drug’s price can be a factor in determining that the drug is not accessible to the public and, therefore, that the government could exercise “march-in rights” and license it to a third party to manufacture. We cannot predict whether the Trump administration will finalize the draft framework or if the government will propose other drug pricing policy changes. If pursued and finalized, these policies could reduce prices and reimbursement for certain of our products and could significantly impact our business and consolidated results of operations .
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 11, 2026 ↗ with the 10-K filed Feb 12, 2025 ↗.
26
What to watch going forwardSite analysis
- Growth Portfolio growth versus Legacy erosion.
- Cobenfy uptake and new indications.
- Medicare negotiated prices for Eliquis, Pomalyst and Orencia.
- Raised 2026 guidance: revenue about $49–50B.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 17, 2026 10:06 (SEC EDGAR) · Source 10-K filed: February 11, 2026
Built on10-K FY2025 · filed 2026-02-11
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Bristol-Myers Squibb Company’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.