Bristol Myers Squibb (BMY)
Health Care · $128B market cap · SEC CIK 0000014272
fundamentals score out of 100
Next reports on Oct 29, 2026, with analysts expecting $1.74 in earnings per share.
The case for BMY
- Earns 47% back on shareholder equity.
- Generated $12.8B of free cash flow in FY2025, 27% of revenue.
- Free cash flow of 10.0% of its market value a year: a lot of cash for the price.
- Earnings per share up 99.3%.
- Pays a 4.6% dividend while you wait.
- Reasonably priced at 13.8× earnings.
The case against
- Dividend takes 82% of earnings, leaving little cushion.
- Revenue growth of +3.1% is slower than 86% of Health Care companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Health Care companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 81 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 49 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 80 |
| Momentumhow the price has behaved lately | 79 |
| Stabilityhow violently it moves, what it owes and what it pays you | 76 |
- Each factor except momentum is half fixed thresholds, half rank among the 59 Health Care companies.
Key numbers
| Price / earnings | 13.8× |
|---|---|
| Price / book | 5.27× |
| Price / sales | 2.6× |
| Revenue growth (YoY) | +3.1% |
| EPS growth (YoY) | +99.3% |
| Gross margin | 72% |
| Operating margin | 26% |
| Net margin | 19% |
| Return on equity | 47% |
| Debt / equity | 1.93× |
| Current ratio | 1.53 |
| Dividend yield | 4.58% |
| Beta | 0.19 |
| 52-week range | $42.52 – $68.64 |
| Position in that range | 76% of the way up |
| 3-month return | +16.0% |
| 1-year return | +39.1% |
Five years of financials, as filed
Pulled from Bristol Myers Squibb's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $48.2B | $48.3B | $45.0B | $46.2B | $46.4B |
| Net income | $7.1B | -$8.9B | $8.0B | $6.3B | $7.0B |
| Operating cash flow | $14.2B | $15.2B | $13.9B | $13.1B | $16.2B |
| Capital expenditure | $1.3B | $1.2B | $1.2B | $1.1B | $973M |
| Total assets | $90.0B | $92.6B | $95.2B | $96.8B | $109B |
| Total liabilities | $71.5B | $76.2B | $65.7B | $65.7B | $73.3B |
| Shareholder equity | $18.5B | $16.3B | $29.4B | $31.1B | $35.9B |
| Cash | $10.2B | $10.3B | $11.5B | $9.1B | $14.0B |
| Long-term debt | $42.9B | $47.6B | $36.7B | $35.1B | $39.6B |
| Free cash flow | $12.8B | $13.9B | $12.7B | $11.9B | $15.2B |
| Net margin | 14.6% | -18.5% | 17.8% | 13.7% | 15.1% |
| Diluted shares | 2.0B | 2.0B | 2.1B | 2.1B | 2.2B |
Share count is down 9.2% over 4 years. Buybacks have been shrinking the pie.
What Bristol Myers Squibb says it does
Bristol-Myers Squibb Company ("we", the "Company", "Bristol Myers Squibb", or "BMS") was incorporated under the laws of the State of Delaware in August 1933 under the name Bristol-Myers Company, as successor to a New York business started in 1887. In 1989, Bristol-Myers Company changed its name to Bristol-Myers Squibb Company as a result of a merger. We operate in a single segment engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of innovative medicines that help patients prevail over serious diseases. Our principal strategy is to combine the resources, scale and capability of a large pharmaceutical company with the speed, agility and focus on innovation typically found in the biotech industry. Our focus as a biopharmaceutical company is on discovering, developing and delivering transformational medicines for patients facing serious diseases in areas where we believe that we have an…
Risk factors BMY lists in its 10-K
- Significant Product and Pipeline Approvals
- Acquisitions, Divestitures, Licensing and Other Arrangements
- Other Rebates, Returns, Discounts and Adjustments
- Selling, general and administrative
- Amortization of Acquired Intangible Assets
- Financial Position, Liquidity and Capital Resources
- Contractual Obligations and Off-Balance Sheet Arrangements
- Recently Issued Accounting Standards
- Use of information from external sources
- Acquisition and Intangible Assets Valuations
- Impairment and Amortization of Long-lived Assets, including Goodwill and Other Intangible Assets
- Special Note Regarding Forward-Looking Statements
- Dollars in millions, except per share data
- Dollars in millions, except share and per share data