BRISTOL MYERS SQUIBB CO
$63.43
+1.11 (+1.78%) · delayed · Nov 13, 2026
Five-year price
52w $45.27 to $68.64
- Market cap
- $129.7B
- Enterprise value
- $164.3B
- P/E
- 18.3×
- 65.4× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 9.9%
- ROIC
- —
- Debt / equity
- 2.43
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ○ROE > 15% (5y avg)5y avg ROE 10.1%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 187% (5y avg)
- ○Growing revenueRevenue CAGR 5y 2.5%
- ●Shrinking share countDiluted shares -9.7% over 5y
Value
25
- ○P/E below 15P/E 18.3
- –EV/EBIT below 12EV/EBIT n/a
- ●FCF yield above 6%FCF yield 9.9%
- ○Price below Graham NumberGraham Number $26.52
- ○P/B below 3P/B 7.0
Safety
25
- ○Debt / equity below 0.5D/E 2.43
- ○Debt payable in < 4 yrs of earningsNet debt $34.6B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.26
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
29
- ●Adequate size (revenue > $2B)Revenue $48.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.26
- ○Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -54%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 65.4
- ○P/E × P/B ≤ 22.5Product 459.0
Valuation lab
What do you have to believe?
At $63.43, the market is pricing in about −0.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $34.6B · 2044M shares · 5y revenue CAGR 2.5%
Intrinsic value
$85.95
Price
$63.43
Margin of safety
26%
What the price implies
The market is paying for −0.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
55% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 19,427 | 20,776 | 22,561 | 26,145 | 42,518 | 46,385 | 46,159 | 45,006 | 48,300 | 48,194 |
| Gross profit | 14,481 | 14,682 | 16,094 | 18,067 | 30,745 | — | — | — | — | — |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 5,915 | 5,131 | 5,968 | 4,975 | (6,871) | 8,098 | 7,713 | 8,440 | (8,379) | 9,328 |
| Income tax | 1,408 | 4,156 | 1,021 | 1,515 | 2,124 | 1,084 | 1,368 | 400 | 554 | 2,272 |
| Net income | 4,457 | 1,007 | 4,920 | 3,439 | (9,015) | 6,994 | 6,327 | 8,025 | (8,948) | 7,054 |
| EPS (diluted) | 2.65 | 0.61 | 3.01 | 2.01 | -3.99 | 3.12 | 2.95 | 3.86 | -4.41 | 3.46 |
| Diluted shares | 1,680 | 1,652 | 1,637 | 1,712 | 2,258 | 2,245 | 2,146 | 2,078 | 2,027 | 2,039 |
Who owns it