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BRISTOL MYERS SQUIBB CO

BMY· NYSE, NYSE· Pharmaceutical Preparations

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
26.7%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+2.5%
We record prices for the companies we cover; BMY is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
2.04B
Revenue
$48.2B
Free cash flow
$12.8B
Owner earnings
$12.3B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
–
Net
14.6%
Free cash flow
26.7%
Owner earnings
25.5%
Stock pay
1.1%

Returns

ROIC, FY2025
–
ROIC, 5 yr avg
–
ROE, FY2025
38.2%
ROE, 5 yr avg
10.1%

Growth (CAGR)

Revenue, 3 yr
1.4%
Revenue, 5 yr
2.5%
Revenue, 9 yr
10.6%
Diluted EPS, 3 yr
5.5%
Diluted EPS, 5 yr
–
Diluted EPS, 9 yr
3.0%
Free cash flow, 3 yr
2.4%
Free cash flow, 5 yr
-0.7%
Free cash flow, 9 yr
24.1%

Financial health · FY2025

Cash and investments
$10.7B
Total debt
$47.1B
Net debt
$36.4B
Debt/Equity
2.5x
Debt/FCF
3.7x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
71.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$48.2B

+10.6% a year over 9 years

FY2016: Revenue $19.4BFY2017: Revenue $20.8BFY2018: Revenue $22.6BFY2019: Revenue $26.1BFY2020: Revenue $42.5BFY2021: Revenue $46.4BFY2022: Revenue $46.2BFY2023: Revenue $45.0BFY2024: Revenue $48.3BFY2025: Revenue $48.2B
FY2016FY2025

Margins

Gross–Net14.6%

FY2025

FY2016: Gross 74.5%, Net 22.9%FY2017: Gross 70.7%, Net 4.8%FY2018: Gross 71.3%, Net 21.8%FY2019: Gross 69.1%, Net 13.2%FY2020: Gross 72.3%, Net -21.2%FY2021: Gross –, Net 15.1%FY2022: Gross –, Net 13.7%FY2023: Gross –, Net 17.8%FY2024: Gross –, Net -18.5%FY2025: Gross –, Net 14.6%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$12.8BOwner earnings$12.3B

Free cash flow +24.1% a year

FY2016: Free cash flow $1.8B, Owner earnings $1.6BFY2017: Free cash flow $4.2B, Owner earnings $4.0BFY2018: Free cash flow $6.1B, Owner earnings $5.9BFY2019: Free cash flow $7.4B, Owner earnings $6.9BFY2020: Free cash flow $13.3B, Owner earnings $12.5BFY2021: Free cash flow $15.2B, Owner earnings $14.7BFY2022: Free cash flow $11.9B, Owner earnings $11.5BFY2023: Free cash flow $12.7B, Owner earnings $12.1BFY2024: Free cash flow $13.9B, Owner earnings $13.4BFY2025: Free cash flow $12.8B, Owner earnings $12.3B
FY2016FY2025

Diluted shares

2.04B

+21.4% over 9 years, net dilution

FY2016: Diluted shares 1.68BFY2017: Diluted shares 1.65BFY2018: Diluted shares 1.64BFY2019: Diluted shares 1.71BFY2020: Diluted shares 2.26BFY2021: Diluted shares 2.25BFY2022: Diluted shares 2.15BFY2023: Diluted shares 2.08BFY2024: Diluted shares 2.03BFY2025: Diluted shares 2.04B
FY2016FY2025

Net debt (below zero)

-$36.4B

$36.4B more debt than cash

FY2016: Net cash -$224.0MFY2017: Net cash -$1.4BFY2018: Net cash $161.0MFY2019: Net cash -$34.1BFY2020: Net cash -$36.8BFY2021: Net cash -$32.4BFY2022: Net cash -$34.0BFY2023: Net cash -$30.4BFY2024: Net cash -$40.6BFY2025: Net cash -$36.4B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$19.4B$20.8B$22.6B$26.1B$42.5B$46.4B$46.2B$45.0B$48.3B$48.2B
Revenue growth17.3%6.9%8.6%15.9%62.6%9.1%-0.5%-2.5%7.3%-0.2%
Gross margin74.5%70.7%71.3%69.1%72.3%–––––
Operating margin––––––––––
Net income$4.5B$1.0B$4.9B$3.4B-$9.0B$7.0B$6.3B$8.0B-$8.9B$7.1B
Net margin22.9%4.8%21.8%13.2%-21.2%15.1%13.7%17.8%-18.5%14.6%
Diluted EPS$2.65$0.61$3.01$2.01$-3.99$3.12$2.95$3.86$-4.41$3.46
Return on invested capital?––––––––––
Cash
Operating cash flow$3.1B$5.3B$7.1B$8.2B$14.1B$16.2B$13.1B$13.9B$15.2B$14.2B
Capital expenditure$1.2B$1.1B$951.0M$836.0M$753.0M$973.0M$1.1B$1.2B$1.2B$1.3B
Free cash flow$1.8B$4.2B$6.1B$7.4B$13.3B$15.2B$11.9B$12.7B$13.9B$12.8B
Stock-based compensation$205.0M$199.0M$221.0M$441.0M$779.0M$583.0M$457.0M$518.0M$507.0M$553.0M
Owner earnings?$1.6B$4.0B$5.9B$6.9B$12.5B$14.7B$11.5B$12.1B$13.4B$12.3B
Free cash flow per share$1.10$2.55$3.74$4.31$5.89$6.79$5.57$6.09$6.88$6.30
Capital allocation
Dividends paid$2.5B$2.6B$2.6B$2.7B$4.1B$4.4B$4.6B$4.7B$4.9B$5.0B
Share repurchases$231.0M$2.5B$320.0M$7.3B$1.5B$6.3B$8.0B$5.2B$0$0
Diluted shares1.68B1.65B1.64B1.71B2.26B2.25B2.15B2.08B2.03B2.04B
Share count change?0.1%-1.7%-0.9%4.6%31.9%-0.6%-4.4%-3.2%-2.5%0.6%
Balance sheet
Cash and equivalents$4.2B$5.4B$6.9B$12.3B$14.5B$14.0B$9.1B$11.5B$10.3B$10.2B
Short-term investments$2.1B$1.4B$1.8B$3.0B$1.3B$3.0B$130.0M$816.0M$513.0M$464.0M
Total debt$6.6B$8.3B$8.6B$49.5B$52.7B$49.3B$43.2B$42.6B$51.5B$47.1B
Net debt$224.0M$1.4B-$161.0M$34.1B$36.8B$32.4B$34.0B$30.4B$40.6B$36.4B
Shareholders' equity$16.2B$11.7B$14.0B$51.6B$37.8B$35.9B$31.1B$29.4B$16.3B$18.5B

Latest filings

All on EDGAR
2026-10-2910-QQuarterly report
2026-10-298-KEarnings release
2026-07-3010-QQuarterly report
2026-07-308-KEarnings release
2026-04-3010-QQuarterly report
2026-04-308-KEarnings release
2026-03-25DEF 14AProxy statement
2026-02-1110-KAnnual report
2026-02-058-KEarnings release
2025-10-3010-QQuarterly report

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