Tearsheet

Bristol-Myers Squibb (BMY)


Market Price (9/17/2025): $46.32 | Market Cap: $94.1 Bil
Sector: Health Care | Industry: Pharmaceuticals

Bristol-Myers Squibb (BMY)


Market Price (9/17/2025): $46.32
Market Cap: $94.1 Bil
Sector: Health Care
Industry: Pharmaceuticals

Investment Highlights

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 5.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 14%
Weak multi-year price returns
2Y Excs Rtn is -65%, 3Y Excs Rtn is -88%
Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.5%, Rev Chg QQuarterly Revenue Change % is -5.6%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 14 Bil, FCF LTM is 13 Bil
  
2 Low stock price volatility
Vol 12M is 30%
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, Dividend Yield is 5.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.5%, FCF Yield is 14%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 27%, CFO LTM is 14 Bil, FCF LTM is 13 Bil
2 Low stock price volatility
Vol 12M is 30%
3 Weak multi-year price returns
2Y Excs Rtn is -65%, 3Y Excs Rtn is -88%
4 Weak revenue growth
Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.5%, Rev Chg QQuarterly Revenue Change % is -5.6%

Market Valuation

 9/17/252024202320222021
Share Price CYE$46.32$55.34$47.79$64.71$54.38
Market Cap CYE ($ Bil)94.1112.396.9136.5119.8
Total Debt ($ Bil)51.251.241.540.745.6
Total Cash ($ Bil)11.810.912.39.317.2
Enterprise Value ($ Bil)133.5163.5138.4177.2165.4
Valuation Ratios     
P/S TTM2.02.42.43.33.0
P/EBIT TTM11.6-17.811.117.114.7
P/E TTM17.4-12.813.224.219.8
Sector Ratios     
P/S TTM (Sector)3.73.64.14.57.3
P/EBIT TTM (Sector)-1.6-1.3-1.4-1.3-2.9
P/E TTM (Sector)-1.8-1.5-1.5-1.3-2.9
 9/17/2520242023
Share Price CYE$46.32$55.34$47.79
Market Cap CYE ($ Bil)94.1112.396.9
Total Debt ($ Bil)51.251.241.5
Total Cash ($ Bil)11.810.912.3
Enterprise Value ($ Bil)133.5163.5138.4
Valuation Ratios   
P/S TTM2.02.42.4
P/EBIT TTM11.6-17.811.1
P/E TTM17.4-12.813.2
Sector Ratios   
P/S TTM (Sector)3.73.64.1
P/EBIT TTM (Sector)-1.6-1.3-1.4
P/E TTM (Sector)-1.8-1.5-1.5

Business Description

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, and markets biopharmaceutical products worldwide. It offers products for hematology, oncology, cardiovascular, immunology, fibrotic, neuroscience, and covid-19 diseases. The company's products include Revlimid, an oral immunomodulatory drug for the treatment of multiple myeloma; Eliquis, an oral inhibitor for reduction in risk of stroke/systemic embolism in NVAF, and for the treatment of DVT/PE; Opdivo for anti-cancer indications; Pomalyst/Imnovid indicated for patients with multiple myeloma; and Orencia for adult patients with active RA and psoriatic arthritis. Show more

Price Returns Compared

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 202020212022202320242025Total [1]
Returns
BMY Return0%3%19%-26%16%-16%-12%
Peers Return12%39%8%10%1%-1%82%
S&P 500 Return16%27%-19%24%23%12%104%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: LLY, JNJ, MRK, ZTS, PFE. See BMY Returns vs. Peers.
[3] 2025 data is for the year up to 9/16/2025 (YTD)

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Financials

BMYLLYJNJMRKZTSPFEMedian
NameBristol-.Eli LillyJohnson .Merck Zoetis Pfizer  
Mkt Price46.34764.71176.4681.09147.4623.90114.28
Mkt Cap94.1686.6424.6203.565.6135.9169.7
Rev LTM47,63653,25890,62763,6169,38563,83358,437
Op Inc LTM7,87022,88222,22819,8213,52016,66318,242
FCF LTM13,086-5016,39714,7222,21912,43812,762
FCF 3Y Avg12,225-15616,92612,8991,8699,30410,765
CFO LTM14,31010,93823,02818,5342,92915,18814,749
CFO 3Y Avg13,4197,23022,24816,7662,54912,58413,002

Growth & Margins

BMYLLYJNJMRKZTSPFEMedian
NameBristol-.Eli LillyJohnson .Merck Zoetis Pfizer  
Rev Chg LTM4.6%36.8%4.7%1.8%5.3%13.5%5.0%
Rev Chg 3Y Avg0.5%23.4%4.0%3.7%5.5%-12.4%3.8%
Rev Chg Q-5.6%37.6%5.8%-1.9%4.2%10.3%5.0%
QoQ Delta Rev Chg LTM-1.4%8.7%1.5%-0.5%1.1%2.2%1.3%
Op Mgn LTM16.5%43.0%24.5%31.2%37.5%26.1%28.6%
Op Mgn 3Y Avg17.3%35.6%26.3%22.6%36.6%20.2%24.4%
QoQ Delta Op Mgn LTM4.3%1.8%-0.2%-0.8%0.5%1.8%1.1%
CFO/Rev LTM30.0%20.5%25.4%29.1%31.2%23.8%27.3%
CFO/Rev 3Y Avg28.9%17.8%25.7%27.2%28.7%18.8%26.5%
FCF/Rev LTM27.5%-0.1%18.1%23.1%23.6%19.5%21.3%
FCF/Rev 3Y Avg26.4%0.5%19.6%20.9%21.0%13.8%20.2%

Valuation

BMYLLYJNJMRKZTSPFEMedian
NameBristol-.Eli LillyJohnson .Merck Zoetis Pfizer  
Mkt Cap94.1686.6424.6203.565.6135.9169.7
P/S2.012.94.73.27.02.13.9
P/EBIT11.638.615.110.018.610.213.3
P/E17.449.818.712.425.112.618.1
P/CFO6.662.818.411.022.48.914.7
Total Yield11.0%2.7%8.2%12.0%5.3%13.3%9.6%
Dividend Yield5.2%0.7%2.8%3.9%1.3%5.3%3.4%
FCF Yield 3Y Avg12.4%0.1%4.5%5.1%2.5%5.7%4.8%
D/E0.50.10.10.20.10.40.1
Net D/E0.40.10.10.10.10.40.1

Returns

BMYLLYJNJMRKZTSPFEMedian
NameBristol-.Eli LillyJohnson .Merck Zoetis Pfizer  
1M Rtn-4.3%9.1%0.6%-2.8%-4.3%-4.9%-3.5%
3M Rtn-1.9%-3.1%16.7%4.6%-8.5%1.3%-0.3%
6M Rtn-21.8%-6.6%9.2%-12.7%-9.7%-5.8%-8.2%
12M Rtn-4.2%-16.6%9.1%-28.7%-23.2%-14.9%-15.8%
3Y Rtn-27.4%153.9%15.4%1.1%-3.3%-38.8%-1.1%
1M Excs Rtn-6.8%6.6%-1.8%-5.2%-6.7%-7.4%-6.0%
3M Excs Rtn-14.3%-14.6%5.0%-8.4%-19.5%-9.9%-12.1%
6M Excs Rtn-38.3%-23.3%-6.3%-29.2%-26.5%-21.3%-24.9%
12M Excs Rtn-18.8%-35.7%-7.4%-44.6%-39.8%-30.4%-33.0%
3Y Excs Rtn-88.4%84.4%-45.8%-60.1%-69.9%-103.5%-65.0%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Eliquis12,20611,78910,7629,1687,929
Opdivo9,0098,2497,5236,9927,204
Revlimid6,0979,97812,82112,1061,299
Orencia3,6013,4643,3063,1572,977
Pomalyst/Imnovid3,4413,4973,3323,070322
Yervoy2,2382,1312,0261,6821,489
Sprycel1,9302,1652,1172,1402,110
Other Growth products1,2111,092   
Reblozyl1,008717551274 
Abraxane1,0048111,1811,247166
Other Legacy products9621,162   
Opdualag6272520  
Abecma472388164  
Zeposia43425013412 
Breyanzi36418287  
Camzyos231240  
Sotyktu17080  
Augtyro100  
Cobenfy00   
Krazati00   
Inrebic  74555
Mature and other brands  2,2342,217 
Onureg  7317 
Empliciti   381357
Baraclude    555
Other Brands    1,674
Vidaza    58
Total45,00646,15946,38542,51826,145


Price Behavior

Short Interest

Short Interest: As Of Date8292025
Short Interest: Shares Quantity31,193,823
Short Interest: % Change Since 81520255.1%
Average Daily Volume9,732,383
Days-to-Cover Short Interest3.21
Basic Shares Quantity2,031,000,000
Short % of Basic Shares1.5%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/2025-5.8%-2.5%2.0%
4/24/20250.3%3.4%-3.1%
2/6/2025-3.8%-6.0%2.3%
10/31/20245.9%5.0%12.5%
7/26/202411.4%6.4%6.3%
4/25/2024-8.5%-9.5%-15.0%
2/2/20240.1%0.1%4.6%
10/26/2023-6.4%-9.4%-12.1%
...
SUMMARY STATS   
# Positive121312
# Negative121112
Median Positive2.0%3.4%2.1%
Median Negative-3.4%-2.6%-3.2%
Max Positive11.4%6.8%12.5%
Max Negative-8.5%-9.5%-15.0%

SEC Filings

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Report DateFiling DateFiling
6302025731202510-Q 6/30/2025
3312025424202510-Q 3/31/2025
12312024212202510-K 12/31/2024
93020241031202410-Q 9/30/2024
6302024726202410-Q 6/30/2024
3312024425202410-Q 3/31/2024
12312023213202410-K 12/31/2023
93020231026202310-Q 9/30/2023
6302023727202310-Q 6/30/2023
3312023427202310-Q 3/31/2023
12312022214202310-K 12/31/2022
93020221026202210-Q 9/30/2022
6302022727202210-Q 6/30/2022
3312022429202210-Q 3/31/2022
12312021209202210-K 12/31/2021
93020211027202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Hickey BenjaminPresident, RayzeBio Org.5132025Sell38.01973,702 Form
1Hirawat SamitEVP,Chief Med.Offr.,Drug Dev.4292025Buy47.584,250202,2153,973,572Form
2BOERNER CHRISTOPHER S.Chief Executive Officer2212025Buy55.052,000110,0965,759,452Form
3Hirawat SamitEVP,Chief Med.Offr.,Drug Dev.2192025Buy54.841,823100,0003,506,058Form
4Holzer Phil MSVP and Controller11052024Sell55.6270038,930654,032Form