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Bristol-Myers Squibb

NYSE:BMY
Snowflake Description

High growth potential established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BMY
NYSE
$131B
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The last earnings update was 43 days ago. More info.


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BMY Share Price and Events
7 Day Returns
3.8%
NYSE:BMY
1.8%
US Pharmaceuticals
-3.8%
US Market
1 Year Returns
25.9%
NYSE:BMY
-6.2%
US Pharmaceuticals
-15.9%
US Market
BMY Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Bristol-Myers Squibb (BMY) 3.8% -4% -9.4% 25.9% 9.2% -9.6%
US Pharmaceuticals 1.8% -7.3% -11.1% -6.2% 5.8% 1.8%
US Market -3.8% -17.4% -24.1% -15.9% 2.8% 13.5%
1 Year Return vs Industry and Market
  • BMY outperformed the Pharmaceuticals industry which returned -6.2% over the past year.
  • BMY outperformed the Market in United States of America which returned -15.9% over the past year.
Price Volatility
BMY
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Bristol-Myers Squibb undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Bristol-Myers Squibb to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Bristol-Myers Squibb.

NYSE:BMY Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 1.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:BMY
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 1.7%
Equity Risk Premium S&P Global 5.4%
Pharmaceuticals Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.686 (1 + (1- 21%) (36.31%))
0.921
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.74% + (0.921 * 5.44%)
6.75%

Discounted Cash Flow Calculation for NYSE:BMY using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Bristol-Myers Squibb is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NYSE:BMY DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.75%)
2020 11,124.30 Analyst x3 10,420.65
2021 14,999.77 Analyst x3 13,162.20
2022 17,684.74 Analyst x2 14,536.64
2023 20,556.00 Analyst x1 15,828.00
2024 21,404.00 Analyst x1 15,438.47
2025 22,071.69 Est @ 3.12% 14,913.06
2026 22,668.86 Est @ 2.71% 14,347.72
2027 23,216.52 Est @ 2.42% 13,764.87
2028 23,730.34 Est @ 2.21% 13,179.56
2029 24,221.85 Est @ 2.07% 12,601.61
Present value of next 10 years cash flows $138,192.00
NYSE:BMY DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $24,221.85 × (1 + 1.74%) ÷ (6.75% – 1.74%)
$491,635.05
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $491,635.05 ÷ (1 + 6.75%)10
$255,777.00
NYSE:BMY Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $138,192.00 + $255,777.00
$393,969.00
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $393,969.00 / 2,262.46
$174.13
NYSE:BMY Discount to Share Price
Calculation Result
Value per share (USD) From above. $174.13
Current discount Discount to share price of $57.87
= -1 x ($57.87 - $174.13) / $174.13
66.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Bristol-Myers Squibb is available for.
Intrinsic value
>50%
Share price is $57.87 vs Future cash flow value of $174.13
Current Discount Checks
For Bristol-Myers Squibb to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Bristol-Myers Squibb's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Bristol-Myers Squibb's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Bristol-Myers Squibb's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Bristol-Myers Squibb's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:BMY PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $2.02
NYSE:BMY Share Price ** NYSE (2020-04-06) in USD $57.87
United States of America Pharmaceuticals Industry PE Ratio Median Figure of 24 Publicly-Listed Pharmaceuticals Companies 19.57x
United States of America Market PE Ratio Median Figure of 2,947 Publicly-Listed Companies 12.21x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Bristol-Myers Squibb.

NYSE:BMY PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BMY Share Price ÷ EPS (both in USD)

= 57.87 ÷ 2.02

28.69x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bristol-Myers Squibb is overvalued based on earnings compared to the US Pharmaceuticals industry average.
  • Bristol-Myers Squibb is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Bristol-Myers Squibb's expected growth come at a high price?
Raw Data
NYSE:BMY PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.69x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
87%per year
United States of America Pharmaceuticals Industry PEG Ratio Median Figure of 21 Publicly-Listed Pharmaceuticals Companies 1.9x
United States of America Market PEG Ratio Median Figure of 2,010 Publicly-Listed Companies 0.88x

*Line of best fit is calculated by linear regression .

NYSE:BMY PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.69x ÷ 87%

0.33x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bristol-Myers Squibb is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Bristol-Myers Squibb's assets?
Raw Data
NYSE:BMY PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $22.92
NYSE:BMY Share Price * NYSE (2020-04-06) in USD $57.87
United States of America Pharmaceuticals Industry PB Ratio Median Figure of 182 Publicly-Listed Pharmaceuticals Companies 2.22x
United States of America Market PB Ratio Median Figure of 5,148 Publicly-Listed Companies 1.2x
NYSE:BMY PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BMY Share Price ÷ Book Value per Share (both in USD)

= 57.87 ÷ 22.92

2.52x

* Primary Listing of Bristol-Myers Squibb.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Bristol-Myers Squibb is overvalued based on assets compared to the US Pharmaceuticals industry average.
X
Value checks
We assess Bristol-Myers Squibb's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Pharmaceuticals industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Pharmaceuticals industry average (and greater than 0)? (1 check)
  5. Bristol-Myers Squibb has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Bristol-Myers Squibb expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
87%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Bristol-Myers Squibb expected to grow at an attractive rate?
  • Bristol-Myers Squibb's earnings growth is expected to exceed the low risk savings rate of 1.7%.
Growth vs Market Checks
  • Bristol-Myers Squibb's earnings growth is expected to exceed the United States of America market average.
  • Bristol-Myers Squibb's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:BMY Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:BMY Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts 87%
NYSE:BMY Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 8.1%
United States of America Pharmaceuticals Industry Earnings Growth Rate Market Cap Weighted Average 27.3%
United States of America Pharmaceuticals Industry Revenue Growth Rate Market Cap Weighted Average 5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:BMY Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:BMY Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 49,185 19,363 5
2023-12-31 49,103 19,169 6
2022-12-31 47,134 18,347 9
2021-12-31 45,309 14,350 12,344 13
2020-12-31 41,950 13,495 1,549 13
2020-04-07
NYSE:BMY Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 26,145 8,067 3,439
2019-09-30 24,173 8,458 5,655
2019-06-30 23,857 7,181 6,203
2019-03-31 23,288 6,155 5,144
2018-12-31 22,561 5,940 4,920
2018-09-30 22,037 4,628 1,432
2018-06-30 21,600 5,062 376
2018-03-31 21,040 5,589 919
2017-12-31 20,776 5,275 1,007
2017-09-30 20,570 5,601 4,229
2017-06-30 20,238 5,292 4,586
2017-03-31 19,965 4,147 4,836

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Bristol-Myers Squibb's earnings are expected to grow significantly at over 20% yearly.
  • Bristol-Myers Squibb's revenue is expected to grow by 8.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:BMY Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Bristol-Myers Squibb Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BMY Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 6.12 7.97 3.10 3.00
2020-12-31 0.80 0.92 0.67 2.00
2020-04-07
NYSE:BMY Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 2.02
2019-09-30 3.46
2019-06-30 3.80
2019-03-31 3.15
2018-12-31 3.01
2018-09-30 0.88
2018-06-30 0.23
2018-03-31 0.56
2017-12-31 0.61
2017-09-30 2.56
2017-06-30 2.76
2017-03-31 2.90

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Bristol-Myers Squibb is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Bristol-Myers Squibb's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Bristol-Myers Squibb has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Bristol-Myers Squibb performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Bristol-Myers Squibb's growth in the last year to its industry (Pharmaceuticals).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Bristol-Myers Squibb's year on year earnings growth rate has been positive over the past 5 years.
  • Bristol-Myers Squibb's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Bristol-Myers Squibb's 1-year earnings growth is negative, it can't be compared to the US Pharmaceuticals industry average.
Earnings and Revenue History
Bristol-Myers Squibb's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Bristol-Myers Squibb Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BMY Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 26,145.00 3,439.00 4,835.00 5,891.00
2019-09-30 24,173.00 5,655.00 4,428.00 5,304.00
2019-06-30 23,857.00 6,203.00 4,447.00 5,204.00
2019-03-31 23,288.00 5,144.00 4,464.00 5,261.00
2018-12-31 22,561.00 4,920.00 4,522.00 5,118.00
2018-09-30 22,037.00 1,432.00 4,230.00 5,184.00
2018-06-30 21,600.00 376.00 4,327.00 5,109.00
2018-03-31 21,040.00 919.00 4,438.00 4,958.00
2017-12-31 20,776.00 1,007.00 4,749.00 6,085.00
2017-09-30 20,570.00 4,229.00 4,896.00 4,697.00
2017-06-30 20,238.00 4,586.00 4,877.00 4,589.00
2017-03-31 19,965.00 4,836.00 4,929.00 4,513.00
2016-12-31 19,427.00 4,457.00 4,815.00 4,477.00
2016-09-30 18,471.00 3,366.00 4,947.00 4,366.00
2016-06-30 17,618.00 2,870.00 4,977.00 4,310.00
2016-03-31 16,910.00 1,574.00 4,871.00 4,181.00
2015-12-31 16,560.00 1,565.00 4,831.00 4,037.00
2015-09-30 16,531.00 1,775.00 4,697.00 4,001.00
2015-06-30 16,383.00 1,790.00 4,625.00 3,896.00
2015-03-31 16,109.00 2,253.00 4,628.00 3,869.00
2014-12-31 15,879.00 2,004.00 4,717.00 3,913.00
2014-09-30 16,062.00 2,717.00 4,666.00 3,715.00
2014-06-30 16,206.00 2,688.00 4,734.00 3,690.00
2014-03-31 16,365.00 2,891.00 4,858.00 3,683.00
2013-12-31 16,385.00 2,563.00 4,923.00 3,715.00
2013-09-30 16,135.00 2,762.00 4,964.00 3,791.00
2013-06-30 15,806.00 1,360.00 4,962.00 3,801.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Bristol-Myers Squibb has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Bristol-Myers Squibb used its assets less efficiently than the US Pharmaceuticals industry average last year based on Return on Assets.
  • Bristol-Myers Squibb's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Bristol-Myers Squibb's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Pharmaceuticals industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Bristol-Myers Squibb has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Bristol-Myers Squibb's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Bristol-Myers Squibb's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Bristol-Myers Squibb is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Bristol-Myers Squibb's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Bristol-Myers Squibb's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Bristol-Myers Squibb Company Filings, last reported 3 months ago.

NYSE:BMY Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 51,698.00 46,734.00 15,393.00
2019-09-30 17,754.00 25,201.00 32,542.00
2019-06-30 16,151.00 25,218.00 29,357.00
2019-03-31 15,317.00 6,016.00 8,764.00
2018-12-31 14,127.00 7,364.00 8,759.00
2018-09-30 13,750.00 7,307.00 6,830.00
2018-06-30 12,418.00 7,387.00 6,075.00
2018-03-31 12,906.00 7,700.00 6,770.00
2017-12-31 11,847.00 7,962.00 6,812.00
2017-09-30 14,914.00 8,443.00 7,122.00
2017-06-30 14,821.00 8,217.00 6,505.00
2017-03-31 14,535.00 8,439.00 6,109.00
2016-12-31 16,347.00 6,708.00 6,350.00
2016-09-30 15,781.00 6,826.00 5,560.00
2016-06-30 15,078.00 6,736.00 4,651.00
2016-03-31 14,551.00 6,755.00 4,307.00
2015-12-31 14,424.00 6,697.00 4,270.00
2015-09-30 15,273.00 7,283.00 5,413.00
2015-06-30 15,291.00 7,370.00 5,476.00
2015-03-31 15,689.00 7,492.00 7,607.00
2014-12-31 14,983.00 7,835.00 7,435.00
2014-09-30 15,201.00 7,678.00 7,221.00
2014-06-30 15,379.00 7,740.00 7,175.00
2014-03-31 15,531.00 7,660.00 7,059.00
2013-12-31 15,236.00 8,394.00 4,525.00
2013-09-30 14,714.00 7,222.00 2,747.00
2013-06-30 14,373.00 7,224.00 2,799.00
  • Bristol-Myers Squibb's level of debt (90.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (52.2% vs 90.4% today).
  • Debt is not well covered by operating cash flow (17.3%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 36.8x coverage).
X
Financial health checks
We assess Bristol-Myers Squibb's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Bristol-Myers Squibb has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Bristol-Myers Squibb's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.11%
Current annual income from Bristol-Myers Squibb dividends. Estimated to be 3.33% next year.
If you bought $2,000 of Bristol-Myers Squibb shares you are expected to receive $62 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Bristol-Myers Squibb's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (2.07%).
  • Bristol-Myers Squibb's dividend is below the markets top 25% of dividend payers in United States of America (5.82%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:BMY Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United States of America Pharmaceuticals Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1933 Stocks 3.1%
United States of America Minimum Threshold Dividend Yield 10th Percentile 1.1%
United States of America Bottom 25% Dividend Yield 25th Percentile 2.1%
United States of America Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:BMY Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2024-12-31 2.60 1.00
2023-12-31 2.40 1.00
2022-12-31 1.99 5.00
2021-12-31 1.89 9.00
2020-12-31 1.79 8.00
2020-04-07
NYSE:BMY Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-03-02 1.800 3.320
2019-12-05 1.800 2.807
2019-09-11 1.640 3.051
2019-06-13 1.640 3.540
2019-03-07 1.640 3.478
2018-12-06 1.640 3.257
2018-09-12 1.600 2.876
2018-06-14 1.600 2.763
2018-03-01 1.600 2.829
2017-12-07 1.600 2.531
2017-09-13 1.560 2.486
2017-06-13 1.560 2.744
2017-03-02 1.560 2.847
2016-12-08 1.560 2.840
2016-08-03 1.520 2.741
2016-06-07 1.520 2.056
2016-03-03 1.520 2.233
2015-12-08 1.520 2.362
2015-09-17 1.480 2.302
2015-06-16 1.480 2.309
2015-03-02 1.480 2.251
2014-12-09 1.480 2.451
2014-09-16 1.440 2.646
2014-06-17 1.440 2.911
2014-03-03 1.440 2.848
2013-12-19 1.440 2.726
2013-09-17 1.400 2.804
2013-06-19 1.400 3.206
2013-03-07 1.400 3.327
2012-12-04 1.400 4.026
2012-09-18 1.360 4.112
2012-06-26 1.360 4.033
2012-03-06 1.360 4.062
2011-12-06 1.360 4.095
2011-09-20 1.320 4.160
2011-06-22 1.320 4.582
2011-03-01 1.320 4.810
2010-12-14 1.320 5.095
2010-09-07 1.280 4.795
2010-06-09 1.280 4.996
2010-03-02 1.280 5.139
2009-12-21 1.280 5.163
2009-09-09 1.240 5.313
2009-06-10 1.240 5.915

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Bristol-Myers Squibb's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess Bristol-Myers Squibb's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Bristol-Myers Squibb afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Bristol-Myers Squibb has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Bristol-Myers Squibb's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Giovanni Caforio
COMPENSATION $18,767,253
AGE 54
TENURE AS CEO 4.9 years
CEO Bio

Dr. Giovanni Caforio, M.D. serves as the Chief Executive Officer at Bristol-Myers Squibb Belgium NV/SA. Dr. Caforio has been the Chief Executive Officer of Bristol-Myers Squibb Farmacêutica Portuguesa, SA since May 05, 2015 and serves as its Director. Dr. Caforio serves as the Chief Executive Officer of Bristol-Myers Squibb Australia Pty Ltd. Dr. Caforio serves as Chief Operating Officer at Medarex, Inc. He has responsibility for leading a fully integrated worldwide commercial organization and company-wide functions of Enterprise Services and Global Manufacturing & Supply. He has been the Chief Executive Officer of Bristol-Myers Squibb Company since May 05, 2015 and its Chairman since May 02, 2017. He served as Chief Operating Officer of Bristol-Myers Squibb Company from June 09, 2014 to May 05, 2015 and also served as its Chief Commercial Officer and Executive Vice President from November 13, 2013 to 2014. Dr. Caforio leads the Bristol-Myers Squibb Company's pharmaceutical business in the U.S. He served as Chief Commercial Officer at Medarex, Inc. Dr. Caforio served as the President of U.S. Pharmaceuticals at Bristol-Myers Squibb Company from October 2011 to November 2013. He served as Senior Vice President of U.S. Oncology, Worldwide Pharmaceuticals at Bristol-Myers Squibb Company from January 2007 to March 2009. He served as Senior Vice President of Global and U S Oncology at Bristol-Myers Squibb Company until October 2011 He served as Senior Vice President of Global Commercialization, Oncology and Immunology at Bristol-Myers Squibb from January 2011 to October 2011 and its Senior Vice President of Oncology, U.S. and Global Commercialization from March 2009 to May 2010, where he helped re-establish Bristol-Myers Squibb as a leader in Oncology, including the launch of YERVOY™, the Bristol-Myers Squibb's innovative immuno-oncology medicine for metastatic melanoma. As a leader, his focus is on developing talented leaders with the diverse experiences and competencies needed for the continued success of the Bristol-Myers Squibb Company. He joined Bristol-Myers Squibb in 2000 as Vice President and General Manager of Italy, in the Worldwide Medicines Group. In 2001, he assumed added responsibility for Greece and Israel and then all of South East Europe in 2003. From May 2004 to January 2007, he served as Senior Vice President of European Marketing and Brand Commercialization of Bristol-Myers Squibb. Since 2007, he served as Senior Vice President of U.S. Oncology of Bristol-Myers Squibb. Prior to joining Bristol-Myers Squibb, he spent 12 years with Abbott Laboratories in a number of leadership positions. He has been a Director of Bristol-Myers Squibb Company since June 09, 2014. He served as a Director of Capital Health System, Inc. until June 17, 2016. Dr. Caforio is a member of the Board of Trustees of the Pharmaceutical Research and Manufacturers of America (PhRMA). He serves as a Member of Executive Committee at National Pharmaceutical Council. Dr. Caforio holds an M.D. from the University of Rome.

CEO Compensation
  • Giovanni's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Giovanni's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Bristol-Myers Squibb management team in years:

3
Average Tenure
54
Average Age
  • The tenure for the Bristol-Myers Squibb management team is about average.
Management Team

Giovanni Caforio

TITLE
Chairman of the Board & CEO
COMPENSATION
$19M
AGE
54
TENURE
4.9 yrs

David Elkins

TITLE
Executive VP & CFO
COMPENSATION
$5M
AGE
51
TENURE
0.4 yrs

Sandy Leung

TITLE
Executive VP & General Counsel
COMPENSATION
$8M
AGE
58
TENURE
13.2 yrs

Chris Boerner

TITLE
Executive VP & Chief Commercialization Officer
COMPENSATION
$6M
AGE
48
TENURE
2.3 yrs

Rupert Vessey

TITLE
Executive Vice President of Research & Early Development
COMPENSATION
$5M
AGE
54
TENURE
0.4 yrs

Paul von Autenried

TITLE
Executive VP & Chief Information Officer
AGE
57
TENURE
8.3 yrs

Tim Power

TITLE
VP & Head of Investor Relations

Adam Dubow

TITLE
Senior VP
AGE
52
TENURE
2.3 yrs

Ann Powell Judge

TITLE
Executive VP & Chief Human Resources Officer
AGE
53
TENURE
3.8 yrs

Lou Schmukler

TITLE
Executive VP and President of Global Product Development & Supply
COMPENSATION
$4M
AGE
63
TENURE
3 yrs
Board of Directors Tenure

Average tenure and age of the Bristol-Myers Squibb board of directors in years:

3.7
Average Tenure
63
Average Age
  • The tenure for the Bristol-Myers Squibb board of directors is about average.
Board of Directors

Giovanni Caforio

TITLE
Chairman of the Board & CEO
COMPENSATION
$19M
AGE
54
TENURE
3.3 yrs

Vicki Sato

TITLE
Lead Independent Director
COMPENSATION
$393K
AGE
70
TENURE
2.9 yrs

Mike Grobstein

TITLE
Independent Director
COMPENSATION
$355K
AGE
76
TENURE
13.1 yrs

Bob Bertolini

TITLE
Independent Director
COMPENSATION
$333K
AGE
58
TENURE
3.2 yrs

Alan Lacy

TITLE
Independent Director
COMPENSATION
$338K
AGE
65
TENURE
12.3 yrs

Jerry Storch

TITLE
Independent Director
COMPENSATION
$315K
AGE
62
TENURE
8.3 yrs

Dinesh Paliwal

TITLE
Independent Director
COMPENSATION
$354K
AGE
62
TENURE
6.8 yrs

Pete Arduini

TITLE
Independent Director
COMPENSATION
$355K
AGE
54
TENURE
4 yrs

Matt Emmens

TITLE
Independent Director
COMPENSATION
$355K
AGE
67
TENURE
3.2 yrs

Ted Samuels

TITLE
Independent Director
COMPENSATION
$338K
AGE
64
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • Bristol-Myers Squibb individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
06. Mar 20 Sell John Elicker Individual 04. Mar 20 04. Mar 20 -15,805 $61.01 $-964,263
09. Dec 19 Sell Adam Dubow Individual 05. Dec 19 05. Dec 19 -1,740 $58.81 $-102,329
06. Nov 19 Sell Louis Schmukler Individual 05. Nov 19 05. Nov 19 -25,000 $56.56 $-1,414,000
06. Nov 19 Sell John Elicker Individual 05. Nov 19 05. Nov 19 -15,000 $56.66 $-849,900
01. Aug 19 Buy Robert Bertolini Individual 31. Jul 19 31. Jul 19 11,000 $44.72 $491,920
20. May 19 Sell Karen Santiago Individual 16. May 19 16. May 19 -3,065 $47.56 $-145,771
20. May 19 Buy Theodore Samuels Individual 16. May 19 16. May 19 5,000 $47.29 $236,440
X
Management checks
We assess Bristol-Myers Squibb's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Bristol-Myers Squibb has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Can Bristol-Myers Squibb Company's (NYSE:BMY) ROE Continue To Surpass The Industry Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Bristol-Myers Squibb: 39% = US$6.2b ÷ US$16b (Based on the trailing twelve months to June 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … Combining Bristol-Myers Squibb's Debt And Its 39% Return On Equity It's worth noting the significant use of debt by Bristol-Myers Squibb, leading to its debt to equity ratio of 1.56. … If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.

Simply Wall St -

Is Bristol-Myers Squibb Company (NYSE:BMY) A Smart Choice For Dividend Investors?

Bristol-Myers Squibb has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Earnings per share have been growing at a good rate, and the company is paying less than half its earnings as dividends. … Conclusion To summarise, shareholders should always check that Bristol-Myers Squibb's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

Simply Wall St -

Trade Alert: The Independent Director Of Bristol-Myers Squibb Company (NYSE:BMY), Robert Bertolini, Has Just Spent US$492k Buying Shares

View our latest analysis for Bristol-Myers Squibb The Last 12 Months Of Insider Transactions At Bristol-Myers Squibb In fact, the recent purchase by Robert Bertolini was the biggest purchase of Bristol-Myers Squibb shares made by an insider individual in the last twelve months, according to our records. … Happily, the Bristol-Myers Squibb insiders decided to buy shares at close to current prices. … Insiders likely see value in Bristol-Myers Squibb shares, given these transactions (along with notable insider ownership of the company).

Simply Wall St -

Introducing Bristol-Myers Squibb (NYSE:BMY), The Stock That Dropped 41% In The Last Three Years

Unfortunately, that's been the case for longer term Bristol-Myers Squibb Company (NYSE:BMY) shareholders, since the share price is down 41% in the last three years, falling well short of the market return of around 52%. … During the unfortunate three years of share price decline, Bristol-Myers Squibb actually saw its earnings per share (EPS) improve by 30% per year. … We note that for Bristol-Myers Squibb the TSR over the last 3 years was -35%, which is better than the share price return mentioned above.

Simply Wall St -

Does Bristol-Myers Squibb Company's (NYSE:BMY) P/E Ratio Signal A Buying Opportunity?

Bristol-Myers Squibb has a price to earnings ratio of 14.78, based on the last twelve months. … The formula for P/E is: Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS) Or for Bristol-Myers Squibb: P/E of 14.78 = $46.56 ÷ $3.15 (Based on the year to March 2019.) Is A High P/E Ratio Good? … The Bottom Line On Bristol-Myers Squibb's P/E Ratio Bristol-Myers Squibb has a P/E of 14.8.

Simply Wall St -

Should You Buy Bristol-Myers Squibb Company (NYSE:BMY) When Prices Drop?

Today I want to bring to light the market's darling - Bristol-Myers Squibb Company. … See our latest analysis for Bristol-Myers Squibb Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. … NYSE:BMY Historical Debt, June 26th 2019 Bristol-Myers Squibb currently has US$6.0b debt on its books which requires regular servicing.

Simply Wall St -

Does The Hype Around Bristol-Myers Squibb Company's (NYSE:BMY) Growth Justify Its June Share Price?

Bristol-Myers Squibb Company (NYSE:BMY) is a stock well-positioned for future growth, but many investors are wondering whether its last closing price of $45.77 is based on unrealistic expectations. … Bristol-Myers Squibb's extremely high growth potential in the near future is attracting investors. … But, to properly examine the value of a high-growth stock such as Bristol-Myers Squibb, we must reflect its earnings growth into the valuation.

Simply Wall St -

Read This Before Selling Bristol-Myers Squibb Company (NYSE:BMY) Shares

NYSE:BMY Recent Insider Trading, June 17th 2019 Bristol-Myers Squibb is not the only stock insiders are buying. … Insider Ownership of Bristol-Myers Squibb Many investors like to check how much of a company is owned by insiders. … Insiders likely see value in Bristol-Myers Squibb shares, given these transactions (along with notable insider ownership of the company).

Simply Wall St -

Is Bristol-Myers Squibb Company's (NYSE:BMY) CEO Paid Enough Relative To Peers?

At the time of writing our data says that Bristol-Myers Squibb Company has a market cap of US$76b, and is paying total annual CEO compensation of US$19m. … With a three year total loss of 30%, Bristol-Myers Squibb Company would certainly have some dissatisfied shareholders. … We examined the amount Bristol-Myers Squibb Company pays its CEO, and compared it to the amount paid by other large companies.

Simply Wall St -

Can Bristol-Myers Squibb Company's (NYSE:BMY) ROE Continue To Surpass The Industry Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Bristol-Myers Squibb: 34% = US$5.1b ÷ US$15b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Does Bristol-Myers Squibb Have A Good ROE? … Combining Bristol-Myers Squibb's Debt And Its 34% Return On Equity While Bristol-Myers Squibb does have some debt, with debt to equity of just 0.40, we wouldn't say debt is excessive.

Simply Wall St -

Company Info

Description

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers drugs in hematology, oncology, immunology, cardiovascular, and fibrotic diseases. It provides Revlimid and Pomalyst/Imnovid, which are oral immunomodulatory drugs used to treat multiple myeloma; Eliquis, an oral inhibitor for stroke prevention and venous thromboembolic disorders; Opdivo, a biological product for anti-cancer indications; and Orencia, a biological product for patients with active RA and prostate-specific antigen and active polyarticular juvenile idiopathic arthritis. The company also offers Sprycel, a tyrosine kinase inhibitor to treat Philadelphia chromosome-positive chronic myeloid leukemia; Yervoy, a monoclonal antibody to treat unresectable or metastatic melanoma; Abraxane, a chemotherapy product used to treat breast, non-small cell lung, and pancreatic cancers; and Reblozyl, an erythroid maturation agent to treat anemia. In addition, it provides Inrebic, a kinase inhibitor to treat myelofibrosis; Empliciti, a humanized monoclonal antibody to treat multiple myeloma; Baraclude, an oral antiviral agent to treat chronic hepatitis B; and Vidaza, a pyrimidine nucleoside analog to treat refractory anemia and chronic myeloid leukemia. The company sells products to wholesalers, specialty distributors, retail pharmacies, hospitals, government entities, and medical profession. Bristol-Myers Squibb Company has collaboration agreements with Ono; AbbVie; Nektar Therapeutics; Five Prime Therapeutics, Inc.; Exelixis, Inc.; Janssen Pharmaceuticals, Inc.; Nitto Denko Corporation; GeMoaB Monoclonals GmbH; bluebird bio, Inc.; Acceleron Pharma Inc.; Agios Pharmaceuticals, Inc.; Ikena Oncology, and Pfizer. The company was formerly known as Bristol-Myers Company and changed its name to Bristol-Myers Squibb Company in 1989. The company was founded in 1887 and is headquartered in New York, New York.

Details
Name: Bristol-Myers Squibb Company
BMY
Exchange: NYSE
Founded: 1887
$130,928,754,238
2,262,463,353
Website: http://www.bms.com
Address: Bristol-Myers Squibb Company
430 East 29th Street,
14th Floor,
New York,
New York, 10016,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BMY Common Stock New York Stock Exchange US USD 02. Jan 1968
DB BRM Common Stock Deutsche Boerse AG DE EUR 02. Jan 1968
XTRA BRM Common Stock XETRA Trading Platform DE EUR 02. Jan 1968
LSE 0R1F Common Stock London Stock Exchange GB USD 02. Jan 1968
SWX BMY Common Stock SIX Swiss Exchange CH CHF 02. Jan 1968
WBAG BMYS Common Stock Wiener Boerse AG AT EUR 02. Jan 1968
BMV BMY * Common Stock Bolsa Mexicana de Valores MX MXN 02. Jan 1968
ETLX BRM Common Stock Eurotlx IT EUR 02. Jan 1968
BOVESPA BMYB34 BDR EA REPR 1 COM SHS Bolsa de Valores de Sao Paulo BR BRL 24. Aug 2012
BASE BMY CEDEAR EACH REP 1 COM USD0.10 Buenos Aires Stock Exchange AR ARS 18. Mar 2009
Number of employees
Current staff
Staff numbers
30,000
Bristol-Myers Squibb employees.
Industry
Pharmaceuticals
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/07 01:48
End of day share price update: 2020/04/06 00:00
Last estimates confirmation: 2020/04/04
Last earnings filing: 2020/02/24
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.