Bristol Myers Squibb
BMY NYSE Pharmaceuticals Financials FY2016–FY2025
Bristol Myers Squibb's revenue fell 0.2% to $48.2 billion in fiscal 2025. Its net margin was 14.6%, up from −18.5% a year earlier. Free cash flow was $12.8 billion, down 7.9%. It paid out $5.0 billion in dividends and buybacks, 39% of free cash flow. The diluted share count rose 0.6%.
What Bristol Myers Squibb does
Bristol Myers Squibb discovers, develops, makes and sells prescription medicines for serious diseases. It focuses on cancer, blood disorders, immune diseases, heart disease and neuroscience. It reports a single segment. It sells mainly to wholesalers, distributors and specialty pharmacies, and to a lesser extent to retailers, hospitals, clinics, government agencies and patients directly.
Its marketed medicines include Opdivo and Yervoy, which are cancer immunotherapies, Orencia for rheumatoid arthritis, Reblozyl for anemia, Breyanzi and Abecma, which are CAR-T cell therapies (treatments made from a patient's own immune cells), Camzyos for a heart condition, Zeposia and Sotyktu for immune conditions, Krazati for lung and colon cancers, and Cobenfy for schizophrenia. The United States made up 69% of its revenues in 2025 and international markets 29%. The company says it competes with other research-based drug companies, smaller research firms and makers of generic drugs.
It has major manufacturing sites in the U.S., Puerto Rico, the Netherlands, Ireland and Switzerland. Its 2025 deals included buying Orbital Therapeutics and agreements with BioNTech and Philochem.
- Legal name
- BRISTOL-MYERS SQUIBB COMPANY
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 11, 2026
- Accession · CIK
- 0000014272-26-000004
0000014272
Revenue and margins
Bristol Myers Squibb had $48.2B of revenue in fiscal 2025, down 0.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 3.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $12.8B in fiscal 2025, 26.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Bristol Myers Squibb returned $5.0B to shareholders in fiscal 2025, 39% of free cash flow. The diluted share count rose 0.6%.
Value Bristol Myers Squibb yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$36.4B and divides by 2,039.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 13.5x · peers 42.7x · sector 28.4x.
Balance sheet
Cash, debt and the ratios that show how comfortably Bristol Myers Squibb can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $17.0B | $9.3B | $12.3B | $10.9B | $10.7B |
| Debt incl. finance leases | $49.3B | $43.2B | $42.6B | $51.5B | $47.1B |
| Net debt / EBITDA | 1.6x | 1.8x | 1.6x | 12.8x | 2.4x |
| Debt / equity | 1.4x | 1.4x | 1.5x | 3.2x | 2.6x |
| Interest coverage | 7.1x | 7.3x | 8.2x | −3.3x | 5.9x |
| Current ratio | 1.5x | 1.3x | 1.4x | 1.3x | 1.3x |
| Quick ratio | 1.4x | 1.1x | 1.3x | 1.2x | 1.1x |
| Total assets | $109.3B | $96.8B | $95.2B | $92.6B | $90.0B |
| Total liabilities | $73.3B | $65.7B | $65.7B | $76.2B | $71.5B |
| Shareholders' equity | $35.9B | $31.1B | $29.4B | $16.3B | $18.5B |
| Net debt (− = net cash) | $32.4B | $34.0B | $30.4B | $40.6B | $36.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.3M
3 insiders
Of sales under plans
81%
$1.9M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✕ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | ✕ | ✕ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 7 / 9 | 4 / 9 | 8 / 9 |
| Accruals ratio | −6.1% | −25.7% | −7.8% |
| Altman Z'' | 2.79 | 0.71 | 2.16 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Bristol Myers Squibb BMY | $125.9B | −0.2% | — | 26.7% | 15.2% | 13.5x | 8 | |
| AstraZeneca AZN | $267.9B | 8.6% | 23.4% | 20.0% | 16.8% | — | 9 | Compare → |
| Pfizer PFE | $171.1B | −1.7% | — | 14.5% | 7.3% | 39.5x | 6 | Compare → |
| Merck MRK | $358.8B | 1.3% | — | 19.0% | 24.8% | 115.3x | 4 | Compare → |
| Eli Lilly LLY | $1.14T | 44.7% | — | 13.8% | 40.8% | 42.7x | 8 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $19.4B | $20.8B | $22.6B | $26.1B | $42.5B | $46.4B | $46.2B | $45.0B | $48.3B | $48.2B |
| Gross profit | $14.5B | $14.7B | $16.1B | $18.1B | $30.7B | $36.4B | $36.0B | $34.3B | $34.3B | $34.3B |
| Research and development | $5.0B | $6.5B | $6.3B | $6.1B | $10.0B | $10.2B | $9.5B | $9.3B | $11.2B | $10.0B |
| Interest expense | $167M | $196M | $183M | $656M | $1.4B | $1.3B | $1.2B | $1.2B | $1.9B | $1.9B |
| Pretax income | $5.9B | $5.1B | $6.0B | $5.0B | −$6.9B | $8.1B | $7.7B | $8.4B | −$8.4B | $9.3B |
| Income tax | $1.4B | $4.2B | $1.0B | $1.5B | $2.1B | $1.1B | $1.4B | $400M | $554M | $2.3B |
| Net income | $4.5B | $1.0B | $4.9B | $3.4B | −$9.0B | $7.0B | $6.3B | $8.0B | −$8.9B | $7.1B |
| Diluted EPS | $2.65 | $0.61 | $3.01 | $2.01 | −$3.99 | $3.12 | $2.95 | $3.86 | −$4.41 | $3.46 |
| Diluted shares | 1.68B | 1.65B | 1.64B | 1.71B | 2.26B | 2.25B | 2.15B | 2.08B | 2.03B | 2.04B |
| Cash flow | ||||||||||
| Cash from operations | $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 | $951M | $836M | $753M | $973M | $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 |
| Depreciation and amortization | $382M | $789M | $637M | $1.7B | $10.4B | $10.7B | $10.3B | $9.8B | $9.6B | $4.0B |
| Stock-based compensation | $205M | $199M | $221M | $441M | $779M | $583M | $457M | $518M | $507M | $553M |
| Acquisitions | $359M | $726M | $2.4B | $24.8B | $13.1B | $1.6B | $4.3B | $1.2B | $21.8B | $3.9B |
| Share buybacks | $231M | $2.5B | $320M | $7.3B | $1.5B | $6.3B | $8.0B | $5.2B | $0.0M | $0.0M |
| Dividends paid | $2.5B | $2.6B | $2.6B | $2.7B | $4.1B | $4.4B | $4.6B | $4.7B | $4.9B | $5.0B |
| Dividends and buybacks | $2.8B | $5.0B | $2.9B | $10.0B | $5.6B | $10.7B | $12.6B | $9.9B | $4.9B | $5.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.4B | $6.8B | $8.8B | $15.4B | $15.8B | $17.0B | $9.3B | $12.3B | $10.9B | $10.7B |
| Total debt | $6.6B | $8.0B | $8.6B | $49.5B | $52.7B | $49.3B | $43.2B | $42.6B | $51.5B | $47.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $13.7B | $14.9B | $17.7B | $29.4B | $30.2B | $33.3B | $27.3B | $31.8B | $29.8B | $29.4B |
| Current liabilities | $8.8B | $9.6B | $10.7B | $18.3B | $19.1B | $21.9B | $21.9B | $22.3B | $23.8B | $23.4B |
| Inventory | $1.2B | $1.2B | $1.2B | $4.3B | $2.1B | $2.1B | $2.3B | $2.7B | $2.6B | $2.7B |
| Property and equipment, net | $5.0B | $5.0B | $5.0B | $6.3B | $5.9B | $6.0B | $6.3B | $6.6B | $7.1B | $7.5B |
| Total assets | $33.7B | $33.6B | $35.0B | $129.9B | $118.5B | $109.3B | $96.8B | $95.2B | $92.6B | $90.0B |
| Total liabilities | $17.4B | $21.7B | $20.9B | $78.2B | $80.6B | $73.3B | $65.7B | $65.7B | $76.2B | $71.5B |
| Shareholders' equity | $16.2B | $11.7B | $14.0B | $51.6B | $37.8B | $35.9B | $31.1B | $29.4B | $16.3B | $18.5B |
| Margins | ||||||||||
| Gross margin | 74.5% | 70.7% | 71.3% | 69.1% | 72.3% | 78.6% | 78.0% | 76.2% | 71.1% | 71.1% |
| EBITDA margin | 33.3% | 29.4% | 30.1% | 28.2% | 11.6% | 43.4% | 41.6% | 43.0% | 6.6% | 31.6% |
| Net margin | 22.9% | 4.9% | 21.8% | 13.2% | −21.2% | 15.1% | 13.7% | 17.8% | −18.5% | 14.6% |
| FCF margin | 9.5% | 20.3% | 27.1% | 28.2% | 31.3% | 32.8% | 25.9% | 28.1% | 28.9% | 26.7% |
| Returns | ||||||||||
| Return on capital | 27.7% | 18.0% | 37.8% | 7.9% | −5.4% | 11.4% | 11.0% | 14.7% | −8.7% | 15.2% |
| Return on capital employed | 25.0% | 21.8% | 25.5% | 8.3% | −5.2% | 10.1% | 11.0% | 13.0% | −9.1% | 16.6% |
| Return on equity | 29.3% | 7.2% | 38.2% | 10.5% | −20.2% | 19.0% | 18.9% | 26.5% | −39.1% | 40.5% |
| Return on assets | 13.6% | 3.0% | 14.4% | 4.2% | −7.3% | 6.1% | 6.1% | 8.4% | −9.5% | 7.7% |
| Growth | ||||||||||
| Revenue growth | 17.3% | 6.9% | 8.6% | 15.9% | 62.6% | 9.1% | −0.5% | −2.5% | 7.3% | −0.2% |
| Net income growth | 184.8% | −77.4% | 388.6% | −30.1% | −362.1% | — | −9.5% | 26.8% | −211.5% | — |
| EPS growth | 185.0% | −77.0% | 393.4% | −33.2% | −298.5% | — | −5.5% | 30.9% | −214.3% | — |
| FCF growth | 43.4% | 129.0% | 44.9% | 20.6% | 80.4% | 14.6% | −21.6% | 5.9% | 10.2% | −7.9% |
| Share count change | 0.1% | −1.7% | −0.9% | 4.6% | 31.9% | −0.6% | −4.4% | −3.2% | −2.5% | 0.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.0x | 0.2x | −0.0x | 4.6x | 7.5x | 1.6x | 1.8x | 1.6x | 12.8x | 2.4x |
| Debt / equity | 0.4x | 0.7x | 0.6x | 1.0x | 1.4x | 1.4x | 1.4x | 1.5x | 3.2x | 2.6x |
| Interest coverage | 36.4x | 27.2x | 33.6x | 8.6x | −3.8x | 7.1x | 7.3x | 8.2x | −3.3x | 5.9x |
| Current ratio | 1.6x | 1.6x | 1.7x | 1.6x | 1.6x | 1.5x | 1.3x | 1.4x | 1.3x | 1.3x |
| Quick ratio | 1.4x | 1.4x | 1.6x | 1.4x | 1.5x | 1.4x | 1.1x | 1.3x | 1.2x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 6.3% | 5.1% | 4.2% | 3.2% | 1.8% | 2.1% | 2.4% | 2.7% | 2.6% | 2.7% |
| Stock comp / revenue | 1.1% | 1.0% | 1.0% | 1.7% | 1.8% | 1.3% | 1.0% | 1.2% | 1.1% | 1.2% |
| Payouts / FCF | 150.7% | 119.6% | 48.0% | 135.3% | 42.3% | 70.1% | 105.8% | 78.3% | 34.9% | 39.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 6.0 | 6.0 | 8.0 | 4.0 | 4.0 | 7.0 | 6.0 | 7.0 | 4.0 | 8.0 |
| Altman Z'' | 6.4 | 5.7 | 6.4 | 2.4 | 1.4 | 2.5 | 2.3 | 2.8 | 0.7 | 2.2 |
| Accruals ratio | 4.3% | −12.7% | −6.3% | −5.8% | −18.6% | −8.1% | −6.5% | −6.1% | −25.7% | −7.8% |
Source: SEC EDGAR XBRL filings (CIK 0000014272). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.