Bristol Myers Squibb vs Pfizer
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The short version
- Pfizer is the larger business, with $62.6B of revenue in fiscal 2025 against $48.2B for Bristol Myers Squibb.
- Bristol Myers Squibb grew revenue faster (−0.2%, against −1.7%).
- Bristol Myers Squibb turned more of its sales into free cash flow (26.7% FCF margin, against 14.5%).
- Bristol Myers Squibb earned a higher return on the capital invested in it (15.2%, against 7.3%).
- Investors pay more for each dollar of Pfizer’s earnings: a P/E of 39.5x against 13.5x for Bristol Myers Squibb.
| Latest fiscal year | BMY · FY25 | PFE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $125.9B | $171.1B |
| Revenue | $48.2B | $62.6B |
| Free cash flow | $12.8B | $9.1B |
| Net income | $7.1B | $7.8B |
| Growth | ||
| Revenue growth | −0.2% | −1.7% |
| 5-year growth | 2.5% | 8.5% |
| Share count change | 0.6% | 0.2% |
| Profitability | ||
| Gross margin | 71.1% | 74.3% |
| Operating margin | — | — |
| Net margin | 14.6% | 12.4% |
| FCF margin | 26.7% | 14.5% |
| Return on capital | 15.2% | 7.3% |
| Return on equity | 40.5% | 8.9% |
| Balance sheet | ||
| Net debt | $36.4B | $54.3B |
| Net debt / EBITDA | 2.4x | 3.2x |
| Dividends and buybacks | $5.0B | $9.8B |
| Valuation & quality | ||
| P/E | 13.5x | 39.5x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
BMY $19.4B
PFE $52.8B
FY17
BMY $20.8B
PFE $52.5B
FY18
BMY $22.6B
PFE $40.8B
FY19
BMY $26.1B
PFE $40.9B
FY20
BMY $42.5B
PFE $41.7B
FY21
BMY $46.4B
PFE $81.3B
FY22
BMY $46.2B
PFE $101.2B
FY23
BMY $45.0B
PFE $59.6B
FY24
BMY $48.3B
PFE $63.6B
FY25
BMY $48.2B
PFE $62.6B
BMY
PFE
Operating margin
FY16
BMY —
PFE —
FY17
BMY —
PFE —
FY18
BMY —
PFE —
FY19
BMY —
PFE —
FY20
BMY —
PFE —
FY21
BMY —
PFE —
FY22
BMY —
PFE —
FY23
BMY —
PFE —
FY24
BMY —
PFE —
FY25
BMY —
PFE —
BMY
PFE
Free cash flow
FY16
BMY $1.8B
PFE $14.4B
FY17
BMY $4.2B
PFE $14.8B
FY18
BMY $6.1B
PFE $13.8B
FY19
BMY $7.4B
PFE $10.5B
FY20
BMY $13.3B
PFE $12.2B
FY21
BMY $15.2B
PFE $29.9B
FY22
BMY $11.9B
PFE $26.0B
FY23
BMY $12.7B
PFE $4.8B
FY24
BMY $13.9B
PFE $9.8B
FY25
BMY $12.8B
PFE $9.1B
BMY
PFE
Return on capital
FY16
BMY 27.7%
PFE 11.0%
FY17
BMY 18.0%
PFE 15.6%
FY18
BMY 37.8%
PFE 5.4%
FY19
BMY 7.9%
PFE 12.8%
FY20
BMY −5.4%
PFE 9.9%
FY21
BMY 11.4%
PFE 32.0%
FY22
BMY 11.0%
PFE 32.0%
FY23
BMY 14.7%
PFE 2.5%
FY24
BMY −8.7%
PFE 7.6%
FY25
BMY 15.2%
PFE 7.3%
BMY
PFE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.