Bristol Myers Squibb Co (BMY)
Health Care · Pharmaceuticals · US stock · S&P 500 component
$63.00
▲ +1.88 (3.08%)
Fair valueUndervalued
$76 +20.9% to fair value
$38fair band $65–$92$114
Day's range
$61.04 – $63.59
52-week range
$42.52 – $68.64
About Bristol Myers Squibb Co
Bristol Myers Squibb is a biopharmaceutical company that researches, develops and sells prescription medicines. Its portfolio focuses on cancer, immune disorders, heart disease and blood conditions. The company earns money by selling branded drugs to wholesalers, hospitals and pharmacies, and by collaborating with other drug makers. Sales are shaped by patent protection, so the loss of exclusivity on a major medicine can reduce revenue, and new drug approvals matter to its outlook.
Over the latest twelve months the company reported revenue of $49.2 billion, and annual revenue rose by 1.4% on average across three years. Profitability at the operating level stands at 27.7%, and return on invested capital came to 19%. The company carries net debt of 2.0 times its EBITDA. A dividend is paid, with a yield of 4.0%. It carries an X-Ray Score of 60 out of 100.
Price chart
52-wk range $42.52 – $68.64Volume 15,166,410Daily, split-adjusted
Vitals
Market cap$129.0B
52-week range$42.52 – $68.64
Volume (last day)15,166,410
P/E (TTM)13.9
EBIT / EV yield8.4%
Free-cash-flow yield8.9%
Dividend yield4.0%
Revenue (TTM)$49.2B
Net income (TTM)$9.3B
Operating margin27.7%
Return on capital19.3%
Debt incl. leases$43.9B
Cash & securities$11.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$76middle half of models $68 – $83
Undervalued
+20.9% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $63
Undervalued < $65Fair $65 – $92Overvalued > $92
P/E multiple
$66
P/B multiple
$59
P/S multiple
$67
EV/EBITDA multiple
$75
EV/EBIT multiple
$95
EV/revenue multiple
$68
10-year DCF, EBITDA exit
$83
5-year DCF, EBITDA exit
$76
10-year DCF, revenue exit
$83
5-year DCF, revenue exit
$76
10-year DCF, growth exit
$86
5-year DCF, growth exit
$79
Dividend discount, stable
$67
Dividend discount, multi-stage
$87
Earnings power value
$74
Growth the price implies
3.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business at a low price
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
87/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield8.4%
Free-cash-flow yield8.9%
Fair value vs price1.2×
Growth
Weak
34/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)1.4%
EPS growth (3y)5.5%
Growth consistency90%
Profitability
Fair
58/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital19.3%
Operating margin27.7%
Gross profitability39.4%
Financial health
Fair
57/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA2.0×
Interest cover7.9×
Dividends
Fair
55/100
Dividend is typical for its sector.
See the numbers →
Dividend yield4.0%
Dividends vs free cash flow45%
Dividend growth2.9%
Quarterly results: last 6 quarters
-5.6%
Mar '25
+0.6%
Jun '25
+2.8%
Sep '25
+1.3%
Dec '25
+2.6%
Mar '26
+5.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $13.0B, diluted EPS $1.62.
Compare with peers
ZTS Zoetis Inc.69 LLY ELI LILLY & Co62 JNJ Johnson & Johnson49 MRK Merck & Co., Inc.33Other Pharmaceuticals companies by X-Ray Score.
SWOT analysis: Bristol Myers Squibb Co
Strengthsinside the company
- Return on invested capital is 19.3%, against a median of 12.7% for industry peers.
- Operating margin of 27.7% is well above the 19.2% median of industry peers, a sign of pricing power or lower costs.
- Free cash flow equals 8.9% of the market value, which funds dividends, buybacks or debt paydown.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Dividends use only 45% of free cash flow, which leaves room to raise them.
- Trades at 13.9x earnings, 65% below the 40.0x median of industry peers.
- The price is 21% below our fair value estimate, with the gap larger than the margin we allow for error.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BMY with peers and sector
Medians of 6 Pharmaceuticals peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): LLY 62, JNJ 49, MRK 33, PFE 31, ZTS 69, VTRS 25.
| Metric | BMY | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 60 | 41 | 49 |
| Valuation | 87 | 45 | 52 |
| Growth | 33 | 41 | 48 |
| Profitability | 58 | 51 | 49 |
| Financial health | 57 | 36 | 48 |
| Dividends | 55 | 53 | 50 |
Sector leaders: highest X-Ray Score in Health Care
BMY ranks #18 of 60 in Health Care and #3 of 7 in Pharmaceuticals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BMY
Each factor is rated by where BMY stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 11 Good · 10 Average · 2 Bad of 23
Growth: 0 · 1 · 2
Profitability: 5 · 0 · 0
Financial strength: 1 · 3 · 0
Valuation: 3 · 2 · 0
Cash flow: 1 · 3 · 0
Efficiency: 1 · 1 · 0
| Factor | BMY | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +1.4% | Bad beats 24% | +5.5% | – | – |
| Revenue growth, last year | −0.2% | Bad beats 11% | +7.1% | −0.2% | ≈ In line |
| EPS growth, 3 years a year | +5.5% | Average beats 51% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 70.2% | Good beats 71% | 65.0% | 76.2% | ≈ In line |
| Operating margin | 27.7% | Good beats 83% | 16.4% | 20.3% | ▲ Better |
| Net margin | 18.9% | Good beats 75% | 11.1% | 14.6% | ▲ Better |
| Return on invested capital | 19.3% | Good beats 71% | 12.2% | – | – |
| Return on equity | 41.6% | Good beats 88% | 13.7% | 20.4% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.0x | Average beats 52% | 2.0x | 1.8x | ≈ In line |
| Interest cover | 7.9x | Average beats 42% | 9.4x | 7.1x | ≈ In line |
| Current ratio | 1.53 | Average beats 51% | 1.52 | 1.26 | ▲ Better |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 13.9x | Good beats 90% | 28.2x | 17.8x | ▲ Better |
| Price / book | 5.8x | Average beats 35% | 3.7x | 5.0x | ▼ Worse |
| Price / sales | 2.6x | Average beats 64% | 3.7x | 2.4x | ≈ In line |
| EV / EBITDA | 9.6x | Good beats 92% | 17.6x | 9.6x | ≈ In line |
| Free cash flow yield | 8.9% | Good beats 89% | 4.4% | 11.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 23.3% | Good beats 73% | 16.3% | 28.1% | ▼ Worse |
| Cash from operations / net income | 1.38 | Average beats 36% | 1.61 | 2.04 | ▼ Worse |
| Free cash flow growth, 3 years a year | +2.4% | Average beats 44% | +4.3% | – | – |
| Accruals (lower is better) | −4.0% | Average beats 53% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 5.4x | Good beats 78% | 2.9x | 4.7x | ▲ Better |
| Days sales outstanding | 67 days | Average beats 36% | 62 days | 68 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 8 Average · ● 1 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyAverage
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 63/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $46.4B | $46.2B | $45.0B | $48.3B | $48.2B |
| Operating income | $9.4B | $8.9B | $9.6B | −$6.4B | $11.2B |
| Net income | $7.0B | $6.3B | $8.0B | −$8.9B | $7.1B |
| Operating cash flow | $16.2B | $13.1B | $13.9B | $15.2B | $14.2B |
| Operating margin | 20.3% | 19.4% | 21.3% | -13.3% | 23.3% |
| Free cash flow | $15.2B | $11.9B | $12.7B | $13.9B | $12.8B |
| Diluted EPS | $3.12 | $2.95 | $3.86 | $-4.41 | $3.46 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 1 neutral · 4 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 59.76 | Bullish |
| EMA 10 | 60.59 | Bullish |
| SMA 20 | 60.33 | Bullish |
| EMA 20 | 60.66 | Bullish |
| SMA 50 | 62.80 | Bullish |
| EMA 50 | 61.35 | Bullish |
| SMA 100 | 60.56 | Bullish |
| EMA 100 | 60.60 | Bullish |
| SMA 200 | 58.66 | Bullish |
| EMA 200 | 58.14 | Bullish |
Oscillators (daily)
| RSI (14) | 57.34 | Neutral |
| MACD (12, 26) | -0.38 | Bearish |
| Momentum (12) | 5.72 | Bullish |
| Stochastic %K (14) | 92.07 | Bearish |
| Williams %R (14) | -7.93 | Bearish |
| CCI (20) | 107.7 | Bearish |
Pivot points (classic, last session)
S3 58.95 | S2 59.99 | S1 61.50 | Pivot 62.54 | R1 64.05 | R2 65.09 | R3 66.60 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.52 USD
Yield on today's price
4.00%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.6200 | |
| 0.6200 | |
| 0.6200 | |
| 0.6200 | |
| 0.6000 | |
| 0.6000 | |
| 0.6000 | |
| 0.6000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BMY
| ETF | Share of the fund |
|---|---|
| PPH VanEck Pharmaceutical | 4.47% |
| IHE iShares U.S. Pharmaceuticals | 4.37% |
| FDL First Trust Morningstar Dividend Leade... | 3.43% |
| SCHD Schwab U.S. Dividend Equity | 2.93% |
| HDV iShares Core High Dividend | 2.70% |
| VALQ American Century STOXX U.S. Quality Va... | 2.45% |
| MOAT VanEck Morningstar Wide Moat | 2.43% |
| IYH iShares U.S. Healthcare | 2.20% |
The eight funds with the largest weight in BMY among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BMY stock splits
BMY has split its stock 2 times since 1997. The latest was a 2-for-1 split on 1 Mar 1999.
Full BMY stock split history →BMY SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.