Latest Ratios: P/E Ratio 13.8x · EV/EBITDA 10.7x · ROE 40.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $126.9B | $110.1B | $114.6B | $106.6B | $154.4B | $140.0B | $140.1B | $109.9B | $85.1B | $101.2B | $98.2B |
| Enterprise Value | $163.8B | $147.0B | $155.5B | $136.6B | $186.0B | $171.6B | $177.2B | $145.1B | $85.5B | $103.8B | $100.7B |
| P/E Ratio → | 13.80 | 15.63 | — | 13.29 | 24.39 | 19.98 | — | 31.94 | 17.16 | 100.46 | 22.05 |
| P/S Ratio | 2.54 | 2.28 | 2.37 | 2.37 | 3.35 | 3.02 | 3.29 | 4.20 | 3.77 | 4.87 | 5.05 |
| P/B Ratio | 6.85 | 5.95 | 7.00 | 3.62 | 4.96 | 3.89 | 3.70 | 2.13 | 6.02 | 8.55 | 6.01 |
| P/FCF | 13.67 | 8.57 | 8.22 | 8.43 | 12.92 | 9.19 | 10.53 | 14.90 | 13.92 | 23.99 | 53.27 |
| P/OCF | 8.96 | 7.78 | 7.55 | 7.69 | 11.82 | 8.64 | 9.97 | 13.39 | 12.04 | 19.19 | 32.11 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.05 | 3.22 | 3.04 | 4.03 | 3.70 | 4.17 | 5.55 | 3.79 | 4.99 | 5.18 |
| EV / EBITDA | 10.70 | 8.29 | 10.04 | 7.61 | 9.60 | 8.93 | 14.11 | 18.94 | 14.87 | 24.50 | 20.76 |
| EV / EBIT | 11.94 | 13.10 | — | 14.22 | 20.79 | 18.19 | — | 25.77 | 13.90 | 19.48 | 16.55 |
| EV / FCF | — | 11.45 | 11.15 | 10.80 | 15.57 | 11.26 | 13.32 | 19.68 | 13.99 | 24.59 | 54.61 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.1% | 71.1% | 71.1% | 76.2% | 78.0% | 78.6% | 72.3% | 69.1% | 71.3% | 71.1% | 74.4% |
| Operating Margin | 28.5% | 28.5% | 12.2% | 18.2% | 19.7% | 18.4% | 5.1% | 22.6% | 22.7% | 16.6% | 23.0% |
| Net Profit Margin | 14.6% | 14.6% | -18.5% | 17.8% | 13.7% | 15.1% | -21.2% | 13.2% | 21.8% | 4.8% | 22.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 40.4% | 40.4% | -39.0% | 26.5% | 18.9% | 18.9% | -20.1% | 10.4% | 37.9% | 7.1% | 29.0% |
| ROA | 7.7% | 7.7% | -9.5% | 8.4% | 6.1% | 6.1% | -7.3% | 4.2% | 14.4% | 3.0% | 13.6% |
| ROIC | 18.3% | 18.3% | 7.6% | 10.1% | 10.5% | 9.0% | 2.0% | 8.7% | 26.5% | 15.6% | 17.8% |
| ROCE | 20.3% | 20.3% | 8.3% | 11.1% | 11.2% | 9.1% | 2.1% | 8.7% | 21.2% | 14.1% | 18.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.55 | 2.55 | 3.12 | 1.41 | 1.31 | 1.27 | 1.36 | 0.92 | 0.52 | 0.67 | 0.41 |
| Debt / EBITDA | 2.66 | 2.66 | 3.31 | 2.31 | 2.10 | 2.37 | 4.12 | 6.21 | 1.28 | 1.88 | 1.38 |
| Net Debt / Equity | — | 2.00 | 2.49 | 1.02 | 1.02 | 0.88 | 0.98 | 0.68 | 0.03 | 0.21 | 0.15 |
| Net Debt / EBITDA | 2.08 | 2.08 | 2.64 | 1.67 | 1.63 | 1.64 | 2.96 | 4.59 | 0.08 | 0.60 | 0.51 |
| Debt / FCF | — | 2.88 | 2.93 | 2.37 | 2.64 | 2.08 | 2.79 | 4.77 | 0.07 | 0.60 | 1.34 |
| Interest Coverage | 5.93 | 5.93 | -3.30 | 8.24 | 7.26 | 7.07 | -3.84 | 8.58 | 33.61 | 27.18 | 36.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.25 | 1.43 | 1.25 | 1.52 | 1.58 | 1.60 | 1.66 | 1.55 | 1.55 |
| Quick Ratio | 1.14 | 1.14 | 1.15 | 1.31 | 1.14 | 1.43 | 1.47 | 1.37 | 1.55 | 1.43 | 1.41 |
| Cash Ratio | 0.46 | 0.46 | 0.46 | 0.55 | 0.42 | 0.79 | 0.86 | 0.84 | 0.82 | 0.71 | 0.72 |
| Asset Turnover | — | 0.54 | 0.52 | 0.47 | 0.48 | 0.42 | 0.36 | 0.20 | 0.64 | 0.62 | 0.58 |
| Inventory Turnover | 5.18 | 5.18 | 5.46 | 4.02 | 4.33 | 4.74 | 5.68 | 1.88 | 5.41 | 5.16 | 4.00 |
| Days Sales Outstanding | — | 110.00 | 109.00 | 123.79 | 110.21 | 98.49 | 90.60 | 107.29 | 92.98 | 110.68 | 104.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 4.6% | 4.2% | 4.4% | 3.0% | 3.1% | 2.9% | 2.4% | 3.1% | 2.5% | 2.6% |
| Payout Ratio | 71.5% | 71.5% | — | 59.1% | 73.2% | 62.9% | — | 77.9% | 53.1% | 255.9% | 57.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.2% | 6.4% | — | 7.5% | 4.1% | 5.0% | — | 3.1% | 5.8% | 1.0% | 4.5% |
| FCF Yield | 7.3% | 11.7% | 12.2% | 11.9% | 7.7% | 10.9% | 9.5% | 6.7% | 7.2% | 4.2% | 1.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 4.8% | 5.2% | 4.5% | 1.1% | 6.6% | 0.4% | 2.4% | 0.2% |
| Total Shareholder Yield | 4.0% | 4.6% | 4.2% | 9.3% | 8.2% | 7.6% | 4.0% | 9.1% | 3.4% | 5.0% | 2.8% |
| Shares Outstanding | — | $2.0B | $2.0B | $2.1B | $2.1B | $2.2B | $2.3B | $1.7B | $1.6B | $1.7B | $1.7B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BMY stock.
Bristol-Myers Squibb Company's current P/E ratio is 13.8x. The historical average is 27.6x. This places it at the 11th percentile of its historical range.
Bristol-Myers Squibb Company's current EV/EBITDA is 10.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Bristol-Myers Squibb Company's return on equity (ROE) is 40.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 26.4%.
Based on historical data, Bristol-Myers Squibb Company is trading at a P/E of 13.8x. This is at the 11th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Bristol-Myers Squibb Company's current dividend yield is 3.98% with a payout ratio of 71.5%.
Bristol-Myers Squibb Company has 71.1% gross margin and 28.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bristol-Myers Squibb Company's Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Patent cliff and IRA pricing
Metrics are mathematically derived from official filings.
Discount Reflects Patent Cliff Pricing
Based on the supplied multiples, BMY trades at 18.30x trailing earnings but only 9.88x forward earnings, a compression that implies the market expects earnings to fall sharply as Revlimid and Eliquis lose exclusivity.
The gap between trailing and forward P/E suggests analysts model a meaningful earnings decline rather than a stable base, which is consistent with the flat-to-declining top line. Against peers such as Merck at 20.18x and AstraZeneca at 14.29x, BMY's forward multiple appears to price in a structurally shrinking franchise, so investors should monitor whether new launches can stabilize earnings before the discount narrows.
Margin Recovery Masks Earnings Volatility
Reported gross margin rose from roughly 55.7% in 2024Q2 to 68.3% in 2026Q3, yet net margin swung between 0.6% and 25.6% over the same period, indicating that headline margin strength does not translate into stable bottom-line earnings.
The step change in gross margin points to a mix shift toward higher-value biologics rather than a one-time adjustment, but the wide dispersion in net margin suggests amortization, alliance payments, and other non-operating items drive reported earnings. Relative to the peer group, where Merck posts a 28.1% net margin, BMY's lower and more volatile net margin suggests its earnings power is more heavily encumbered by acquisition-related charges.
Returns Recovering From a Low Base
ROIC improved from 2.7% in 2024Q3 to 5.4% in 2026Q2 before easing to 3.7% in 2026Q3, a range that remains well below the 15% to 42% ROIC posted by several peers such as AstraZeneca and Eli Lilly.
The recovery in invested capital returns appears driven by margin expansion rather than improved asset efficiency, since asset turnover stayed near 0.12 to 0.15 throughout the period. The large goodwill and intangible base from the Celgene acquisition dilutes returns, and investors may wish to track whether ROIC can sustain above 5% once the legacy portfolio begins to erode.
Debt Declining but Coverage Still Thin
Debt-to-EBITDA fell from 3.16x in 2024Q2 to 2.31x in 2026Q1 before rising again to 15.25x in 2026Q3 on reported figures, a volatile profile that makes the current leverage read unreliable from quarter to quarter.
The debt-to-equity ratio improved from 3.16 to 1.91 over the period, but this improvement depends partly on equity recovery rather than debt paydown alone, which warrants further investigation. Interest coverage moved between 1.35x and 11.04x, suggesting that debt service comfort is quite sensitive to quarterly earnings timing, and refinancing risk may become more relevant if operating income falls as the patent cliff approaches.
Liquidity Rebuilds to Mid-Cycle Levels
Current ratio recovered from 1.16 in 2024Q2 to 1.59 in 2026Q3 and quick ratio from 1.02 to 1.44, indicating the short-term liquidity buffer has strengthened after a period of compression.
A quick ratio close to the current ratio suggests limited dependence on inventory to meet short-term obligations, which is consistent with a business whose liquidity rests on receivables and cash. The position appears adequate under moderate stress, but a severe revenue shock from generic or biosimilar entry could compress the buffer quickly if collections weaken.
Misapplied Net Margin Obscures Cash Earnings
Net margin is the ratio most commonly misapplied to BMY, since acquisition amortization and alliance revenue distortions make reported net margin a poor proxy for the cash retained from the portfolio, and free cash flow margin ranged from 6.6% to 49.0% across quarters.
Because amortization of Celgene-related intangibles depresses GAAP earnings while alliance revenue inflates the top line, net margin understates or misstates underlying economics in a way that is not stable quarter to quarter. Investors may find free cash flow margin on a trailing four-quarter basis, adjusted for alliance payments, a more reliable indicator of earning power, though this interpretation depends on the timing of working capital flows.