Latest Ratios: P/E Ratio 16.8x · EV/EBITDA 9.4x · 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 | $118.4B | $110.1B | $114.6B | $106.6B | $154.4B | $140.0B | $140.1B | $109.9B | $85.1B | $101.2B | $98.2B |
| Enterprise Value | $155.3B | $147.0B | $155.5B | $136.6B | $186.0B | $171.6B | $177.2B | $145.1B | $85.5B | $103.8B | $100.7B |
| P/E Ratio → | 16.80 | 15.63 | — | 13.29 | 24.39 | 19.98 | — | 31.94 | 17.16 | 100.46 | 22.05 |
| P/S Ratio | 2.46 | 2.28 | 2.37 | 2.37 | 3.35 | 3.02 | 3.29 | 4.20 | 3.77 | 4.87 | 5.05 |
| P/B Ratio | 6.39 | 5.95 | 7.00 | 3.62 | 4.96 | 3.89 | 3.70 | 2.13 | 6.02 | 8.55 | 6.01 |
| P/FCF | 9.21 | 8.57 | 8.22 | 8.43 | 12.92 | 9.19 | 10.53 | 14.90 | 13.92 | 23.99 | 53.27 |
| P/OCF | 8.36 | 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 | 9.38 | 8.88 | 8.07 | 7.49 | 9.52 | 8.48 | 11.91 | 17.73 | 12.16 | 17.22 | 18.10 |
| EV / EBIT | 12.23 | 13.76 | — | 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 | 67.6% | 67.6% | 56.8% | 56.3% | 57.4% | 57.7% | 51.0% | 66.0% | 71.3% | 72.0% | 74.6% |
| Operating Margin | 26.3% | 26.3% | 20.0% | 18.8% | 20.1% | 20.6% | 10.6% | 24.6% | 28.3% | 25.2% | 26.7% |
| 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% | -7.2% | 4.2% | 14.4% | 3.0% | 13.6% |
| ROIC | 16.9% | 16.9% | 12.4% | 10.4% | 10.7% | 10.0% | 4.2% | 9.5% | 33.1% | 23.7% | 20.7% |
| ROCE | 18.7% | 18.7% | 13.6% | 11.5% | 11.4% | 10.2% | 4.3% | 9.5% | 26.5% | 21.4% | 21.3% |
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 | 2.85 | 2.85 | 2.66 | 2.27 | 2.08 | 2.25 | 3.47 | 5.81 | 1.05 | 1.32 | 1.21 |
| 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 | 2.23 | 2.23 | 2.12 | 1.65 | 1.62 | 1.56 | 2.50 | 4.30 | 0.06 | 0.42 | 0.44 |
| Debt / FCF | — | 2.88 | 2.93 | 2.37 | 2.64 | 2.08 | 2.79 | 4.77 | 0.07 | 0.60 | 1.34 |
| Interest Coverage | 7.08 | 7.08 | -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 | 5.80 | 5.80 | 8.16 | 7.38 | 8.41 | 9.37 | 10.04 | 2.07 | 5.43 | 4.99 | 3.97 |
| Days Sales Outstanding | — | 110.01 | 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 | 4.3% | 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 | 6.0% | 6.4% | — | 7.5% | 4.1% | 5.0% | — | 3.1% | 5.8% | 1.0% | 4.5% |
| FCF Yield | 10.9% | 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 | 4.3% | 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 |
IRA pricing negotiation impact
According to current market data, BMY trades at a forward P/E of 9.11, which, when compared to peers like Eli Lilly or Merck, suggests investors are pricing in a significant revenue contraction rather than the potential success of the company's recent neuroscience and radiopharmaceutical pipeline acquisitions.
The valuation discount appears to stem from the market's skepticism regarding the long-term durability of the oncology franchise in the face of IRA-driven price negotiations. This multiple implies that the market views the current earnings stream as a 'melting ice cube' rather than a sustainable base, warranting caution for investors expecting a valuation re-rating.
Based on reported financial figures, BMY's ROIC has struggled to gain traction, hovering between 1.9% and 5.4% over the last ten quarters, which indicates that the company's aggressive inorganic growth strategy has yet to generate returns that meaningfully exceed its cost of capital.
The persistent gap between invested capital and returns suggests that the massive premiums paid for recent acquisitions are weighing heavily on the company's ability to compound value. Investors should monitor whether the integration of these new assets can eventually drive ROIC toward the double-digit levels seen in more stable, less acquisition-dependent peers.
As reported in recent quarterly filings, the cash conversion cycle has fluctuated significantly, reaching a high of 115 days in 2023Q4 and a low of 55 days in 2025Q3, reflecting the inherent difficulty in managing inventory and receivables within a complex, high-value biologic manufacturing environment.
The variability in DSO and DIO suggests that BMY faces ongoing challenges in optimizing its supply chain and managing customer payment terms, particularly as it shifts toward newer, lower-scale product launches. This inefficiency may continue to act as a drag on free cash flow generation until the product mix stabilizes.
According to the latest balance sheet data, the company's debt-to-EBITDA ratio remains elevated at 11.99 as of 2026Q1, a figure that highlights the significant financial strain imposed by the debt-funded acquisition strategy and the resulting pressure on the company's overall balance sheet health.
While the interest coverage ratio has shown some recovery from previous lows, the absolute level of debt remains a primary concern for institutional holders. The company's reliance on debt to fund its pipeline expansion leaves little room for error, especially if the anticipated revenue from new product launches fails to materialize as expected.
As evidenced by the company's heavy reliance on intangible asset amortization, the standard P/E ratio is frequently misapplied to BMY, as it obscures the true cash-generating capacity of the business by penalizing earnings with non-cash charges related to past M&A activity.
Investors should instead focus on EV/EBITDA or P/FCF to better understand the underlying operational performance, as these metrics are less distorted by the accounting noise of the Celgene and subsequent acquisitions. Relying solely on GAAP P/E may lead to an overly pessimistic view of the company's ability to fund its dividend and R&D commitments.
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 16.8x. The historical average is 27.6x. This places it at the 25th percentile of its historical range.
Bristol-Myers Squibb Company's current EV/EBITDA is 9.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
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 16.8x. This is at the 25th 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 4.26% with a payout ratio of 71.5%.
Bristol-Myers Squibb Company has 67.6% gross margin and 26.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Bristol-Myers Squibb Company's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.