Bristol-Myers Squibb Company (BMY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+275.2%

$234.37

vs $62.47 price

Levered DCF

$256.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.7

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.59×	-12.83×	13.22×	24.23×	19.79×	-15.59×	31.78×	17.16×
P/B	5.96×	7.02×	3.61×	4.93×	3.85×	3.7×	2.12×	6.05×
P/S	2.28×	2.37×	2.36×	3.32×	2.99×	3.29×	4.19×	3.76×
EV / EBITDA	9.65×	49.08×	7.03×	9.62×	8.45×	35.95×	19.61×	12.57×
Gross margin	71.1%	71.1%	76.2%	78.0%	78.6%	72.3%	69.1%	71.3%
Operating margin	28.5%	12.2%	18.2%	19.7%	18.4%	5.1%	22.6%	22.7%
Net margin	14.6%	-18.5%	17.8%	13.7%	15.1%	-21.2%	13.2%	21.8%
Current ratio	1.26×	1.25×	1.43×	1.25×	1.52×	1.58×	1.6×	1.66×
Debt / equity	2.55×	3.13×	1.41×	1.31×	1.27×	1.37×	0.92×	0.52×
Interest coverage	7.26×	3.02×	7.03×	7.39×	6.4×	1.53×	9.01×	27.95×
Dividend yield	4.6%	4.2%	4.5%	3.0%	3.2%	2.9%	2.4%	3.1%
Payout ratio	71.5%	-54.3%	59.1%	73.2%	62.9%	-45.2%	77.9%	53.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	38.2%	-54.8%	27.3%	20.4%	19.5%	-23.8%	6.7%	35.1%
Return on invested capital	15.0%	8.3%	10.2%	9.4%	8.0%	2.1%	3.6%	16.3%
Return on assets	7.8%	-9.7%	8.4%	6.5%	6.4%	-7.6%	2.6%	14.1%
Free cash flow yield	11.7%	12.2%	11.9%	7.8%	11.0%	9.5%	6.7%	7.2%
Earnings yield	6.4%	-7.8%	7.6%	4.1%	5.1%	-6.4%	3.1%	5.8%
Enterprise value	$147B	$155.5B	$136.2B	$184.8B	$170.1B	$177.2B	$144.6B	$85.3B
Net debt / EBITDA	2.42×	12.9×	1.55×	1.64×	1.57×	7.53×	4.77×	0.06×
Cash conversion cycle (days)	87	82	103	85	67	71	191	54