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Bristol Myers Squibb key statistics and ratios

In fiscal 2025, Bristol Myers Squibb had return on equity of 40.5%, a net margin of 14.6%, debt equal to 254.9% of equity and a current ratio of 1.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin72.7%72.9%73.6%73.8%71.8%75.2%76.4%74.5%70.7%71.3%69.1%72.3%78.6%78.0%76.2%71.1%71.1%69.2%
Net margin56.4%15.9%17.5%11.1%15.6%12.6%9.5%22.9%4.8%21.8%13.2%−21.2%15.1%13.7%17.8%−18.5%14.6%18.5%
Free-cash-flow margin17.7%20.9%21.1%36.3%18.4%16.5%7.8%9.5%20.3%27.1%28.2%31.3%32.8%25.9%28.1%28.9%26.7%18.6%
Return on equity71.5%20.3%23.4%13.3%17.8%13.4%10.7%29.3%7.2%38.2%10.5%−20.2%19.0%18.9%26.5%−39.1%40.5%44.1%
Return on assets34.2%10.0%11.6%5.7%6.9%5.5%4.8%13.6%3.0%14.4%4.2%−7.3%6.1%6.1%8.4%−9.5%7.7%10.3%
Asset turnover0.610.630.660.510.440.440.510.590.620.660.320.340.410.450.470.510.530.56
Current ratio2.211.971.971.151.521.731.301.551.551.661.601.581.521.251.431.251.261.59
Debt to equity42.9%34.7%34.4%59.1%55.2%52.7%46.9%41.5%67.8%61.3%95.9%139.3%137.2%139.1%144.9%315.1%254.9%186.5%
Effective tax rate21.1%25.7%24.7%−6.9%10.8%14.8%21.5%23.8%81.0%17.1%30.5%—13.4%17.7%4.7%—24.4%18.4%
R&D as % of revenue19.4%18.3%18.1%22.2%22.8%28.6%35.7%25.8%31.1%28.1%23.5%23.6%22.0%20.6%20.7%23.1%20.6%21.1%
SG&A as % of revenue21.0%18.9%19.8%23.9%30.1%30.4%29.2%25.6%22.9%20.2%18.6%18.0%16.6%16.9%17.3%17.4%15.1%14.6%
Capital spending as % of revenue3.9%2.2%1.7%3.1%3.3%3.3%5.0%6.3%5.1%4.2%3.2%1.8%2.1%2.4%2.7%2.6%2.7%2.7%
Free cash flow ÷ net income31.4%131.1%120.6%326.2%117.4%130.8%82.1%41.4%419.1%124.3%214.4%—217.8%188.8%157.6%—182.1%100.5%
Dividends ÷ net income23.4%71.0%60.8%116.6%90.1%119.7%158.3%57.1%255.9%53.1%77.9%—62.9%73.2%59.1%—71.5%55.4%
Dividends and buybacks ÷ free cash flow74.5%68.3%77.7%73.3%91.2%91.5%192.8%150.7%119.6%48.0%135.3%42.3%70.1%105.7%78.2%34.9%39.3%55.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 6 checks passed · September 30, 2026
What it owns · $88.8bn
Short-term assets $29.8bnLonger-term assets $59.0bn
What it owes, and who funded it · $88.8bn
Short-term liabilities $18.8bnLonger-term liabilities $46.6bnShareholders' equity $23.4bn
  • Short-term assets cover short-term liabilities $29.8bn of assets due within a year against $18.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $29.8bn short-term assets against $46.6bn of longer-dated liabilities.
  • More cash than debt $9.6bn of cash against $42.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 183% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 119% to 183% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.7bn of operating cash flow against $42.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Bristol Myers Squibb's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

77 /100

Strong moat

How hard Bristol Myers Squibb's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 28.2% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 71.5%, moving by 3.3 percentage points (standard deviation) across 10 years.

  • Durability 3 / 20

    Net margin has been a median 13.4%; its worst year was -15.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 28.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.8% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (82 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BMY vs NVOBMY vs GSKAZN vs BMYBMY vs PFE

More: Pharmaceuticals stocks compared, Health Care sector, rankings of US companies

Figures from Bristol Myers Squibb's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Bristol Myers Squibb.