BM
Bristol-Myers Squibb Co
BMY—
Bristol-Myers Squibb Co AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is -23.9B due to 42.5B in goodwill/intangibles (44% of assets) - balance sheet entirely dependent on acquired IP value.[Tangible Book Value]
- FCF TTM of 15.3B (32% of revenue) covers 5.1B dividend at 2.9x, but debt/equity of 2.75x constrains flexibility.[Free Cash Flow TTM]
- R&D spend of 10.6B TTM (22% of revenue) vs industry median of 38M - massive pipeline investment sustaining competitive moat.[Research and Development TTM]
Watch Triggers
- Goodwill and Other Intangible Assets: Impairment charge >5B or intangibles decline >15% — 42.5B intangibles exceeds equity - any impairment directly erodes already-negative tangible book
- Debt to Equity: Rises above 3.0x or interest coverage falls below 5x — Current 2.75x D/E with 5.1x EBIT/interest leaves limited buffer for revenue decline
- Free Cash Flow TTM: Falls below 12B or FCF margin drops under 25% — Current 15.3B FCF supports both 5.1B dividend and deleveraging - decline forces tradeoff
Bull Case
FCF yield of 14.5% (15.3B/105B market cap) with PE of 12.2x vs industry 20.2x suggests deep value if pipeline delivers.
Free Cash Flow TTMPE RatioPS Ratio
Operating margin 23.8% with 10.6B R&D spend demonstrates ability to invest heavily while maintaining profitability.
Operating Margin TTMResearch and Development TTM
Bear Case
Debt/equity 2.75x with negative tangible book (-23.9B) leaves no margin of safety if drug revenues decline.
Debt to EquityTangible Book ValueTotal Debt
120% 5-year dividend payout ratio indicates historical cash flow insufficient for dividends - funded by debt.
Dividend Payout Ratio Avg 5yrDividends Paid Per Share TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF generation will prioritize debt reduction over dividend growth through 2027
1-3yhigh
- 51B total debt at 2.75x D/E ratio
- 15.3B annual FCF provides deleveraging capacity
- 5-year payout ratio avg of 120% unsustainable
Net debt 33.3B vs 18.6B equityInterest expense 1.96B TTM (13% of EBIT)Dividend payout ratio 5yr avg: 120%
Margin compression risk if key drug patents expire without pipeline replacements
3-5ymed
- Operating margin 23.8% relies on patent-protected drugs
- Goodwill 21.7B at risk of impairment
- R&D productivity must deliver to maintain margins
Gross margin 69.5% vs industry 54.7%Intangibles 44% of total assetsROE 33.8% depends on leverage
Valuation Context
Caveats
Public Strategies Rankings
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BMY Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$112.68B | — | ||
$147.99B | — | ||
13 | — | ||
$48.03B | +1.3% | — | |
$4.23 | +117.8% | — | |
23.8% | +8.4% | — | |
12.6% | +27.9% | — | |
$15.3B | +10.9% | — | |
0.34 | +65.3% | — | |
Beta 5Y (Monthly) | unknown | — |
BMY Dividend History
105 dividends
2026
$0.630001/02/26$0.6300
2025
$2.480010/03/25$0.6200
07/03/25$0.6200
04/04/25$0.6200
01/03/25$0.6200
2024
$2.400010/04/24$0.6000
07/05/24$0.6000
04/04/24$0.6000
01/04/24$0.6000
2023
$2.280010/05/23$0.5700
07/06/23$0.5700
04/06/23$0.5700
01/05/23$0.5700
2022
$2.160010/06/22$0.5400
06/30/22$0.5400
03/31/22$0.5400
01/06/22$0.5400
2021
$1.470009/30/21$0.4900
07/01/21$0.4900
03/31/21$0.4900
2020
$2.290012/31/20$0.4900
10/01/20$0.4500
07/02/20$0.4500
04/02/20$0.4500
01/02/20$0.4500
2019
$1.640010/03/19$0.4100
07/03/19$0.4100
04/04/19$0.4100
01/03/19$0.4100
2018
$1.600010/04/18$0.4000
07/05/18$0.4000
04/05/18$0.4000
01/04/18$0.4000
2017
$1.560010/05/17$0.3900
07/05/17$0.3900
04/05/17$0.3900
01/04/17$0.3900
2016
$1.140010/05/16$0.3800
06/29/16$0.3800
03/30/16$0.3800
2015
$1.490012/30/15$0.3800
09/30/15$0.3700
07/01/15$0.3700
04/01/15$0.3700
2014
$1.450012/30/14$0.3700
10/01/14$0.3600
07/01/14$0.3600
04/02/14$0.3600
2013
$1.760012/31/13$0.3600
10/02/13$0.3500
07/02/13$0.3500
04/03/13$0.3500
01/02/13$0.3500
2012
$1.360010/03/12$0.3400
07/03/12$0.3400
04/03/12$0.3400
01/04/12$0.3400
2011
$1.320010/06/11$0.3300
06/29/11$0.3300
03/30/11$0.3300
01/05/11$0.3300
2010
$0.960009/29/10$0.3200
06/30/10$0.3200
03/30/10$0.3200
2009
$1.250012/30/09$0.3200
09/30/09$0.3100
07/01/09$0.3100
04/01/09$0.3100
2008
$1.550012/30/08$0.3100
10/01/08$0.3100
07/02/08$0.3100
04/02/08$0.3100
01/02/08$0.3100
2007
$1.120010/03/07$0.2800
07/03/07$0.2800
04/03/07$0.2800
01/03/07$0.2800
2006
$1.120010/04/06$0.2800
07/05/06$0.2800
04/05/06$0.2800
01/04/06$0.2800
2005
$1.120010/05/05$0.2800
06/29/05$0.2800
03/30/05$0.2800
01/05/05$0.2800
2004
$0.840009/29/04$0.2800
06/30/04$0.2800
03/31/04$0.2800
2003
$1.120012/30/03$0.2800
10/01/03$0.2800
07/01/03$0.2800
04/02/03$0.2800
2002
$1.400012/31/02$0.2800
10/02/02$0.2800
07/02/02$0.2800
04/03/02$0.2800
01/02/02$0.2800
2001
$1.100010/03/01$0.2750
07/03/01$0.2750
04/04/01$0.2750
01/03/01$0.2750
2000
$0.980010/04/00$0.2450
07/05/00$0.2450
04/05/00$0.2450
01/05/00$0.2450
BMY Stock Splits
No stock splits
BMY SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/30/25 | 09/30/25 | 10-Q | |
07/31/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/31/25 | 10-Q | |
02/12/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/25/24 | 03/31/24 | 10-Q | |
02/13/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/14/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
02/09/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/28/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/10/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/24/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/25/19 | 03/31/19 | 10-Q | |
02/25/19 | 12/31/18 | 10-K | |
10/25/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/13/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
02/21/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
07/28/16 | 06/30/16 | 10-Q | |
04/28/16 | 03/31/16 | 10-Q | |
02/12/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/23/15 | 06/30/15 | 10-Q | |
04/28/15 | 03/31/15 | 10-Q | |
02/13/15 | 12/31/14 | 10-K | |
10/24/14 | 09/30/14 | 10-Q | |
07/24/14 | 06/30/14 | 10-Q | |
04/29/14 | 03/31/14 | 10-Q | |
02/14/14 | 12/31/13 | 10-K | |
10/23/13 | 09/30/13 | 10-Q | |
07/25/13 | 06/30/13 | 10-Q | |
04/25/13 | 03/31/13 | 10-Q | |
02/15/13 | 12/31/12 | 10-K | |
10/24/12 | 09/30/12 | 10-Q | |
07/25/12 | 06/30/12 | 10-Q | |
04/26/12 | 03/31/12 | 10-Q | |
02/17/12 | 12/31/11 | 10-K | |
10/27/11 | 09/30/11 | 10-Q | |
07/28/11 | 06/30/11 | 10-Q | |
04/28/11 | 03/31/11 | 10-Q | |
02/18/11 | 12/31/10 | 10-K | |
10/27/11 | 09/30/10 | 10-Q | |
07/22/10 | 06/30/10 | 10-Q | |
04/29/10 | 03/31/10 | 10-Q | |
02/19/10 | 12/31/09 | 10-K | |
10/26/10 | 09/30/09 | 10-Q | |
10/22/09 | 09/30/09 | 10-Q | |
07/23/09 | 06/30/09 | 10-Q | |
04/28/09 | 03/31/09 | 10-Q | |
02/20/09 | 12/31/08 | 10-K | |
10/23/08 | 09/30/08 | 4 | |
07/24/08 | 06/30/08 | 4 | |
04/24/08 | 03/30/08 | Unknown | -- |
02/22/08 | 12/31/07 | 4 | |
10/25/07 | 09/30/07 | 10-Q | |
08/01/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 4 | |
02/26/07 | 12/31/06 | 10-K | |
11/02/06 | 09/30/06 | 10-Q | |
08/08/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
03/14/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 10-Q | |
08/03/05 | 06/30/05 | 10-Q | |
05/09/05 | 03/30/05 | Unknown | -- |
03/04/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/15/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 4 | |
08/08/03 | 06/30/03 | 4/A | |
05/14/03 | 03/30/03 | Unknown | -- |
03/28/03 | 12/31/02 | 10-K | |
03/19/03 | 09/30/02 | NT 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
04/01/02 | 12/31/01 | 10-K405 | |
11/15/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/16/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/15/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |