Stock Analysis on Net
Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Bristol-Myers Squibb Co., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.52 0.47 0.48 0.42 0.36
Adjusted 0.55 0.49 0.48 0.43 0.36
Liquidity Ratio
Current Ratio
Reported 1.25 1.43 1.25 1.52 1.58
Adjusted 1.25 1.43 1.25 1.52 1.58
Solvency Ratios
Debt to Equity
Reported 3.04 1.35 1.27 1.24 1.34
Adjusted 3.98 1.52 1.27 1.16 1.22
Debt to Capital
Reported 0.75 0.57 0.56 0.55 0.57
Adjusted 0.80 0.60 0.56 0.54 0.55
Financial Leverage
Reported 5.67 3.23 3.12 3.04 3.13
Adjusted 6.87 3.39 2.98 2.75 2.77
Profitability Ratios
Net Profit Margin
Reported -18.53% 17.83% 13.71% 15.08% -21.20%
Adjusted -21.91% 10.29% 7.67% 13.25% -19.49%
Return on Equity (ROE)
Reported -54.78% 27.27% 20.37% 19.46% -23.84%
Adjusted -82.27% 16.98% 11.06% 15.69% -19.59%
Return on Assets (ROA)
Reported -9.66% 8.43% 6.53% 6.40% -7.61%
Adjusted -11.97% 5.01% 3.71% 5.70% -7.06%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Bristol-Myers Squibb Co. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Bristol-Myers Squibb Co. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Bristol-Myers Squibb Co. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Bristol-Myers Squibb Co. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Bristol-Myers Squibb Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Bristol-Myers Squibb Co. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Bristol-Myers Squibb Co. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Bristol-Myers Squibb Co. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Bristol-Myers Squibb Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenues 48,300 45,006 46,159 46,385 42,518
Total assets 92,603 95,159 96,820 109,314 118,481
Activity Ratio
Total asset turnover1 0.52 0.47 0.48 0.42 0.36
Adjusted
Selected Financial Data (US$ in millions)
Revenues 48,300 45,006 46,159 46,385 42,518
Adjusted total assets2 88,412 92,414 95,498 107,896 117,338
Activity Ratio
Adjusted total asset turnover3 0.55 0.49 0.48 0.43 0.36

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Total asset turnover = Revenues ÷ Total assets
= 48,300 ÷ 92,603 = 0.52

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 48,300 ÷ 88,412 = 0.55

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Bristol-Myers Squibb Co. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 29,780 31,770 27,273 33,262 30,192
Current liabilities 23,774 22,262 21,890 21,868 19,080
Liquidity Ratio
Current ratio1 1.25 1.43 1.25 1.52 1.58
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 29,825 31,793 27,295 33,283 30,210
Current liabilities 23,774 22,262 21,890 21,868 19,080
Liquidity Ratio
Adjusted current ratio3 1.25 1.43 1.25 1.52 1.58

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 29,780 ÷ 23,774 = 1.25

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 29,825 ÷ 23,774 = 1.25

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Bristol-Myers Squibb Co. adjusted current ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 49,649 39,772 39,320 44,553 50,676
Total BMS shareholders’ equity 16,335 29,430 31,061 35,946 37,822
Solvency Ratio
Debt to equity1 3.04 1.35 1.27 1.24 1.34
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 51,200 41,464 40,717 45,596 51,673
Adjusted total equity3 12,863 27,266 32,009 39,190 42,294
Solvency Ratio
Adjusted debt to equity4 3.98 1.52 1.27 1.16 1.22

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Total BMS shareholders’ equity
= 49,649 ÷ 16,335 = 3.04

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 51,200 ÷ 12,863 = 3.98

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Bristol-Myers Squibb Co. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 49,649 39,772 39,320 44,553 50,676
Total capital 65,984 69,202 70,381 80,499 88,498
Solvency Ratio
Debt to capital1 0.75 0.57 0.56 0.55 0.57
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 51,200 41,464 40,717 45,596 51,673
Adjusted total capital3 64,063 68,730 72,726 84,786 93,967
Solvency Ratio
Adjusted debt to capital4 0.80 0.60 0.56 0.54 0.55

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 49,649 ÷ 65,984 = 0.75

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 51,200 ÷ 64,063 = 0.80

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Bristol-Myers Squibb Co. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 92,603 95,159 96,820 109,314 118,481
Total BMS shareholders’ equity 16,335 29,430 31,061 35,946 37,822
Solvency Ratio
Financial leverage1 5.67 3.23 3.12 3.04 3.13
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 88,412 92,414 95,498 107,896 117,338
Adjusted total equity3 12,863 27,266 32,009 39,190 42,294
Solvency Ratio
Adjusted financial leverage4 6.87 3.39 2.98 2.75 2.77

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Total BMS shareholders’ equity
= 92,603 ÷ 16,335 = 5.67

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 88,412 ÷ 12,863 = 6.87

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Bristol-Myers Squibb Co. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS (8,948) 8,025 6,327 6,994 (9,015)
Revenues 48,300 45,006 46,159 46,385 42,518
Profitability Ratio
Net profit margin1 -18.53% 17.83% 13.71% 15.08% -21.20%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 (10,583) 4,629 3,541 6,148 (8,286)
Revenues 48,300 45,006 46,159 46,385 42,518
Profitability Ratio
Adjusted net profit margin3 -21.91% 10.29% 7.67% 13.25% -19.49%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Net profit margin = 100 × Net earnings (loss) attributable to BMS ÷ Revenues
= 100 × -8,948 ÷ 48,300 = -18.53%

2 Adjusted net earnings (loss). See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings (loss) ÷ Revenues
= 100 × -10,583 ÷ 48,300 = -21.91%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Bristol-Myers Squibb Co. adjusted net profit margin ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS (8,948) 8,025 6,327 6,994 (9,015)
Total BMS shareholders’ equity 16,335 29,430 31,061 35,946 37,822
Profitability Ratio
ROE1 -54.78% 27.27% 20.37% 19.46% -23.84%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 (10,583) 4,629 3,541 6,148 (8,286)
Adjusted total equity3 12,863 27,266 32,009 39,190 42,294
Profitability Ratio
Adjusted ROE4 -82.27% 16.98% 11.06% 15.69% -19.59%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROE = 100 × Net earnings (loss) attributable to BMS ÷ Total BMS shareholders’ equity
= 100 × -8,948 ÷ 16,335 = -54.78%

2 Adjusted net earnings (loss). See details »

3 Adjusted total equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net earnings (loss) ÷ Adjusted total equity
= 100 × -10,583 ÷ 12,863 = -82.27%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Bristol-Myers Squibb Co. adjusted ROE improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS (8,948) 8,025 6,327 6,994 (9,015)
Total assets 92,603 95,159 96,820 109,314 118,481
Profitability Ratio
ROA1 -9.66% 8.43% 6.53% 6.40% -7.61%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 (10,583) 4,629 3,541 6,148 (8,286)
Adjusted total assets3 88,412 92,414 95,498 107,896 117,338
Profitability Ratio
Adjusted ROA4 -11.97% 5.01% 3.71% 5.70% -7.06%

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROA = 100 × Net earnings (loss) attributable to BMS ÷ Total assets
= 100 × -8,948 ÷ 92,603 = -9.66%

2 Adjusted net earnings (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net earnings (loss) ÷ Adjusted total assets
= 100 × -10,583 ÷ 88,412 = -11.97%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Bristol-Myers Squibb Co. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.