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, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.47 0.48 0.42 0.36 0.20
Adjusted 0.49 0.48 0.43 0.36 0.20
Liquidity Ratio
Current Ratio
Reported 1.43 1.25 1.52 1.58 1.60
Adjusted 1.43 1.25 1.52 1.58 1.60
Solvency Ratios
Debt to Equity
Reported 1.35 1.27 1.24 1.34 0.91
Adjusted 1.52 1.27 1.16 1.22 0.82
Debt to Capital
Reported 0.57 0.56 0.55 0.57 0.48
Adjusted 0.60 0.56 0.54 0.55 0.45
Financial Leverage
Reported 3.23 3.12 3.04 3.13 2.52
Adjusted 3.39 2.98 2.75 2.77 2.24
Profitability Ratios
Net Profit Margin
Reported 17.83% 13.71% 15.08% -21.20% 13.15%
Adjusted 10.29% 7.67% 13.25% -19.49% 14.41%
Return on Equity (ROE)
Reported 27.27% 20.37% 19.46% -23.84% 6.66%
Adjusted 16.98% 11.06% 15.69% -19.59% 6.52%
Return on Assets (ROA)
Reported 8.43% 6.53% 6.40% -7.61% 2.65%
Adjusted 5.01% 3.71% 5.70% -7.06% 2.91%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 2021 to 2022 and from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Bristol-Myers Squibb Co. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 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 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
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 2021 to 2022 and from 2022 to 2023.
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 deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Bristol-Myers Squibb Co. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Bristol-Myers Squibb Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Revenues 45,006 46,159 46,385 42,518 26,145
Total assets 95,159 96,820 109,314 118,481 129,944
Activity Ratio
Total asset turnover1 0.47 0.48 0.42 0.36 0.20
Adjusted
Selected Financial Data (US$ in millions)
Revenues 45,006 46,159 46,385 42,518 26,145
Adjusted total assets2 92,414 95,498 107,896 117,338 129,455
Activity Ratio
Adjusted total asset turnover3 0.49 0.48 0.43 0.36 0.20

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Revenues ÷ Total assets
= 45,006 ÷ 95,159 = 0.47

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 45,006 ÷ 92,414 = 0.49

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 2021 to 2022 and from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 31,770 27,273 33,262 30,192 29,354
Current liabilities 22,262 21,890 21,868 19,080 18,304
Liquidity Ratio
Current ratio1 1.43 1.25 1.52 1.58 1.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 31,793 27,295 33,283 30,210 29,375
Current liabilities 22,262 21,890 21,868 19,080 18,304
Liquidity Ratio
Adjusted current ratio3 1.43 1.25 1.52 1.58 1.60

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 31,770 ÷ 22,262 = 1.43

2 Adjusted current assets. See details »

3 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 31,793 ÷ 22,262 = 1.43

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 39,772 39,320 44,553 50,676 46,733
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Solvency Ratio
Debt to equity1 1.35 1.27 1.24 1.34 0.91
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 41,464 40,717 45,596 51,673 47,538
Adjusted total equity3 27,266 32,009 39,190 42,294 57,763
Solvency Ratio
Adjusted debt to equity4 1.52 1.27 1.16 1.22 0.82

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total BMS shareholders’ equity
= 39,772 ÷ 29,430 = 1.35

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 41,464 ÷ 27,266 = 1.52

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 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 39,772 39,320 44,553 50,676 46,733
Total capital 69,202 70,381 80,499 88,498 98,331
Solvency Ratio
Debt to capital1 0.57 0.56 0.55 0.57 0.48
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 41,464 40,717 45,596 51,673 47,538
Adjusted total capital3 68,730 72,726 84,786 93,967 105,301
Solvency Ratio
Adjusted debt to capital4 0.60 0.56 0.54 0.55 0.45

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 39,772 ÷ 69,202 = 0.57

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 41,464 ÷ 68,730 = 0.60

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 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 95,159 96,820 109,314 118,481 129,944
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Solvency Ratio
Financial leverage1 3.23 3.12 3.04 3.13 2.52
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 92,414 95,498 107,896 117,338 129,455
Adjusted total equity3 27,266 32,009 39,190 42,294 57,763
Solvency Ratio
Adjusted financial leverage4 3.39 2.98 2.75 2.77 2.24

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total BMS shareholders’ equity
= 95,159 ÷ 29,430 = 3.23

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 92,414 ÷ 27,266 = 3.39

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 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 8,025 6,327 6,994 (9,015) 3,439
Revenues 45,006 46,159 46,385 42,518 26,145
Profitability Ratio
Net profit margin1 17.83% 13.71% 15.08% -21.20% 13.15%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 4,629 3,541 6,148 (8,286) 3,767
Revenues 45,006 46,159 46,385 42,518 26,145
Profitability Ratio
Adjusted net profit margin3 10.29% 7.67% 13.25% -19.49% 14.41%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net earnings (loss) attributable to BMS ÷ Revenues
= 100 × 8,025 ÷ 45,006 = 17.83%

2 Adjusted net earnings (loss). See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net earnings (loss) ÷ Revenues
= 100 × 4,629 ÷ 45,006 = 10.29%

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 deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 8,025 6,327 6,994 (9,015) 3,439
Total BMS shareholders’ equity 29,430 31,061 35,946 37,822 51,598
Profitability Ratio
ROE1 27.27% 20.37% 19.46% -23.84% 6.66%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 4,629 3,541 6,148 (8,286) 3,767
Adjusted total equity3 27,266 32,009 39,190 42,294 57,763
Profitability Ratio
Adjusted ROE4 16.98% 11.06% 15.69% -19.59% 6.52%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net earnings (loss) attributable to BMS ÷ Total BMS shareholders’ equity
= 100 × 8,025 ÷ 29,430 = 27.27%

2 Adjusted net earnings (loss). See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net earnings (loss) ÷ Adjusted total equity
= 100 × 4,629 ÷ 27,266 = 16.98%

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to BMS 8,025 6,327 6,994 (9,015) 3,439
Total assets 95,159 96,820 109,314 118,481 129,944
Profitability Ratio
ROA1 8.43% 6.53% 6.40% -7.61% 2.65%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net earnings (loss)2 4,629 3,541 6,148 (8,286) 3,767
Adjusted total assets3 92,414 95,498 107,896 117,338 129,455
Profitability Ratio
Adjusted ROA4 5.01% 3.71% 5.70% -7.06% 2.91%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net earnings (loss) attributable to BMS ÷ Total assets
= 100 × 8,025 ÷ 95,159 = 8.43%

2 Adjusted net earnings (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net earnings (loss) ÷ Adjusted total assets
= 100 × 4,629 ÷ 92,414 = 5.01%

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 deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.