Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Long-term Activity Ratios (Summary)
Bristol-Myers Squibb Co., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a fluctuating downward trend over the analyzed period. Starting at 7.22 in 2020, it peaked slightly at 7.67 in 2021 but then declined to 7.38 in 2022 and further decreased to 6.77 in both 2023 and 2024. This indicates a gradual reduction in efficiency in utilizing net fixed assets to generate sales over time.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When including operating lease assets, the net fixed asset turnover ratio also follows a downward pattern. From 6.3 in 2020, it increased modestly to 6.66 in 2021 but then dropped to 6.18 in 2022 and declined further to 5.6 in 2023. A slight recovery to 5.78 is observed in 2024, yet the overall trend remains negative, suggesting a decrease in asset utilization efficiency when considering leased assets.
- Total Asset Turnover
- Total asset turnover demonstrates an improving trend throughout the period. Beginning at 0.36 in 2020, it gradually rose to 0.42 in 2021, 0.48 in 2022, and remained close at 0.47 in 2023 before increasing again to 0.52 in 2024. This indicates an increasing ability to generate revenue from total assets.
- Equity Turnover
- Equity turnover exhibits a strong and consistent upward trend over the timeframe. From 1.12 in 2020, the ratio increased steadily each year, reaching 1.29 in 2021, 1.49 in 2022, 1.53 in 2023, and showing a pronounced jump to 2.96 in 2024. This significant increase signals improving effectiveness in generating revenue per unit of equity, particularly notable in the final year.
Net Fixed Asset Turnover
Bristol-Myers Squibb Co., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Property, plant and equipment | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Health Care | ||||||
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 fixed asset turnover = Revenues ÷ Property, plant and equipment
= ÷ =
2 Click competitor name to see calculations.
- Revenues
- Revenues exhibit a general upward trend over the period, increasing from 42,518 million USD in 2020 to 48,300 million USD in 2024. After a notable rise from 2020 to 2021, revenues experienced a slight decline in 2022 and 2023 before recovering in 2024 to reach the highest level observed in the data. This pattern suggests some fluctuation in performance but an overall positive trajectory in revenue generation.
- Property, Plant and Equipment
- The value of property, plant, and equipment consistently increased each year, moving from 5,886 million USD in 2020 to 7,136 million USD in 2024. This steady growth indicates ongoing capital investments or asset acquisitions over the period.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a slight fluctuation with a peak of 7.67 in 2021, followed by a gradual decline to 6.77 by 2023, where it remains stable in 2024. This decreasing trend may reflect that revenue growth is not keeping pace proportionally with the expansion in fixed assets, possibly indicating a reduction in asset efficiency or changes in the operational utilization of fixed assets.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Bristol-Myers Squibb Co., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Property, plant and equipment | ||||||
| Operating lease right-of-use assets | ||||||
| Property, plant and equipment (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Health Care | ||||||
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 fixed asset turnover (including operating lease, right-of-use asset) = Revenues ÷ Property, plant and equipment (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year period examined. Revenues experienced a general upward trajectory with some fluctuations. After an increase from 42,518 million US dollars in 2020 to 46,385 million in 2021, revenues slightly declined in 2022 and 2023, falling to 46,159 million and 45,006 million respectively. However, there was a significant rebound in 2024, with revenues reaching 48,300 million US dollars, the highest in this period.
Investments in property, plant, and equipment have steadily increased each year. Starting at 6,745 million US dollars in 2020, the value rose progressively to reach 8,360 million in 2024. This consistent rise suggests a focus on expanding or upgrading physical and operational assets.
The net fixed asset turnover ratio, which measures the efficiency of using fixed assets to generate sales, exhibits a declining pattern from 6.3 in 2020 to a low of 5.6 in 2023, before modestly recovering to 5.78 in 2024. Despite revenues increasing overall, the decline in this ratio indicates that the growth in fixed assets has outpaced revenue growth, reflecting a possible decrease in asset utilization efficiency during most of these years. The slight improvement in the final year implies some recovery in operational efficiency.
- Revenues
- Overall growth with a peak in 2024 after two years of decline.
- Property, Plant and Equipment
- Continuous annual increases, highlighting ongoing capital investment.
- Net Fixed Asset Turnover
- Declining trend with minor recovery in the last year, suggesting changes in asset use efficiency.
Total Asset Turnover
Bristol-Myers Squibb Co., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| Total Asset Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Total Asset Turnover, Industry | ||||||
| Health Care | ||||||
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
= ÷ =
2 Click competitor name to see calculations.
- Revenue Analysis
- The revenues exhibit a general upward trend across the observed periods, with values increasing from US$42,518 million in 2020 to US$48,300 million in 2024. There was a peak in 2021 at US$46,385 million, followed by a slight decline in 2022 and 2023, before rising again to the highest reported figure in 2024.
- Total Assets Analysis
- Total assets demonstrate a downward trajectory over the same timeframe, starting from US$118,481 million in 2020 and decreasing steadily each year to US$92,603 million in 2024. This represents a consistent decline, indicating a reduction in the asset base by approximately 22% over five years.
- Total Asset Turnover Ratio
- The total asset turnover ratio shows a positive upward trend, rising from 0.36 in 2020 to 0.52 in 2024. This indicates an improvement in the efficiency with which the company uses its assets to generate revenues. The ratio increased notably between 2020 and 2022, stabilized somewhat in 2023, and then increased again in 2024 to reach its highest point in the observed period.
- Summary Insights
- Over the five-year period, there is a distinct pattern of increasing revenue coupled with a decreasing asset base, leading to enhanced asset utilization as reflected by the rising total asset turnover ratio. This suggests the company has been able to generate more revenue per unit of asset, which could imply improved operational efficiency or effective asset management despite the contraction in total asset holdings. The temporary dip in revenue during 2022 and 2023 does not appear to have materially disrupted the overall efficiency trend.
Equity Turnover
Bristol-Myers Squibb Co., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenues | ||||||
| Total BMS shareholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| Equity Turnover, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| Equity Turnover, Industry | ||||||
| Health Care | ||||||
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
Equity turnover = Revenues ÷ Total BMS shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the analyzed periods.
- Revenues
- Revenues generally exhibit a fluctuating pattern. There was an increase from 42,518 million USD in 2020 to 46,385 million USD in 2021, followed by a slight decline to 46,159 million USD in 2022. A further decrease to 45,006 million USD was observed in 2023. However, revenues rose again in 2024 to 48,300 million USD, reaching the highest value in the given timeframe. Overall, revenues show moderate growth over the five years, despite some variability in the middle years.
- Total BMS shareholders’ equity
- Shareholders’ equity declines consistently across the reported periods. Starting from 37,822 million USD in 2020, it falls to 35,946 million USD in 2021 and decreases more sharply to 31,061 million USD in 2022. The decline continues to 29,430 million USD in 2023, culminating in a substantial drop to 16,335 million USD in 2024. This decreasing trend suggests an erosion of the company’s equity base over time, indicating possible buybacks, losses, or dividend distributions exceeding earnings.
- Equity turnover ratio
- The equity turnover ratio shows a steady upward trajectory throughout the periods. Starting at 1.12 in 2020, it rises to 1.29 in 2021 and increases more significantly to 1.49 in 2022. It continues to climb to 1.53 in 2023 and reaches a sharp peak of 2.96 in 2024. This increase suggests improving efficiency in utilizing shareholders’ equity to generate revenue, likely driven by the diminishing equity base combined with relatively stable or growing revenues.