Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Enterprise Value to EBITDA (EV/EBITDA)

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Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Bristol-Myers Squibb Co., EBITDA calculation

US$ in millions

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12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net earnings (loss) attributable to BMS (8,948) 8,025 6,327 6,994 (9,015)
Add: Net income attributable to noncontrolling interest 15 15 18 20 20
Add: Income tax expense 554 400 1,368 1,084 2,124
Earnings before tax (EBT) (8,379) 8,440 7,713 8,098 (6,871)
Add: Interest expense 1,947 1,166 1,232 1,334 1,420
Earnings before interest and tax (EBIT) (6,432) 9,606 8,945 9,432 (5,451)
Add: Depreciation and amortization, net 9,600 9,760 10,276 10,686 10,380
Earnings before interest, tax, depreciation and amortization (EBITDA) 3,168 19,366 19,221 20,118 4,929

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).

Item Description The company
EBITDA To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital. Bristol-Myers Squibb Co. EBITDA increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Enterprise Value to EBITDA Ratio, Current

Bristol-Myers Squibb Co., current EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 160,642
Earnings before interest, tax, depreciation and amortization (EBITDA) 3,168
Valuation Ratio
EV/EBITDA 50.71
Benchmarks
EV/EBITDA, Competitors1
AbbVie Inc. 28.44
Amgen Inc. 15.95
Danaher Corp. 22.14
Eli Lilly & Co. 53.20
Gilead Sciences Inc. 35.15
Johnson & Johnson 16.39
Merck & Co. Inc. 9.68
Pfizer Inc. 10.32
Regeneron Pharmaceuticals Inc. 11.92
Thermo Fisher Scientific Inc. 18.65
Vertex Pharmaceuticals Inc. 247.83
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences 21.94
EV/EBITDA, Industry
Health Care 20.04

Based on: 10-K (reporting date: 2024-12-31).

1 Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.


Enterprise Value to EBITDA Ratio, Historical

Bristol-Myers Squibb Co., historical EV/EBITDA calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 152,789 126,048 181,761 173,993 169,334
Earnings before interest, tax, depreciation and amortization (EBITDA)2 3,168 19,366 19,221 20,118 4,929
Valuation Ratio
EV/EBITDA3 48.23 6.51 9.46 8.65 34.35
Benchmarks
EV/EBITDA, Competitors4
AbbVie Inc. 26.97 20.79 13.31 13.44 21.34
Amgen Inc. 15.31 14.13 12.97 13.22 12.24
Danaher Corp. 22.34 26.41 18.42 21.05 26.68
Eli Lilly & Co. 55.98 85.33 37.74 29.85 23.67
Gilead Sciences Inc. 35.86 10.41 13.89 8.57 24.90
Johnson & Johnson 15.77 16.45 14.78 14.47 18.20
Merck & Co. Inc. 9.90 51.30 13.91 12.18 16.05
Pfizer Inc. 10.60 22.50 6.12 8.64 15.78
Regeneron Pharmaceuticals Inc. 13.55 20.16 15.27 6.68 12.70
Thermo Fisher Scientific Inc. 19.89 21.83 20.25 20.21 18.72
Vertex Pharmaceuticals Inc. 231.93 21.57 14.91 18.92 14.81
EV/EBITDA, Sector
Pharmaceuticals, Biotechnology & Life Sciences 22.07 22.59 13.58 13.16 18.90
EV/EBITDA, Industry
Health Care 19.95 18.98 13.71 13.87 16.50

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 See details »

2 See details »

3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 152,789 ÷ 3,168 = 48.23

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/EBITDA Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock. Bristol-Myers Squibb Co. EV/EBITDA ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.