Bristol-Myers Squibb Co., FCFF calculation

US$ in millions

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)
Noncontrolling interest	15)	15)	18)	20)	20)
Net noncash charges	23,313)	7,734)	8,950)	10,446)	22,064)
Changes in operating assets and liabilities	810)	(1,914)	(2,229)	(1,253)	983)
Net cash provided by operating activities	15,190)	13,860)	13,066)	16,207)	14,052)
Interest payments, net of tax¹	1,422)	1,144)	1,152)	1,299)	1,264)
Capital expenditures	(1,248)	(1,209)	(1,118)	(973)	(753)
Free cash flow to the firm (FCFF)	15,364)	13,795)	13,100)	16,533)	14,563)

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 »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Bristol-Myers Squibb Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Bristol-Myers Squibb Co. FCFF increased from 2022 to 2023 and from 2023 to 2024.

Bristol-Myers Squibb Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	21.00%	4.70%	17.70%	13.40%	21.00%
Interest Paid, Net of Tax
Interest payments, before tax	1,800)	1,200)	1,400)	1,500)	1,600)
Less: Interest payments, tax²	378)	56)	248)	201)	336)
Interest payments, net of tax	1,422)	1,144)	1,152)	1,299)	1,264)

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 2024 Calculation
Interest payments, tax = Interest payments × EITR
= 1,800 × 21.00% = 378

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	162,611)
Free cash flow to the firm (FCFF)	15,364)
Valuation Ratio
EV/FCFF	10.58
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	21.52
Amgen Inc.	16.18
Danaher Corp.	28.55
Eli Lilly & Co.	191.73
Gilead Sciences Inc.	14.24
Johnson & Johnson	19.12
Merck & Co. Inc.	13.02
Pfizer Inc.	14.99
Regeneron Pharmaceuticals Inc.	16.88
Thermo Fisher Scientific Inc.	24.40
Vertex Pharmaceuticals Inc.	—
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	23.57
EV/FCFF, Industry
Health Care	23.26

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

¹ Click competitor name to see calculations.

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

Bristol-Myers Squibb Co., historical EV/FCFF 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)
Enterprise value (EV)¹	152,789)	126,048)	181,761)	173,993)	169,334)
Free cash flow to the firm (FCFF)²	15,364)	13,795)	13,100)	16,533)	14,563)
Valuation Ratio
EV/FCFF³	9.94	9.14	13.87	10.52	11.63
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	20.05	14.89	12.15	13.18	13.95
Amgen Inc.	15.35	22.22	16.01	15.82	14.51
Danaher Corp.	28.93	36.34	25.74	28.25	30.66
Eli Lilly & Co.	200.93	655.33	59.14	38.37	39.01
Gilead Sciences Inc.	14.50	13.41	13.58	8.42	13.60
Johnson & Johnson	18.16	19.30	23.80	21.25	20.75
Merck & Co. Inc.	13.24	37.84	19.09	23.27	34.12
Pfizer Inc.	15.33	32.24	9.15	8.40	21.74
Regeneron Pharmaceuticals Inc.	19.30	23.99	17.96	9.81	25.74
Thermo Fisher Scientific Inc.	26.13	28.85	31.61	33.14	26.14
Vertex Pharmaceuticals Inc.	—	29.45	16.68	22.47	16.00
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	23.57	27.24	17.95	16.12	19.74
EV/FCFF, Industry
Health Care	22.99	24.06	17.76	17.08	18.03

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/FCFF = EV ÷ FCFF
= 152,789 ÷ 15,364 = 9.94

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Bristol-Myers Squibb Co. EV/FCFF ratio decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Bristol-Myers Squibb Co. (NYSE:BMY)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical