Bristol-Myers Squibb Co., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net earnings (loss) attributable to BMS	8,025)	6,327)	6,994)	(9,015)	3,439)
Noncontrolling interest	15)	18)	20)	20)	21)
Net noncash charges	7,734)	8,950)	10,446)	22,064)	1,542)
Changes in operating assets and liabilities	(1,914)	(2,229)	(1,253)	983)	3,065)
Net cash provided by operating activities	13,860)	13,066)	16,207)	14,052)	8,067)
Interest payments, net of tax¹	1,144)	1,152)	1,299)	1,264)	288)
Capital expenditures	(1,209)	(1,118)	(973)	(753)	(836)
Free cash flow to the firm (FCFF)	13,795)	13,100)	16,533)	14,563)	7,519)

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 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 decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

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

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	4.70%	17.70%	13.40%	21.00%	30.50%
Interest Paid, Net of Tax
Interest payments, before tax	1,200)	1,400)	1,500)	1,600)	414)
Less: Interest payments, tax²	56)	248)	201)	336)	126)
Interest payments, net of tax	1,144)	1,152)	1,299)	1,264)	288)

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 See details »

² 2023 Calculation
Interest payments, tax = Interest payments × EITR
= 1,200 × 4.70% = 56

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	145,648)
Free cash flow to the firm (FCFF)	13,795)
Valuation Ratio
EV/FCFF	10.56
Benchmarks
EV/FCFF, Competitors¹
AbbVie Inc.	14.21
Amgen Inc.	21.69
Danaher Corp.	32.91
Eli Lilly & Co.	641.00
Gilead Sciences Inc.	15.58
Johnson & Johnson	18.86
Merck & Co. Inc.	29.07
Moderna Inc.	—
Pfizer Inc.	30.25
Regeneron Pharmaceuticals Inc.	18.68
Thermo Fisher Scientific Inc.	26.58
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	26.74
EV/FCFF, Industry
Health Care	23.67

Based on: 10-K (reporting date: 2023-12-31).

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, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	126,048)	181,761)	173,993)	169,334)	175,853)
Free cash flow to the firm (FCFF)²	13,795)	13,100)	16,533)	14,563)	7,519)
Valuation Ratio
EV/FCFF³	9.14	13.87	10.52	11.63	23.39
Benchmarks
EV/FCFF, Competitors⁴
AbbVie Inc.	14.89	12.15	13.18	13.95	11.60
Amgen Inc.	22.22	16.01	15.82	14.51	16.05
Danaher Corp.	36.34	25.74	28.25	30.66	37.11
Eli Lilly & Co.	655.33	59.14	38.37	39.01	36.26
Gilead Sciences Inc.	13.41	13.58	8.42	13.60	9.78
Johnson & Johnson	19.30	23.80	21.25	20.75	19.31
Merck & Co. Inc.	37.84	19.09	23.27	34.12	20.46
Moderna Inc.	—	11.76	3.86	29.20	—
Pfizer Inc.	32.24	9.15	8.40	21.74	19.44
Regeneron Pharmaceuticals Inc.	23.99	17.96	9.81	25.74	19.54
Thermo Fisher Scientific Inc.	28.85	31.61	33.14	26.14	28.88
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences	28.47	17.82	15.03	20.02	19.33
EV/FCFF, Industry
Health Care	24.38	17.63	16.41	17.93	18.26

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 See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 126,048 ÷ 13,795 = 9.14

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 increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

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