Enterprise Value (EV)
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Bristol-Myers Squibb Co. pages available for free this week:
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Current Enterprise Value (EV)
Bristol-Myers Squibb Co., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Preferred stock, $2 convertible series, par value $1 per share (per books) | |
| Add: Noncontrolling interest (per books) | |
| Total equity | |
| Add: Short-term debt obligations (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Marketable debt securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Bristol-Myers Squibb Co., EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
An examination of the financial information reveals fluctuations in key metrics related to company valuation over the five-year period. The enterprise value (EV) demonstrates a notable shift, while components contributing to its calculation – common equity, total equity, and total equity and debt – also exhibit distinct trends.
- Enterprise Value (EV)
- The enterprise value initially increased from US$173,993 million in 2021 to US$181,761 million in 2022. A significant decrease followed, with EV falling to US$126,048 million in 2023. Subsequent years show recovery, reaching US$152,789 million in 2024 and further increasing to US$156,517 million in 2025. This suggests potential shifts in market perception of the company’s value, or changes in debt and cash positions.
- Equity Components
- Both common equity and total equity followed a similar pattern. They increased from 2021 to 2022, then experienced a substantial decline in 2023. A recovery is observed in both metrics from 2023 to 2025, though the 2025 values remain below the 2021 and 2022 levels. The close alignment between common equity and total equity indicates limited changes in other equity components during the period.
- Total Equity and Debt
- Total equity and debt remained relatively stable between 2021 and 2022, fluctuating around US$191 million. A considerable decrease is evident in 2023, dropping to US$138,328 million, before rising to US$163,648 million in 2024 and US$167,190 million in 2025. This suggests a potential restructuring of the company’s capital structure, possibly involving debt reduction or equity buybacks in 2023, followed by increased borrowing or equity issuance in subsequent years.
The decrease in EV in 2023, coinciding with the reduction in total equity and debt, warrants further investigation. The subsequent recovery in EV, coupled with the increase in total equity and debt, suggests a stabilization of the company’s financial position. The observed trends indicate dynamic changes in the company’s valuation and capital structure over the analyzed period.