Bristol-Myers Squibb Co., current enterprise value calculation

Current share price (P)	$60.18
No. shares of common stock outstanding	2,029,312,023
US$ in millions
Common equity (market value)¹	122,124)
Add: Preferred stock, $2 convertible series, par value $1 per share (per books)	—)
Add: Noncontrolling interest (per books)	53)
Total equity	122,177)
Add: Short-term debt obligations (per books)	2,046)
Add: Long-term debt, excluding current portion (per books)	47,603)
Total equity and debt	171,826)
Less: Cash and cash equivalents	10,346)
Less: Marketable debt securities	513)
Enterprise value (EV)	160,967)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 60.18 × 2,029,312,023

Bristol-Myers Squibb Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$56.15	$48.71	$72.25	$67.14	$60.00
No. shares of common stock outstanding¹	2,029,312,023	2,022,193,411	2,098,775,978	2,179,712,820	2,240,475,153
US$ in millions
Common equity (market value)³	113,946)	98,501)	151,637)	146,346)	134,429)
Add: Preferred stock, $2 convertible series, par value $1 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	53)	55)	57)	60)	60)
Total equity	113,999)	98,556)	151,694)	146,406)	134,489)
Add: Short-term debt obligations (book value)	2,046)	3,119)	4,264)	4,948)	2,340)
Add: Long-term debt, excluding current portion (book value)	47,603)	36,653)	35,056)	39,605)	48,336)
Total equity and debt	163,648)	138,328)	191,014)	190,959)	185,165)
Less: Cash and cash equivalents	10,346)	11,464)	9,123)	13,979)	14,546)
Less: Marketable debt securities	513)	816)	130)	2,987)	1,285)
Enterprise value (EV)	152,789)	126,048)	181,761)	173,993)	169,334)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 56.15 × 2,029,312,023

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Bristol-Myers Squibb Co. EV decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.

Bristol-Myers Squibb Co. (NYSE:BMY)

Enterprise Value (EV)