Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)
P to FCFE Ratio, Current
P to FCFE Ratio, Historical

Free Cash Flow to Equity (FCFE)

Bristol-Myers Squibb Co., FCFE 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)
Capital expenditures	(1,209)	(1,118)	(973)	(753)	(836)
Short-term debt obligations, net	(120)	194)	(160)	(267)	131)
Issuance of long-term debt	4,455)	5,926)	—)	6,945)	26,778)
Repayment of long-term debt	(3,879)	(11,431)	(6,022)	(2,750)	(9,256)
Free cash flow to equity (FCFE)	13,107)	6,637)	9,052)	17,227)	24,884)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Bristol-Myers Squibb Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Bristol-Myers Squibb Co. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Bristol-Myers Squibb Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	2,028,176,674
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	13,107)
FCFE per share	6.46
Current share price (P)	55.79
Valuation Ratio
P/FCFE	8.63
Benchmarks
P/FCFE, Competitors¹
AbbVie Inc.	14.14
Amgen Inc.	26.09
Danaher Corp.	40.83
Eli Lilly & Co.	65.39
Gilead Sciences Inc.	19.18
Johnson & Johnson	12.86
Merck & Co. Inc.	16.64
Pfizer Inc.	3.60
Regeneron Pharmaceuticals Inc.	20.65
Thermo Fisher Scientific Inc.	41.23
Vertex Pharmaceuticals Inc.	37.58
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	17.27
P/FCFE, Industry
Health Care	17.35

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

¹ Click competitor name to see calculations.

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

Price to FCFE Ratio, Historical

Bristol-Myers Squibb Co., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
No. shares of common stock outstanding¹	2,022,193,411	2,098,775,978	2,179,712,820	2,240,475,153	2,257,510,796
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	13,107)	6,637)	9,052)	17,227)	24,884)
FCFE per share³	6.48	3.16	4.15	7.69	11.02
Share price^1, 4	48.71	72.25	67.14	60.00	63.97
Valuation Ratio
P/FCFE⁵	7.52	22.85	16.17	7.80	5.80
Benchmarks
P/FCFE, Competitors⁶
AbbVie Inc.	17.37	22.66	18.76	13.16	—
Amgen Inc.	4.71	8.32	13.52	11.06	—
Danaher Corp.	53.08	32.04	20.75	44.62	—
Eli Lilly & Co.	75.06	60.51	35.17	36.62	—
Gilead Sciences Inc.	12.81	15.22	12.70	5.98	15.91
Johnson & Johnson	24.31	16.73	23.28	15.60	—
Merck & Co. Inc.	24.48	22.40	18.72	17.85	18.08
Pfizer Inc.	3.82	10.56	8.88	—	9.87
Regeneron Pharmaceuticals Inc.	26.52	19.29	10.35	13.30	—
Thermo Fisher Scientific Inc.	31.16	27.98	13.44	18.58	—
Vertex Pharmaceuticals Inc.	33.45	19.91	26.08	18.46	42.50
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences	16.91	19.28	16.49	17.09	—
P/FCFE, Industry
Health Care	16.85	18.12	17.81	17.23	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 13,107,000,000 ÷ 2,022,193,411 = 6.48

⁴ Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.

⁵ 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 48.71 ÷ 6.48 = 7.52

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Bristol-Myers Squibb Co. P/FCFE ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Bristol-Myers Squibb Co. (NYSE:BMY)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical