Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- 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 Valuation Ratios
Bristol-Myers Squibb Co., current price multiples
| Bristol-Myers Squibb Co. | AbbVie Inc. | Amgen Inc. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | Pharmaceuticals, Biotechnology & Life Sciences | Health Care | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||
| Current share price (P) | |||||||||||||||||
| No. shares of common stock outstanding | |||||||||||||||||
| Growth rate (g) | |||||||||||||||||
| Earnings per share (EPS) | |||||||||||||||||
| Next year expected EPS | |||||||||||||||||
| Operating profit per share | |||||||||||||||||
| Sales per share | |||||||||||||||||
| Book value per share (BVPS) | |||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||
| Price to earnings (P/E) | |||||||||||||||||
| Price to next year expected earnings | |||||||||||||||||
| Price-earnings-growth (PEG) | |||||||||||||||||
| Price to operating profit (P/OP) | |||||||||||||||||
| Price to sales (P/S) | |||||||||||||||||
| Price to book value (P/BV) | |||||||||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Bristol-Myers Squibb Co., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
The valuation ratios exhibit varied trends over the observed period. Generally, ratios decreased from 2021 to 2023, followed by fluctuations into the forecast years. This suggests a shifting perception of the company’s value relative to its financial performance.
- Price to Earnings (P/E)
- The Price to Earnings ratio decreased significantly from 20.92 in 2021 to 12.27 in 2023. A subsequent increase to 17.30 is projected for 2025. This initial decline may indicate decreasing investor confidence in earnings or an increase in the share price relative to earnings, followed by a partial recovery in valuation. The absence of a 2024 value prevents a complete assessment of the recent trend.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio also decreased from 19.84 in 2021 to 13.53 in 2023. The projected value for 2025 is 12.20, continuing the downward trend, albeit at a slower pace. This suggests a consistent reduction in the price investors are willing to pay for each dollar of operating profit. Again, the lack of a 2024 value limits a full trend analysis.
- Price to Sales (P/S)
- The Price to Sales ratio demonstrates a more stable pattern. It increased slightly from 3.16 in 2021 to 3.29 in 2022, then decreased to 2.19 in 2023. The ratio is forecast to increase to 2.36 in 2024 and 2.53 in 2025. This suggests a moderate valuation relative to revenue, with some recovery anticipated in the forecast period. The fluctuations are less pronounced than those observed in the earnings-based ratios.
- Price to Book Value (P/BV)
- The Price to Book Value ratio shows the most significant fluctuation. It increased from 4.07 in 2021 to 4.88 in 2022, decreased to 3.35 in 2023, and then increased substantially to 6.98 in 2024, followed by a slight decrease to 6.61 in 2025. This volatility may indicate changing perceptions of the company’s asset value or a reassessment of its future growth prospects. The large increase in 2024 warrants further investigation.
Overall, the observed ratios suggest a period of valuation adjustment, particularly between 2021 and 2023. While some ratios indicate a potential stabilization or modest recovery in the forecast period, the absence of 2024 values for P/E and P/OP hinders a comprehensive understanding of the most recent trends. The significant fluctuation in the Price to Book Value ratio requires additional scrutiny.
Price to Earnings (P/E)
Bristol-Myers Squibb Co., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net earnings (loss) attributable to BMS (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/E Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/E Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
EPS = Net earnings (loss) attributable to BMS ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited considerable fluctuation over the observed period. Initial values indicated a relatively stable, though increasing, valuation, followed by a significant decline and subsequent partial recovery.
- Share Price
- The share price demonstrated an initial increase from US$67.14 in 2021 to US$72.25 in 2022. A substantial decrease was then recorded in 2023, falling to US$48.71. The price partially recovered in 2024 to US$56.15 and continued to rise modestly to US$59.93 in 2025.
- Earnings Per Share (EPS)
- Earnings per share experienced a slight decline from US$3.21 in 2021 to US$3.01 in 2022. EPS then increased to US$3.97 in 2023, before a significant drop resulting in a loss of US$4.41 in 2024. EPS recovered to US$3.46 in 2025.
- Price to Earnings (P/E) Ratio
- The P/E ratio increased from 20.92 in 2021 to 23.97 in 2022, aligning with the increase in share price and a slight decrease in EPS. A marked decrease was observed in 2023, with the ratio falling to 12.27. The ratio was not calculated for 2024 due to negative earnings per share. The P/E ratio showed a recovery to 17.30 in 2025, reflecting both the increase in share price and the return to positive earnings.
The volatility in the P/E ratio is largely attributable to the fluctuations in earnings per share, particularly the substantial loss reported in 2024. The relationship between share price and EPS suggests that investor sentiment is sensitive to the company’s profitability. The 2025 P/E ratio indicates a return towards levels seen in earlier periods, but remains below the 2021 and 2022 values.
Price to Operating Profit (P/OP)
Bristol-Myers Squibb Co., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating income (loss) (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/OP Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/OP Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
Operating profit per share = Operating income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited a declining trend over the observed period. Initially, the ratio stood at 19.84 in 2021, decreased to 18.29 in 2022, and further declined to 13.53 in 2023. While a value for 2024 is not present, the ratio concluded the period at 12.20 in 2025.
- P/OP Ratio Trend
- The P/OP ratio demonstrates a consistent decrease from 2021 through 2023, suggesting a diminishing investor willingness to pay for each dollar of operating profit. The absence of a 2024 value interrupts this trend, but the ratio resumes its downward trajectory in 2025, reaching the lowest point in the observed timeframe.
- Share Price and Operating Profit Per Share Relationship
- The share price increased from 2021 to 2022, coinciding with an increase in operating profit per share. However, the share price experienced a substantial decline in 2023, while operating profit per share also decreased, though to a lesser extent. The share price partially recovered in 2024 and 2025, and operating profit per share showed a significant recovery in 2025, becoming positive after a negative value in 2024.
The negative operating profit per share in 2024 significantly impacts the interpretation of the P/OP ratio for that year, as a negative operating profit renders the ratio meaningless. The recovery in operating profit per share in 2025, coupled with a relatively stable share price, contributes to the lower P/OP ratio observed in that year.
- Overall Interpretation
- The observed trend suggests that the market valuation of operating profit has decreased over the period. This could be due to various factors, including changes in investor sentiment, perceived risk, or expectations regarding future growth. The volatility in both share price and operating profit per share further complicates the analysis, highlighting the importance of considering broader market conditions and company-specific developments.
Price to Sales (P/S)
Bristol-Myers Squibb Co., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenues (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/S Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/S Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited a fluctuating pattern over the five-year period. Initially, the ratio increased from 2021 to 2022, followed by a substantial decline in 2023, and then a modest recovery through 2025.
- Price to Sales Ratio Trend
- The price to sales ratio began at 3.16 in 2021, increasing to 3.29 in 2022. A significant decrease was then observed in 2023, with the ratio falling to 2.19. The ratio experienced a slight increase in 2024, reaching 2.36, and continued to rise modestly to 2.53 in 2025.
The share price demonstrated an initial increase between 2021 and 2022, followed by a considerable decrease in 2023. Subsequent years showed recovery, though the price did not return to its 2022 peak. Sales per share showed a consistent, albeit slow, upward trend throughout the period.
- Share Price Analysis
- The share price increased from US$67.14 in 2021 to US$72.25 in 2022. A substantial decline occurred in 2023, with the price falling to US$48.71. The share price recovered to US$56.15 in 2024 and further to US$59.93 in 2025, but remained below the 2022 level.
- Sales per Share Analysis
- Sales per share increased steadily from US$21.28 in 2021 to US$21.99 in 2022, US$22.26 in 2023, US$23.80 in 2024, and US$23.67 in 2025. The increase was most pronounced between 2023 and 2024, with a slight decrease observed in the final year.
The decline in the price to sales ratio in 2023 coincided with the largest decrease in share price, suggesting that the market may have reassessed the company’s valuation relative to its sales during that period. The subsequent recovery in the ratio from 2024 to 2025 aligns with the share price recovery, indicating a potential stabilization in market perception.
Price to Book Value (P/BV)
Bristol-Myers Squibb Co., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total BMS shareholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/BV Ratio, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/BV Ratio, Industry | ||||||
| Health Care | ||||||
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 2025 Calculation
BVPS = Total BMS shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited fluctuations over the five-year period. Initial values were relatively high, followed by a decline, and then a subsequent increase before stabilizing. A detailed examination of the components and the resulting ratio reveals specific trends.
- Share Price
- The share price increased from US$67.14 in 2021 to US$72.25 in 2022, representing a period of growth. However, a significant decrease was observed in 2023, with the price falling to US$48.71. The price partially recovered in 2024, reaching US$56.15, and continued to rise modestly to US$59.93 in 2025.
- Book Value Per Share
- The book value per share decreased from US$16.49 in 2021 to US$14.80 in 2022, and continued a slight downward trend to US$14.55 in 2023. A more substantial decline occurred in 2024, with the book value per share falling to US$8.05. A partial recovery was noted in 2025, with the book value per share increasing to US$9.07.
- Price to Book Value Ratio
- The price to book value ratio began at 4.07 in 2021 and increased to 4.88 in 2022, coinciding with the increase in share price and a smaller decrease in book value per share. In 2023, the ratio decreased to 3.35, driven by a larger decline in share price. A significant increase was then observed in 2024, with the ratio rising to 6.98, primarily due to the larger decrease in book value per share despite a moderate increase in share price. The ratio stabilized somewhat in 2025, decreasing slightly to 6.61.
The fluctuations in the price to book value ratio suggest a dynamic relationship between market valuation and the company’s net asset value. The increase in 2024, despite a relatively low share price, indicates that investors may have anticipated future improvements in the company’s book value or were willing to pay a premium relative to the current book value. The stabilization in 2025 suggests a potential leveling off of investor expectations.