Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Bristol-Myers Squibb Co., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation metrics for the period between March 2022 and September 2026 indicate a general trend of multiple compression, particularly regarding earnings and operating profit, followed by a period of volatility and partial adjustment.
- Price to Earnings (P/E) Ratio
- A significant downward trend is observed from March 2022 to December 2023, where the P/E ratio contracted from 25.64 to 12.27. After a period of missing data throughout 2024, the ratio rebounded to 18.29 in March 2025 but subsequently declined again, finishing the period at 13.58 in September 2026.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio closely mirrored the trajectory of the P/E ratio, decreasing from 20.32 in March 2022 to 13.53 by December 2023. Following the data gap in 2024, the ratio remained lower than its initial 2022 levels, fluctuating between a high of 13.65 in March 2025 and a low of 10.25 in September 2025, eventually closing at 10.86.
- Price to Sales (P/S) Ratio
- The P/S ratio experienced a steady decline from 3.41 in March 2022 to a minimum of 1.99 in March 2024. This decline was followed by a moderate recovery and period of stabilization, with the ratio peaking at 2.69 in June 2026 before slightly receding to 2.51 by September 2026.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio exhibited the highest level of volatility among the analyzed metrics. An initial decline from 5.07 in March 2022 to 3.35 in December 2023 was followed by a sharp reversal in 2024, reaching a peak of 6.98 by December 2024. The ratio continued to fluctuate through 2025 and 2026, concluding at 5.36.
In summary, the data reveals a divergence in valuation drivers. While earnings and operating profit multiples remained suppressed relative to 2022 levels, the book value multiple surged in 2024, suggesting a shift in how the market valued the company's assets relative to its generated income during that timeframe.
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Price to Earnings (P/E)
Bristol-Myers Squibb Co., historical P/E calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,044,085,831 | 2,042,714,656 | 2,042,071,247 | 2,036,473,705 | 2,035,753,027 | 2,035,435,838 | 2,035,080,810 | 2,029,312,023 | 2,028,176,674 | 2,027,395,178 | 2,027,100,096 | 2,022,193,411 | 2,034,757,742 | 2,089,102,921 | 2,100,847,138 | 2,098,775,978 | 2,126,160,347 | 2,135,255,158 | 2,129,064,271 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net earnings (loss) attributable to BMS (in millions) | 2,162) | 3,317) | 2,677) | 1,087) | 2,201) | 1,310) | 2,456) | 72) | 1,211) | 1,680) | (11,911) | 1,762) | 1,928) | 2,073) | 2,262) | 2,022) | 1,606) | 1,421) | 1,278) | ||||||
| Earnings per share (EPS)2 | 4.52 | 4.54 | 3.56 | 3.46 | 2.97 | 2.48 | 2.66 | -4.41 | -3.58 | -3.23 | -3.03 | 3.97 | 4.07 | 3.81 | 3.48 | 3.01 | 3.14 | 3.10 | 2.94 | ||||||
| Share price1, 3 | 61.39 | 64.86 | 60.59 | 59.93 | 45.62 | 43.31 | 48.69 | 56.15 | 55.77 | 50.45 | 44.70 | 48.71 | 52.97 | 60.73 | 67.61 | 72.25 | 74.45 | 74.81 | 75.27 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 13.58 | 14.27 | 17.01 | 17.30 | 15.38 | 17.46 | 18.29 | — | — | — | — | 12.27 | 13.01 | 15.93 | 19.43 | 23.97 | 23.71 | 24.14 | 25.64 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | 48.88 | 68.64 | 97.96 | 94.06 | 159.78 | 92.57 | 77.73 | 79.59 | 69.16 | 62.04 | 48.26 | 63.84 | 38.27 | 30.55 | 34.43 | 22.62 | 19.16 | 19.44 | 21.64 | ||||||
| Amgen Inc. | — | 25.22 | 22.82 | 25.81 | 24.59 | 23.15 | 25.49 | 38.24 | 40.68 | 53.65 | 44.38 | 23.14 | 18.09 | 16.31 | 16.18 | 19.56 | 21.00 | 20.03 | 22.23 | ||||||
| Danaher Corp. | 37.99 | 31.43 | 37.32 | 40.93 | 44.52 | 39.84 | 36.51 | 38.12 | 48.49 | 45.39 | 42.59 | 39.09 | 24.76 | 29.99 | 25.00 | 25.65 | 26.65 | 32.73 | 32.15 | ||||||
| Eli Lilly & Co. | 46.86 | 41.23 | 34.82 | 47.45 | 43.36 | 43.95 | 67.76 | 77.63 | 96.05 | 109.42 | 120.94 | 135.24 | 110.43 | 76.21 | 65.16 | 50.08 | 55.53 | 51.05 | 45.29 | ||||||
| Gilead Sciences Inc. | — | — | 18.06 | 21.54 | 18.18 | 21.68 | 20.62 | 296.57 | 925.87 | 89.29 | 166.76 | 16.17 | 17.10 | 17.88 | 17.75 | 22.68 | 29.30 | 18.66 | 17.25 | ||||||
| Johnson & Johnson | 38.56 | 29.70 | 25.87 | 21.66 | 18.51 | 18.02 | 17.14 | 26.92 | 27.19 | 10.11 | 9.46 | 10.73 | 10.12 | 33.35 | 33.43 | 22.97 | 23.52 | 24.98 | 23.95 | ||||||
| Merck & Co. Inc. | — | 99.98 | 31.27 | 16.79 | 11.00 | 12.30 | 11.98 | 13.49 | 20.98 | 20.73 | 140.05 | 893.99 | 56.85 | 86.53 | 22.92 | 19.21 | 16.41 | 13.36 | 15.70 | ||||||
| Pfizer Inc. | 42.39 | 33.42 | 20.12 | 19.83 | 14.06 | 13.09 | 17.22 | 18.42 | 37.00 | — | — | 73.42 | 16.60 | 9.42 | 7.44 | 7.58 | 8.81 | 9.56 | 11.11 | ||||||
| Regeneron Pharmaceuticals Inc. | 19.93 | 17.56 | 16.27 | 18.19 | 15.03 | 13.29 | 13.65 | 17.76 | 19.79 | 27.88 | 26.78 | 25.99 | 22.35 | 19.48 | 19.77 | 19.68 | 14.98 | 11.67 | 9.15 | ||||||
| Thermo Fisher Scientific Inc. | 36.52 | 30.48 | 25.46 | 28.82 | 32.45 | 26.56 | 24.55 | 32.03 | 34.78 | 37.81 | 36.21 | 35.65 | 29.57 | 37.01 | 34.99 | 30.55 | 27.64 | 31.09 | 28.15 | ||||||
| Vertex Pharmaceuticals Inc. | 33.85 | 27.54 | 24.83 | 31.58 | 29.11 | 26.43 | — | — | — | — | 26.34 | 30.42 | 28.09 | 27.49 | 27.34 | 23.02 | 24.62 | 23.12 | 26.50 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net earnings (loss) attributable to BMSQ3 2026
+ Net earnings (loss) attributable to BMSQ2 2026
+ Net earnings (loss) attributable to BMSQ1 2026
+ Net earnings (loss) attributable to BMSQ4 2025)
÷ No. shares of common stock outstanding
= (2,162,000,000 + 3,317,000,000 + 2,677,000,000 + 1,087,000,000)
÷ 2,044,085,831 = 4.52
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 61.39 ÷ 4.52 = 13.58
5 Click competitor name to see calculations.
The analysis of valuation ratios reveals a general trend of multiple contraction and significant volatility in earnings and share price over the observed period. The price-to-earnings (P/E) ratio demonstrates a long-term decline, interrupted by a period where the ratio was not applicable due to negative earnings.
- Share Price Trends
- The share price exhibited a sustained decline from a peak of 75.27 USD in March 2022 to a low of 43.31 USD by June 2025. Following this trough, a recovery phase occurred, with the price ascending to 64.86 USD by June 2026 before settling at 61.39 USD in September 2026.
- Earnings per Share (EPS) Performance
- EPS showed steady growth through 2022 and 2023, peaking at 4.07 USD in September 2023. A sharp reversal occurred throughout 2024, with earnings turning negative and reaching a low of -4.41 USD in December 2024. Profitability returned in March 2025, with EPS trending upward to 4.52 USD by September 2026.
- P/E Ratio Analysis
- Between March 2022 and December 2023, the P/E ratio contracted significantly from 25.64 to 12.27, indicating that the share price declined more rapidly than the growth in earnings. The ratio became unavailable during 2024 as the company reported negative EPS. Upon the return to profitability in March 2025, the P/E ratio re-emerged at 18.29 and followed a subsequent downward trajectory to 13.58 by September 2026, suggesting a continuing trend of valuation compression despite recovering earnings.
The correlation between the share price and EPS indicates that the market valuation has undergone a fundamental reset. While earnings have recovered to levels higher than those seen in 2022, the P/E ratio remains substantially lower, reflecting a reduced valuation multiple applied by the market over the long term.
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Price to Operating Profit (P/OP)
Bristol-Myers Squibb Co., historical P/OP calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,044,085,831 | 2,042,714,656 | 2,042,071,247 | 2,036,473,705 | 2,035,753,027 | 2,035,435,838 | 2,035,080,810 | 2,029,312,023 | 2,028,176,674 | 2,027,395,178 | 2,027,100,096 | 2,022,193,411 | 2,034,757,742 | 2,089,102,921 | 2,100,847,138 | 2,098,775,978 | 2,126,160,347 | 2,135,255,158 | 2,129,064,271 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (loss) (in millions) | 2,843) | 4,025) | 3,271) | 1,421) | 3,006) | 2,266) | 3,309) | 480) | 1,910) | 1,559) | (11,435) | 1,303) | 1,879) | 1,743) | 2,357) | 1,642) | 2,069) | 2,242) | 2,336) | ||||||
| Operating profit per share2 | 5.66 | 5.74 | 4.88 | 4.91 | 4.45 | 3.91 | 3.57 | -3.69 | -3.29 | -3.30 | -3.21 | 3.60 | 3.75 | 3.74 | 3.96 | 3.95 | 4.19 | 4.02 | 3.70 | ||||||
| Share price1, 3 | 61.39 | 64.86 | 60.59 | 59.93 | 45.62 | 43.31 | 48.69 | 56.15 | 55.77 | 50.45 | 44.70 | 48.71 | 52.97 | 60.73 | 67.61 | 72.25 | 74.45 | 74.81 | 75.27 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 10.86 | 11.30 | 12.42 | 12.20 | 10.25 | 11.07 | 13.65 | — | — | — | — | 13.53 | 14.14 | 16.24 | 17.09 | 18.29 | 17.79 | 18.62 | 20.32 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | 23.81 | 25.67 | 23.23 | 26.37 | 42.20 | 31.76 | 32.37 | 37.26 | 25.63 | 26.99 | 22.62 | 24.34 | 16.55 | 15.26 | 16.15 | 14.78 | 14.52 | 14.12 | 14.57 | ||||||
| Amgen Inc. | — | 19.30 | 16.84 | 21.92 | 19.86 | 18.71 | 20.31 | 21.55 | 27.68 | 27.12 | 23.97 | 19.69 | 15.45 | 13.71 | 14.25 | 13.40 | 14.89 | 14.08 | 15.88 | ||||||
| Danaher Corp. | 31.53 | 24.54 | 28.93 | 31.54 | 33.80 | 30.79 | 28.49 | 30.56 | 39.52 | 38.14 | 37.52 | 35.64 | 23.61 | 27.01 | 21.31 | 20.97 | 20.71 | 25.91 | 26.48 | ||||||
| Eli Lilly & Co. | 37.05 | 32.74 | 27.92 | 37.24 | 34.60 | 35.19 | 53.43 | 63.73 | 79.30 | 88.66 | 99.34 | 109.75 | 93.27 | 69.42 | 59.60 | 43.88 | 46.48 | 39.20 | 36.49 | ||||||
| Gilead Sciences Inc. | — | — | 16.05 | 18.29 | 14.06 | 17.00 | 14.96 | 85.65 | 143.05 | 36.80 | 51.26 | 12.05 | 12.16 | 11.57 | 11.21 | 14.21 | 16.27 | 11.02 | 10.78 | ||||||
| Johnson & Johnson | 25.09 | 24.10 | 21.40 | 22.95 | 19.83 | 19.04 | 17.74 | 18.20 | 18.65 | 17.54 | 16.96 | 17.78 | 15.69 | 18.91 | 18.26 | 17.62 | 19.64 | 20.45 | 21.06 | ||||||
| Merck & Co. Inc. | — | 49.74 | 23.37 | 14.44 | 9.67 | 10.57 | 10.37 | 11.60 | 18.67 | 18.41 | 75.94 | 138.56 | 33.75 | 44.67 | 18.53 | 15.55 | 13.85 | 11.72 | 14.29 | ||||||
| Pfizer Inc. | 12.54 | 10.48 | 10.37 | 10.82 | 10.07 | 9.49 | 11.27 | 11.92 | 27.24 | — | — | 121.63 | 17.49 | 9.17 | 6.74 | 6.80 | 7.82 | 9.11 | 11.49 | ||||||
| Regeneron Pharmaceuticals Inc. | 19.73 | 19.78 | 19.83 | 22.90 | 18.65 | 15.42 | 16.03 | 19.63 | 23.18 | 30.86 | 26.82 | 25.39 | 21.13 | 19.32 | 18.68 | 18.01 | 12.91 | 9.68 | 7.98 | ||||||
| Thermo Fisher Scientific Inc. | 30.50 | 26.07 | 22.09 | 24.94 | 28.40 | 23.62 | 21.64 | 27.65 | 29.74 | 32.66 | 31.40 | 31.16 | 25.59 | 31.55 | 29.54 | 25.30 | 21.43 | 23.99 | 21.84 | ||||||
| Vertex Pharmaceuticals Inc. | 31.27 | 25.40 | 23.01 | 29.92 | 26.79 | 24.50 | — | — | — | — | 25.25 | 28.74 | 25.14 | 23.33 | 22.03 | 17.75 | 19.41 | 18.11 | 22.13 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Operating income (loss)Q3 2026
+ Operating income (loss)Q2 2026
+ Operating income (loss)Q1 2026
+ Operating income (loss)Q4 2025)
÷ No. shares of common stock outstanding
= (2,843,000,000 + 4,025,000,000 + 3,271,000,000 + 1,421,000,000)
÷ 2,044,085,831 = 5.66
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 61.39 ÷ 5.66 = 10.86
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through September 2026 is characterized by a period of significant valuation contraction, an operational downturn in 2024, and a subsequent recovery in both share price and profitability, albeit at lower valuation multiples.
- Share Price Trends
- A sustained decline in share price occurred between March 2022 and March 2024, with the value dropping from 75.27 US$ to a low of 44.70 US$. A recovery phase followed, with prices ascending to 64.86 US$ by June 2026 before settling at 61.39 US$ in September 2026.
- Operating Profit per Share Performance
- Operating profits remained relatively stable through 2022 and 2023, fluctuating between 3.60 US$ and 4.19 US$. A sharp reversal occurred during 2024, where profits turned negative, reaching a trough of -3.69 US$ in December 2024. From March 2025 onward, a strong recovery is evident, with profits increasing steadily to reach 5.66 US$ by September 2026, surpassing pre-crisis levels.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio exhibited a consistent downward trend from 20.32 in March 2022 to 13.53 in December 2023. Due to the negative operating profits recorded throughout 2024, the ratio was not applicable during that period. Upon the return to profitability in March 2025, the P/OP ratio resumed at 13.65 but continued to trend lower, reaching a minimum of 10.25 in June 2025 and ending at 10.86 in September 2026.
The divergence between the recovery of operating profits and the compression of the P/OP ratio suggests that while operational efficiency improved, the market's willingness to pay a premium for those profits diminished. The transition from a multiple of approximately 20x to approximately 11x indicates a fundamental shift in the company's valuation baseline over the analyzed period.
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Price to Sales (P/S)
Bristol-Myers Squibb Co., historical P/S calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,044,085,831 | 2,042,714,656 | 2,042,071,247 | 2,036,473,705 | 2,035,753,027 | 2,035,435,838 | 2,035,080,810 | 2,029,312,023 | 2,028,176,674 | 2,027,395,178 | 2,027,100,096 | 2,022,193,411 | 2,034,757,742 | 2,089,102,921 | 2,100,847,138 | 2,098,775,978 | 2,126,160,347 | 2,135,255,158 | 2,129,064,271 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Revenues (in millions) | 13,069) | 12,973) | 11,489) | 12,502) | 12,222) | 12,269) | 11,201) | 12,342) | 11,892) | 12,201) | 11,865) | 11,477) | 10,966) | 11,226) | 11,337) | 11,406) | 11,218) | 11,887) | 11,648) | ||||||
| Sales per share2 | 24.48 | 24.08 | 23.74 | 23.67 | 23.60 | 23.44 | 23.41 | 23.80 | 23.39 | 22.94 | 22.46 | 22.26 | 22.08 | 21.63 | 21.82 | 21.99 | 21.98 | 22.08 | 22.06 | ||||||
| Share price1, 3 | 61.39 | 64.86 | 60.59 | 59.93 | 45.62 | 43.31 | 48.69 | 56.15 | 55.77 | 50.45 | 44.70 | 48.71 | 52.97 | 60.73 | 67.61 | 72.25 | 74.45 | 74.81 | 75.27 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 2.51 | 2.69 | 2.55 | 2.53 | 1.93 | 1.85 | 2.08 | 2.36 | 2.38 | 2.20 | 1.99 | 2.19 | 2.40 | 2.81 | 3.10 | 3.29 | 3.39 | 3.39 | 3.41 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | 7.66 | 6.73 | 5.67 | 6.50 | 6.40 | 5.97 | 5.68 | 6.04 | 6.38 | 6.02 | 5.32 | 5.72 | 4.52 | 4.74 | 4.60 | 4.61 | 4.44 | 4.28 | 4.76 | ||||||
| Amgen Inc. | — | 6.08 | 5.02 | 5.66 | 4.99 | 4.57 | 4.61 | 4.88 | 5.53 | 5.68 | 5.93 | 5.78 | 5.34 | 5.14 | 5.14 | 5.17 | 5.85 | 5.35 | 5.21 | ||||||
| Danaher Corp. | 6.42 | 5.01 | 5.56 | 6.02 | 6.43 | 5.66 | 5.77 | 6.23 | 7.95 | 8.10 | 7.90 | 7.76 | 5.63 | 6.77 | 5.76 | 5.79 | 5.66 | 6.59 | 6.68 | ||||||
| Eli Lilly & Co. | 14.95 | 13.82 | 12.18 | 15.03 | 13.44 | 11.39 | 15.36 | 18.25 | 19.67 | 20.64 | 20.66 | 20.77 | 17.18 | 16.78 | 13.38 | 10.96 | 11.46 | 9.99 | 9.47 | ||||||
| Gilead Sciences Inc. | 6.88 | 5.44 | 5.69 | 6.34 | 5.16 | 4.76 | 4.31 | 4.98 | 4.18 | 3.41 | 2.97 | 3.40 | 3.69 | 3.61 | 3.70 | 3.86 | 3.64 | 2.84 | 2.86 | ||||||
| Johnson & Johnson | 6.25 | 6.38 | 5.65 | 6.16 | 5.04 | 4.51 | 4.19 | 4.26 | 4.55 | 4.44 | 4.25 | 4.43 | 4.01 | 4.84 | 4.60 | 4.34 | 4.69 | 4.80 | 5.00 | ||||||
| Merck & Co. Inc. | — | 4.77 | 4.25 | 4.71 | 3.26 | 3.17 | 3.27 | 3.60 | 4.03 | 4.56 | 5.26 | 5.43 | 4.42 | 4.62 | 5.16 | 4.71 | 4.25 | 3.87 | 4.12 | ||||||
| Pfizer Inc. | 2.69 | 2.27 | 2.38 | 2.46 | 2.20 | 2.20 | 2.17 | 2.32 | 2.60 | 3.00 | 2.86 | 2.61 | 2.51 | 2.58 | 2.32 | 2.37 | 2.63 | 2.77 | 3.00 | ||||||
| Regeneron Pharmaceuticals Inc. | 5.68 | 4.89 | 4.82 | 5.71 | 4.83 | 4.17 | 4.36 | 5.52 | 6.65 | 8.93 | 7.89 | 7.84 | 6.81 | 6.61 | 6.69 | 7.01 | 5.87 | 4.66 | 4.40 | ||||||
| Thermo Fisher Scientific Inc. | 5.45 | 4.58 | 3.86 | 4.34 | 4.87 | 4.05 | 3.73 | 4.73 | 5.04 | 5.55 | 5.14 | 4.99 | 4.05 | 4.87 | 4.81 | 4.73 | 4.40 | 5.40 | 5.20 | ||||||
| Vertex Pharmaceuticals Inc. | 10.39 | 9.64 | 8.82 | 10.40 | 9.13 | 8.42 | 10.41 | 10.78 | 12.12 | 12.35 | 10.39 | 11.16 | 10.10 | 9.73 | 9.68 | 8.56 | 9.26 | 8.85 | 8.17 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= (13,069,000,000 + 12,973,000,000 + 11,489,000,000 + 12,502,000,000)
÷ 2,044,085,831 = 24.48
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 61.39 ÷ 24.48 = 2.51
5 Click competitor name to see calculations.
An analysis of the valuation metrics between March 2022 and September 2026 reveals a period of significant contraction in the Price to Sales (P/S) ratio, followed by a partial recovery. The overall valuation trend was primarily driven by fluctuations in the share price, as sales per share maintained a steady upward trajectory throughout the period.
- Price to Sales (P/S) Ratio Trend
- The P/S ratio exhibited a prolonged downward trend, starting at 3.41 in March 2022 and reaching a minimum of 1.85 by June 2025. This decline indicates a substantial compression in the market's valuation of the company's revenue. A recovery phase is observed starting in the second half of 2025, with the ratio ascending to 2.51 by September 2026.
- Sales per Share Performance
- Revenue efficiency per share demonstrated consistent and marginal growth over the observed period. Sales per share increased from 22.06 in March 2022 to 24.48 in September 2026. Because sales per share rose while the P/S ratio fell for the majority of the timeline, it is evident that the valuation decline was driven by share price depreciation rather than a loss of revenue.
- Share Price Volatility and Valuation Correlation
- The share price experienced significant volatility, declining from 75.27 in March 2022 to a trough of 43.31 in June 2025, before rebounding to 61.39 by September 2026. The period of steepest P/S contraction occurred between March 2023 and March 2024, during which the ratio fell from 3.10 to 1.99, mirroring a sharp decline in the market price of the stock.
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Price to Book Value (P/BV)
Bristol-Myers Squibb Co., historical P/BV calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,044,085,831 | 2,042,714,656 | 2,042,071,247 | 2,036,473,705 | 2,035,753,027 | 2,035,435,838 | 2,035,080,810 | 2,029,312,023 | 2,028,176,674 | 2,027,395,178 | 2,027,100,096 | 2,022,193,411 | 2,034,757,742 | 2,089,102,921 | 2,100,847,138 | 2,098,775,978 | 2,126,160,347 | 2,135,255,158 | 2,129,064,271 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total BMS shareholders’ equity (in millions) | 23,404) | 22,319) | 20,068) | 18,473) | 18,552) | 17,435) | 17,389) | 16,335) | 17,142) | 17,015) | 16,490) | 29,430) | 28,998) | 31,973) | 31,824) | 31,061) | 32,671) | 32,600) | 31,580) | ||||||
| Book value per share (BVPS)2 | 11.45 | 10.93 | 9.83 | 9.07 | 9.11 | 8.57 | 8.54 | 8.05 | 8.45 | 8.39 | 8.13 | 14.55 | 14.25 | 15.30 | 15.15 | 14.80 | 15.37 | 15.27 | 14.83 | ||||||
| Share price1, 3 | 61.39 | 64.86 | 60.59 | 59.93 | 45.62 | 43.31 | 48.69 | 56.15 | 55.77 | 50.45 | 44.70 | 48.71 | 52.97 | 60.73 | 67.61 | 72.25 | 74.45 | 74.81 | 75.27 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 5.36 | 5.94 | 6.17 | 6.61 | 5.01 | 5.06 | 5.70 | 6.98 | 6.60 | 6.01 | 5.49 | 3.35 | 3.72 | 3.97 | 4.46 | 4.88 | 4.85 | 4.90 | 5.07 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| AbbVie Inc. | — | — | — | — | — | — | 229.63 | 102.40 | 58.73 | 48.87 | 36.12 | 29.97 | 20.61 | 20.62 | 19.68 | 15.52 | 16.06 | 16.76 | 16.59 | ||||||
| Amgen Inc. | — | 18.86 | 19.37 | 22.99 | 17.91 | 20.63 | 24.36 | 26.61 | 22.86 | 28.34 | 33.25 | 24.94 | 17.87 | 19.19 | 23.95 | 35.01 | 39.30 | 54.46 | 138.87 | ||||||
| Danaher Corp. | 3.07 | 2.39 | 2.60 | 2.82 | 3.05 | 2.60 | 2.70 | 3.00 | 3.68 | 3.82 | 3.51 | 3.47 | 2.78 | 3.65 | 3.33 | 3.64 | 3.77 | 4.36 | 4.36 | ||||||
| Eli Lilly & Co. | 32.09 | 32.51 | 28.21 | 36.91 | 33.55 | 33.19 | 47.74 | 57.93 | 56.45 | 59.24 | 57.94 | 65.80 | 49.10 | 44.75 | 33.11 | 29.36 | 33.27 | 34.00 | 29.75 | ||||||
| Gilead Sciences Inc. | 16.23 | 13.72 | 7.08 | 8.07 | 6.85 | 6.96 | 6.42 | 7.36 | 6.36 | 5.15 | 4.61 | 4.01 | 4.50 | 4.63 | 4.72 | 4.90 | 4.63 | 3.82 | 3.91 | ||||||
| Johnson & Johnson | 7.61 | 7.35 | 6.70 | 7.12 | 5.86 | 5.20 | 4.79 | 5.30 | 5.69 | 5.37 | 5.20 | 5.48 | 4.92 | 5.79 | 6.00 | 5.37 | 6.04 | 6.01 | 6.36 | ||||||
| Merck & Co. Inc. | — | 7.57 | 6.09 | 5.82 | 4.04 | 4.12 | 4.32 | 4.99 | 5.73 | 6.53 | 8.00 | 8.68 | 6.35 | 6.96 | 6.38 | 6.07 | 5.63 | 5.12 | 5.44 | ||||||
| Pfizer Inc. | 1.92 | 1.70 | 1.67 | 1.78 | 1.49 | 1.59 | 1.50 | 1.68 | 1.70 | 1.92 | 1.74 | 1.75 | 1.80 | 2.04 | 2.14 | 2.48 | 2.83 | 3.21 | 3.37 | ||||||
| Regeneron Pharmaceuticals Inc. | 2.87 | 2.40 | 2.29 | 2.62 | 2.22 | 1.98 | 2.09 | 2.67 | 3.14 | 4.27 | 3.83 | 3.96 | 3.58 | 3.49 | 3.52 | 3.77 | 3.75 | 3.21 | 3.65 | ||||||
| Thermo Fisher Scientific Inc. | 4.72 | 4.03 | 3.36 | 3.62 | 4.18 | 3.46 | 3.24 | 4.09 | 4.36 | 4.96 | 4.80 | 4.57 | 3.88 | 4.84 | 4.99 | 4.83 | 4.46 | 5.47 | 5.23 | ||||||
| Vertex Pharmaceuticals Inc. | 6.44 | 5.99 | 5.56 | 6.69 | 6.18 | 5.60 | 7.01 | 7.24 | 8.24 | 8.64 | 5.71 | 6.26 | 5.90 | 5.98 | 6.18 | 5.50 | 6.18 | 6.19 | 5.95 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total BMS shareholders’ equity ÷ No. shares of common stock outstanding
= 23,404,000,000 ÷ 2,044,085,831 = 11.45
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 61.39 ÷ 11.45 = 5.36
5 Click competitor name to see calculations.
The valuation trajectory of the common stock demonstrates three distinct phases characterized by shifts in market pricing and underlying book value. Initially, a period of valuation compression occurred, followed by a structural shift in equity value, and concluding with a phase of volatile recovery.
- Valuation Compression (March 2022 – December 2023)
- During this interval, the Price to Book Value (P/BV) ratio experienced a consistent decline from 5.07 to 3.35. This contraction was driven primarily by a sustained reduction in share price, which fell from 75.27 USD to 48.71 USD, while the Book Value per Share (BVPS) remained relatively stable, fluctuating within a narrow range between 14.25 USD and 15.37 USD.
- Structural Equity Adjustment (March 2024 – December 2024)
- A significant shift occurred in the first quarter of 2024, where BVPS dropped sharply from 14.55 USD in December 2023 to 8.13 USD. This reduction in the denominator caused an immediate and sharp increase in the P/BV ratio, which climbed from 5.49 in March 2024 to a peak of 6.98 by December 2024. This trend persisted despite the share price remaining well below 2022 levels, indicating that the valuation spike was driven by a reduction in book value rather than a surge in market price.
- Market Recovery and Stabilization (March 2025 – September 2026)
- The final period is characterized by a gradual recovery of both share price and BVPS. Share prices trended upward from 43.31 USD in June 2025 to a peak of 64.86 USD in June 2026. Simultaneously, BVPS showed a steady recovery, rising from 8.54 USD in March 2025 to 11.45 USD by September 2026. Consequently, the P/BV ratio exhibited volatility, peaking at 6.61 in December 2025 before moderating to 5.36 by the end of the period.
Overall, the data indicates that the P/BV ratio was highly sensitive to the substantial book value contraction in early 2024. While the share price has recovered a portion of its losses, the P/BV ratio remains higher than the levels observed in 2023, reflecting a fundamentally altered relationship between the market price and the company's accounting equity.
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