Stock Analysis on Net
Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Common-Size Balance Sheet: Assets 

Bristol-Myers Squibb Co., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 11.34 11.17 12.05 9.42 12.79
Marketable debt securities 0.52 0.55 0.86 0.13 2.73
Net trade receivables 10.65 9.73 9.33 8.42 7.30
Alliance, royalties, VAT and other 2.02 1.87 2.14 1.79 1.27
Receivables 12.68% 11.61% 11.48% 10.21% 8.57%
Inventories 2.99 2.76 2.80 2.42 1.92
Income taxes 3.24 3.55 4.13 3.66 2.55
Research and development 0.84 0.81 0.76 0.60 0.47
Contract assets 0.21 0.42 0.44 0.52 0.33
Equity investments 0.00 0.00 0.00 0.00 0.23
Restricted cash 0.00 0.00 0.06 0.15 0.13
Other 0.83 1.28 0.83 1.05 0.71
Other current assets 5.12% 6.07% 6.21% 5.99% 4.42%
Current assets 32.64% 32.16% 33.39% 28.17% 30.43%
Property, plant and equipment 8.38 7.71 6.98 6.46 5.53
Goodwill 24.16 23.45 22.25 21.84 18.76
Other intangible assets 21.22 25.17 28.45 37.04 38.90
Deferred income taxes 5.97 4.57 2.91 1.39 1.32
Marketable debt securities 0.44 0.35 0.38 0.00 0.00
Equity investments 2.33 1.87 1.79 2.26 2.48
Operating lease right-of-use assets 1.76 1.32 1.46 1.26 0.84
Inventories 1.83 1.69 0.95 0.50 0.83
Pension and postretirement 0.37 0.25 0.30 0.29 0.29
Research and development 0.28 0.36 0.43 0.51 0.23
Restricted cash 0.00 0.00 0.00 0.06 0.18
Receivables and convertible notes 0.02 0.49 0.46 0.00 0.00
Other 0.61 0.60 0.25 0.22 0.21
Other non-current assets 7.19% 6.59% 5.64% 5.10% 5.06%
Non-current assets 67.36% 67.84% 66.61% 71.83% 69.57%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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 composition of assets at the company exhibits several notable shifts between 2021 and 2025. Current assets, while fluctuating, demonstrate an overall stability, averaging approximately 31.6% of total assets over the period. However, a closer examination reveals changes within the current asset mix. A decrease in cash and cash equivalents is observed from 12.79% in 2021 to 11.34% in 2025, while net trade receivables steadily increase from 7.30% to 10.65% over the same timeframe. Significant changes are also apparent in the non-current asset portion of the balance sheet, particularly concerning goodwill and intangible assets.

Liquidity and Current Assets
Current assets represent a substantial portion of the asset base, consistently around 30-33%. The increase in receivables suggests a potential lengthening of the cash conversion cycle or a shift in sales terms. The decline in marketable debt securities within current assets is noticeable, particularly the sharp drop from 2.73% in 2021 to 0.52% in 2025. Other current assets show an initial increase, peaking at 6.21% in 2023, before declining to 5.12% in 2025.
Long-Term Investments and Intangibles
Goodwill consistently represents a significant portion of total assets, increasing from 18.76% in 2021 to 24.16% in 2025. This suggests continued acquisitions or a lack of impairment charges. However, other intangible assets demonstrate a decreasing trend, falling from 38.90% in 2021 to 21.22% in 2025. This decline could be due to amortization, impairment, or a change in the company’s investment strategy. Deferred income taxes also show a substantial increase, rising from 1.32% to 5.97% over the period.
Property, Plant, and Equipment
Property, plant, and equipment show a consistent upward trend, increasing from 5.53% to 8.38% of total assets. This indicates ongoing investment in fixed assets, potentially supporting future growth. Operating lease right-of-use assets also increase, though at a slower pace, from 0.84% to 1.76%.
Other Asset Movements
Several smaller asset categories exhibit fluctuations. Contract assets initially increase but then decline towards the end of the period. Equity investments show a decrease in reported percentage of total assets, with some values missing for intermediate years. Restricted cash generally decreases over the period, with values missing in later years. The "Other" asset categories show some volatility, but generally remain a small percentage of total assets.

Overall, the asset composition suggests a shift towards a greater reliance on intangible assets and long-term investments, alongside continued investment in property, plant, and equipment. The increasing receivables balance warrants further investigation to understand its impact on working capital management. The decline in certain current asset categories, coupled with the rise in long-term assets, may indicate a strategic shift in asset allocation.

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