Stock Analysis on Net
Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Bristol-Myers Squibb Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Short-term debt obligations 2.51 2.21 3.28 4.40 4.53
Accounts payable 3.97 3.89 3.42 3.14 2.70
Rebates and discounts 9.82 9.74 8.07 6.92 5.85
Income taxes 1.09 1.63 1.44 0.97 0.69
Employee compensation and benefits 1.73 1.83 1.36 1.47 1.26
Research and development 1.59 1.48 1.32 1.40 1.26
Dividends 1.42 1.36 1.27 1.24 1.08
Interest 0.54 0.62 0.37 0.33 0.35
Royalties 0.60 0.52 0.49 0.45 0.38
Current operating lease liabilities 0.22 0.20 0.17 0.14 0.15
Other 2.51 2.21 2.20 2.14 1.76
Other current liabilities 19.53% 19.57% 16.69% 15.07% 12.78%
Current liabilities 26.01% 25.67% 23.39% 22.61% 20.00%
Deferred income taxes 0.25 0.40 0.36 2.24 4.12
Long-term debt, excluding current portion 47.59 51.41 38.52 36.21 36.23
Income taxes 1.56 1.61 3.46 4.12 4.42
Pension and postretirement 0.37 0.43 0.50 0.42 0.60
Non-current operating lease liabilities 2.03 1.48 1.61 1.30 0.80
Deferred income 0.19 0.25 0.32 0.29 0.30
Deferred compensation 0.54 0.49 0.45 0.36 0.39
Contingent value rights 0.67 0.28 0.00 0.00 0.00
Other 0.24 0.29 0.42 0.31 0.20
Other non-current liabilities 5.60% 4.83% 6.75% 6.81% 6.71%
Non-current liabilities 53.44% 56.63% 45.62% 45.25% 47.06%
Total liabilities 79.45% 82.30% 69.02% 67.86% 67.06%
Preferred stock, $2 convertible series, par value $1 per share 0.00 0.00 0.00 0.00 0.00
Common stock, par value of $0.10 per share 0.32 0.32 0.31 0.30 0.27
Capital in excess of par value of stock 51.52 49.70 48.01 46.65 40.58
Accumulated other comprehensive loss -1.69 -1.34 -1.62 -1.32 -1.16
Retained earnings 18.77 16.10 30.23 26.34 21.79
Cost of treasury stock -48.40 -47.14 -45.99 -39.89 -28.60
Total BMS shareholders’ equity 20.52% 17.64% 30.93% 32.08% 32.88%
Noncontrolling interest 0.04 0.06 0.06 0.06 0.05
Total equity 20.55% 17.70% 30.98% 32.14% 32.94%
Total liabilities and equity 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 liabilities and stockholders’ equity exhibited notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased significantly, while the proportion of total equity decreased, particularly in the latter part of the analyzed period.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity generally increased from 20.00% in 2021 to 26.01% in 2025. A substantial portion of this increase was driven by other current liabilities, which rose from 12.78% to 19.53% over the same period. Accounts payable also showed a consistent, albeit smaller, increase. Short-term debt obligations decreased over the period, ending at 2.51% in 2025, down from 4.53% in 2021.
Non-Current Liabilities
Non-current liabilities demonstrated a more volatile pattern. Initially decreasing from 47.06% in 2021 to 45.25% in 2022, they increased substantially to 56.63% in 2024 before decreasing slightly to 53.44% in 2025. The most significant driver of this change was long-term debt, excluding the current portion, which increased from 36.23% in 2021 to 51.41% in 2024 before declining to 47.59% in 2025. Non-current operating lease liabilities also increased steadily throughout the period.
Stockholders’ Equity
Total stockholders’ equity decreased from 32.88% in 2021 to 20.55% in 2025. This decline was primarily attributable to a significant decrease in retained earnings, which fell from 21.79% to 18.77%, and a substantial negative cost of treasury stock, which became increasingly negative over the period, reaching -48.40% in 2025. Capital in excess of par value of stock showed a gradual increase, but this was insufficient to offset the declines in retained earnings and the increasing cost of treasury stock. Accumulated other comprehensive loss also became more negative over time.
Specific Liability Items
Rebates and discounts consistently increased as a percentage of total liabilities and equity, rising from 5.85% in 2021 to 9.82% in 2025. Income taxes (both current and non-current) showed an initial increase followed by a decrease, particularly in the later years of the period. Royalties also exhibited a steady increase.
Overall Trend
The overall trend indicates a shift towards greater reliance on debt financing and a reduction in equity. The increasing proportion of liabilities, coupled with the decreasing proportion of equity, suggests a potentially higher level of financial risk for the company. The significant increase in other current liabilities and long-term debt warrants further investigation.

AI Ask an analyst for more