Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Bristol-Myers Squibb Co. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Bristol-Myers Squibb Co., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
A significant structural shift in the capital composition is observed beginning in the first quarter of 2024, characterized by a substantial increase in total liabilities and a corresponding contraction in total equity. Prior to this period, the company maintained a relatively stable leverage profile, with total liabilities fluctuating between 65% and 69% of total liabilities and equity. However, from March 31, 2024, total liabilities surged to exceed 80%, peaking at 83.29% before gradually moderating to 76.75% by March 31, 2026.
- Debt and Liability Trends
- Long-term debt, excluding the current portion, serves as the primary driver of the increased leverage. This component remained stable between 35% and 39% until December 31, 2023, after which it experienced a sharp increase, peaking at 51.96% in September 2024. Current liabilities also exhibited a general upward trajectory, rising from 15.41% in March 2021 to a peak of 29.08% in June 2025, indicating an increase in short-term obligations relative to the total capital structure.
- A notable decrease is observed in deferred income taxes, which declined precipitously from 4.66% in March 2021 to 0.24% by March 31, 2026, suggesting a significant reduction in future tax obligations or a change in accounting valuations.
- Equity and Shareholder Value Analysis
- Total equity underwent a dramatic compression in early 2024, dropping from 30.98% in December 2023 to 16.71% in March 2024. While a gradual recovery is noted through March 31, 2026, reaching 23.25%, the overall equity base remains significantly lower than the 2021-2023 average.
- The contraction in equity is heavily influenced by the cost of treasury stock, which grew from -24.19% in March 2021 to -50.32% by March 31, 2026. This persistent trend indicates an aggressive share repurchase strategy that has systematically reduced the proportion of equity in the balance sheet.
- Retained earnings showed steady growth from 19.75% in March 2021 to 30.23% in December 2023, followed by a sharp decline to 15.79% in March 2024. A recovery trend is evident thereafter, with retained earnings climbing back to 21.15% by the end of the analyzed period.
The overall financial trajectory indicates a strategic move toward a more highly leveraged capital structure. The simultaneous increase in long-term debt and the expansion of treasury stock costs suggest that debt has been utilized to fund significant shareholder returns via buybacks, fundamentally altering the risk-return profile of the balance sheet since 2024.