Bristol-Myers Squibb Co. (NYSE:BMY)

Short-term debt obligations

Short-term debt fluctuates notably over the periods, starting at 2.99% of total liabilities and equity in March 2020, peaking at 7.3% in March 2022, and showing no consistent trend thereafter, oscillating between roughly 1.15% and 6.25%. This indicates periodic changes in reliance on short-term borrowing.

Accounts payable

Accounts payable as a percentage of total liabilities and equity display a gradual increasing trend overall. Beginning at 2.37% in March 2020, it rises steadily to reach 4.33% by March 2025, suggesting increased operational payables or payment delays over time.

Other current liabilities

Other current liabilities demonstrate a clear upward trend, starting from 9.51% in March 2020 and reaching a high of 19.57% by December 2024, followed by a slight decline to 17.87% in March 2025. This represents a growing share of current obligations outside accounts payable and short-term debt.

Current liabilities

Overall current liabilities increase from 14.88% in March 2020 to a higher range between approximately 24% and 26% from 2023 onward, with fluctuations. This reflects an expansion in overall short-term obligations over the period.

Deferred income taxes

Deferred income taxes steadily decline from 5.05% in March 2020 down to very low levels around 0.3% by early 2025, indicating a significant reduction in deferred tax liabilities relative to total financing.

Long-term debt, excluding current portion

Long-term debt remains a substantial component of total financing, initially around 33%, increasing notably to nearly 52% in late 2024 before slightly decreasing to 49.94% in March 2025. This indicates an increased reliance on long-term debt financing, especially in recent years.

Other non-current liabilities

This category decreases gradually from 8.28% in March 2020 to around 4.8% by March 2025, reflecting a reduction in other long-term obligations over the period.

Non-current liabilities

Non-current liabilities as a whole increase markedly from 46.47% in March 2020 to a peak of 57.47% in September 2024, slightly declining afterward but remaining elevated above 55%. This underscores a shift toward more long-term funding in the capital structure.

Total liabilities

Total liabilities range from around 60% to above 83% over the period, showing a clear increase especially after 2023, reaching a high of 83.29% in March 2024. This trend suggests growing leverage and heavier reliance on liabilities relative to equity.

Common stock and capital in excess of par value of stock

The common stock portion is relatively stable, increasing marginally from 0.23% to 0.32% over the five-year span. Capital in excess of par value increases steadily from 33.46% in March 2020 to nearly 50% by March 2025, indicating accumulation of additional paid-in capital and shareholder investments over time.

Accumulated other comprehensive loss

This measure remains consistently negative, hovering between -1.2% and -1.6%, with minor fluctuations but without major shifts, indicating a relatively stable level of unrealized losses net of income adjustments in equity.

Retained earnings

Retained earnings show an ascending trend from 25.27% in March 2020 to a peak of around 30.92% in September 2023, followed by a sharp dip to approximately 15.79% in March 2024, and then a stabilization near 17% thereafter. This dip could reflect dividend payouts, losses, or other equity transactions reducing accumulated earnings.

Cost of treasury stock

Negative cost of treasury stock increases in absolute value over time, moving from about -19.15% in March 2020 to nearly -47% by late 2023 and early 2024, indicating significant repurchases or holdings of own shares deducted from equity.

Total BMS shareholders’ equity and total equity

Equity as a proportion of total liabilities and equity declines sharply from nearly 39% in early 2020 to a low of about 16.65% in March 2024 before modestly recovering to around 18.8% by March 2025. This pattern reveals weakening equity base against rising liabilities, signaling increased financial leverage and potentially higher risk exposure.

Noncontrolling interest

Noncontrolling interest remains minimal and stable between 0.05% and 0.07%, with no substantial changes observed.

In summary, the financial structure demonstrates an increasing emphasis on liability financing, with significant growth in long-term debt and total liabilities as a percentage of total financing. Concurrently, shareholders' equity proportion decreases substantially, especially marked by increases in treasury stock and volatility in retained earnings. Current liabilities also trend upward, largely driven by increases in other current liabilities and accounts payable. Deferred income taxes and other non-current liabilities show gradual declines. Overall, the data suggests a leveraged position with growing obligations relative to equity over the analyzed periods.