Debt to Equity
since 2005
Calculation
Bristol-Myers Squibb Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Total BMS shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 3.04 | = | 49,649) | ÷ | 16,335) |
| Dec 31, 2023 | 1.35 | = | 39,772) | ÷ | 29,430) |
| Dec 31, 2022 | 1.27 | = | 39,320) | ÷ | 31,061) |
| Dec 31, 2021 | 1.24 | = | 44,553) | ÷ | 35,946) |
| Dec 31, 2020 | 1.34 | = | 50,676) | ÷ | 37,822) |
| Dec 31, 2019 | 0.91 | = | 46,733) | ÷ | 51,598) |
| Dec 31, 2018 | 0.52 | = | 7,349) | ÷ | 14,031) |
| Dec 31, 2017 | 0.68 | = | 7,962) | ÷ | 11,741) |
| Dec 31, 2016 | 0.41 | = | 6,708) | ÷ | 16,177) |
| Dec 31, 2015 | 0.47 | = | 6,689) | ÷ | 14,266) |
| Dec 31, 2014 | 0.53 | = | 7,832) | ÷ | 14,852) |
| Dec 31, 2013 | 0.55 | = | 8,340) | ÷ | 15,154) |
| Dec 31, 2012 | 0.54 | = | 7,394) | ÷ | 13,623) |
| Dec 31, 2011 | 0.34 | = | 5,491) | ÷ | 15,956) |
| Dec 31, 2010 | 0.35 | = | 5,445) | ÷ | 15,713) |
| Dec 31, 2009 | 0.43 | = | 6,361) | ÷ | 14,843) |
| Dec 31, 2008 | 0.55 | = | 6,739) | ÷ | 12,241) |
| Dec 31, 2007 | 0.59 | = | 6,272) | ÷ | 10,562) |
| Dec 31, 2006 | 0.74 | = | 7,435) | ÷ | 9,991) |
| Dec 31, 2005 | 0.77 | = | 8,595) | ÷ | 11,208) |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The financial data reveals notable shifts in the company's capital structure and leverage over the analyzed period.
- Total Debt
- Total debt exhibited a general declining trend from 2005 through 2012, decreasing from $8,595 million to a low of $5,491 million in 2011 before rebounding somewhat during the 2012-2014 period. Starting in 2015, there is a marked increase, particularly sharp in 2019 reaching $46,733 million, and peaking in 2024 at $49,649 million. This substantial rise in debt levels in the latter years represents a significant change from the relatively stable or declining debt observed in earlier years.
- Total Shareholders’ Equity
- Shareholders’ equity grew steadily from 2005 ($11,208 million) through 2010, achieving a peak in 2010 at $15,713 million. After some fluctuations around the mid-teens billion range through 2014, equity experienced a considerable jump in 2015 reaching $51,598 million, likely due to an equity transaction or asset revaluation. Afterwards, the equity trend reversed, declining progressively to $16,335 million by 2024. This decrease in equity post-2015 contrasts with the earlier growth and suggests changes in net assets or retained earnings during recent years.
- Debt to Equity Ratio
- The debt to equity ratio generally decreased from 0.77 in 2005 to a low of 0.34 in 2011, reflecting improved solvency and lower leverage. However, starting around 2012, the ratio began increasing, initially fluctuating mildly but then rising sharply after 2018. By 2024, the ratio elevated dramatically to 3.04, indicating that total debt over three times exceeds shareholders’ equity. This surge corresponds with the rapid debt increase and equity decline in recent years, signifying much higher financial leverage and potential risk.
In summary, the company's financial profile shows a period of conservative debt management and equity growth until around 2011-2012, followed by increased borrowing and a contraction in equity after 2015. The rising debt to equity ratio from 2018 onward indicates a significant shift toward leveraged financing, which may impact financial stability and credit risk considerations going forward.
Comparison to Competitors
Bristol-Myers Squibb Co., debt to equity, long-term trends, comparison to competitors
| Bristol-Myers Squibb Co. | AbbVie Inc. | Amgen Inc. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 3.04 | 20.19 | 10.23 | 0.32 | 2.37 | 1.38 | 0.51 | 0.80 | 0.73 | 0.09 | 0.63 | 0.01 |
| Dec 31, 2023 | 1.35 | 5.73 | 10.37 | 0.34 | 2.34 | 1.09 | 0.43 | 0.93 | 0.81 | 0.10 | 0.75 | 0.02 |
| Dec 31, 2022 | 1.27 | 3.67 | 10.64 | 0.39 | 1.52 | 1.19 | 0.52 | 0.67 | 0.37 | 0.12 | 0.78 | 0.03 |
| Dec 31, 2021 | 1.24 | 4.98 | 4.97 | 0.49 | 1.88 | 1.27 | 0.46 | 0.87 | 0.50 | 0.14 | 0.85 | 0.06 |
| Dec 31, 2020 | 1.34 | 6.58 | 3.51 | 0.53 | 2.94 | 1.73 | 0.56 | 1.26 | 0.63 | 0.24 | 0.63 | 0.07 |
| Dec 31, 2019 | 0.91 | — | 3.09 | 0.72 | 5.88 | 1.09 | 0.47 | 1.02 | 0.83 | 0.06 | 0.60 | 0.09 |
| Dec 31, 2018 | 0.52 | — | 2.71 | 0.35 | 1.30 | 1.28 | 0.51 | 0.94 | 0.66 | 0.08 | 0.69 | 0.13 |
| Dec 31, 2017 | 0.68 | 7.33 | 1.40 | 0.40 | 1.18 | 1.64 | 0.57 | 0.71 | 0.60 | 0.11 | 0.83 | 0.29 |
| Dec 31, 2016 | 0.41 | 7.95 | 1.16 | 0.53 | 0.74 | 1.39 | 0.39 | 0.62 | 0.71 | 0.11 | 0.77 | 0.71 |
| Dec 31, 2015 | 0.47 | 8.03 | 1.12 | 0.54 | 0.55 | 1.20 | 0.28 | 0.59 | 0.60 | 0.10 | 0.59 | 0.86 |
| Dec 31, 2014 | 0.53 | 8.62 | 1.19 | 0.15 | 0.52 | 0.80 | 0.27 | 0.44 | 0.51 | 0.18 | 0.71 | 0.75 |
| Dec 31, 2013 | 0.55 | 3.28 | 1.45 | 0.16 | 0.30 | 0.58 | 0.25 | 0.50 | 0.48 | 0.26 | 0.62 | 0.36 |
| Dec 31, 2012 | 0.54 | 4.66 | 1.39 | 0.28 | 0.37 | 0.88 | 0.25 | 0.39 | 0.46 | 0.37 | 0.46 | 0.68 |
| Dec 31, 2011 | 0.34 | — | 1.13 | 0.31 | 0.52 | 1.13 | 0.34 | 0.32 | 0.47 | 0.90 | 0.47 | 0.58 |
| Dec 31, 2010 | 0.35 | — | 0.56 | 0.21 | 0.56 | 0.59 | 0.30 | 0.33 | 0.50 | 0.31 | 0.14 | 1.07 |
| Dec 31, 2009 | 0.43 | — | 0.47 | 0.25 | 0.70 | 0.18 | 0.29 | 0.30 | 0.54 | 0.27 | 0.14 | 0.14 |
| Dec 31, 2008 | 0.55 | — | 0.50 | 0.27 | 1.55 | 0.31 | 0.28 | 0.33 | 0.30 | 0.00 | 0.14 | 1.20 |
| Dec 31, 2007 | 0.59 | — | 0.63 | 0.41 | 0.37 | 0.38 | 0.22 | 0.32 | 0.20 | 0.43 | 0.15 | 0.07 |
| Dec 31, 2006 | 0.74 | — | 0.48 | 0.37 | 0.34 | 0.77 | 0.17 | 0.39 | 0.11 | 0.92 | 0.19 | 0.24 |
| Dec 31, 2005 | 0.77 | — | 0.19 | 0.21 | 0.60 | 0.10 | 0.07 | 0.45 | 0.27 | 1.75 | 0.21 | 0.75 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Bristol-Myers Squibb Co., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Bristol-Myers Squibb Co. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2024 | 3.04 | 1.04 |
| Dec 31, 2023 | 1.35 | 0.97 |
| Dec 31, 2022 | 1.27 | 0.80 |
| Dec 31, 2021 | 1.24 | 0.93 |
| Dec 31, 2020 | 1.34 | 1.12 |
| Dec 31, 2019 | 0.91 | 1.09 |
| Dec 31, 2018 | 0.52 | 0.93 |
| Dec 31, 2017 | 0.68 | 0.87 |
| Dec 31, 2016 | 0.41 | 0.79 |
| Dec 31, 2015 | 0.47 | 0.68 |
| Dec 31, 2014 | 0.53 | 0.55 |
| Dec 31, 2013 | 0.55 | 0.52 |
| Dec 31, 2012 | 0.54 | 0.51 |
| Dec 31, 2011 | 0.34 | 0.46 |
| Dec 31, 2010 | 0.35 | 0.40 |
| Dec 31, 2009 | 0.43 | 0.39 |
| Dec 31, 2008 | 0.55 | 0.37 |
| Dec 31, 2007 | 0.59 | 0.30 |
| Dec 31, 2006 | 0.74 | 0.25 |
| Dec 31, 2005 | 0.77 | 0.29 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Bristol-Myers Squibb Co., debt to equity, long-term trends, comparison to industry (health care)
| Bristol-Myers Squibb Co. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 3.04 | 0.87 |
| Dec 31, 2023 | 1.35 | 0.82 |
| Dec 31, 2022 | 1.27 | 0.73 |
| Dec 31, 2021 | 1.24 | 0.79 |
| Dec 31, 2020 | 1.34 | 0.92 |
| Dec 31, 2019 | 0.91 | 0.92 |
| Dec 31, 2018 | 0.52 | 0.86 |
| Dec 31, 2017 | 0.68 | 0.81 |
| Dec 31, 2016 | 0.41 | 0.76 |
| Dec 31, 2015 | 0.47 | 0.69 |
| Dec 31, 2014 | 0.53 | 0.52 |
| Dec 31, 2013 | 0.55 | 0.49 |
| Dec 31, 2012 | 0.54 | 0.51 |
| Dec 31, 2011 | 0.34 | 0.45 |
| Dec 31, 2010 | 0.35 | 0.42 |
| Dec 31, 2009 | 0.43 | 0.41 |
| Dec 31, 2008 | 0.55 | 0.41 |
| Dec 31, 2007 | 0.59 | 0.36 |
| Dec 31, 2006 | 0.74 | 0.33 |
| Dec 31, 2005 | 0.77 | 0.30 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).