Price to Book Value (P/BV)
since 2005
Calculation
Bristol-Myers Squibb Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total BMS shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | 6.61 | = | 59.93 | ÷ | 9.07 | 9.07 | = | 18,473 | ÷ | 2,036,473,705 | |
| Feb 12, 2025 | 6.98 | = | 56.15 | ÷ | 8.05 | 8.05 | = | 16,335 | ÷ | 2,029,312,023 | |
| Feb 13, 2024 | 3.35 | = | 48.71 | ÷ | 14.55 | 14.55 | = | 29,430 | ÷ | 2,022,193,411 | |
| Feb 14, 2023 | 4.88 | = | 72.25 | ÷ | 14.80 | 14.80 | = | 31,061 | ÷ | 2,098,775,978 | |
| Feb 9, 2022 | 4.07 | = | 67.14 | ÷ | 16.49 | 16.49 | = | 35,946 | ÷ | 2,179,712,820 | |
| Feb 10, 2021 | 3.55 | = | 60.00 | ÷ | 16.88 | 16.88 | = | 37,822 | ÷ | 2,240,475,153 | |
| Feb 24, 2020 | 2.80 | = | 63.97 | ÷ | 22.86 | 22.86 | = | 51,598 | ÷ | 2,257,510,796 | |
| Feb 25, 2019 | 5.89 | = | 50.65 | ÷ | 8.59 | 8.59 | = | 14,031 | ÷ | 1,632,675,877 | |
| Feb 13, 2018 | 8.88 | = | 63.87 | ÷ | 7.19 | 7.19 | = | 11,741 | ÷ | 1,632,582,502 | |
| Feb 21, 2017 | 5.66 | = | 54.78 | ÷ | 9.67 | 9.67 | = | 16,177 | ÷ | 1,672,715,340 | |
| Feb 12, 2016 | 7.04 | = | 60.20 | ÷ | 8.55 | 8.55 | = | 14,266 | ÷ | 1,669,459,090 | |
| Feb 13, 2015 | 6.72 | = | 60.04 | ÷ | 8.94 | 8.94 | = | 14,852 | ÷ | 1,662,118,446 | |
| Feb 14, 2014 | 5.92 | = | 54.37 | ÷ | 9.18 | 9.18 | = | 15,154 | ÷ | 1,650,232,566 | |
| Feb 15, 2013 | 4.40 | = | 36.58 | ÷ | 8.32 | 8.32 | = | 13,623 | ÷ | 1,637,354,662 | |
| Feb 17, 2012 | 3.50 | = | 33.12 | ÷ | 9.45 | 9.45 | = | 15,956 | ÷ | 1,688,107,071 | |
| Feb 18, 2011 | 2.76 | = | 25.49 | ÷ | 9.23 | 9.23 | = | 15,713 | ÷ | 1,702,427,438 | |
| Feb 19, 2010 | 2.88 | = | 24.95 | ÷ | 8.66 | 8.66 | = | 14,843 | ÷ | 1,714,140,539 | |
| Feb 20, 2009 | 3.29 | = | 20.37 | ÷ | 6.18 | 6.18 | = | 12,241 | ÷ | 1,979,509,306 | |
| Feb 22, 2008 | 4.22 | = | 22.53 | ÷ | 5.34 | 5.34 | = | 10,562 | ÷ | 1,979,387,706 | |
| Feb 26, 2007 | 5.50 | = | 27.19 | ÷ | 4.95 | 4.95 | = | 9,991 | ÷ | 2,019,481,440 | |
| Mar 14, 2006 | 4.00 | = | 22.91 | ÷ | 5.72 | 5.72 | = | 11,208 | ÷ | 1,959,073,035 |
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), 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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
The price-to-book value (P/BV) ratio for the period examined exhibits considerable fluctuation. Initially, the ratio demonstrates a peak in 2007 at 5.50 before declining through 2009, reaching a low of 3.29. Subsequent years show a recovery, peaking again in 2014 at 6.72, followed by a decrease to 5.66 in 2017. A significant drop is then observed in 2018 to 5.89, and a further decline to 2.80 in 2020. The ratio experiences volatility in the following years, increasing to 6.98 in 2022 before decreasing to 3.35 in 2023 and 6.61 in 2026.
- Overall Trend
- The P/BV ratio does not demonstrate a consistent long-term trend. Instead, it cycles through periods of increase and decrease. The period between 2006 and 2014 shows a general upward movement, albeit with intermediate declines. From 2014 onwards, the ratio becomes more volatile, with substantial swings indicating changing market perceptions of the company’s value relative to its book value.
- Key Observations
- A notable decrease in the P/BV ratio is evident in 2020, coinciding with a substantial increase in book value per share. This suggests that while the market price did not keep pace with the growth in book value, potentially indicating investor concerns or a reassessment of the company’s future prospects. The subsequent recovery in 2022 and 2023, followed by a decline in 2023, suggests continued market uncertainty.
- Recent Performance (2023-2026)
- The most recent period (2023-2026) shows a fluctuating P/BV ratio. The decrease from 4.88 in 2023 to 3.35 in 2024, followed by an increase to 6.61 in 2026, indicates a dynamic valuation environment. This could be attributed to factors such as changes in earnings expectations, industry trends, or broader macroeconomic conditions. The increase in 2026 suggests a renewed positive market sentiment.
The observed fluctuations in the P/BV ratio warrant further investigation into the underlying drivers of both the share price and book value per share. A deeper analysis of the company’s financial performance, industry dynamics, and market conditions is necessary to fully understand these movements.
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Comparison to Competitors
Bristol-Myers Squibb Co., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | 6.61 | — | 22.99 | 2.82 | 36.91 | 8.07 | 7.12 | 5.82 | 1.78 | 2.62 | 3.62 | 6.69 |
| Feb 12, 2025 | 6.98 | 102.40 | 26.61 | 3.00 | 57.93 | 7.36 | 5.30 | 4.99 | 1.68 | 2.67 | 4.09 | 7.24 |
| Feb 13, 2024 | 3.35 | 29.97 | 24.94 | 3.47 | 65.80 | 4.01 | 5.48 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 14, 2023 | 4.88 | 15.52 | 35.01 | 3.64 | 29.36 | 4.90 | 5.37 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 9, 2022 | 4.07 | 16.53 | 18.51 | 4.16 | 25.28 | 3.65 | 5.90 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 10, 2021 | 3.55 | 14.18 | 14.53 | 3.93 | 35.07 | 4.33 | 6.72 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 24, 2020 | 2.80 | — | 13.84 | 3.72 | 51.67 | 3.93 | 6.61 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 25, 2019 | 5.89 | — | 9.41 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 13, 2018 | 8.88 | 36.95 | 5.02 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 21, 2017 | 5.66 | 21.24 | 4.14 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 12, 2016 | 7.04 | 22.17 | 3.94 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 13, 2015 | 6.72 | 56.09 | 4.59 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 14, 2014 | 5.92 | 18.05 | 4.30 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 15, 2013 | 4.40 | 18.06 | 3.57 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 17, 2012 | 3.50 | — | 2.83 | 2.17 | 3.35 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 18, 2011 | 2.76 | — | 2.04 | 2.39 | 3.21 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Feb 19, 2010 | 2.88 | — | 2.46 | 2.07 | 4.17 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 20, 2009 | 3.29 | — | 2.48 | 1.69 | 5.01 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 22, 2008 | 4.22 | — | 2.77 | 2.62 | 4.16 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 26, 2007 | 5.50 | — | 3.96 | 3.32 | 5.43 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 14, 2006 | 4.00 | — | 4.26 | 3.78 | 5.85 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
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), 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., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Bristol-Myers Squibb Co. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 11, 2026 | 6.61 | 7.72 |
| Feb 12, 2025 | 6.98 | 7.03 |
| Feb 13, 2024 | 3.35 | 6.77 |
| Feb 14, 2023 | 4.88 | 5.66 |
| Feb 9, 2022 | 4.07 | 5.72 |
| Feb 10, 2021 | 3.55 | 5.99 |
| Feb 24, 2020 | 2.80 | 5.82 |
| Feb 25, 2019 | 5.89 | 6.02 |
| Feb 13, 2018 | 8.88 | 5.14 |
| Feb 21, 2017 | 5.66 | 4.58 |
| Feb 12, 2016 | 7.04 | 4.15 |
| Feb 13, 2015 | 6.72 | 4.47 |
| Feb 14, 2014 | 5.92 | 3.97 |
| Feb 15, 2013 | 4.40 | 3.21 |
| Feb 17, 2012 | 3.50 | 2.55 |
| Feb 18, 2011 | 2.76 | 2.25 |
| Feb 19, 2010 | 2.88 | 2.37 |
| Feb 20, 2009 | 3.29 | 2.60 |
| Feb 22, 2008 | 4.22 | 3.42 |
| Feb 26, 2007 | 5.50 | 3.82 |
| Mar 14, 2006 | 4.00 | 4.00 |
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), 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., P/BV, long-term trends, comparison to industry (health care)
| Bristol-Myers Squibb Co. | Health Care | |
|---|---|---|
| Feb 11, 2026 | 6.61 | 6.08 |
| Feb 12, 2025 | 6.98 | 5.99 |
| Feb 13, 2024 | 3.35 | 5.94 |
| Feb 14, 2023 | 4.88 | 87,112.79 |
| Feb 9, 2022 | 4.07 | 5.48 |
| Feb 10, 2021 | 3.55 | 5.37 |
| Feb 24, 2020 | 2.80 | 5.14 |
| Feb 25, 2019 | 5.89 | 5.17 |
| Feb 13, 2018 | 8.88 | 4.55 |
| Feb 21, 2017 | 5.66 | 4.06 |
| Feb 12, 2016 | 7.04 | 3.62 |
| Feb 13, 2015 | 6.72 | 4.10 |
| Feb 14, 2014 | 5.92 | 3.51 |
| Feb 15, 2013 | 4.40 | 2.87 |
| Feb 17, 2012 | 3.50 | 2.51 |
| Feb 18, 2011 | 2.76 | 2.24 |
| Feb 19, 2010 | 2.88 | 2.36 |
| Feb 20, 2009 | 3.29 | 2.65 |
| Feb 22, 2008 | 4.22 | 3.45 |
| Feb 26, 2007 | 5.50 | 3.81 |
| Mar 14, 2006 | 4.00 | 3.97 |
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), 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).