Stock Analysis on Net
Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

Bristol-Myers Squibb Co., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Net earnings (loss) attributable to BMS1 ÷ Total BMS shareholders’ equity1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
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Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
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Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
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Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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$ in millions

The return on equity (ROE) for the period between 2005 and 2025 demonstrates significant fluctuations. Initial values are relatively high, followed by periods of substantial volatility and, ultimately, a return to elevated levels in more recent years, punctuated by significant negative values.

Overall Trend
From 2005 to 2009, ROE generally increased, peaking at 71.49% in 2009. Following this peak, ROE experienced a considerable decline, reaching a low of 8.58% in 2017. The period from 2018 to 2020 shows some recovery, but is followed by a substantial negative ROE in 2020. A rebound occurs in 2021 and 2022, before a significant negative value in 2023, and a recovery in 2024 and 2025.
Early Period (2005-2009)
ROE began at 26.77% in 2005 and exhibited an upward trajectory, with intermediate fluctuations, culminating in a high of 71.49% in 2009. This period suggests a strengthening of profitability relative to shareholder equity.
Period of Decline and Stabilization (2010-2017)
Following 2009, ROE decreased substantially, falling to 19.74% in 2010. It continued to fluctuate, generally trending downward, reaching a low of 8.58% in 2017. This period indicates a weakening in the relationship between net earnings and shareholder equity.
Recent Volatility (2018-2025)
From 2018, ROE experienced considerable volatility. A peak of 35.07% was observed in 2018, followed by a sharp decline to 6.66% in 2019. A significant loss in 2020 resulted in a negative ROE of -23.84%. ROE recovered to 19.46% and 20.37% in 2021 and 2022, respectively, before plummeting to -54.78% in 2023. A recovery to 38.19% is observed in 2024 and 2025. This recent period highlights substantial instability in profitability relative to equity.
Relationship to Net Earnings and Equity
The fluctuations in ROE closely mirror the changes in net earnings attributable to the company. Years with higher net earnings generally correspond to higher ROE values, and vice versa. Significant changes in total shareholders’ equity also influence ROE; the large increase in equity in 2019, for example, contributed to the lower ROE observed that year, despite a relatively stable net income. The substantial negative net earnings in 2020 and 2023 directly resulted in negative ROE values.

In conclusion, the ROE demonstrates a pattern of significant variability over the analyzed period. While periods of strong performance are evident, the recent years are characterized by substantial fluctuations, including significant negative values, indicating a volatile financial performance.

Comparison to Competitors

Bristol-Myers Squibb Co., ROE, long-term trends, comparison to competitors

Microsoft Excel
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, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
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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., ROE, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Bristol-Myers Squibb Co. Pharmaceuticals, Biotechnology & Life Sciences
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
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Dec 31, 2014
Dec 31, 2013
Dec 31, 2012
Dec 31, 2011
Dec 31, 2010
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Dec 31, 2008
Dec 31, 2007
Dec 31, 2006
Dec 31, 2005

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., ROE, long-term trends, comparison to industry (health care)

Microsoft Excel
Bristol-Myers Squibb Co. Health Care
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
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Dec 31, 2005

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).