Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Market Value Added (MVA)

Microsoft Excel

MVA

Bristol-Myers Squibb Co., MVA calculation

US$ in millions

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Fair value of debt1 36,946 35,267 49,284 58,840 51,283
Operating lease liability 1,692 1,397 1,043 997 805
Market value of common equity 98,501 151,637 146,346 134,429 144,413
Preferred stock, $2 convertible series, par value $1 per share
Noncontrolling interest 55 57 60 60 100
Less: Marketable debt securities and equity investments 1,639 1,234 5,006 5,170 6,009
Market (fair) value of BMS 135,555 187,124 191,727 189,156 190,592
Less: Invested capital2 67,562 71,720 80,284 90,149 100,285
MVA 67,993 115,404 111,443 99,007 90,307

Based on: 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).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Bristol-Myers Squibb Co. market (fair) value less invested capital. Bristol-Myers Squibb Co. MVA increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

MVA Spread Ratio

Bristol-Myers Squibb Co., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 67,993 115,404 111,443 99,007 90,307
Invested capital2 67,562 71,720 80,284 90,149 100,285
Performance Ratio
MVA spread ratio3 100.64% 160.91% 138.81% 109.83% 90.05%
Benchmarks
MVA Spread Ratio, Competitors4
AbbVie Inc. 438.96% 297.39% 253.64% 172.70% 236.51%
Amgen Inc. 207.91% 308.27% 303.88% 343.98% 341.92%
Eli Lilly & Co. 2,389.96% 1,239.79% 833.40% 778.02% 601.09%
Gilead Sciences Inc. 148.05% 175.26% 119.58% 125.56% 226.14%
Johnson & Johnson 309.06% 288.03% 366.17% 363.07% 335.85%
Merck & Co. Inc. 412.35% 312.72% 223.02% 292.93% 328.56%
Pfizer Inc. 40.45% 124.43% 210.66% 116.68% 95.96%
Regeneron Pharmaceuticals Inc. 663.41% 521.52% 461.61% 508.24% 460.29%
Thermo Fisher Scientific Inc. 189.49% 195.28% 211.22% 232.26% 171.11%
Vertex Pharmaceuticals Inc. 712.26% 484.09% 564.91% 575.24% 1,177.50%

Based on: 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).

1 MVA. See details »

2 Invested capital. See details »

3 2023 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 67,993 ÷ 67,562 = 100.64%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Bristol-Myers Squibb Co. MVA spread ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

MVA Margin

Bristol-Myers Squibb Co., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Market value added (MVA)1 67,993 115,404 111,443 99,007 90,307
Revenues 45,006 46,159 46,385 42,518 26,145
Performance Ratio
MVA margin2 151.08% 250.01% 240.26% 232.86% 345.41%
Benchmarks
MVA Margin, Competitors3
AbbVie Inc. 551.18% 420.74% 432.93% 391.08% 446.12%
Amgen Inc. 540.65% 493.74% 503.37% 550.26% 575.79%
Eli Lilly & Co. 2,058.21% 1,055.66% 769.29% 778.57% 578.77%
Gilead Sciences Inc. 251.89% 295.97% 211.56% 259.24% 321.38%
Johnson & Johnson 359.73% 345.62% 383.46% 432.99% 396.88%
Merck & Co. Inc. 479.92% 390.05% 323.90% 349.01% 376.50%
Pfizer Inc. 107.10% 137.35% 227.20% 289.28% 224.34%
Regeneron Pharmaceuticals Inc. 605.08% 525.04% 312.14% 495.20% 382.11%
Thermo Fisher Scientific Inc. 378.46% 360.17% 431.35% 441.03% 352.63%
Vertex Pharmaceuticals Inc. 955.82% 714.32% 700.10% 754.94% 1,377.71%

Based on: 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).

1 MVA. See details »

2 2023 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × 67,993 ÷ 45,006 = 151.08%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Bristol-Myers Squibb Co. MVA margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.