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Bristol-Myers Squibb Co. (NYSE:BMY)


Return on Capital (ROC)

Advanced level


Return on Invested Capital (ROIC)

Bristol-Myers Squibb Co., ROIC calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 2,482  5,363  2,096  4,399  1,351 
Invested capital2 100,285  18,973  16,538  17,735  14,454 
Performance Ratio
ROIC3 2.47% 28.27% 12.68% 24.80% 9.35%

Based on: 10-K (filing date: 2020-02-24), 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12).

1 NOPAT. See details »

2 Invested capital. See details »

3 2019 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 2,482 ÷ 100,285 = 2.47%

Performance ratio Description The company
ROIC A measure of the periodic, after tax, cash-on-cash yield earned in the business. Bristol-Myers Squibb Co.’s ROIC improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.