Microsoft Excel LibreOffice Calc

Bristol-Myers Squibb Co. (BMY)


Return on Capital (ROC)

Advanced level


Return on Invested Capital (ROIC)

Bristol-Myers Squibb Co., ROIC calculation

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (US$ in millions)
Net operating profit after taxes (NOPAT)1 5,466  1,324  4,119  1,003  2,037 
Invested capital2 19,613  17,075  19,044  16,043  18,784 
Performance Ratio
ROIC3 27.87% 7.76% 21.63% 6.25% 10.84%

Based on: 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), 10-K (filing date: 2015-02-13).

1 NOPAT. See details »

2 Invested capital. See details »

3 2018 Calculation
ROIC = 100 × NOPAT ÷ Invested capital
= 100 × 5,466 ÷ 19,613 = 27.87%

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 deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.