Bristol-Myers Squibb Co. (NYSE:BMY)

Total Asset Turnover

The reported total asset turnover shows a generally increasing trend from 0.36 in 2020 to 0.52 in 2024, with a slight dip from 0.48 in 2022 to 0.47 in 2023 before rising again. The adjusted figures follow a similar pattern but are consistently slightly higher, culminating at 0.55 in 2024. This indicates an improvement in asset utilization efficiency over the period, particularly notable in the adjusted measures.

Current Ratio

The current ratio exhibits a fluctuating pattern, starting at 1.58 in 2020, declining to 1.25 in 2022, then recovering to 1.43 in 2023 before falling back to 1.25 in 2024. Both reported and adjusted values are identical, suggesting consistent liquidity management with moderate variation and a tendency toward a lower current ratio by the end of the period.

Debt to Equity Ratio

There is a significant rise in the reported debt to equity ratio in 2024, increasing sharply to 3.04 from a relatively stable range around 1.24 to 1.35 in prior years. The adjusted ratio confirms this trend, escalating even more dramatically to 3.98 in 2024 from a prior range of approximately 1.16 to 1.52. This suggests a marked increase in financial leverage, pointing toward heightened reliance on debt financing in the latest year observed.

Debt to Capital Ratio

The debt to capital ratio remains stable from 2020 through 2023, with reported values near 0.55 to 0.57 and adjusted values slightly lower but consistent. However, in 2024, a noticeable increase occurs, with reported ratio rising to 0.75 and adjusted to 0.80. This further emphasizes the growing leverage in the capital structure during the latest year.

Financial Leverage

Financial leverage trends align with the debt ratios, showing steady values around 3.0 for the years 2020 to 2023, followed by a substantial surge in 2024 to 5.67 reported and 6.87 adjusted. This confirms increased use of debt and greater risk exposure in the company’s financial strategy in the most recent year.

Net Profit Margin

The reported net profit margin displays significant volatility across the period. Following a negative margin of -21.20% in 2020, it turns positive in 2021 and remains positive through 2023, peaking at 17.83%, before plummeting to -18.53% in 2024. The adjusted net profit margin reflects a similar pattern but with generally lower positive values and a deeper decline in 2024, reaching -21.91%. This indicates fluctuating profitability with a sharp downturn in the last year.

Return on Equity (ROE)

ROE demonstrates a remarkable recovery from -23.84% in 2020 to a peak of 27.27% in 2023, suggesting improvement in generating shareholder value. However, a dramatic reversal occurs in 2024 where ROE drops to -54.78% reported and -82.27% adjusted, signaling significant losses impacting equity returns. The adjusted measures consistently show lower profitability.

Return on Assets (ROA)

ROA follows a similar trajectory to ROE, starting negative in 2020 (-7.61% reported, -7.06% adjusted), turning positive and improving through 2021 to 2023 (reaching 8.43% reported and 5.01% adjusted), before declining sharply into negative territory again in 2024 (-9.66% reported, -11.97% adjusted). This pattern reflects volatility in asset profitability, with a notable deterioration in the most recent year.

The financial data reveals several notable trends over the five-year period from 2020 to 2024. Revenues have experienced fluctuations, initially increasing from 42,518 million US dollars in 2020 to a peak of 46,385 million in 2021, followed by a slight decline and stabilization in 2022 and 2023, and a significant increase again in 2024 to 48,300 million. This pattern suggests some variability in sales or market conditions, with a strong rebound in the latest year.

Total assets have exhibited a consistent downward trend, decreasing steadily each year from 118,481 million US dollars in 2020 to 92,603 million in 2024. This indicates a reduction in the asset base over the period, which may reflect divestitures, asset sales, depreciation, or other strategic shifts reducing asset holdings.

Correspondingly, the reported total asset turnover ratio has improved from 0.36 in 2020 to 0.52 in 2024, indicating enhanced efficiency in generating revenue from the asset base. The ratio increased notably between 2020 and 2022, stabilized slightly in 2023, and then rose again in 2024, suggesting that revenue growth outpaced the decline in assets progressively over these years.

Similar trends appear when considering adjusted total assets and adjusted total asset turnover. Adjusted total assets declined from 117,338 million in 2020 to 88,412 million in 2024, mirroring the pattern seen in total assets.

The adjusted total asset turnover ratio increased from 0.36 in 2020 to 0.55 in 2024, reflecting improved asset utilization efficiency after adjustments. The ratio showed consistent growth year-over-year, with a more pronounced increase between 2023 and 2024.

Revenues

Fluctuated over the period with an overall upward trend, peaking in 2024 at 48,300 million US dollars.

Total assets

Showed a continuous decline from 118,481 million to 92,603 million US dollars, indicating a shrinking asset base.

Reported total asset turnover

Improved from 0.36 to 0.52, reflecting increased revenue generation per unit of asset.

Adjusted total assets

Declined consistently similar to total assets, from 117,338 million to 88,412 million US dollars.

Adjusted total asset turnover

Increased steadily from 0.36 to 0.55, indicating enhanced efficiency after adjustments.

Overall, the analysis suggests the company has successfully enhanced its operational efficiency in terms of asset utilization, generating higher revenues per asset unit despite a decreasing asset base. The recent rebound in revenue combined with improved asset turnover ratios may imply positive developments in productivity or business model adjustments.

The financial data indicates several notable trends and patterns over the five-year period ending December 31, 2024.

Current Assets

Current assets experienced fluctuations throughout the period. Beginning at $30,192 million in 2020, they increased to a peak of $33,262 million in 2021, then declined significantly to $27,273 million in 2022. Subsequently, there was a recovery to $31,770 million in 2023, followed by a slight decrease to $29,780 million in 2024. This pattern suggests variability in asset liquidity or current resource levels, with an overall decrease from the 2021 high point.

Current Liabilities

Current liabilities showed a consistent upward trend each year. Starting at $19,080 million in 2020, they rose steadily to $21,868 million in 2021, remained relatively stable at $21,890 million in 2022, then increased to $22,262 million in 2023, and further to $23,774 million in 2024. This persistent increase in short-term obligations may indicate growing financial commitments or increased operational liabilities.

Reported Current Ratio

The reported current ratio, a measure of short-term liquidity, declined from 1.58 in 2020 to 1.52 in 2021, then dropped more markedly to 1.25 in 2022. There was a partial recovery to 1.43 in 2023, but it declined again to 1.25 in 2024. Overall, this trend suggests weakening liquidity positions in terms of coverage of current liabilities by current assets toward the end of the period.

Adjusted Current Assets and Adjusted Current Ratio

The adjusted current assets closely mirror the reported current assets in value and trend, indicating minimal adjustment impact. Consequently, the adjusted current ratio follows the same pattern as the reported ratio, sharing identical values throughout the periods. This consistency implies that the adjustments made had negligible effect on liquidity assessment.

In summary, the data highlights a year-to-year increase in current liabilities contrasting with fluctuating current assets, resulting in a largely declining current ratio. These patterns indicate increasing short-term financial obligations relative to the ability to cover them with current assets. Such a development could suggest a need to monitor liquidity risk and manage working capital efficiently going forward.

Total Debt

The total debt decreased from 50,676 million USD in 2020 to 39,320 million USD in 2022, indicating a significant reduction in debt levels over this period. However, from 2022 to 2023, total debt stabilized slightly at around 39,772 million USD, followed by a notable increase to 49,649 million USD in 2024, approaching the initial 2020 levels.

Total BMS Shareholders’ Equity

Shareholders’ equity showed a continuous decline throughout the analyzed period. From 37,822 million USD in 2020, equity dropped steadily to 16,335 million USD by 2024. This downward trend reflects a substantial erosion in equity base, nearly halving over four years.

Reported Debt to Equity Ratio

The reported debt to equity ratio fluctuated moderately between 1.34 in 2020 and 1.35 in 2023, suggesting relatively stable leverage until 2023. Thereafter, a sharp increase to 3.04 in 2024 indicates a significant rise in leverage risk, attributed to both rising debt and shrinking equity.

Adjusted Total Debt

Adjusted total debt follows a similar pattern to total debt, declining from 51,673 million USD in 2020 to 40,717 million USD in 2022. It then slightly increased to 41,464 million USD in 2023 and surged to 51,200 million USD in 2024, nearly recuperating to the initial 2020 level.

Adjusted Total Equity

Adjusted total equity consistently decreased from 42,294 million USD in 2020 to 12,863 million USD in 2024. The decline accelerated particularly in the last two years, indicating diminished net asset value on an adjusted basis.

Adjusted Debt to Equity Ratio

This ratio decreased marginally from 1.22 in 2020 to 1.16 in 2021, but increased to 1.27 in 2022, and more sharply to 1.52 in 2023. In 2024, it rose dramatically to 3.98, reflecting a significant increase in financial leverage and potential solvency concerns due to debt rising in proportion to the much lower equity.

The financial data exhibits a notable evolution in the company's capital structure and leverage over the five-year period from 2020 to 2024.

Total Debt

The total debt demonstrates a decreasing trend from 2020 to 2022, declining from $50,676 million to $39,320 million. In 2023, the debt slightly increased to $39,772 million, followed by a substantial rise to $49,649 million in 2024. This indicates a reduction phase in debt levels initially, then a significant increase in the most recent year.

Total Capital

Total capital consistently declined throughout the period, starting at $88,498 million in 2020 and falling each year to reach $65,984 million by 2024. This decreasing trend suggests a contraction in the overall capital base.

Reported Debt to Capital Ratio

The reported debt to capital ratio remained relatively stable between 0.55 and 0.57 from 2020 to 2023, indicating a balanced leverage position for most of the period. However, in 2024, the ratio sharply increased to 0.75, reflecting a significant increase in leverage relative to capital.

Adjusted Total Debt

The adjusted total debt follows a pattern similar to the reported total debt, with a decline from $51,673 million in 2020 to $40,717 million in 2022. It then rises modestly to $41,464 million in 2023 and experiences a marked increase to $51,200 million in 2024, mirroring the spike in reported debt.

Adjusted Total Capital

Adjusted total capital also shows a consistent downward trend, decreasing from $93,967 million in 2020 to $64,063 million in 2024. This reinforces the observation of a shrinking capital base when adjustments are considered.

Adjusted Debt to Capital Ratio

The adjusted debt to capital ratio declines slightly from 0.55 in 2020 to 0.54 in 2021, then rises steadily to 0.60 by 2023. In 2024, it accelerates sharply to 0.80, which indicates a pronounced increase in leverage on an adjusted basis, surpassing the reported ratio's increase.

Overall, the financial data reveals a trend of decreasing capital and debt levels during the initial years, followed by a pronounced increase in leverage and debt in 2024. The spike in debt to capital ratios in the final year suggests a strategic shift or financing decision leading to increased reliance on debt financing relative to capital. This elevated leverage may imply higher financial risk or an increased capacity for growth investments, depending on the company's strategic context.

Total Assets

The total assets show a consistent declining trend over the five-year period. Starting at 118,481 million US dollars in 2020, the assets decreased annually to reach 92,603 million US dollars by the end of 2024. This represents a cumulative reduction of approximately 21.9%, indicating a gradual reduction in the company's asset base.

Total BMS Shareholders’ Equity

Shareholders' equity also declined steadily from 37,822 million US dollars in 2020 to 16,335 million US dollars in 2024. The decrease was particularly pronounced between 2023 and 2024, nearly halving equity in that single year. This marks a substantial erosion of the equity base over time, which could signal increased distributions, losses, or other equity reductions.

Reported Financial Leverage

The reported financial leverage ratio remained relatively stable from 2020 through 2023, fluctuating narrowly around a value near 3. However, in 2024, the ratio sharply increased to 5.67, indicating a significant rise in debt relative to equity. This change suggests an escalation in the company’s financial risk and leverage position.

Adjusted Total Assets

Adjusted total assets mirrored the trend seen in total assets, declining from 117,338 million US dollars in 2020 to 88,412 million US dollars in 2024. The decline is consistent year-over-year, reflecting similar asset base contraction under adjusted measures.

Adjusted Total Equity

Adjusted total equity exhibits a steep downward trajectory, decreasing from 42,294 million US dollars in 2020 to 12,863 million US dollars in 2024. The decrease is especially marked in the final year, underscoring a significant reduction in adjusted equity, implying factors affecting equity beyond book values.

Adjusted Financial Leverage

The adjusted financial leverage ratio remained relatively stable and moderate from 2020 to 2022, hovering between 2.75 and 2.98. However, from 2022 onwards, it increased noticeably, reaching 6.87 by 2024. This escalation is even more pronounced than the reported financial leverage, indicating a higher perceived risk and a greater dependency on debt financing when adjustments are considered.

Summary Insights

The overall financial position shows a contraction in asset size and equity base over the five-year span, with especially sharp declines in equity occurring in the final year. Concurrently, financial leverage ratios, both reported and adjusted, have increased significantly by 2024, reflecting heightened leverage and potential financial risk. These trends suggest a shift toward increased reliance on debt and a more leveraged capital structure, which may warrant further analysis of underlying drivers such as profitability, financing activities, or asset disposals.

The financial data reveals significant fluctuations in profitability and revenue over the analyzed periods. Revenues exhibit a generally stable pattern with a slight upward trend from 42,518 million US dollars in 2020 to 48,300 million US dollars in 2024, peaking moderately in 2024 despite minor declines in interim years.

Net Earnings (Loss) Attributable to the Company

The net earnings show substantial volatility, with a large loss of 9,015 million US dollars in 2020, followed by a strong recovery in 2021 and 2022, recording positive net earnings of 6,994 million and 6,327 million US dollars respectively. There is a further increase in 2023 to 8,025 million US dollars, but the figure dramatically reverts to a significant loss of 8,948 million US dollars in 2024. This pattern indicates inconsistency in profitability, possibly due to irregular extraordinary items or operational challenges.

Reported Net Profit Margin

The reported net profit margin mirrors the volatility in net earnings, starting with a negative margin of -21.2% in 2020 and turning positive in the subsequent three years, reaching a high of 17.83% in 2023. However, it falls back sharply to -18.53% in 2024, confirming a return to unprofitable conditions despite revenue growth.

Adjusted Net Earnings (Loss)

Adjusted net earnings also demonstrate a pattern of losses and gains consistent with reported net earnings but with generally lower magnitudes of profitability. The adjusted figures start with a negative 8,286 million US dollars in 2020, improve to positive results in 2021 (6,148 million), decrease notably in 2022 (3,541 million), modestly increase in 2023 (4,629 million), and again plunge to a loss of 10,583 million US dollars in 2024. This indicates that underlying operational performance may have been weaker in 2022 and 2023 compared to the reported figures and deteriorated considerably in 2024.

Adjusted Net Profit Margin

The adjusted net profit margin aligns with the trend in adjusted earnings, shifting from negative in 2020 (-19.49%) to positive in 2021 (13.25%) but declining steadily through 2022 (7.67%) and 2023 (10.29%) before dropping sharply to negative territory (-21.91%) in 2024. This suggests that the company’s core profitability weakened after 2021 and faced significant challenges leading to losses in the last reported period.

Overall, the data points to a company experiencing wide swings in profitability despite relatively stable and slightly increasing revenues. The sharp reversals between profitable and loss-making years suggest episodic factors impacting earnings. The adjusted profit figures imply that even the underlying operational results have been under pressure particularly in the recent periods. The decline in margins in 2024 warrants further investigation into cost management, extraordinary expenses, or other non-recurring influences affecting financial outcomes.

The financial data reveals significant volatility in profitability and equity levels over the five-year period under review. Net earnings show a markedly inconsistent trend, beginning with a substantial loss in 2020, then shifting to positive earnings from 2021 through 2023, before again returning to a large loss in 2024. This pattern suggests considerable fluctuations in operational performance or extraordinary items impacting net results.

Total shareholders’ equity consistently declined each year, with the most pronounced drop occurring in the final year. This steady decrease points to either continued losses, dividends exceeding profits, share buybacks, or other equity-reducing activities. The reduction in equity is mirrored in adjusted total equity figures, which also decline sharply, especially in the last recorded year, signaling weakening book value on a normalized basis.

Return on equity (ROE) figures display high variability, consistent with the earnings and equity trends. Reported ROE shifts from a large negative value in 2020 to strong positive returns during 2021 to 2023, peaking at over 27% in 2023, before plunging to an extremely negative value in 2024. Such swings indicate unstable profitability relative to equity. Adjusted ROE follows a similar trajectory but at generally lower magnitudes, reflecting the adjustments made to earnings and equity to possibly exclude one-time effects or non-recurring items.

Overall, these patterns illustrate a period of financial instability characterized by swings between profit and loss and diminishing equity base, culminating in considerable deterioration in both net earnings and equity by the end of the analyzed timeframe. The sharp declines in 2024 earnings and equity, alongside adverse ROE figures, may suggest significant challenges affecting financial health and shareholder value.

Net earnings (loss) attributable to BMS

Severe loss in 2020, recovery to positive profits through 2021-2023, followed by a significant loss in 2024.

Total BMS shareholders’ equity

Progressive decline annually, indicating erosion of equity and possibly sustained operational challenges or capital distribution exceeding gains.

Reported ROE

Highly variable, from deeply negative in 2020 to solid positive returns over the next three years, then sharply negative in 2024, reflecting unstable profitability relative to equity.

Adjusted net earnings (loss)

Mirrors the net earnings trend with large initial loss, positive but declining adjusted profits through mid-period, then a significant negative adjustment in the final year.

Adjusted total equity

Consistent decline akin to reported equity, reinforcing the trend of shrinking net assets under normalized conditions.

Adjusted ROE

Shows reduced volatility compared to reported ROE but follows the same general pattern, ending with a substantial negative return in 2024.

The financial data reveals significant volatility in earnings and profitability metrics over the five-year period. Net earnings attributable to the company exhibit substantial fluctuations, starting with a large loss in 2020, followed by consecutive gains in 2021, 2022, and 2023, before reverting to a significant loss again in 2024. This pattern suggests instability in profitability or potentially extraordinary events impacting net income in the initial and latest years.

Total assets demonstrate a consistent downward trend from 2020 through 2024. The reduction in asset base indicates a possible divestiture of assets, impairment, or sustained depreciation that outweighs new acquisitions or investments. This contraction surrounds a declining asset structure over the analyzed period.

Return on assets (ROA), whether reported or adjusted, mirrors the earnings' volatility with negative returns in 2020 and 2024 and positive returns in the intervening years. The reported ROA ranges from -7.61% in 2020, improves steadily to a peak of 8.43% in 2023, then declines sharply to -9.66% in 2024. Adjusted ROA follows a similar trajectory but with slightly lower peak performance in 2023 and a more pronounced decline in 2024, reaching -11.97%. This indicates that the adjustments made to earnings and assets generally moderate ROA figures but do not alter the overall trend of profitability swings and recent deterioration.

Adjusted net earnings, which exclude certain items to reflect underlying performance, also display a pattern of losses in 2020 and 2024, with positive but declining values in the years between. The decline in adjusted net earnings from 6148 million in 2021 to 3541 million in 2022, and then a partial recovery to 4629 million in 2023, suggests operational challenges or increased costs impacting earnings quality after 2021. The sharp negative adjustment in 2024 flags severe financial stress or significant non-recurring charges.

Adjusted total assets follow the same decreasing trend as total assets, underscoring a contraction in the asset base when factoring out certain adjustments. The consistent decrease from 117,338 million in 2020 to 88,412 million in 2024 indicates a structural reduction in asset holdings or valuation.

Overall, the data points to cyclical profitability with a deteriorating asset base and sharply fluctuating returns on assets. The volatility in earnings and negative returns in the starting and ending years raise concerns about financial stability and earnings quality. Continuous decline in assets may impact future earning capacity, while the sharp reversals in profitability highlight the need for attention to operational efficiency or external market factors influencing performance.