Analysis of Geographic Areas
Bristol-Myers Squibb Co. operates in 2 regions: United States and International.
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- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Area Asset Turnover
Bristol-Myers Squibb Co., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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).
Asset turnover ratios for the geographic areas examined demonstrate divergent trends over the five-year period. The United States exhibits a generally increasing trend, while the International segment shows a consistent decline.
- United States
- The asset turnover ratio for the United States increased from 6.20 in 2021 to 6.59 in 2022, and remained relatively stable at 6.60 in 2023. A further increase was observed in 2024, reaching 7.08, before decreasing slightly to 6.75 in 2025. This indicates improving efficiency in asset utilization within the United States, with a peak in 2024 followed by a minor pullback.
- International
- In contrast to the United States, the International segment experienced a substantial decrease in asset turnover. The ratio declined from 12.19 in 2021 to 9.49 in 2022, continuing downward to 6.84 in 2023. This decline accelerated in 2024, falling to 5.68, and further decreased to 5.29 in 2025. This suggests a diminishing ability to generate sales from its assets in international markets.
- Comparative Analysis
- Initially, the International segment demonstrated a significantly higher asset turnover ratio than the United States. However, the trends have converged, with the United States surpassing the International segment in 2024. The decreasing ratio in the International segment warrants further investigation to determine the underlying causes, such as potential inefficiencies in asset management, declining sales, or increased asset investment without corresponding revenue growth. The increasing ratio in the United States suggests effective asset management and sales generation.
The contrasting performance between the two geographic areas suggests differing operational dynamics and strategic priorities. Continued monitoring of these trends is recommended to inform resource allocation and strategic decision-making.
Area Asset Turnover: United States
Bristol-Myers Squibb Co.; United States; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance related to asset utilization within the United States demonstrates a generally positive trend over the observed period. Revenues exhibited growth from 2021 to 2024, followed by a slight decrease in the most recent year. Simultaneously, net property, plant, and equipment remained relatively stable, with a gradual increase throughout the period. This interplay between revenue and fixed assets resulted in a fluctuating, but overall improving, area asset turnover ratio.
- Revenues
- Revenues increased from US$29,214 million in 2021 to US$34,105 million in 2024, representing a cumulative growth of approximately 16.7%. However, revenues decreased to US$33,279 million in 2025, a reduction of 2.5% from the prior year. This suggests a potential stabilization or slight contraction in sales within the United States market in the latest period.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment showed a modest upward trend, increasing from US$4,710 million in 2021 to US$4,931 million in 2025. The increases were incremental year-over-year, indicating a consistent, but not aggressive, investment in fixed assets within the United States.
- Area Asset Turnover
- The area asset turnover ratio increased from 6.20 in 2021 to 7.08 in 2024, indicating improved efficiency in generating revenue from the company’s fixed assets in the United States. The ratio then decreased slightly to 6.75 in 2025. Despite this decrease, the 2025 ratio remains higher than the ratio observed in 2021, suggesting sustained improvements in asset utilization. The increase from 2021 to 2024 suggests the company was becoming more effective at converting its investments in property, plant, and equipment into sales revenue. The slight decline in 2025 warrants further investigation to determine if it is a temporary fluctuation or the beginning of a more significant trend.
In summary, the United States operations demonstrated increasing efficiency in asset utilization from 2021 to 2024, although a slight decrease in this efficiency was observed in 2025. Revenue growth largely drove the improvements in asset turnover, while investment in fixed assets remained relatively consistent.
Area Asset Turnover: International
Bristol-Myers Squibb Co.; International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Property, plant and equipment, net | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2025 Calculation
Area asset turnover = Revenues ÷ Property, plant and equipment, net
= ÷ =
The financial performance related to international operations demonstrates a declining trend in asset utilization efficiency between 2021 and 2025. Revenues experienced a decrease from 2021 to 2022, followed by relative stability with a slight increase in the most recent year presented. Simultaneously, net property, plant, and equipment increased consistently throughout the period. This combination resulted in a significant reduction in the area asset turnover ratio.
- Revenues
- Revenues decreased from US$16,319 million in 2021 to US$13,497 million in 2022, representing a substantial decline. Revenues remained relatively flat between 2022 and 2024, fluctuating around US$13,100 million. A modest increase to US$13,828 million was observed in 2025.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment exhibited a consistent upward trend throughout the five-year period. Beginning at US$1,339 million in 2021, it increased to US$1,422 million in 2022, then to US$1,915 million in 2023. This growth continued, reaching US$2,322 million in 2024 and US$2,612 million in 2025.
- Area Asset Turnover
- The area asset turnover ratio experienced a marked decline over the period. Starting at 12.19 in 2021, it decreased to 9.49 in 2022. This downward trend continued, with ratios of 6.84, 5.68, and 5.29 observed in 2023, 2024, and 2025, respectively. This indicates a decreasing ability to generate revenue from the company’s international property, plant, and equipment.
The consistent increase in property, plant, and equipment, coupled with the initial revenue decline and subsequent stagnation, suggests that investments in fixed assets are not translating into proportional revenue growth within international operations. Further investigation may be warranted to understand the reasons behind the increasing asset base and the factors influencing revenue generation in these areas.
Revenues
Bristol-Myers Squibb Co., revenues by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Other | |||||
| Total |
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).
Revenues exhibited varied performance across geographic areas between 2021 and 2025. The United States consistently represented the largest revenue contributor, while International revenues experienced more fluctuation. Overall, total revenues demonstrated a modest increase over the five-year period, despite a mid-period dip.
- United States
- Revenue from the United States increased from US$29,214 million in 2021 to US$31,828 million in 2022, representing a growth of approximately 8.9%. A slight decrease was observed in 2023, with revenue falling to US$31,210 million. However, the United States experienced a substantial increase in 2024, reaching US$34,105 million, followed by a minor decline to US$33,279 million in 2025. This indicates a generally positive trend with some year-over-year variability.
- International
- International revenues decreased significantly from US$16,319 million in 2021 to US$13,497 million in 2022, a decline of roughly 17.3%. This downward trend continued into 2023, with revenue reaching US$13,097 million. Revenue remained relatively stable in 2024 at US$13,199 million before showing a modest recovery in 2025, increasing to US$13,828 million. The International segment demonstrated overall weaker performance compared to the United States.
- Other
- Revenue categorized as “Other” remained relatively small in comparison to the United States and International segments. It fluctuated between US$699 million and US$1,087 million over the period. A notable increase occurred between 2023 and 2024, rising from US$699 million to US$996 million, and continued to increase to US$1,087 million in 2025. While small in overall contribution, this segment showed consistent growth in the latter part of the analyzed period.
- Total Revenues
- Total revenues peaked at US$46,385 million in 2021, then decreased to US$46,159 million in 2022. A further decline was observed in 2023, reaching US$45,006 million. Total revenues rebounded strongly in 2024, increasing to US$48,300 million, and remained relatively stable in 2025 at US$48,194 million. The overall trend suggests a recovery from a mid-period dip, driven primarily by growth in the United States.
The performance of the United States segment appears to be a key driver of overall revenue trends. The International segment’s decline warrants further investigation to understand the underlying causes and potential mitigation strategies. The “Other” segment, while small, is exhibiting positive growth and may represent an area for future investment.
Property, plant and equipment, net
Bristol-Myers Squibb Co., property, plant and equipment, net by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
Property, plant, and equipment, net, exhibited a consistent upward trend over the five-year period from 2021 to 2025. This growth was driven by increases in both the United States and International segments, though the International segment demonstrated a more rapid rate of expansion.
- United States
- The United States segment experienced relatively stable growth in property, plant, and equipment, net. Values increased from US$4,710 million in 2021 to US$4,931 million in 2025, representing a cumulative increase of approximately 4.7%. Fluctuations were minimal year-over-year, with a slight dip observed between 2022 and 2023.
- International
- The International segment showed a more pronounced upward trajectory. Beginning at US$1,339 million in 2021, the segment reached US$2,612 million by 2025, a substantial increase of approximately 95.3%. Growth accelerated from 2022 onwards, with significant increases each year. This suggests increased investment in property, plant, and equipment within international operations.
- Total
- Total property, plant, and equipment, net, increased from US$6,049 million in 2021 to US$7,543 million in 2025, representing a cumulative increase of approximately 24.7%. The rate of increase accelerated in the later years of the period, mirroring the growth observed in the International segment. The total value consistently benefited from the growth in both geographic areas.
- Comparative Growth
- The International segment’s growth rate significantly outpaced that of the United States segment. This indicates a strategic shift in capital allocation towards international markets, potentially to support expansion into new territories or increased production capacity in existing international facilities. The increasing proportion of total property, plant, and equipment, net, represented by the International segment suggests a growing reliance on international operations.
Overall, the trend suggests a commitment to expanding operational capabilities, with a particular emphasis on growth within international markets. Continued monitoring of these trends will be important to assess the effectiveness of capital allocation strategies and their impact on future performance.