Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
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- Analysis of Solvency Ratios
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Liquidity Ratios (Summary)
Bristol-Myers Squibb Co., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The liquidity profile reflects a period of contraction throughout 2023 and early 2024, followed by a gradual recovery and stabilization of short-term solvency metrics through early 2026.
- Current Ratio
- The current ratio maintained a range between 1.11 and 1.44. After reaching a peak of 1.44 in June 2022, the ratio trended downward to a minimum of 1.11 in March 2024. A consistent recovery trend followed this low, with the ratio climbing back to 1.42 by March 2026, indicating that current assets consistently exceed current liabilities.
- Quick Ratio
- The quick ratio demonstrates higher volatility and a more pronounced dip in liquidity than the current ratio. From a high of 1.07 in June 2022, the ratio fell to a low of 0.77 in September 2023. The ratio remained below the 1.0 threshold for a significant duration between September 2022 and December 2025, suggesting a period of increased reliance on inventory to meet short-term obligations. A recovery to 1.04 was observed by March 2026.
- Cash Ratio
- A substantial decline in the cash ratio is evident, starting at 0.66 in March 2022 and reaching a period low of 0.29 in June 2024. This downward trajectory indicates a reduction in the most liquid assets relative to current liabilities. A recovery phase began in the second half of 2024, peaking at 0.59 in September 2025 before settling at 0.55 in March 2026.
Analysis of the divergence between the current and quick ratios suggests that a notable portion of the company's liquidity is tied up in inventories. While the overall liquidity position tightened significantly during 2023 and the first half of 2024, the subsequent trend indicates a systematic restoration of liquidity buffers across all three measurement criteria.
Current Ratio
Bristol-Myers Squibb Co., current ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Current assets | |||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Current ratio1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of short-term liquidity indicates a consistent ability to meet current obligations, as the current ratio remained above 1.0 throughout the period from March 2022 to March 2026. While the ratio experienced several fluctuations, the company maintained a sufficient buffer of current assets relative to its current liabilities.
- Current Ratio Volatility and Range
- The current ratio fluctuated between a peak of 1.44 in June 2022 and a minimum of 1.11 in March 2024. Despite these variations, the ratio predominantly stabilized within the 1.20 to 1.40 range, suggesting a disciplined approach to managing short-term working capital.
- Liquidity Contraction Period
- A significant decline in the liquidity position was observed between December 2023 and March 2024, during which the current ratio fell from 1.43 to 1.11. This compression was driven by a substantial increase in current liabilities, which rose from 22.26 billion USD to 25.82 billion USD over a single quarter.
- Asset and Liability Trends
- Current assets showed a general upward trajectory through mid-2025, peaking at 35.63 billion USD in September 2025. Simultaneously, current liabilities peaked in June 2025 at 28.14 billion USD before declining sharply. This divergence contributed to a strengthening of the liquidity position toward the end of the analysis period.
- Recovery and Final Position
- Following the trough in March 2024, a recovery trend is evident. The current ratio climbed steadily to 1.42 by March 2026. This improvement was supported by a reduction in current liabilities to 19.16 billion USD, returning the liquidity profile to levels seen in early 2022 and early 2023.
Quick Ratio
Bristol-Myers Squibb Co., quick ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||
| Marketable debt securities | |||||||||||||||||||||||
| Receivables | |||||||||||||||||||||||
| Total quick assets | |||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Quick ratio1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The company's liquidity position, as measured by the quick ratio, exhibits significant volatility throughout the period from March 2022 to March 2026. The ratio fluctuates frequently around the 1.0 benchmark, indicating a periodic tension between immediate liquid assets and short-term obligations.
- Quick Ratio Volatility and Trends
- The quick ratio reached a peak of 1.07 in June 2022 before entering a period of decline, hitting a low of 0.87 by December 2022. A brief recovery to 1.01 occurred in March 2023, followed by a sharp decline to the period's lowest point of 0.77 in September 2023. This was immediately followed by a recovery to 1.04 by December 2023, suggesting a cyclical pattern of liquidity management or seasonal fluctuations in short-term obligations.
- Analysis of 2024-2025 Liquidity Compression
- During the first half of 2024, the ratio remained suppressed at 0.78, coinciding with a rise in current liabilities to 25.8 billion USD. A gradual recovery was observed throughout the remainder of 2024 and into 2025, with the ratio stabilizing between 0.91 and 0.99. This period reflects a relative equilibrium where quick assets grew in tandem with current liabilities, peaking in September 2025 with assets at 27.9 billion USD and liabilities at 28.1 billion USD.
- Recent Liquidity Positioning
- A notable improvement in the liquidity profile is evident by March 2026, where the quick ratio returned to 1.04. This improvement is primarily driven by a significant reduction in current liabilities, which decreased from 23.4 billion USD in December 2025 to 19.1 billion USD in March 2026, while quick assets remained relatively stable at 19.8 billion USD.
Cash Ratio
Bristol-Myers Squibb Co., cash ratio calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||
| Cash and cash equivalents | |||||||||||||||||||||||
| Marketable debt securities | |||||||||||||||||||||||
| Total cash assets | |||||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||||
| Liquidity Ratio | |||||||||||||||||||||||
| Cash ratio1 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||
| AbbVie Inc. | |||||||||||||||||||||||
| Amgen Inc. | |||||||||||||||||||||||
| Danaher Corp. | |||||||||||||||||||||||
| Eli Lilly & Co. | |||||||||||||||||||||||
| Gilead Sciences Inc. | |||||||||||||||||||||||
| Johnson & Johnson | |||||||||||||||||||||||
| Merck & Co. Inc. | |||||||||||||||||||||||
| Pfizer Inc. | |||||||||||||||||||||||
| Regeneron Pharmaceuticals Inc. | |||||||||||||||||||||||
| Thermo Fisher Scientific Inc. | |||||||||||||||||||||||
| Vertex Pharmaceuticals Inc. | |||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= ÷ =
2 Click competitor name to see calculations.
The analysis of liquidity trends from March 2022 through March 2026 reveals a period of significant volatility in the company's immediate liquidity position. The cash ratio, which measures the ability to cover current liabilities using only cash and cash equivalents, experienced an overall decline from its initial peak of 0.66 in March 2022, eventually stabilizing between 0.46 and 0.55 by the end of the period.
- Cash Asset Fluctuations
- Total cash assets exhibited a downward trajectory during the first half of the period, falling from 14,968 million USD in March 2022 to a low of 6,653 million USD by June 2024. A subsequent recovery period saw cash assets peak at 16,502 million USD in September 2025 before correcting to 10,486 million USD by March 2026.
- Current Liability Trends
- Current liabilities showed a general upward trend for much of the observed timeframe, rising from 22,821 million USD in March 2022 to a peak of 28,136 million USD in September 2025. A notable reduction in obligations occurred in the final two quarters, with liabilities decreasing to 19,158 million USD by March 2026.
- Cash Ratio Performance and Volatility
- The cash ratio demonstrated substantial variance, reaching a critical low of 0.29 in June 2024, indicating a period of tightened immediate liquidity. This was followed by a recovery phase that brought the ratio back to 0.59 by September 2025. The fluctuations suggest a dynamic management of short-term assets and liabilities, with the company maintaining a cash buffer that typically covers between 30% and 60% of its current obligations.