Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Enterprise Value to FCFF (EV/FCFF) 

Microsoft Excel

Free Cash Flow to The Firm (FCFF)

Bristol-Myers Squibb Co., FCFF calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net earnings (loss) attributable to BMS 8,025 6,327 6,994 (9,015) 3,439
Noncontrolling interest 15 18 20 20 21
Net noncash charges 7,734 8,950 10,446 22,064 1,542
Changes in operating assets and liabilities (1,914) (2,229) (1,253) 983 3,065
Net cash provided by operating activities 13,860 13,066 16,207 14,052 8,067
Interest payments, net of tax1 1,144 1,152 1,299 1,264 288
Capital expenditures (1,209) (1,118) (973) (753) (836)
Free cash flow to the firm (FCFF) 13,795 13,100 16,533 14,563 7,519

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Bristol-Myers Squibb Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Bristol-Myers Squibb Co. FCFF decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Interest Paid, Net of Tax

Bristol-Myers Squibb Co., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR1 4.70% 17.70% 13.40% 21.00% 30.50%
Interest Paid, Net of Tax
Interest payments, before tax 1,200 1,400 1,500 1,600 414
Less: Interest payments, tax2 56 248 201 336 126
Interest payments, net of tax 1,144 1,152 1,299 1,264 288

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 See details »

2 2023 Calculation
Interest payments, tax = Interest payments × EITR
= 1,200 × 4.70% = 56


Enterprise Value to FCFF Ratio, Current

Bristol-Myers Squibb Co., current EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 111,145
Free cash flow to the firm (FCFF) 13,795
Valuation Ratio
EV/FCFF 8.06
Benchmarks
EV/FCFF, Competitors1
AbbVie Inc. 13.50
Amgen Inc. 23.14
Danaher Corp. 38.03
Eli Lilly & Co. 707.90
Gilead Sciences Inc. 12.20
Johnson & Johnson 18.12
Merck & Co. Inc. 38.02
Pfizer Inc. 33.46
Regeneron Pharmaceuticals Inc. 25.45
Thermo Fisher Scientific Inc. 29.96
Zoetis Inc. 43.74
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences 27.62
EV/FCFF, Industry
Health Care 23.82

Based on: 10-K (reporting date: 2023-12-31).

1 Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.


Enterprise Value to FCFF Ratio, Historical

Bristol-Myers Squibb Co., historical EV/FCFF calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)1 126,048 181,761 173,993 169,334 175,853
Free cash flow to the firm (FCFF)2 13,795 13,100 16,533 14,563 7,519
Valuation Ratio
EV/FCFF3 9.14 13.87 10.52 11.63 23.39
Benchmarks
EV/FCFF, Competitors4
AbbVie Inc. 14.89 12.15 13.18 13.95 11.60
Amgen Inc. 22.22 16.01 15.82 14.51 16.05
Danaher Corp. 36.34 25.74 28.25 30.66 37.11
Eli Lilly & Co. 655.33 59.14 38.37 39.01 36.26
Gilead Sciences Inc. 13.41 13.58 8.42 13.60 9.78
Johnson & Johnson 19.30 23.80 21.25 20.75 19.31
Merck & Co. Inc. 37.84 19.09 23.27 34.12 20.46
Pfizer Inc. 32.24 9.15 8.40 21.74 19.44
Regeneron Pharmaceuticals Inc. 23.99 17.96 9.81 25.74 19.54
Thermo Fisher Scientific Inc. 28.85 31.61 33.14 26.14 28.88
Zoetis Inc. 47.16 54.71 49.22 43.54 47.27
EV/FCFF, Sector
Pharmaceuticals, Biotechnology & Life Sciences 27.50 18.37 16.44 20.25 19.59
EV/FCFF, Industry
Health Care 23.93 17.99 17.44 18.06 18.43

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 See details »

2 See details »

3 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 126,048 ÷ 13,795 = 9.14

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Bristol-Myers Squibb Co. EV/FCFF ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.