Current EV
Historical EV

Bristol-Myers Squibb Co., current enterprise value calculation

Current share price (P)	$46.92
No. shares of common stock outstanding	2,035,080,810
US$ in millions
Common equity (market value)¹	95,486)
Add: Preferred stock, $2 convertible series, par value $1 per share (per books)	—)
Add: Noncontrolling interest (per books)	53)
Total equity	95,539)
Add: Short-term debt obligations (per books)	2,046)
Add: Long-term debt, excluding current portion (per books)	47,603)
Total equity and debt	145,188)
Less: Cash and cash equivalents	10,346)
Less: Marketable debt securities	513)
Enterprise value (EV)	134,329)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 46.92 × 2,035,080,810

Bristol-Myers Squibb Co., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$56.15	$48.71	$72.25	$67.14	$60.00
No. shares of common stock outstanding¹	2,029,312,023	2,022,193,411	2,098,775,978	2,179,712,820	2,240,475,153
US$ in millions
Common equity (market value)³	113,946)	98,501)	151,637)	146,346)	134,429)
Add: Preferred stock, $2 convertible series, par value $1 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	53)	55)	57)	60)	60)
Total equity	113,999)	98,556)	151,694)	146,406)	134,489)
Add: Short-term debt obligations (book value)	2,046)	3,119)	4,264)	4,948)	2,340)
Add: Long-term debt, excluding current portion (book value)	47,603)	36,653)	35,056)	39,605)	48,336)
Total equity and debt	163,648)	138,328)	191,014)	190,959)	185,165)
Less: Cash and cash equivalents	10,346)	11,464)	9,123)	13,979)	14,546)
Less: Marketable debt securities	513)	816)	130)	2,987)	1,285)
Enterprise value (EV)	152,789)	126,048)	181,761)	173,993)	169,334)

Based on: 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), 10-K (reporting date: 2020-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 56.15 × 2,029,312,023

Common Equity (Market Value): The common equity exhibited a general upward trend from 2020 through 2022, increasing from approximately $134.4 billion to $151.6 billion. However, a significant decline occurred in 2023, with a decrease to around $98.5 billion, followed by a recovery in 2024 to approximately $114 billion. This pattern suggests a period of volatility or external influence affecting market valuation in 2023, with partial stabilization thereafter.
Total Equity: Total equity mirrored the trend of common equity closely, escalating from about $134.5 billion in 2020 to $151.7 billion in 2022, then sharply declining to $98.6 billion in 2023 before rebounding to nearly $114 billion in 2024. The parallel movement indicates that the components of total equity other than common equity remained relatively consistent during these periods.
Total Equity and Debt: Total equity and debt rose modestly from approximately $185.2 billion in 2020 to $191 billion in 2022, signaling steady leverage and capital structure. Subsequently, a marked contraction to $138.3 billion occurred in 2023, corresponding with the decline seen in equity figures. The figure then increased to $163.6 billion in 2024, indicating a partial restoration of financial resources or capital commitment.
Enterprise Value (EV): Enterprise value experienced a gradual increase from $169.3 billion in 2020 to $181.8 billion in 2022, reflecting growing market valuation and debt levels. In 2023, a sharp decrease to $126 billion was observed, aligning with declines in equity and total capitalization, followed by an increase to $152.8 billion in 2024. The EV trend underscores a notable disruption in 2023, impacting both market perceptions and the company's valuation base, with a trend toward recovery the following year.

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Bristol-Myers Squibb Co. (NYSE:BMY)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)