Bristol-Myers Squibb Co., current enterprise value calculation

Current share price (P)	$59.13
No. shares of common stock outstanding	2,036,473,705
US$ in millions
Common equity (market value)¹	120,417)
Add: Preferred stock, $2 convertible series, par value $1 per share (per books)	—)
Add: Noncontrolling interest (per books)	33)
Total equity	120,450)
Add: Short-term debt obligations (per books)	2,261)
Add: Long-term debt, excluding current portion (per books)	42,850)
Total equity and debt	165,561)
Less: Cash and cash equivalents	10,209)
Less: Marketable debt securities	464)
Enterprise value (EV)	154,888)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 59.13 × 2,036,473,705

Bristol-Myers Squibb Co., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$59.93	$56.15	$48.71	$72.25	$67.14
No. shares of common stock outstanding¹	2,036,473,705	2,029,312,023	2,022,193,411	2,098,775,978	2,179,712,820
US$ in millions
Common equity (market value)³	122,046)	113,946)	98,501)	151,637)	146,346)
Add: Preferred stock, $2 convertible series, par value $1 per share (book value)	—)	—)	—)	—)	—)
Add: Noncontrolling interest (book value)	33)	53)	55)	57)	60)
Total equity	122,079)	113,999)	98,556)	151,694)	146,406)
Add: Short-term debt obligations (book value)	2,261)	2,046)	3,119)	4,264)	4,948)
Add: Long-term debt, excluding current portion (book value)	42,850)	47,603)	36,653)	35,056)	39,605)
Total equity and debt	167,190)	163,648)	138,328)	191,014)	190,959)
Less: Cash and cash equivalents	10,209)	10,346)	11,464)	9,123)	13,979)
Less: Marketable debt securities	464)	513)	816)	130)	2,987)
Enterprise value (EV)	156,517)	152,789)	126,048)	181,761)	173,993)

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 Data adjusted for splits and stock dividends.

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

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 59.93 × 2,036,473,705

An examination of the financial information reveals fluctuations in key metrics related to company valuation over the five-year period. The enterprise value (EV) demonstrates a notable shift, while components contributing to its calculation – common equity, total equity, and total equity and debt – also exhibit distinct trends.

Enterprise Value (EV): The enterprise value initially increased from US$173,993 million in 2021 to US$181,761 million in 2022. A significant decrease followed, with EV falling to US$126,048 million in 2023. Subsequent years show recovery, reaching US$152,789 million in 2024 and further increasing to US$156,517 million in 2025. This suggests potential shifts in market perception of the company’s value, or changes in debt and cash positions.
Equity Components: Both common equity and total equity followed a similar pattern. They increased from 2021 to 2022, then experienced a substantial decline in 2023. A recovery is observed in both metrics from 2023 to 2025, though the 2025 values remain below the 2021 and 2022 levels. The close alignment between common equity and total equity indicates limited changes in other equity components during the period.
Total Equity and Debt: Total equity and debt remained relatively stable between 2021 and 2022, fluctuating around US$191 million. A considerable decrease is evident in 2023, dropping to US$138,328 million, before rising to US$163,648 million in 2024 and US$167,190 million in 2025. This suggests a potential restructuring of the company’s capital structure, possibly involving debt reduction or equity buybacks in 2023, followed by increased borrowing or equity issuance in subsequent years.

The decrease in EV in 2023, coinciding with the reduction in total equity and debt, warrants further investigation. The subsequent recovery in EV, coupled with the increase in total equity and debt, suggests a stabilization of the company’s financial position. The observed trends indicate dynamic changes in the company’s valuation and capital structure over the analyzed period.

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Bristol-Myers Squibb Co. (NYSE:BMY)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)