Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Bristol-Myers Squibb Co., FCFE calculation

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Net earnings (loss) attributable to BMS 6,994  (9,015) 3,439  4,920  1,007 
Noncontrolling interest 20  20  21  27  (32)
Net noncash charges 10,446  22,064  1,542  817  2,712 
Changes in operating assets and liabilities (1,253) 983  3,065  176  1,588 
Net cash provided by operating activities 16,207  14,052  8,067  5,940  5,275 
Capital expenditures (973) (753) (836) (951) (1,055)
Short-term debt obligations, net (160) (267) 131  (543) 727 
Issuance of long-term debt —  6,945  26,778  —  1,488 
Repayment of long-term debt (6,022) (2,750) (9,256) (5) (1,224)
Free cash flow to equity (FCFE) 9,052  17,227  24,884  4,441  5,211 

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Bristol-Myers Squibb Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Bristol-Myers Squibb Co. FCFE decreased from 2019 to 2020 and from 2020 to 2021.

Price to FCFE Ratio, Current

Bristol-Myers Squibb Co., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 2,135,255,158
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 9,052 
FCFE per share 4.24
Current share price (P) 73.80
Valuation Ratio
P/FCFE 17.41
Benchmarks
P/FCFE, Competitors1
Abbott Laboratories 22.72
CVS Health Corp. 20.67
Danaher Corp. 23.08
Elevance Health Inc. 11.42
Intuitive Surgical Inc. 49.19
Medtronic PLC 20.80
UnitedHealth Group Inc. 22.44
P/FCFE, Sector
Health Care Equipment & Services 21.25
P/FCFE, Industry
Health Care 17.88

Based on: 10-K (reporting date: 2021-12-31).

1 Click competitor name to see calculations.

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


Price to FCFE Ratio, Historical

Bristol-Myers Squibb Co., historical P/FCFE calculation, comparison to benchmarks

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
No. shares of common stock outstanding1 2,179,712,820 2,240,475,153 2,257,510,796 1,632,675,877 1,632,582,502
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 9,052  17,227  24,884  4,441  5,211 
FCFE per share3 4.15 7.69 11.02 2.72 3.19
Share price1, 4 67.14 60.00 63.97 50.65 63.87
Valuation Ratio
P/FCFE5 16.17 7.80 5.80 18.62 20.01
Benchmarks
P/FCFE, Competitors6
Abbott Laboratories 24.52 38.42 53.19 70.38
CVS Health Corp. 21.23 11.93 18.52 1.66 12.89
Danaher Corp. 20.75 44.62 6.88 26.93 300.48
Elevance Health Inc. 11.07 7.75 13.72 52.47 8.42
Intuitive Surgical Inc. 58.86 81.15 57.31 60.90 49.12
Medtronic PLC 38.91 23.06 26.62 15.45
UnitedHealth Group Inc. 20.11 13.93 13.90 14.22 24.48
P/FCFE, Sector
Health Care Equipment & Services 21.13 16.59 13.10 13.50 21.36
P/FCFE, Industry
Health Care 17.07 17.40 13.30 16.89 16.08

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 9,052,000,000 ÷ 2,179,712,820 = 4.15

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

5 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 67.14 ÷ 4.15 = 16.17

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Bristol-Myers Squibb Co. P/FCFE ratio increased from 2019 to 2020 and from 2020 to 2021.