Stock Analysis on Net
Stock Analysis on Net

Bristol-Myers Squibb Co. (NYSE:BMY)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Bristol-Myers Squibb Co., FCFE 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
Capital expenditures (1,209) (1,118) (973) (753) (836)
Short-term debt obligations, net (120) 194 (160) (267) 131
Issuance of long-term debt 4,455 5,926 — 6,945 26,778
Repayment of long-term debt (3,879) (11,431) (6,022) (2,750) (9,256)
Free cash flow to equity (FCFE) 13,107 6,637 9,052 17,227 24,884

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
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 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

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

Microsoft Excel
No. shares of common stock outstanding 2,027,100,096
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 13,107
FCFE per share 6.47
Current share price (P) 44.70
Valuation Ratio
P/FCFE 6.91
Benchmarks
P/FCFE, Competitors1
AbbVie Inc. 16.53
Amgen Inc. 4.37
Danaher Corp. 52.12
Eli Lilly & Co. 72.94
Gilead Sciences Inc. 11.37
Johnson & Johnson 22.80
Merck & Co. Inc. 24.84
Pfizer Inc. 3.50
Regeneron Pharmaceuticals Inc. 25.23
Thermo Fisher Scientific Inc. 31.78
Zoetis Inc. 258.16
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 16.37
P/FCFE, Industry
Health Care 16.27

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

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

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
No. shares of common stock outstanding1 2,022,193,411 2,098,775,978 2,179,712,820 2,240,475,153 2,257,510,796
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 13,107 6,637 9,052 17,227 24,884
FCFE per share3 6.48 3.16 4.15 7.69 11.02
Share price1, 4 48.71 72.25 67.14 60.00 63.97
Valuation Ratio
P/FCFE5 7.52 22.85 16.17 7.80 5.80
Benchmarks
P/FCFE, Competitors6
AbbVie Inc. 17.37 22.66 18.76 13.16 3.64
Amgen Inc. 4.71 8.32 13.52 11.06 33.32
Danaher Corp. 53.08 32.04 20.75 44.62 6.88
Eli Lilly & Co. 75.06 60.51 35.17 36.62 15.87
Gilead Sciences Inc. 12.81 15.22 12.70 5.98 15.91
Johnson & Johnson 24.31 16.73 23.28 15.60 23.06
Merck & Co. Inc. 24.48 22.40 18.72 17.85 18.08
Pfizer Inc. 3.82 10.56 8.88 — 9.87
Regeneron Pharmaceuticals Inc. 26.52 19.29 10.35 13.30 21.00
Thermo Fisher Scientific Inc. 31.16 27.98 13.44 18.58 46.04
Zoetis Inc. 308.88 29.88 82.45 32.86 51.91
P/FCFE, Sector
Pharmaceuticals, Biotechnology & Life Sciences 17.06 19.49 16.88 17.38 11.72
P/FCFE, Industry
Health Care 16.86 18.40 17.97 17.17 13.58

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 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 13,107,000,000 ÷ 2,022,193,411 = 6.48

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

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 48.71 ÷ 6.48 = 7.52

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 2021 to 2022 but then decreased significantly from 2022 to 2023.