Price to FCFE (P/FCFE)
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Bristol-Myers Squibb Co. pages available for free this week:
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Free Cash Flow to Equity (FCFE)
Bristol-Myers Squibb Co., FCFE calculation
US$ in millions
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).
- Net cash provided by operating activities
- There was a noticeable increase in net cash provided by operating activities from 2020 to 2021, rising from 14,052 million USD to 16,207 million USD. However, this was followed by a decline in 2022, dropping to 13,066 million USD. Subsequently, the figure showed a moderate recovery, increasing to 13,860 million USD in 2023 and further to 15,190 million USD in 2024. Overall, the operating cash flow exhibits some volatility but demonstrates a generally positive trend across the five-year period.
- Free cash flow to equity (FCFE)
- Free cash flow to equity experienced a sharp decrease from 17,227 million USD in 2020 to 9,052 million USD in 2021, and this declining trend continued into 2022, reaching 6,637 million USD. From 2022 onwards, FCFE reversed its downward trajectory, recovering substantially to 13,107 million USD in 2023 and surging significantly to 24,038 million USD in 2024. This pattern indicates a pronounced fluctuation in FCFE, with a strong rebound in the latter periods that surpasses the initial value reported in 2020.
- General Observations
- Both key cash flow metrics show variability over the five-year period. The net cash provided by operating activities remains relatively stable with a moderate rebound following a dip in 2022, while the free cash flow to equity demonstrates more pronounced volatility, with an initial steep decline followed by a significant recovery. This suggests possible changes in capital expenditures, financing activities, or working capital management influencing FCFE more strongly than operating cash flow. The substantial increase in FCFE in 2024 especially may indicate improved financial flexibility or reduced cash requirements, which could positively impact shareholder value.
Price to FCFE Ratio, Current
Bristol-Myers Squibb Co., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| AbbVie Inc. | |
| Amgen Inc. | |
| Danaher Corp. | |
| Eli Lilly & Co. | |
| Gilead Sciences Inc. | |
| Johnson & Johnson | |
| Merck & Co. Inc. | |
| Pfizer Inc. | |
| Regeneron Pharmaceuticals Inc. | |
| Thermo Fisher Scientific Inc. | |
| Vertex Pharmaceuticals Inc. | |
| P/FCFE, Sector | |
| Pharmaceuticals, Biotechnology & Life Sciences | |
| P/FCFE, Industry | |
| Health Care | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Bristol-Myers Squibb Co., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| AbbVie Inc. | ||||||
| Amgen Inc. | ||||||
| Danaher Corp. | ||||||
| Eli Lilly & Co. | ||||||
| Gilead Sciences Inc. | ||||||
| Johnson & Johnson | ||||||
| Merck & Co. Inc. | ||||||
| Pfizer Inc. | ||||||
| Regeneron Pharmaceuticals Inc. | ||||||
| Thermo Fisher Scientific Inc. | ||||||
| Vertex Pharmaceuticals Inc. | ||||||
| P/FCFE, Sector | ||||||
| Pharmaceuticals, Biotechnology & Life Sciences | ||||||
| P/FCFE, Industry | ||||||
| Health Care | ||||||
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.
3 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Bristol-Myers Squibb Co. Annual Report.
5 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The share price exhibited an initial upward trajectory from 60 US$ at the end of 2020 to a peak of 72.25 US$ by the end of 2022. Thereafter, it experienced a notable decline in 2023, dropping to 48.71 US$, followed by a moderate recovery to 56.15 US$ by the end of 2024. This pattern indicates volatility in market valuation over the five-year period.
Free Cash Flow to Equity (FCFE) per share demonstrated a contrasting trajectory. It decreased from 7.69 US$ in 2020 to a low point of 3.16 US$ in 2022, reflecting a reduction in cash available to equity shareholders during this time. From 2023 onward, FCFE per share showed a strong rebound, increasing to 6.48 US$ in 2023 and further surging to 11.85 US$ in 2024, indicating an improvement in the company’s cash generation capacity.
The Price to FCFE (P/FCFE) ratio varied inversely relative to FCFE per share trends. Initially, it rose sharply from 7.8 in 2020 to a high of 22.85 in 2022, suggesting that the market price was becoming significantly more expensive relative to the free cash flow generated per share. This trend reversed in subsequent years as the ratio dropped to 7.52 in 2023 and further to 4.74 in 2024. The declining P/FCFE ratio in the later years suggests that the stock became more attractively valued relative to its cash flow generation, potentially reflecting improved investor confidence aligned with stronger financial fundamentals.
- Summary of Trends:
- - Share price saw growth through 2022, followed by a decline and partial recovery.
- - FCFE per share declined initially but markedly increased in the last two years, signaling enhanced cash generation.
- - P/FCFE ratio rose sharply until 2022, then substantially decreased, indicating shifts in valuation favoring cash flow strength in recent years.