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Bristol-Myers Squibb Co. (BMY)


Common Stock Valuation Ratios (Price Multiples)

Beginner level


Current Valuation Ratios

Bristol-Myers Squibb Co., current price multiples

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Bristol-Myers Squibb Co. Abbott Laboratories AbbVie Inc. Allergan PLC Amgen Inc. Biogen Inc. Eli Lilly & Co. Gilead Sciences Inc. Johnson & Johnson Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Vertex Pharmaceuticals Inc. Zoetis Inc. Pharmaceuticals & Biotechnology Health Care
Selected Financial Data
Current share price (P) $63.70
No. shares of common stock outstanding 1,629,284,798
Growth rate (g) -5.66%
 
Earnings per share (EPS) $3.02
Next year expected EPS $2.85
Operating profit per share $3.14
Sales per share $13.85
Book value per share (BVPS) $8.61
Valuation Ratios (Price Multiples)
Price to earnings (P/E) 21.09 66.91 21.85 15.78 11.45 41.09 14.80 25.59 35.24 19.93 15.25 27.88 45.35 27.05 28.98
Price to next year expected earnings 22.36 65.19 20.51 14.52 8.76 39.57 10.49 31.90 36.25 19.20 13.06 35.83 32.97 25.40 27.01
Price to operating profit (P/OP) 20.28 43.41 19.47 12.91 8.61 35.69 9.85 19.77 26.41 15.87 14.70 92.05 35.72 21.87 22.61
Price to sales (P/S) 4.60 5.18 3.79 3.93 5.88 3.77 5.41 3.73 4.80 5.18 4.14 5.55 19.18 11.12 4.88 3.83
Price to book value (P/BV) 7.40 5.19 0.95 10.60 3.89 13.51 3.78 6.55 8.21 3.51 4.26 13.18 29.64 5.69 5.35

Based on: 10-K (filing date: 2019-02-25).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.


Historical Valuation Ratios (Summary)

Bristol-Myers Squibb Co., historical price multiples

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Price to earnings (P/E) 16.81 103.55 20.56 64.22 49.80
Price to operating profit (P/OP) 16.16 28.87 19.79 53.18 38.52
Price to sales (P/S) 3.67 5.02 4.72 6.07 6.28
Price to book value (P/BV) 5.89 8.88 5.66 7.04 6.72

Based on: 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Bristol-Myers Squibb Co.’s P/E ratio increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Bristol-Myers Squibb Co.’s P/OP ratio increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Bristol-Myers Squibb Co.’s P/S ratio increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Bristol-Myers Squibb Co.’s P/BV ratio increased from 2016 to 2017 but then slightly decreased from 2017 to 2018 not reaching 2016 level.

Price to Earnings (P/E)

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

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Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 1,632,675,877 1,632,582,502 1,672,715,340 1,669,459,090 1,662,118,446
Selected Financial Data (US$)
Net earnings attributable to BMS (in millions) 4,920  1,007  4,457  1,565  2,004 
Earnings per share (EPS)2 3.01 0.62 2.66 0.94 1.21
Share price1, 3 50.65 63.87 54.78 60.20 60.04
Valuation Ratio
P/E ratio4 16.81 103.55 20.56 64.22 49.80
Benchmarks
P/E Ratio, Competitors5
Abbott Laboratories 56.47 220.29 55.16 12.83 31.30
AbbVie Inc. 20.60 35.47 16.54 17.01 55.08
Allergan PLC 5.60 31.94
Amgen Inc. 14.01 64.06 16.03 15.95 22.96
Biogen Inc. 14.79 28.83 15.41 16.67 31.27
Eli Lilly & Co. 39.13 32.39 33.35 33.06
Gilead Sciences Inc. 15.26 22.75 6.83 6.75 12.85
Johnson & Johnson 23.74 268.10 20.08 18.80 17.15
Merck & Co. Inc. 33.46 61.63 46.14 31.64 13.94
Pfizer Inc. 21.58 9.99 28.10 26.37 23.03
Regeneron Pharmaceuticals Inc. 18.17 28.99 42.64 60.50 118.44
Vertex Pharmaceuticals Inc. 22.59 155.08
Zoetis Inc. 28.68 44.09 31.63 62.14 39.59
P/E Ratio, Sector
Pharmaceuticals & Biotechnology 25.26 43.06 18.12 19.56
P/E Ratio, Industry
Health Care 26.35 39.10 19.92 21.00

Based on: 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
EPS = Net earnings attributable to BMS ÷ No. shares of common stock outstanding
= 4,920,000,000 ÷ 1,632,675,877 = 3.01

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

4 2018 Calculation
P/E ratio = Share price ÷ EPS
= 50.65 ÷ 3.01 = 16.81

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Bristol-Myers Squibb Co.’s P/E ratio increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 1,632,675,877 1,632,582,502 1,672,715,340 1,669,459,090 1,662,118,446
Selected Financial Data (US$)
Operating income (in millions) 5,118  3,612  4,630  1,890  2,591 
Operating profit per share2 3.13 2.21 2.77 1.13 1.56
Share price1, 3 50.65 63.87 54.78 60.20 60.04
Valuation Ratio
P/OP ratio4 16.16 28.87 19.79 53.18 38.52
Benchmarks
P/OP Ratio, Competitors5
Abbott Laboratories 36.64 60.88 24.25 19.80 27.50
AbbVie Inc. 18.35 19.63 10.49 11.61 28.64
Allergan PLC
Amgen Inc. 11.46 12.71 12.64 13.07 19.13
Biogen Inc. 11.13 13.70 11.08 12.09 23.10
Eli Lilly & Co. 33.99 39.61 25.63 29.86 29.71
Gilead Sciences Inc. 10.15 7.45 5.23 5.50 10.19
Johnson & Johnson 18.34 18.94 16.09 16.50 13.36
Merck & Co. Inc. 25.08 22.58 33.62 20.29 29.30
Pfizer Inc. 17.19 15.62 16.88 15.52 15.88
Regeneron Pharmaceuticals Inc. 17.53 16.71 28.70 30.74 49.17
Vertex Pharmaceuticals Inc. 74.57 331.55 2,143.58
Zoetis Inc. 22.59 22.33 18.65 28.09 24.45
P/OP Ratio, Sector
Pharmaceuticals & Biotechnology 20.43 20.04 16.41 16.74
P/OP Ratio, Industry
Health Care 20.56 20.22 16.86 17.06

Based on: 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= 5,118,000,000 ÷ 1,632,675,877 = 3.13

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

4 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 50.65 ÷ 3.13 = 16.16

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Bristol-Myers Squibb Co.’s P/OP ratio increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 1,632,675,877 1,632,582,502 1,672,715,340 1,669,459,090 1,662,118,446
Selected Financial Data (US$)
Revenues (in millions) 22,561  20,776  19,427  16,560  15,879 
Sales per share2 13.82 12.73 11.61 9.92 9.55
Share price1, 3 50.65 63.87 54.78 60.20 60.04
Valuation Ratio
P/S ratio4 3.67 5.02 4.72 6.07 6.28
Benchmarks
P/S Ratio, Competitors5
Abbott Laboratories 4.37 3.84 3.70 2.78 3.53
AbbVie Inc. 3.58 6.67 3.84 3.83 4.90
Allergan PLC 2.93 3.40 5.65 7.81 5.79
Amgen Inc. 5.22 5.82 5.65 5.28 6.13
Biogen Inc. 4.87 5.96 4.98 5.49 9.46
Eli Lilly & Co. 5.15 3.71 4.18 4.02 4.03
Gilead Sciences Inc. 3.84 4.10 3.08 3.80 6.36
Johnson & Johnson 4.45 4.56 4.62 4.13 3.77
Merck & Co. Inc. 4.92 3.68 4.54 3.56 3.93
Pfizer Inc. 4.49 4.05 3.84 3.76 4.24
Regeneron Pharmaceuticals Inc. 6.62 5.92 7.86 9.38 14.62
Vertex Pharmaceuticals Inc. 15.54 16.42 12.51 20.38 47.41
Zoetis Inc. 7.03 7.18 5.31 4.42 4.82
P/S Ratio, Sector
Pharmaceuticals & Biotechnology 4.56 4.65 4.44 4.37
P/S Ratio, Industry
Health Care 3.49 3.53 3.27 3.28

Based on: 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 22,561,000,000 ÷ 1,632,675,877 = 13.82

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

4 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= 50.65 ÷ 13.82 = 3.67

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Bristol-Myers Squibb Co.’s P/S ratio increased from 2016 to 2017 but then decreased significantly from 2017 to 2018.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
No. shares of common stock outstanding1 1,632,675,877 1,632,582,502 1,672,715,340 1,669,459,090 1,662,118,446
Selected Financial Data (US$)
Total Bristol-Myers Squibb Company shareholders’ equity (in millions) 14,031  11,741  16,177  14,266  14,852 
Book value per share (BVPS)2 8.59 7.19 9.67 8.55 8.94
Share price1, 3 50.65 63.87 54.78 60.20 60.04
Valuation Ratio
P/BV ratio4 5.89 8.88 5.66 7.04 6.72
Benchmarks
P/BV Ratio, Competitors5
Abbott Laboratories 4.38 3.40 3.76 2.68 3.32
AbbVie Inc. 36.95 21.24 22.17 56.09
Allergan PLC 0.71 0.73 1.08 1.54 2.67
Amgen Inc. 9.41 5.02 4.14 3.94 4.59
Biogen Inc. 5.03 5.80 4.70 6.31 8.49
Eli Lilly & Co. 12.87 7.33 6.33 5.51 5.14
Gilead Sciences Inc. 3.89 5.15 4.88 6.59 10.08
Johnson & Johnson 6.08 5.79 4.72 4.07 4.01
Merck & Co. Inc. 7.79 4.30 4.51 3.15 3.42
Pfizer Inc. 3.80 2.98 3.40 2.84 2.95
Regeneron Pharmaceuticals Inc. 5.07 5.66 8.58 10.53 16.22
Vertex Pharmaceuticals Inc. 10.68 20.14 18.42 22.38 25.60
Zoetis Inc. 18.74 21.52 17.46 19.72 17.61
P/BV Ratio, Sector
Pharmaceuticals & Biotechnology 5.31 4.53 4.09 3.83
P/BV Ratio, Industry
Health Care 4.86 4.34 3.89 3.56

Based on: 10-K (filing date: 2019-02-25), 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-21), 10-K (filing date: 2016-02-12), 10-K (filing date: 2015-02-13).

1 Data adjusted for splits and stock dividends.

2 2018 Calculation
BVPS = Total Bristol-Myers Squibb Company shareholders’ equity ÷ No. shares of common stock outstanding
= 14,031,000,000 ÷ 1,632,675,877 = 8.59

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

4 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= 50.65 ÷ 8.59 = 5.89

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Bristol-Myers Squibb Co.’s P/BV ratio increased from 2016 to 2017 but then slightly decreased from 2017 to 2018 not reaching 2016 level.