Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Bristol-Myers Squibb Co., current price multiples

	Bristol-Myers Squibb Co.	Abbott Laboratories	AbbVie Inc.	Allergan PLC	Amgen Inc.	Biogen Inc.	Celgene Corp.	Eli Lilly & Co.	Gilead Sciences Inc.	Johnson & Johnson	Merck & Co. Inc.	Pfizer Inc.	Regeneron Pharmaceuticals Inc.	Pharmaceuticals & Biotechnology	Health Care
Selected Financial Data
Current share price (P)	$
No. shares of common stock outstanding
Growth rate (g)

Earnings per share (EPS)	$
Next year expected EPS	$
Operating profit per share	$
Sales per share	$
Book value per share (BVPS)	$
Ratios (Price Multiples)
Price to earnings (P/E)
Price to next year expected earnings
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

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

If company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.

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

Bristol-Myers Squibb Co., historical price multiples

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

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).

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 declined 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 declined 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 declined 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 declined from 2017 to 2018 not reaching 2016 level.

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Net earnings attributable to BMS (in millions)
	Earnings per share (EPS)²
	Share price^1, 3
	Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Merck & Co. Inc.
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.
	P/E Ratio, Sector
	Pharmaceuticals & Biotechnology
	P/E Ratio, Industry
	Health Care

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
= hidden ÷ hidden = hidden

³ Close price on the filing date of Bristol-Myers Squibb Co.’s Annual Report.

⁴ 2018 Calculation
P/E ratio = Share price ÷ EPS
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

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 declined significantly from 2017 to 2018.

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Operating income (in millions)
	Operating profit per share²
	Share price^1, 3
	Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Merck & Co. Inc.
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.
	P/OP Ratio, Sector
	Pharmaceuticals & Biotechnology
	P/OP Ratio, Industry
	Health Care

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
= hidden ÷ hidden = hidden

³ Close price on the filing date of Bristol-Myers Squibb Co.’s Annual Report.

⁴ 2018 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

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 declined significantly from 2017 to 2018.

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Revenues (in millions)
	Sales per share²
	Share price^1, 3
	Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Merck & Co. Inc.
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.
	P/S Ratio, Sector
	Pharmaceuticals & Biotechnology
	P/S Ratio, Industry
	Health Care

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
= hidden ÷ hidden = hidden

³ Close price on the filing date of Bristol-Myers Squibb Co.’s Annual Report.

⁴ 2018 Calculation
P/S ratio = Share price ÷ Sales per share
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

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 declined significantly from 2017 to 2018.

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

		Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Total Bristol-Myers Squibb Company shareholders’ equity (in millions)
	Book value per share (BVPS)²
	Share price^1, 3
	Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Abbott Laboratories
	AbbVie Inc.
	Allergan PLC
	Amgen Inc.
	Biogen Inc.
	Celgene Corp.
	Eli Lilly & Co.
	Gilead Sciences Inc.
	Johnson & Johnson
	Merck & Co. Inc.
	Pfizer Inc.
	Regeneron Pharmaceuticals Inc.
	P/BV Ratio, Sector
	Pharmaceuticals & Biotechnology
	P/BV Ratio, Industry
	Health Care

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
= hidden ÷ hidden = hidden

³ Close price on the filing date of Bristol-Myers Squibb Co.’s Annual Report.

⁴ 2018 Calculation
P/BV ratio = Share price ÷ BVPS
= hidden ÷ hidden = hidden

⁵ Click competitor name to see calculations.

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 declined from 2017 to 2018 not reaching 2016 level.

	Bristol-Myers Squibb Co.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Bristol-Myers Squibb Co. (BMY)

Common Stock Valuation Ratios (Price Multiples)

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)