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).

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., historical price multiples (quarterly data)

	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016
Price to earnings (P/E)	—	—	—	144.77	41.99	16.53	11.97	14.51	16.81	56.09	251.38	92.56	103.55	23.59	19.40	18.96	20.56	—	—	—
Price to operating profit (P/OP)	—	39.45	33.97	27.33	24.42	13.51	10.89	13.68	16.16	19.56	27.48	23.10	28.87	24.60	20.23	19.09	19.79	—	—	—
Price to sales (P/S)	3.16	3.66	3.97	4.45	5.52	3.87	3.11	3.21	3.67	3.64	4.38	4.04	5.02	4.85	4.40	4.59	4.72	—	—	—
Price to book value (P/BV)	3.55	2.87	2.82	2.77	2.80	5.30	4.63	4.91	5.89	5.89	7.67	6.65	8.88	6.75	6.05	6.36	5.66	5.56	8.36	8.38

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 decreased from Q2 2020 to Q3 2020 and from Q3 2020 to Q4 2020.
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 Q2 2020 to Q3 2020 and from Q3 2020 to Q4 2020.

Bristol-Myers Squibb Co., historical P/E calculation (quarterly data)

	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016
No. shares of common stock outstanding¹	2,240,475,153	2,259,751,518	2,253,934,635	2,262,689,755	2,257,510,796	1,629,284,798	1,635,766,530	1,635,705,782	1,632,675,877	1,632,198,774	1,631,876,909	1,634,538,458	1,632,582,502	1,636,699,696	1,639,926,446	1,647,434,458	1,672,715,340	1,671,229,946	1,670,858,535	1,669,307,273
Selected Financial Data (US$)
Net earnings (loss) attributable to BMS (in millions)	(10,027)	1,872	(85)	(775)	(1,056)	1,353	1,432	1,710	1,160	1,901	373	1,486	(2,328)	845	916	1,574	894	1,202	1,166	1,195
Earnings per share (EPS)²	-4.02	-0.02	-0.25	0.42	1.52	3.47	3.79	3.14	3.01	0.88	0.23	0.56	0.62	2.58	2.80	2.94	2.66	0.00	0.00	0.00
Share price^1, 3	60.00	63.75	61.33	61.04	63.97	57.37	45.40	45.64	50.65	49.21	57.92	52.04	63.87	60.95	54.24	55.67	54.78	51.96	74.66	72.26
Valuation Ratio
P/E ratio⁴	—	—	—	144.77	41.99	16.53	11.97	14.51	16.81	56.09	251.38	92.56	103.55	23.59	19.40	18.96	20.56	—	—	—
Benchmarks
P/E Ratio, Competitors⁵
Abbott Laboratories	48.49	58.45	58.36	45.61	41.83	44.92	53.17	52.98	56.47	136.66	122.73	213.07	220.29	45.00	73.04	50.48	55.16	—	—	—
AbbVie Inc.	40.17	22.60	23.92	14.70	17.82	37.29	23.42	21.71	20.60	17.29	22.09	24.91	35.47	22.56	17.16	16.90	16.54	—	—	—
Amgen Inc.	18.82	17.25	19.97	17.70	17.07	15.53	14.06	13.30	14.01	55.79	52.69	52.13	64.06	15.67	15.70	15.16	16.03	—	—	—
Eli Lilly & Co.	31.95	22.54	25.59	26.56	16.19	13.31	13.84	18.38	39.13	249.24	—	79.88	—	41.51	37.39	41.29	32.39	—	—	—
Gilead Sciences Inc.	—	59.19	—	19.58	16.45	30.72	13.61	14.26	15.26	57.34	45.72	24.66	22.75	8.24	7.85	6.92	6.83	6.47	6.49	6.50
Illumina Inc.	109.92	66.98	74.93	47.73	43.43	43.91	46.92	54.25	52.00	62.22	73.58	59.94	44.63	38.26	38.75	36.92	52.01	—	—	—
Johnson & Johnson	28.92	22.51	25.68	23.06	25.99	24.03	21.50	25.68	23.74	243.48	256.64	271.47	268.10	23.75	21.91	20.12	20.08	—	—	—
Merck & Co. Inc.	26.72	17.67	19.70	19.18	20.60	22.67	23.07	23.97	33.46	56.97	132.14	96.71	61.63	53.20	33.41	39.83	46.14	—	—	—
Pfizer Inc.	19.62	23.29	15.01	13.00	11.63	12.60	16.12	19.69	21.58	10.64	10.66	9.43	9.99	21.39	23.88	27.02	28.10	—	—	—
Regeneron Pharmaceuticals Inc.	15.09	19.91	22.27	28.35	19.86	17.03	15.94	14.56	18.17	21.53	26.96	22.09	28.99	34.90	43.35	47.93	42.64	—	—	—
Vertex Pharmaceuticals Inc.	20.18	20.14	34.05	43.74	52.90	23.44	20.80	20.51	22.59	65.41	108.21	175.96	155.08	193.19	149.56	166.15	—	—	—	—
Zoetis Inc.	48.25	48.84	47.41	37.05	45.89	39.46	42.08	35.57	28.68	38.90	39.51	39.53	44.09	35.00	33.42	33.79	31.63	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q4 2020 Calculation
EPS = (Net earnings (loss) attributable to BMS_{Q4 2020} + Net earnings (loss) attributable to BMS_{Q3 2020} + Net earnings (loss) attributable to BMS_{Q2 2020} + Net earnings (loss) attributable to BMS_{Q1 2020}) ÷ No. shares of common stock outstanding
= (-10,027,000,000 + 1,872,000,000 + -85,000,000 + -775,000,000) ÷ 2,240,475,153 = -4.02

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

⁴ Q4 2020 Calculation
P/E ratio = Share price ÷ EPS
= 60.00 ÷ -4.02 = —

⁵ Click competitor name to see calculations.

Bristol-Myers Squibb Co., historical P/OP calculation (quarterly data)

	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016
No. shares of common stock outstanding¹	2,240,475,153	2,259,751,518	2,253,934,635	2,262,689,755	2,257,510,796	1,629,284,798	1,635,766,530	1,635,705,782	1,632,675,877	1,632,198,774	1,631,876,909	1,634,538,458	1,632,582,502	1,636,699,696	1,639,926,446	1,647,434,458	1,672,715,340	1,671,229,946	1,670,858,535	1,669,307,273
Selected Financial Data (US$)
Operating income (loss) (in millions)	(12,277)	1,342	891	859	560	1,759	1,876	1,718	1,567	1,659	513	1,379	556	992	756	1,308	999	1,335	1,161	1,135
Operating profit per share²	-4.10	1.62	1.81	2.23	2.62	4.25	4.17	3.34	3.13	2.52	2.11	2.25	2.21	2.48	2.68	2.92	2.77	0.00	0.00	0.00
Share price^1, 3	60.00	63.75	61.33	61.04	63.97	57.37	45.40	45.64	50.65	49.21	57.92	52.04	63.87	60.95	54.24	55.67	54.78	51.96	74.66	72.26
Valuation Ratio
P/OP ratio⁴	—	39.45	33.97	27.33	24.42	13.51	10.89	13.68	16.16	19.56	27.48	23.10	28.87	24.60	20.23	19.09	19.79	—	—	—
Benchmarks
P/OP Ratio, Competitors⁵
Abbott Laboratories	40.69	45.82	45.19	35.87	34.03	34.32	37.50	36.74	36.64	38.12	38.00	39.99	60.88	47.72	41.32	30.85	24.25	—	—	—
AbbVie Inc.	16.32	14.42	15.23	9.13	10.82	18.43	13.53	17.93	18.35	12.32	14.01	15.78	19.63	14.77	11.57	11.19	10.49	—	—	—
Amgen Inc.	14.96	13.82	15.84	14.22	13.84	12.52	11.35	10.73	11.46	12.13	12.16	11.45	12.71	12.55	12.46	11.99	12.64	—	—	—
Eli Lilly & Co.	32.66	22.98	25.58	24.82	27.08	23.37	23.99	38.43	33.99	37.45	47.62	25.86	39.61	33.07	29.23	32.37	25.63	—	—	—
Gilead Sciences Inc.	—	29.86	—	21.83	20.66	19.07	9.61	10.14	10.15	9.74	9.58	6.83	7.45	6.02	5.82	5.22	5.23	5.08	5.20	5.25
Illumina Inc.	124.33	59.77	60.31	46.36	44.17	46.74	51.96	53.12	48.64	46.46	55.70	44.02	53.47	57.62	58.10	52.79	40.99	—	—	—
Johnson & Johnson	21.84	19.46	19.66	18.67	19.83	17.23	19.08	20.36	18.34	20.42	18.93	18.18	18.94	18.71	17.29	15.95	16.09	—	—	—
Merck & Co. Inc.	23.89	16.00	17.23	15.88	17.47	17.97	18.21	19.17	25.08	25.60	34.95	27.63	22.58	38.37	25.21	30.01	33.62	—	—	—
Pfizer Inc.	23.12	16.79	18.20	15.97	14.36	14.64	13.82	15.62	17.19	18.14	17.36	15.05	15.62	16.20	16.11	16.34	16.88	—	—	—
Regeneron Pharmaceuticals Inc.	14.82	20.36	23.98	26.60	19.01	16.21	15.41	14.44	17.53	16.43	18.75	14.23	16.71	23.63	29.60	32.24	28.70	—	—	—
Vertex Pharmaceuticals Inc.	19.16	20.35	33.91	40.27	51.98	64.96	52.36	56.45	74.57	66.84	442.93	—	331.55	1,018.05	112.83	99.84	2,143.58	—	—	—
Zoetis Inc.	35.22	36.65	36.24	28.78	35.00	30.23	32.11	27.78	22.59	23.98	23.28	21.51	22.33	21.75	20.64	20.42	18.65	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q4 2020 Calculation
Operating profit per share = (Operating income (loss)_{Q4 2020} + Operating income (loss)_{Q3 2020} + Operating income (loss)_{Q2 2020} + Operating income (loss)_{Q1 2020}) ÷ No. shares of common stock outstanding
= (-12,277,000,000 + 1,342,000,000 + 891,000,000 + 859,000,000) ÷ 2,240,475,153 = -4.10

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

⁴ Q4 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 60.00 ÷ -4.10 = —

⁵ Click competitor name to see calculations.

Bristol-Myers Squibb Co., historical P/S calculation (quarterly data)

	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016
No. shares of common stock outstanding¹	2,240,475,153	2,259,751,518	2,253,934,635	2,262,689,755	2,257,510,796	1,629,284,798	1,635,766,530	1,635,705,782	1,632,675,877	1,632,198,774	1,631,876,909	1,634,538,458	1,632,582,502	1,636,699,696	1,639,926,446	1,647,434,458	1,672,715,340	1,671,229,946	1,670,858,535	1,669,307,273
Selected Financial Data (US$)
Revenues (in millions)	11,068	10,540	10,129	10,781	7,945	6,007	6,273	5,920	5,973	5,691	5,704	5,193	5,449	5,254	5,144	4,929	5,243	4,922	4,871	4,391
Sales per share²	18.98	17.43	15.47	13.70	11.58	14.84	14.58	14.24	13.82	13.50	13.24	12.87	12.73	12.57	12.34	12.12	11.61	0.00	0.00	0.00
Share price^1, 3	60.00	63.75	61.33	61.04	63.97	57.37	45.40	45.64	50.65	49.21	57.92	52.04	63.87	60.95	54.24	55.67	54.78	51.96	74.66	72.26
Valuation Ratio
P/S ratio⁴	3.16	3.66	3.97	4.45	5.52	3.87	3.11	3.21	3.67	3.64	4.38	4.04	5.02	4.85	4.40	4.59	4.72	—	—	—
Benchmarks
P/S Ratio, Competitors⁵
Abbott Laboratories	6.30	6.13	5.77	5.09	4.83	4.72	4.98	4.52	4.37	3.98	3.84	3.57	3.84	3.77	3.62	3.40	3.70	—	—	—
AbbVie Inc.	4.05	4.10	4.59	3.64	4.22	3.69	2.96	3.56	3.58	4.06	4.60	5.37	6.67	5.50	4.25	4.07	3.84	—	—	—
Amgen Inc.	5.64	5.33	6.30	5.96	6.03	5.61	5.00	4.78	5.22	5.56	5.65	5.27	5.82	5.85	5.85	5.48	5.65	—	—	—
Eli Lilly & Co.	8.06	5.41	6.26	6.36	6.03	4.67	4.67	4.80	5.15	4.62	4.34	3.85	3.71	4.11	4.16	4.18	4.18	—	—	—
Gilead Sciences Inc.	—	3.29	3.95	4.34	4.00	3.76	3.69	3.84	3.84	4.17	4.43	3.52	4.10	3.54	3.42	3.05	3.08	3.13	3.32	3.48
Illumina Inc.	22.26	13.20	15.50	12.64	12.28	12.35	12.92	13.59	12.89	13.12	15.36	11.58	11.77	11.53	11.65	11.27	10.03	—	—	—
Johnson & Johnson	5.15	4.73	4.84	4.78	4.79	4.16	4.32	4.62	4.45	4.61	4.36	4.29	4.56	5.06	4.93	4.60	4.62	—	—	—
Merck & Co. Inc.	3.93	4.30	4.38	4.05	4.33	4.59	4.87	4.67	4.92	4.57	4.29	3.75	3.68	3.80	4.25	4.34	4.54	—	—	—
Pfizer Inc.	4.50	4.16	4.32	4.05	3.66	3.85	3.80	4.20	4.49	4.75	4.51	3.89	4.05	4.00	3.80	3.75	3.84	—	—	—
Regeneron Pharmaceuticals Inc.	6.24	7.62	8.31	8.10	5.34	4.79	4.56	5.11	6.62	6.08	6.92	5.20	5.92	8.09	9.56	9.27	7.86	—	—	—
Vertex Pharmaceuticals Inc.	8.82	9.04	13.11	13.71	14.95	13.89	13.34	13.54	15.54	14.96	17.14	16.47	16.42	16.47	18.23	14.60	12.51	—	—	—
Zoetis Inc.	11.84	12.42	12.09	9.42	11.00	9.37	9.57	8.35	7.03	7.92	7.88	7.10	7.18	6.40	5.85	5.83	5.31	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q4 2020 Calculation
Sales per share = (Revenues_{Q4 2020} + Revenues_{Q3 2020} + Revenues_{Q2 2020} + Revenues_{Q1 2020}) ÷ No. shares of common stock outstanding
= (11,068,000,000 + 10,540,000,000 + 10,129,000,000 + 10,781,000,000) ÷ 2,240,475,153 = 18.98

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

⁴ Q4 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 60.00 ÷ 18.98 = 3.16

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 decreased from Q2 2020 to Q3 2020 and from Q3 2020 to Q4 2020.

Bristol-Myers Squibb Co., historical P/BV calculation (quarterly data)

	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018	Dec 31, 2017	Sep 30, 2017	Jun 30, 2017	Mar 31, 2017	Dec 31, 2016	Sep 30, 2016	Jun 30, 2016	Mar 31, 2016
No. shares of common stock outstanding¹	2,240,475,153	2,259,751,518	2,253,934,635	2,262,689,755	2,257,510,796	1,629,284,798	1,635,766,530	1,635,705,782	1,632,675,877	1,632,198,774	1,631,876,909	1,634,538,458	1,632,582,502	1,636,699,696	1,639,926,446	1,647,434,458	1,672,715,340	1,671,229,946	1,670,858,535	1,669,307,273
Selected Financial Data (US$)
Total Bristol-Myers Squibb Company shareholders’ equity (in millions)	37,822	50,158	49,094	49,911	51,598	17,648	16,049	15,218	14,031	13,640	12,317	12,793	11,741	14,783	14,699	14,416	16,177	15,613	14,918	14,386
Book value per share (BVPS)²	16.88	22.20	21.78	22.06	22.86	10.83	9.81	9.30	8.59	8.36	7.55	7.83	7.19	9.03	8.96	8.75	9.67	9.34	8.93	8.62
Share price^1, 3	60.00	63.75	61.33	61.04	63.97	57.37	45.40	45.64	50.65	49.21	57.92	52.04	63.87	60.95	54.24	55.67	54.78	51.96	74.66	72.26
Valuation Ratio
P/BV ratio⁴	3.55	2.87	2.82	2.77	2.80	5.30	4.63	4.91	5.89	5.89	7.67	6.65	8.88	6.75	6.05	6.36	5.66	5.56	8.36	8.38
Benchmarks
P/BV Ratio, Competitors⁵
Abbott Laboratories	6.65	6.30	5.94	5.40	4.96	4.65	4.86	4.49	4.38	3.94	3.72	3.23	3.40	2.95	2.71	2.42	3.76	2.72	3.20	2.70
AbbVie Inc.	14.18	10.93	11.31	—	—	—	—	—	—	—	—	44.74	36.95	22.43	18.89	21.33	21.24	14.80	19.21	21.77
Amgen Inc.	14.53	11.57	13.67	14.33	13.84	11.47	10.37	9.92	9.41	8.56	8.35	7.41	5.02	3.98	4.05	3.91	4.14	3.51	4.27	4.16
Eli Lilly & Co.	35.07	26.02	35.12	47.73	51.67	31.28	39.03	46.37	12.87	8.58	8.96	6.18	7.33	6.20	6.49	6.43	6.33	5.28	6.25	5.55
Gilead Sciences Inc.	—	4.30	4.79	4.40	3.93	4.02	3.58	3.83	3.89	3.98	4.66	4.15	5.15	3.85	4.23	4.28	4.88	5.78	6.83	8.42
Illumina Inc.	15.36	9.09	11.38	9.70	9.43	9.62	10.16	11.58	11.43	12.15	14.64	11.30	11.79	10.48	10.67	10.71	10.95	9.03	11.90	10.48
Johnson & Johnson	6.72	5.93	6.19	6.46	6.61	5.84	5.78	6.39	6.08	5.81	5.60	5.34	5.79	5.08	4.98	4.72	4.72	4.30	4.68	4.34
Merck & Co. Inc.	7.46	6.97	7.47	7.43	7.83	7.87	7.82	7.31	7.79	5.88	5.44	4.54	4.30	3.96	4.31	4.35	4.51	3.78	4.01	3.42
Pfizer Inc.	2.98	3.10	3.31	3.16	3.00	3.14	3.42	3.84	3.80	3.55	3.44	2.80	2.98	3.45	3.41	3.37	3.40	3.21	3.40	3.19
Regeneron Pharmaceuticals Inc.	4.81	6.21	7.34	5.33	3.79	3.48	3.38	3.74	5.07	4.92	5.97	4.80	5.66	7.37	9.07	9.49	8.58	8.02	11.19	10.54
Vertex Pharmaceuticals Inc.	6.30	6.66	9.42	10.23	10.23	9.57	9.09	9.36	10.68	14.56	16.73	16.56	20.14	21.11	23.25	19.64	18.42	18.42	24.79	21.23
Zoetis Inc.	20.97	22.55	25.71	21.68	25.42	21.53	24.00	21.31	18.74	21.38	22.36	19.72	21.52	16.49	17.11	17.96	17.46	15.25	18.64	20.16

¹ Data adjusted for splits and stock dividends.

² Q4 2020 Calculation
BVPS = Total Bristol-Myers Squibb Company shareholders’ equity ÷ No. shares of common stock outstanding
= 37,822,000,000 ÷ 2,240,475,153 = 16.88

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

⁴ Q4 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 60.00 ÷ 16.88 = 3.55

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 Q2 2020 to Q3 2020 and from Q3 2020 to Q4 2020.

Bristol-Myers Squibb Co. (NYSE:BMY)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

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. (NYSE:BMY)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

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)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data