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Bristol-Myers Squibb Co. (BMY)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Difficulty: Beginner

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)

Bristol-Myers Squibb Co., historical price multiples (quarterly data)

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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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
Price to earnings (P/E) 20.43 32.86 24.88 103.55 23.59 19.40 18.96 20.56 25.80 43.47 76.64 64.22 62.78 63.57 47.75 49.80 32.74 30.51 28.27 35.01 – – –
Price to operating profit (P/OP) 12.16 15.91 13.76 28.87 24.60 20.23 19.09 19.79 24.47 43.34 64.30 53.18 41.11 40.96 36.31 38.52 32.46 28.94 25.40 28.98 – – –
Price to sales (P/S) 3.64 4.38 4.04 5.02 4.85 4.40 4.59 4.72 4.70 7.08 7.13 6.07 6.74 6.95 6.68 6.28 5.54 5.06 4.99 5.48 – – –
Price to book value (P/BV) 5.89 7.67 6.65 8.88 6.75 6.05 6.36 5.66 5.56 8.36 8.38 7.04 7.39 7.52 6.92 6.72 5.87 5.35 5.28 5.92 5.47 5.03 4.84

Based on: 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-12), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-13), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-14), 10-Q (filing date: 2013-10-23), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.

Price to Earnings (P/E)

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

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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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 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 1,669,459,090 1,668,286,317 1,667,502,766 1,666,974,545 1,662,118,446 1,658,776,491 1,657,904,666 1,657,176,162 1,650,232,566 1,646,542,902 1,646,323,647 1,642,551,939
Selected Financial Data (USD $)
Net earnings (loss) attributable to BMS (in millions) 1,901  373  3,986  (2,328) 845  916  1,574  894  1,202  1,166  1,195  (197) 706  (130) 1,186  13  721  333  937  726  692  536  609 
Earnings per share (EPS)3 2.41 1.76 2.09 0.62 2.58 2.80 2.94 2.66 2.01 1.72 0.94 0.94 1.06 1.07 1.35 1.21 1.64 1.62 1.74 1.55 0.00 0.00 0.00
Share price1, 2 49.21 57.92 52.04 63.87 60.95 54.24 55.67 54.78 51.96 74.66 72.26 60.20 66.80 68.24 64.54 60.04 53.63 49.46 49.32 54.37 48.96 43.93 40.22
P/E ratio4 20.43 32.86 24.88 103.55 23.59 19.40 18.96 20.56 25.80 43.47 76.64 64.22 62.78 63.57 47.75 49.80 32.74 30.51 28.27 35.01 – – –

Based on: 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-12), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-13), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-14), 10-Q (filing date: 2013-10-23), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

1 Data adjusted for splits and stock dividends.

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

Q3 2018 Calculations

3 EPS = (Net earnings (loss) attributable to BMSQ3 2018 + Net earnings (loss) attributable to BMSQ2 2018 + Net earnings (loss) attributable to BMSQ1 2018 + Net earnings (loss) attributable to BMSQ4 2017) ÷ No. shares of common stock outstanding
= (1,901,000,000 + 373,000,000 + 3,986,000,000 + -2,328,000,000) ÷ 1,632,198,774 = 2.41

4 P/E ratio = Share price ÷ EPS
= 49.21 ÷ 2.41 = 20.43

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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 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 1,669,459,090 1,668,286,317 1,667,502,766 1,666,974,545 1,662,118,446 1,658,776,491 1,657,904,666 1,657,176,162 1,650,232,566 1,646,542,902 1,646,323,647 1,642,551,939
Selected Financial Data (USD $)
Operating income (in millions) 1,659  513  3,879  556  992  756  1,308  999  1,335  1,161  1,135  (82) 664  159  1,149  739  731  344  777  889  823  729  655 
Operating profit per share3 4.05 3.64 3.78 2.21 2.48 2.68 2.92 2.77 2.12 1.72 1.12 1.13 1.63 1.67 1.78 1.56 1.65 1.71 1.94 1.88 0.00 0.00 0.00
Share price1, 2 49.21 57.92 52.04 63.87 60.95 54.24 55.67 54.78 51.96 74.66 72.26 60.20 66.80 68.24 64.54 60.04 53.63 49.46 49.32 54.37 48.96 43.93 40.22
P/OP ratio4 12.16 15.91 13.76 28.87 24.60 20.23 19.09 19.79 24.47 43.34 64.30 53.18 41.11 40.96 36.31 38.52 32.46 28.94 25.40 28.98 – – –

Based on: 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-12), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-13), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-14), 10-Q (filing date: 2013-10-23), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

1 Data adjusted for splits and stock dividends.

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

Q3 2018 Calculations

3 Operating profit per share = (Operating incomeQ3 2018 + Operating incomeQ2 2018 + Operating incomeQ1 2018 + Operating incomeQ4 2017) ÷ No. shares of common stock outstanding
= (1,659,000,000 + 513,000,000 + 3,879,000,000 + 556,000,000) ÷ 1,632,198,774 = 4.05

4 P/OP ratio = Share price ÷ Operating profit per share
= 49.21 ÷ 4.05 = 12.16

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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 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 1,669,459,090 1,668,286,317 1,667,502,766 1,666,974,545 1,662,118,446 1,658,776,491 1,657,904,666 1,657,176,162 1,650,232,566 1,646,542,902 1,646,323,647 1,642,551,939
Selected Financial Data (USD $)
Revenues (in millions) 5,691  5,704  5,193  5,449  5,254  5,144  4,929  5,243  4,922  4,871  4,391  4,287  4,069  4,163  4,041  4,258  3,921  3,889  3,811  4,441  4,065  4,048  3,831 
Sales per share3 13.50 13.24 12.87 12.73 12.57 12.34 12.12 11.61 11.05 10.54 10.13 9.92 9.91 9.82 9.66 9.55 9.68 9.77 9.88 9.93 0.00 0.00 0.00
Share price1, 2 49.21 57.92 52.04 63.87 60.95 54.24 55.67 54.78 51.96 74.66 72.26 60.20 66.80 68.24 64.54 60.04 53.63 49.46 49.32 54.37 48.96 43.93 40.22
P/S ratio4 3.64 4.38 4.04 5.02 4.85 4.40 4.59 4.72 4.70 7.08 7.13 6.07 6.74 6.95 6.68 6.28 5.54 5.06 4.99 5.48 – – –

Based on: 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-12), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-13), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-14), 10-Q (filing date: 2013-10-23), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

1 Data adjusted for splits and stock dividends.

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

Q3 2018 Calculations

3 Sales per share = (RevenuesQ3 2018 + RevenuesQ2 2018 + RevenuesQ1 2018 + RevenuesQ4 2017) ÷ No. shares of common stock outstanding
= (5,691,000,000 + 5,704,000,000 + 5,193,000,000 + 5,449,000,000) ÷ 1,632,198,774 = 13.50

4 P/S ratio = Share price ÷ Sales per share
= 49.21 ÷ 13.50 = 3.64

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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
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 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013
No. shares of common stock outstanding1 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 1,669,459,090 1,668,286,317 1,667,502,766 1,666,974,545 1,662,118,446 1,658,776,491 1,657,904,666 1,657,176,162 1,650,232,566 1,646,542,902 1,646,323,647 1,642,551,939
Selected Financial Data (USD $)
Total Bristol-Myers Squibb Company shareholders’ equity (in millions) 13,640  12,317  12,793  11,741  14,783  14,699  14,416  16,177  15,613  14,918  14,386  14,266  15,079  15,123  15,546  14,852  15,143  15,327  15,473  15,154  14,726  14,371  13,659 
Book value per share (BVPS)3 8.36 7.55 7.83 7.19 9.03 8.96 8.75 9.67 9.34 8.93 8.62 8.55 9.04 9.07 9.33 8.94 9.13 9.24 9.34 9.18 8.94 8.73 8.32
Share price1, 2 49.21 57.92 52.04 63.87 60.95 54.24 55.67 54.78 51.96 74.66 72.26 60.20 66.80 68.24 64.54 60.04 53.63 49.46 49.32 54.37 48.96 43.93 40.22
P/BV ratio4 5.89 7.67 6.65 8.88 6.75 6.05 6.36 5.66 5.56 8.36 8.38 7.04 7.39 7.52 6.92 6.72 5.87 5.35 5.28 5.92 5.47 5.03 4.84

Based on: 10-Q (filing date: 2018-10-25), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-13), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-02-21), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-28), 10-K (filing date: 2016-02-12), 10-Q (filing date: 2015-10-27), 10-Q (filing date: 2015-07-23), 10-Q (filing date: 2015-04-28), 10-K (filing date: 2015-02-13), 10-Q (filing date: 2014-10-24), 10-Q (filing date: 2014-07-24), 10-Q (filing date: 2014-04-29), 10-K (filing date: 2014-02-14), 10-Q (filing date: 2013-10-23), 10-Q (filing date: 2013-07-25), 10-Q (filing date: 2013-04-25).

1 Data adjusted for splits and stock dividends.

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

Q3 2018 Calculations

3 BVPS = Total Bristol-Myers Squibb Company shareholders’ equity ÷ No. shares of common stock outstanding
= 13,640,000,000 ÷ 1,632,198,774 = 8.36

4 P/BV ratio = Share price ÷ BVPS
= 49.21 ÷ 8.36 = 5.89

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 Q1 2018 to Q2 2018 but then declined significantly from Q2 2018 to Q3 2018.