Bristol-Myers Squibb Co. (NYSE:BMY)

Price to Earnings (P/E) Ratio

The P/E ratio data is available starting from the period ending March 31, 2022. Initially, the ratio was relatively high at 20.92 and peaked at 25.64 in June 2022. Subsequently, there is a declining trend with the ratio decreasing steadily through December 2023, reaching a low of 12.27. From March 2024 onwards, the P/E ratio shows some variability but remains below the earlier peak, fluctuating between 17.46 and 18.29. This pattern suggests a period of high market valuation relative to earnings in mid-2022, followed by a contraction and stabilization at lower valuation levels in subsequent quarters.

Price to Operating Profit (P/OP) Ratio

Similar to the P/E ratio, the P/OP ratio is reported starting March 31, 2022. The ratio started at 19.84 and briefly increased to 20.32 in June 2022, indicating relatively high valuation compared to operating profit. After June 2022, the ratio consistently declined each quarter, reaching 13.53 by December 2023. In 2024, values continue to decrease to a low of 11.07 by June 2025, with a minor increase noted towards the end of the period. This trend implies improved operating profit relative to price or a reduction in market valuation multiples over time.

Price to Sales (P/S) Ratio

The P/S ratio shows a moderate level of fluctuation over the periods observed from September 30, 2020 to June 30, 2025. Initially, the ratio oscillates within a narrow band between 2.85 and 3.44. Beginning in 2022, there is a discernible declining trend in the P/S ratio from 3.39 down to 1.85 by June 2025, indicating a reduction in the market valuation relative to sales. Some minor recoveries occur, but the overall trajectory suggests that the price investors are willing to pay per unit of sales has diminished progressively over the stated period.

Price to Book Value (P/BV) Ratio

The P/BV ratio exhibits more variation over time, beginning from 2.77 in March 2020 and rising to a peak of 6.98 by December 2024. This sharp increase suggests escalating market valuation relative to book value, particularly noticeable in 2023 and 2024. However, following the peak, the ratio declines to 5.06 by June 2025. Despite the decline, the P/BV remains substantially higher than earlier periods. This pattern indicates market optimism about the company’s assets or future prospects during 2023 and early 2024, with some revaluation occurring thereafter.

The financial data reveals several noteworthy trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.

Share Price

The share price exhibited moderate fluctuations from March 2020 through December 2021, ranging mostly between approximately $58 and $75. The peak value occurred around March 2022 at $75.27, followed by a gradual downward trend through December 2023, reaching $48.71. In 2024, the price showed some recovery, rising to around $56 by December 2024, but declined again in the first half of 2025, closing near $43.31 by June 2025. This overall pattern suggests periods of volatility with a peak in early 2022 and subsequent decreases with minor rebounds.

Earnings Per Share (EPS)

EPS data is incomplete in the early periods but becomes available from December 2020. Between December 2020 and December 2021, EPS turned positive, improving steadily from a loss of around -$2.44 to a gain of $3.21 in March 2022. EPS continued to rise and peaked near $4.07 in September 2023 before a sudden and sharp decline into negative territory again by March 2024, fluctuating near -$4.41 in June 2025. This indicates notable volatility in profitability, with a significant recovery phase reaching positive earnings in 2021-2023, followed by a rapid deterioration in 2024 and early 2025.

Price-to-Earnings (P/E) Ratio

P/E ratio data starts from March 2022 and shows a downward trend from about 20.92 to 12.27 by December 2023. This decline reflects either an increase in earnings relative to share price or a reduction in price growth relative to earnings. After a data gap in early 2024, the ratio resumes around 18.29 in March 2025 and slightly decreases to 17.46 in June 2025. This trend corresponds to the EPS volatility, as earnings decline drastically in 2024, impacting the P/E ratio.

Overall, the data indicates a period of recovery in earnings and share price post-2020, followed by a phase of volatility and declines in both earnings and share price starting in early 2024. The fluctuations in P/E ratio mirror changes in the company's earnings relative to share price, suggesting market reactions to earnings performance and potential investor uncertainty in recent periods.

Share Price Trends

The share price initially exhibited a moderate increase from approximately $61 in early 2020 to a peak of around $75 in the first quarter of 2022. Following this peak, a general declining trend is observed, with the share price dropping to approximately $43 by the second quarter of 2025. Notable fluctuations occur throughout this period, including a significant decline from about $67 in late 2021 to roughly $48 in late 2023, and a partial recovery to near $56 in late 2024, before declining again into 2025.

Operating Profit Per Share (OPPS)

Operating profit per share data is incomplete for 2020, but from early 2021, values show a recovery from negative figures in early 2021 (around -$4.1 to -$3.22) to positive territory by late 2021 and early 2022 (approximately $3.38 to $4.19). This positive trend remains relatively stable through 2023, with values consistently near $3.6 to $3.95. However, a marked reversal occurs starting in early 2024, with OPPS declining sharply back into negative figures near -$3.3 by the third quarter of 2024, followed again by a return to positive values approaching $3.9 in mid-2025, indicating volatility in operational profitability during this period.

Price to Operating Profit Ratio (P/OP)

P/OP ratios are only available beginning in the first quarter of 2022, showing a declining trend from about 19.8 to 11.1 between early 2022 and mid-2025. This steady decrease suggests that the stock price is becoming more attractive relative to operating profit per share, assuming consistent profitability measures. The decline in P/OP may reflect either an increase in operating profit or a declining share price, or a combination of both, both of which are consistent with observed trends in those metrics.

Overall Insights

The data reveals cyclical fluctuations in operating profitability and share price, with a notable period of recovery and growth around 2021 and early 2022, followed by a decline in both metrics into 2023 and early 2024, and a subsequent mixed recovery. The variability in operating profit per share, particularly the shifts between positive and negative values, might indicate underlying operational challenges or market conditions affecting earnings. The decreasing P/OP ratio implies improving valuation relative to operating earnings in recent years despite the share price decline. This complex interplay suggests the need for cautious interpretation of valuation and profitability trends, with potential impacts from external market factors or company-specific events during the analyzed period.

Share Price Trend

The share price exhibited notable fluctuations over the analyzed period. Initially, the price hovered around the low 60s in early 2020, reaching near 67 by the end of 2021. It peaked in early 2022 between 74 and 75 US dollars, then experienced a consistent decline through 2023 and into 2024, dropping to the mid-40s by the first quarter of 2025. This downward trajectory after 2022 suggests increased market volatility or changing investor sentiment.

Sales Per Share Development

Sales per share began recording data in early 2021 at approximately 19 US dollars, followed by a steady and gradual increase over subsequent quarters. The figure rose to around 23.8 by mid-2025, indicating consistent growth in sales per share. The trend reflects a stable expansion in revenue generation relative to the number of outstanding shares.

Price-to-Sales (P/S) Ratio Dynamics

The P/S ratio demonstrated variability with an initial rise from 3.16 in early 2021 to a peak of 3.44 mid-2021, signaling an increasing market valuation relative to sales. Subsequently, the ratio declined sharply from the last quarter of 2021 onwards, reaching a low near 1.85 by mid-2025. This marked decrease implies that the share price fell at a faster pace than sales per share growth, potentially indicating diminishing market confidence or increased risk perception despite revenue growth.

Overall Insights

While sales per share showed a steady upward trajectory, the share price did not maintain a corresponding level, instead declining notably in the latter part of the data span. This divergence led to a significant decrease in the P/S ratio, suggesting that the market valuation became more conservative relative to sales. Such a pattern might implicate external factors affecting investor valuation beyond fundamental sales performance.

Share Price Trend

The share price exhibited fluctuations over the observed periods with a general upward trend from early 2020 through early 2022, peaking at $75.27 in March 2022. Following this peak, there was a pronounced decline, reaching a low of $43.31 by June 2025. Notably, after December 2022, the share price demonstrated a consistent downward trajectory with occasional small rebounds, but the overall direction remained negative.

Book Value Per Share (BVPS) Trend

BVPS initially declined sharply from $22.06 in March 2020 to $16.49 by December 2020. Subsequently, BVPS showed relatively stable behavior with minor fluctuations around the $15.00 mark until the end of 2023. From early 2024 onwards, BVPS decreased significantly to a low point near $8.05 by March 2025, indicating a reduction in net asset value per share over the later periods.

Price-to-Book Value (P/BV) Ratio Trend

The P/BV ratio exhibited volatility with an upward trend from 2.77 in March 2020 to a peak of around 4.15 in June 2021, before generally increasing sharply from 3.35 in December 2023 to a high of 6.98 in December 2024. After the peak, the ratio declined slightly but remained elevated relative to earlier periods, ending at 5.06 in June 2025. This indicates that the market valuation was high compared to the book value, especially in the later periods.

Overall Analysis

The data reveals that while the share price initially increased through early 2022, it faced sustained downward pressure thereafter. Simultaneously, the book value per share decreased, particularly after early 2024, reflecting a decline in the company’s net assets or equity base per share. The rising P/BV ratio in the face of declining BVPS suggests that the market continued to value the stock at a premium to its book value despite weakening fundamentals, possibly reflecting market expectations, investor sentiment, or other external factors influencing valuation apart from book equity. This divergence merits closer evaluation of the underlying business performance and market conditions influencing investor behavior.