Mr. Market is currently offering Bristol-Myers Squibb Company at $57.33.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
At $57.33, the stock trades at a 116% premium to its Graham Number of $26.54. Graham would consider this price speculative.
There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..
Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for oncology, hematology, immunology, cardiovascular, neuroscience, and other areas. The company's products include Opdivo for various anti-cancer indications; Opdivo Qvantig, a subcutaneous PD-1 inhibitor for solid tumorsr; Orencia for active rheumatoid arthritis and psoriatic arthritis; Yervoy for the treatment of patients with unresectable or metastatic melanoma; Reblozyl to treat anemia; Breyanzi for the treatment of patients with relapsed or refractory large B-cell lymphoma; Opdualag for the treatment of unresectable or metastatic melanoma; and Camzyos to treat symptomatic obstructive HCM to improve functional capacity and symptom. It also offers Zeposia to treat relapsing forms of multiple sclerosis; Abecma for the treatment of patients with relapsed or refractory multiple myeloma; Sotyktu for the treatment of moderate-to-severe plaque psoriasis; Krazati for the treatment of adult patients with KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC); and Cobenfy to treat schizophrenia. In addition, it offers Eliquis for a reduction in risk of stroke/systemic embolism in non-valvular atrial fibrillation and for the treatment of DVT/PE; Revlimid, an oral immunomodulatory drug to treat multiple myeloma; Pomalyst/Imnovid for multiple myeloma; Sprycel for Philadelphia chromosome-positive chronic myeloid leukemia; and Abraxane for the treatment of breast cancer. Further, it provides Augtyro for the treatment of locally advanced or metastatic ROS1-positive NSCLC; and NSCLC and pancreatic cancer. It sells products to wholesalers, distributors, specialty pharmacies, and to a lesser extent, retailers, hospitals, clinics, and government agencies. The company was formerly known as Bristol-Myers Company. The company was founded in 1887 and is headquartered in Princeton, New Jersey.
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Gross Profit % | 71.1% ▲ | 71.1% | 76.2% | 78.0% | N/A |
| Operating Margin % | 28.5% ▲ | 12.2% | 18.2% | 19.7% | N/A |
| Net Income % | 14.6% ▲ | -18.5% | 17.8% | 13.7% | N/A |
| Diluted EPS | 3.46 ▲ | -4.41 | 3.86 | 2.95 | N/A |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | $90.0B | $92.6B | $95.2B | $96.8B | N/A |
| Total Debt | $47.1B ↓ | $51.2B | $41.5B | $40.7B | N/A |
| Working Capital | $6.0B ▼ | $6.0B | $9.5B | $5.4B | N/A |
| Years to Pay Debt | 6.68 | -5.72 | 5.17 | 6.44 | N/A |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Free Cash Flow | $12.8B ▼ | $13.9B | $12.7B | $11.9B | N/A |
| Owner Earnings | $12.4B | $1.9B | $19.0B | $17.7B | N/A |
| CapEx % of Net Income | 18.6% | N/A | 15.1% | 17.7% | N/A |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Capital Expenditure % of Net Income | 18.6% | N/A | 15.1% | 17.7% | N/A |
| Repurchase of Capital Stock | $0M | $0M | -$5.2B | -$8.0B | N/A |
| Free Cash Flow | $12.8B ▼ | $13.9B ▲ | $12.7B ▲ | $11.9B • | N/A • |
| Warren's Owner Earnings | $12.4B | $1.9B | $19.0B | $17.7B | N/A |
| Institution | % Owned | Shares |
|---|---|---|
| Vanguard Group Inc | 9.73% | 198,727,768 |
| Blackrock Inc. | 8.66% | 176,825,406 |
| State Street Corporation | 4.80% | 97,980,438 |
| JPMORGAN CHASE & CO | 3.69% | 75,367,653 |
| Charles Schwab Investment Management, Inc. | 3.49% | 71,322,392 |
| Geode Capital Management, LLC | 2.58% | 52,638,346 |
| NORGES BANK | 1.77% | 36,100,698 |
| Morgan Stanley | 1.39% | 28,348,637 |
Bristol-Myers Squibb Company (BMY) fundamental analysis — Overall grade C based on profitability, financial health, valuation and cash flow. Graham's Fair Value: $26.54. Margin of safety: 0%. Gross profit margin: 71.1%. Operating margin: 28.5%. Net margin: 14.6%. Market cap: $117.0B. Sector: Healthcare. Industry: Drug Manufacturers - General. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett principles.
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