Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin28.5%
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin14.6%
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Financial Health
D
Years to Pay Off Debt6.7 yrs
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt-$36.9B
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital$6.0B
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Valuation
F
Margin of Safety0.0%
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book5.97x
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Cash Flow
A
Free Cash Flow$12.8B
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income18.6%
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings$12.4B
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
About Bristol-Myers Squibb Company
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for oncology, hematology, immunology, cardiovascular, neuroscience. 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 unresectable or metastatic melanoma; Reblozyl to treat anemia; Breyanzi for the treatment of relapsed or refractory large B-cell lymphoma; Opdualag for the treatment of unresectable or metastatic melanoma; and Camzyos to treat symptomatic obstructive HCM. 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 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 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, retailers, hospitals, clinics, and government agencies. Bristol-Myers Squibb Company has a strategic collaboration with Arcus Biosciences, Inc. to develop a novel treatment regimen that delivers tumor control in kidney cancer. The company was formerly known as Bristol-Myers Company. The company was founded in 1887 and is headquartered in Princeton, New Jersey.
Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for oncology, hematology, immunology, cardiovascular, neuroscience. 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 unresectable or metastatic melanoma; Reblozyl to treat anemia; Breyanzi for the treatment of relapsed or refractory large B-cell lymphoma; Opdualag for the treatment of unresectable or metastatic melanoma; and Camzyos to treat symptomatic obstructive HCM. 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 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 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, retailers, hospitals, clinics, and government agencies. Bristol-Myers Squibb Company has a strategic collaboration with Arcus Biosciences, Inc. to develop a novel treatment regimen that delivers tumor control in kidney cancer. The company was formerly known as Bristol-Myers Company. The company was founded in 1887 and is headquartered in Princeton, New Jersey.
Metric Explanations
What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Margin of Safety
How far below the Graham Number the stock trades. Graham required a 33% discount as a buffer against analytical error. However, the Graham Number itself assumes 1960s-era P/E and P/B norms — for modern asset-light businesses it often understates true intrinsic value, making 0% MoS appear misleadingly bad.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies like software and consumer brands.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
CapEx % of Net Income
Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
Mr. Market is currently offering Bristol-Myers Squibb Company at $54.00.
The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.
At $54.00, the stock trades at a 103% 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.
Showing Key Metrics
Income Highlights
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
Balance Sheet Highlights
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
Cash Flow Highlights
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
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-1,148,422
-2,925,720
-41,031
-388,161
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
19,945,000
17,100,000
20,239,000
21,414,000
Total Unusual Items
-4,715,000
-13,932,000
-873,000
-2,193,000
Total Unusual Items Excluding Goodwill
-4,715,000
-13,932,000
-873,000
-2,193,000
Net Income From Continuing Operation Net Minority Interest
7,054,000
-8,948,000
8,025,000
6,327,000
Reconciled Depreciation
4,011,000
9,600,000
9,760,000
10,276,000
Reconciled Cost Of Revenue
13,242,000
13,240,000
9,980,000
9,456,000
EBITDA
15,230,000
3,168,000
19,366,000
19,221,000
EBIT
11,219,000
-6,432,000
9,606,000
8,945,000
Net Interest Income
-1,891,000
-1,947,000
-1,166,000
-1,232,000
Interest Expense
1,891,000
1,947,000
1,166,000
1,232,000
Normalized Income
10,620,578
2,058,280
8,856,969
8,131,839
Net Income From Continuing And Discontinued Operation
7,054,000
-8,948,000
8,025,000
6,327,000
Total Expenses
34,471,000
42,413,000
36,811,000
37,055,000
Diluted Average Shares
2,039,000
2,027,000
2,078,000
2,146,000
Basic Average Shares
2,034,000
2,027,000
2,069,000
2,130,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
7,054,000
-8,948,000
8,025,000
6,327,000
Net Income Common Stockholders
7,054,000
-8,948,000
8,025,000
6,327,000
Net Income
7,054,000
-8,948,000
8,025,000
6,327,000
Minority Interests
-2,000
-15,000
-15,000
-18,000
Net Income Including Noncontrolling Interests
7,055,000
-8,933,000
8,040,000
6,345,000
Net Income Continuous Operations
7,055,000
-8,933,000
8,040,000
6,345,000
Tax Provision
2,272,000
554,000
400,000
1,368,000
Pretax Income
9,328,000
-8,379,000
8,440,000
7,713,000
Other Income Expense
-2,504,000
-12,319,000
1,411,000
-159,000
Other Non Operating Income Expenses
2,211,000
1,613,000
2,284,000
2,034,000
Special Income Charges
-5,225,000
-14,426,000
-1,162,000
-1,563,000
Gain On Sale Of Business
-15,000
0
211,000
9,000
Other Special Charges
434,000
84,000
-390,000
444,000
Impairment Of Capital Assets
47,000
29,000
0
0
Restructuring And Mergern Acquisition
4,791,000
14,342,000
1,552,000
1,330,000
Earnings From Equity Interest
-160,000
-801,000
745,000
Gain On Sale Of Security
510,000
494,000
289,000
-630,000
Net Non Operating Interest Income Expense
-1,891,000
-1,947,000
-1,166,000
-1,232,000
Interest Expense Non Operating
1,891,000
1,947,000
1,166,000
1,232,000
Operating Income
13,724,000
5,887,000
8,195,000
9,104,000
Operating Expense
20,535,000
28,445,000
26,118,000
26,918,000
Depreciation Amortization Depletion Income Statement
3,317,000
8,872,000
9,047,000
9,595,000
Depreciation And Amortization In Income Statement
3,317,000
8,872,000
9,047,000
9,595,000
Amortization
3,317,000
8,872,000
9,047,000
9,595,000
Amortization Of Intangibles Income Statement
3,317,000
8,872,000
9,047,000
9,595,000
Research And Development
9,951,000
11,159,000
9,299,000
9,509,000
Selling General And Administration
7,267,000
8,414,000
7,772,000
7,814,000
Selling And Marketing Expense
7,814,000
7,690,000
General And Administrative Expense
7,814,000
7,675,000
Other Gand A
7,814,000
7,690,000
Salaries And Wages
-15,000
Gross Profit
34,259,000
34,332,000
34,313,000
36,022,000
Cost Of Revenue
13,936,000
13,968,000
10,693,000
10,137,000
Total Revenue
48,195,000
48,300,000
45,006,000
46,159,000
Operating Revenue
47,203,000
47,257,000
44,386,000
45,413,000
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
887,000
894,000
902,000
825,000
Preferred Shares Number
3
3
3
3
Ordinary Shares Number
2,035,753
2,029,000
2,021,000
2,075,000
Share Issued
2,922,753
2,923,000
2,923,000
2,900,000
Net Debt
34,902,000
39,303,000
28,308,000
30,197,000
Total Debt
47,139,000
51,200,000
41,464,000
40,717,000
Tangible Book Value
-22,634,000
-29,027,000
-19,224,000
-26,443,000
Invested Capital
63,584,000
65,984,000
69,202,000
70,381,000
Working Capital
5,973,000
6,006,000
9,508,000
5,383,000
Net Tangible Assets
-22,634,000
-29,027,000
-19,224,000
-26,443,000
Capital Lease Obligations
2,028,000
1,551,000
1,692,000
1,397,000
Common Stock Equity
18,473,000
16,335,000
29,430,000
31,061,000
Total Capitalization
61,323,000
63,938,000
66,083,000
66,117,000
Total Equity Gross Minority Interest
18,506,000
16,388,000
29,485,000
31,118,000
Minority Interest
33,000
53,000
55,000
57,000
Stockholders Equity
18,473,000
16,335,000
29,430,000
31,061,000
Gains Losses Not Affecting Retained Earnings
-1,523,000
-1,238,000
-1,546,000
-1,281,000
Other Equity Adjustments
40,000
378,000
4,000
232,000
Foreign Currency Translation Adjustments
-997,000
-968,000
-812,000
-890,000
Minimum Pension Liabilities
-566,000
-648,000
-738,000
-623,000
Treasury Stock
43,579,000
43,655,000
43,766,000
38,618,000
Retained Earnings
16,896,000
14,912,000
28,766,000
25,503,000
Additional Paid In Capital
46,387,000
46,024,000
45,684,000
45,165,000
Capital Stock
292,000
292,000
292,000
292,000
Common Stock
292,000
292,000
292,000
292,000
Total Liabilities Net Minority Interest
71,532,000
76,215,000
65,674,000
65,702,000
Total Non Current Liabilities Net Minority Interest
48,115,000
52,441,000
43,412,000
43,812,000
Other Non Current Liabilities
824,000
522,000
396,000
303,000
Employee Benefits
330,000
400,000
480,000
402,000
Non Current Pension And Other Postretirement Benefit Plans
330,000
400,000
480,000
402,000
Tradeand Other Payables Non Current
1,407,000
1,491,000
3,288,000
3,992,000
Non Current Deferred Liabilities
878,000
1,055,000
1,065,000
2,798,000
Non Current Deferred Revenue
169,000
230,000
300,000
283,000
Non Current Deferred Taxes Liabilities
222,000
369,000
338,000
2,166,000
Long Term Debt And Capital Lease Obligation
44,676,000
48,973,000
38,183,000
36,317,000
Long Term Capital Lease Obligation
1,826,000
1,370,000
1,530,000
1,261,000
Long Term Debt
42,850,000
47,603,000
36,653,000
35,056,000
Current Liabilities
23,417,000
23,774,000
22,262,000
21,890,000
Other Current Liabilities
13,072,000
12,907,000
11,498,000
10,566,000
Current Debt And Capital Lease Obligation
2,463,000
2,227,000
3,281,000
4,400,000
Current Capital Lease Obligation
202,000
181,000
162,000
136,000
Current Debt
2,261,000
2,046,000
3,119,000
4,264,000
Other Current Borrowings
2,261,000
2,046,000
3,119,000
4,264,000
Pensionand Other Post Retirement Benefit Plans Current
1,561,000
1,694,000
1,291,000
1,425,000
Payables And Accrued Expenses
6,321,000
6,946,000
6,192,000
5,499,000
Current Accrued Expenses
484,000
572,000
349,000
321,000
Interest Payable
484,000
572,000
349,000
321,000
Payables
5,837,000
6,374,000
5,843,000
5,178,000
Dividends Payable
1,283,000
1,258,000
1,213,000
1,196,000
Total Tax Payable
979,000
1,514,000
1,371,000
942,000
Income Tax Payable
979,000
1,514,000
1,371,000
942,000
Accounts Payable
3,575,000
3,602,000
3,259,000
3,040,000
Total Assets
90,038,000
92,603,000
95,159,000
96,820,000
Total Non Current Assets
60,648,000
62,823,000
63,389,000
69,547,000
Other Non Current Assets
2,201,000
2,123,000
1,148,000
752,000
Defined Pension Benefit
330,000
234,000
284,000
285,000
Non Current Deferred Assets
5,378,000
4,236,000
2,768,000
1,344,000
Non Current Deferred Taxes Assets
5,378,000
4,236,000
2,768,000
1,344,000
Non Current Accounts Receivable
436,000
Investments And Advances
2,507,000
2,508,000
2,499,000
2,187,000
Investmentin Financial Assets
411,000
772,000
800,000
0
Held To Maturity Securities
15,000
452,000
436,000
0
Available For Sale Securities
396,000
320,000
364,000
2,713,000
Long Term Equity Investment
2,096,000
1,736,000
1,699,000
2,187,000
Goodwill And Other Intangible Assets
41,107,000
45,362,000
48,654,000
57,504,000
Other Intangible Assets
19,353,000
23,643,000
27,485,000
36,355,000
Goodwill
21,754,000
21,719,000
21,169,000
21,149,000
Net PPE
9,125,000
8,360,000
8,036,000
7,475,000
Accumulated Depreciation
-5,293,000
-4,949,000
-4,803,000
-4,164,000
Gross PPE
14,418,000
13,309,000
12,839,000
11,639,000
Construction In Progress
1,619,000
1,525,000
1,075,000
1,053,000
Other Properties
1,582,000
1,224,000
1,390,000
1,220,000
Machinery Furniture Equipment
3,790,000
3,818,000
3,717,000
3,284,000
Buildings And Improvements
7,270,000
6,581,000
6,495,000
5,920,000
Land And Improvements
157,000
161,000
162,000
162,000
Current Assets
29,390,000
29,780,000
31,770,000
27,273,000
Other Current Assets
1,502,000
1,940,000
1,509,000
1,596,000
Restricted Cash
0
55,000
148,000
140,000
Inventory
2,690,000
2,557,000
2,662,000
2,339,000
Other Inventories
-484,000
-909,000
Finished Goods
509,000
543,000
Work In Process
1,850,000
2,111,000
Raw Materials
464,000
350,000
Receivables
14,525,000
14,424,000
15,264,000
13,937,000
Other Receivables
2,013,000
2,120,000
2,455,000
2,239,000
Taxes Receivable
2,920,000
3,292,000
3,927,000
3,547,000
Accounts Receivable
9,592,000
9,012,000
8,882,000
8,151,000
Allowance For Doubtful Accounts Receivable
-1,778,000
-945,000
-669,000
-697,000
Gross Accounts Receivable
11,370,000
9,957,000
9,551,000
8,848,000
Cash Cash Equivalents And Short Term Investments
10,673,000
10,859,000
12,280,000
9,253,000
Other Short Term Investments
464,000
513,000
816,000
130,000
Cash And Cash Equivalents
10,209,000
10,346,000
11,464,000
9,123,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
12,845,000
13,942,000
12,651,000
11,948,000
Repurchase Of Capital Stock
0
0
-5,155,000
-8,001,000
Repayment Of Debt
-10,940,000
-5,873,000
-3,999,000
-11,431,000
Issuance Of Debt
5,765,000
15,969,000
4,455,000
6,120,000
Capital Expenditure
-1,311,000
-1,248,000
-1,209,000
-1,118,000
End Cash Position
10,218,000
10,347,000
11,519,000
9,325,000
Beginning Cash Position
10,347,000
11,519,000
9,325,000
14,316,000
Effect Of Exchange Rate Changes
195,000
-137,000
45,000
-33,000
Changes In Cash
-324,000
-1,035,000
2,149,000
-4,958,000
Financing Cash Flow
-10,348,000
5,127,000
-9,416,000
-16,962,000
Cash Flow From Continuing Financing Activities
-10,348,000
5,127,000
-9,416,000
-16,962,000
Net Other Financing Charges
641,000
Proceeds From Stock Option Exercised
-128,000
-106,000
27,000
984,000
Cash Dividends Paid
-5,045,000
-4,863,000
-4,744,000
-4,634,000
Common Stock Dividend Paid
-5,045,000
-4,863,000
-4,744,000
-4,634,000
Net Common Stock Issuance
0
0
-5,155,000
-8,001,000
Common Stock Payments
0
0
-5,155,000
-8,001,000
Net Issuance Payments Of Debt
-5,175,000
10,096,000
456,000
-5,311,000
Net Short Term Debt Issuance
25,000
86,000
-120,000
194,000
Short Term Debt Payments
0
-3,000,000
-120,000
0
Short Term Debt Issuance
25,000
3,086,000
0
194,000
Net Long Term Debt Issuance
-5,200,000
10,010,000
576,000
-5,505,000
Long Term Debt Payments
-10,940,000
-2,873,000
-3,879,000
-11,431,000
Long Term Debt Issuance
5,740,000
12,883,000
4,455,000
5,926,000
Investing Cash Flow
-4,132,000
-21,352,000
-2,295,000
-1,062,000
Cash Flow From Continuing Investing Activities
-4,132,000
-21,352,000
-2,295,000
-1,062,000
Net Investment Purchase And Sale
52,000
618,000
-826,000
3,037,000
Sale Of Investment
2,052,000
1,387,000
948,000
6,629,000
Purchase Of Investment
-2,000,000
-769,000
-1,774,000
-3,592,000
Net Business Purchase And Sale
-2,873,000
-20,722,000
-260,000
-2,981,000
Sale Of Business
1,071,000
1,099,000
909,000
1,305,000
Purchase Of Business
-3,944,000
-21,821,000
-1,169,000
-4,286,000
Capital Expenditure Reported
-1,311,000
-1,248,000
-1,209,000
-1,118,000
Operating Cash Flow
14,156,000
15,190,000
13,860,000
13,066,000
Cash Flow From Continuing Operating Activities
14,156,000
15,190,000
13,860,000
13,066,000
Change In Working Capital
-455,000
810,000
-1,914,000
-2,229,000
Change In Other Working Capital
30,000
2,108,000
237,000
-183,000
Change In Payables And Accrued Expense
-6,000
-1,076,000
-405,000
-1,314,000
Change In Payable
-6,000
-1,076,000
-405,000
-1,314,000
Change In Account Payable
-2,000
184,000
198,000
109,000
Change In Tax Payable
-4,000
-1,260,000
-603,000
-1,423,000
Change In Income Tax Payable
-4,000
-1,260,000
-603,000
-1,423,000
Change In Inventory
-184,000
-486,000
-751,000
-69,000
Change In Receivables
-295,000
264,000
-995,000
-663,000
Other Non Cash Items
4,304,000
13,467,000
1,213,000
1,038,000
Stock Based Compensation
553,000
507,000
518,000
457,000
Asset Impairment Charge
1,098,000
2,963,000
255,000
179,000
Deferred Tax
-965,000
-2,089,000
-3,288,000
-2,738,000
Deferred Income Tax
-965,000
-2,089,000
-3,288,000
-2,738,000
Depreciation Amortization Depletion
4,011,000
9,600,000
9,760,000
10,276,000
Depreciation And Amortization
4,011,000
9,600,000
9,760,000
10,276,000
Operating Gains Losses
-1,445,000
-1,135,000
-724,000
-262,000
Pension And Employee Benefit Expense
35,000
Earnings Losses From Equity Investments
-280,000
-16,000
160,000
801,000
Gain Loss On Sale Of Business
-1,165,000
-1,119,000
-884,000
-1,063,000
Net Income From Continuing Operations
7,055,000
-8,933,000
8,040,000
6,345,000
2/7
Graham Score
Speculative Investor
Fails most of Graham's safety criteria. Treat with caution.
Graham's Fair Value
$26.54
Margin of Safety
0%
Market Cap / Net Assets
6.0x
Net Assets: $18.5B
Warren's Owner Earnings
$12.4B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
2/7 — Speculative Investor
✅
Adequate Size
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
$48.2B
vs > $1.5B revenue
❌
Strong Financial Condition
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
1.26x
vs Current Ratio > 2.0x
❌
Earnings Stability
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
1 loss years (4 yrs data)
vs No negative EPS years
✅
Dividend Record
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
4.52%
vs Uninterrupted dividends
❌
Earnings Growth
EPS grew from $2.95 to $3.46 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
+17.3% EPS growth
vs > 33% EPS growth
❌
Moderate P/E Ratio
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
15.1x
vs P/E ≤ 15.0x
❌
Moderate Price-to-Book
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
5.97x P/B (P/E×P/B: 90.3)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it matters.
✅ Adequate Size — $48.2Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.26xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 1 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 4.52%vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $2.95 to $3.46 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 15.1xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
These metrics estimate what Bristol-Myers Squibb Company is worth based on fundamentals — independent of what the market prices it at.
Graham's Fair Value and NCAV are conservative floors.
EPV assumes zero growth. These are reference points, not price targets.
Net Current Asset Value
$-20.64
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$74.67
Per share, no-growth floor. Compare to current price.
ROIC — Return on Invested Capital
16.3%
Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.
Cash Flow Analysis
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
Peers & Industry
No auto-detected peers for Drug Manufacturers - General. You can manually compare BMY against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
0.08%
Low — management has little skin in the game
Return on Equity (ROE)
38.2%
Excellent — management generates strong returns on equity
Return on Assets (ROA)
7.8%
Strong — management uses assets efficiently
Debt Trend YoY
-7.9% YoY
Debt is declining — management is deleveraging
Leadership Team
Christopher Boerner Ph.
CEO & Chairman
Age 54
Pay: $5,818,520
0.082% of net income
David Elkins
Executive VP & CFO
Age 57
Pay: $3,196,077
0.045% of net income
Top Institutional Holders
Institution
% Owned
Shares
Blackrock Inc.
8.41%
171,682,888
Vanguard Capital Management LLC
6.48%
132,320,240
State Street Corporation
4.83%
98,564,914
JPMORGAN CHASE & CO
4.53%
92,475,194
Charles Schwab Investment Management, Inc.
2.99%
61,115,373
Geode Capital Management, LLC
2.71%
55,286,174
Vanguard Portfolio Management LLC
2.26%
46,230,155
Bank of America Corporation
1.60%
32,586,981
Risk Analysis
Beta (Market Risk)
0.24
Low volatility — more stable than the market
Short Interest
1.9% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
2.31x
High leverage — significant financial risk
Current Ratio
1.42x
Adequate liquidity
52-Week Price Range
Low: $42.52Current: $54.00High: $62.89
Currently at 56% of 52-week range
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: $110.3B. 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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