Is the business good?
How good a business is BMY?
Bristol Myers Squibb earns 17% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
17%
Return on invested capital · cost of capital 9.0% · 8.1 points above what the capital costs: growth creates value
- Operating margin
- 24%
Operating margin · Drug Manufacturers - General median 24% · 12 months to Q2 2026
- Cash conversion
- 1.23×
Cash conversion · 2.89× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +0.49%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −16% |
| FY2021 | 17% |
| FY2022 | 17% |
| FY2023 | 19% |
| FY2024 | −17% |
| FY2025 | 19% |
Details›
- Gross margin12 months to Q2 2026
- 70%
- Operating margin12 months to Q2 2026
- 24%
- Net margin12 months to Q2 2026
- 19%
- Free cash flow margin
- 23%
- R&D as % of revenue
- 22%
- Revenue, trailing twelve months
- $49.2B
- Free cash flow, trailing twelve months
- $11.4B
- Net income, trailing twelve months
- $9.28B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 17%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Drug Manufacturers - General
Ranks #7 of 16 by Smart Score