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Bristol-Myers Squibb Company

BMY
68
Drug Manufacturers - General · Healthcare
Also trades as: 0R1F.L GBP 0.73 (+0.00%)
Price
$59.75
-0.82 (-1.35%)
Market Cap
$122.05B
Winston Score
68
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
29/30
Growth
Good
12/20
Cash Flow
Exceptional
10/10
Stability
Good
6/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Good
3/5

68 of 100 counted points = Winston Score 68.

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Share count falling — buybacks

−9.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.25B (2021) → 2.04B (2025)

§Winston Score History

The full picture

Bristol-Myers Squibb is a large pharmaceutical company that discovers, makes, and sells prescription medicines. Its biggest products treat cancer, blood clots, and immune system diseases — with well-known drugs like Eliquis (a blood thinner), Opdivo (a cancer treatment), and Revlimid (a blood cancer drug). Hospitals, doctors, and patients in over 50 countries rely on these medicines.

The company makes money by selling its drugs directly to hospitals, pharmacies, and healthcare distributors, often at high prices protected by patents. It operates globally, with the United States generating the majority of its revenue, and its $111 billion market cap makes it one of the larger drug companies in the world. The biggest risk Bristol-Myers Squibb faces is patent expiration — Revlimid has already begun losing patent protection, and several other key drugs face similar cliffs in the coming years, which could significantly reduce revenue unless new drugs successfully replace them.

Politician Trades

24 trades / 12mo

14 Congressional buys and 10 sells on BMY in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+153.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$10.0B/ year

↓ Declining (-11% vs prior year)

20.6% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$11.5B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bristol-Myers Squibb Company is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
71.3%
Premium pricing power — 71.3% gross margin
Profit after running costs
Operating Margin
31.5%
Excellent — 31.5% operating margin
Return on the money invested
ROCE
21.2%
Exceptional — 21.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+3.1%
Slow sales growth (+3.1% YoY)
Profit growth
EPS YoY
+82.7%
Earnings growing fast (+82.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
138%
Turns 138% of profit into real cash
Spare cash per sale
FCF Margin
23.3%
Converts sales into free cash efficiently (23.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
1.93
Elevated debt (1.93)
Covers its interest
Interest Cover
8.04x
Comfortably covers interest (8.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
13.2x
Attractive valuation — P/E 13.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+2.0
GROWING
Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend
Dividend Yield
4.00%
Healthy income — 4.00% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+1.6%
Dividend flat
Payout Ratio
55%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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