MeritValue

BRISTOL MYERS SQUIBB CO

BMYdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$46.4B1$46.2B2$45B3$48.3B3$48.2B3
Net income$6.99B4$6.33B5$8.03B6−$8.95B6$7.05B6
Operating cash flow$16.2B7$13.1B8$13.9B9$15.2B9$14.2B9
Capital expenditure$973M10$1.12B11$1.21B12$1.25B12$1.31B12
Free cash flow (derived)$15.2B7$11.9B8$12.7B9$13.9B9$12.8B9
Total debt$98.6B13$86.4B14$85.3B15$103B16$94.2B16
Cash & equivalents$14B17$9.12B18$11.5B19$10.3B20$10.2B20
Diluted shares2.25B2.15B2.08B2.03B2.04B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
4.9e-7%
of the whole company
Your share of last year’s profit
$34.6
Your share of its debt
$461.87
Your share of free cash flow
$63
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$44.01
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$12.8B
DCF · Growth Exit 5Y
$51.02
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$12.8B
Earnings Power Value
$36.14
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.99B
  • growthAssumed0.0%
Graham Number
$26.56
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $51.02

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000014272-24-000044 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000014272-25-000039 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000014272-26-000004 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000014272-24-000044 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000014272-25-000039 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000014272-26-000004 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000014272-24-000044 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000014272-25-000039 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000014272-26-000004 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000014272-24-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000014272-25-000039 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000014272-26-000004 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000014272-23-000046 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000014272-24-000044 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000014272-25-000039 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000014272-26-000004 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000014272-23-000046 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000014272-24-000044 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000014272-25-000039 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0000014272-26-000004 (CashAndCashEquivalentsAtCarryingValue)