Bristol-Myers Squibb (BMY)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $123.3B, Bristol-Myers Squibb's free cash flow of $12.8B (fiscal 2025) would need to grow about -5% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Bristol-Myers Squibb's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from BMY's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Bristol-Myers Squibb's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $46.4B | $46.2B | $45.0B | $48.3B | $48.2B |
| Net income | $7.0B | $6.3B | $8.0B | -$8.9B | $7.1B |
| Free cash flow | $15.2B | $11.9B | $12.7B | $13.9B | $12.8B |
| EPS (diluted) | $3.12 | $2.95 | $3.86 | -$4.41 | $3.46 |
| Operating margin | 17.5% | 16.7% | 18.8% | -17.3% | 19.4% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own BMY
From each investor's latest 13F filing (what a 13F shows). 13 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Trimmed | $1.6B | 0.55% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $1.4B | 0.85% | Q2 2026 |
| Richard Pzena Pzena Investment Management |
Trimmed | $980M | 2.9% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $51M | 0.12% | Q2 2026 |
| John Rogers Ariel Investments |
Trimmed | $40M | 0.40% | Q2 2026 |
| Thomas Kahn Kahn Brothers Group |
Added | $10M | 1.6% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $6M | 0.00% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $5M | 0.04% | Q2 2026 |
| Bill Miller Miller Value Partners |
Held | $4M | 0.95% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $3M | 0.03% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $2M | 0.00% | Q2 2026 |
| Tweedy, Browne Tweedy, Browne Company |
Added | $2M | 0.16% | Q2 2026 |
Insider buying
Open-market purchases by Bristol-Myers Squibb's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 5, 2026 | Ro Khanna |
0 | $59.43 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $59.43 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $54.61 | — |
| Jan 23, 2026 | Ro Khanna |
0 | $54.61 | — |
| Dec 19, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $54.15 | — |
| Dec 19, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $54.15 | — |
| Nov 12, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $49.13 | — |
| Nov 12, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $49.13 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $45.96 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $45.96 | — |
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In the full deep dive
Questions
What growth does Bristol-Myers Squibb's stock price imply?
At a market value of $123.3B, Bristol-Myers Squibb would need its free cash flow to grow about -5% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 24% a year.
Are Bristol-Myers Squibb insiders buying the stock?
10 open-market insider purchases of BMY in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Bristol-Myers Squibb?
13 of the superinvestors Investingly tracks hold BMY in their latest 13F, including Cliff Asness, PRIMECAP Management, Richard Pzena.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.