Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 10, 2026

Bristol Myers Squibb Co (BMY)

A forensic read on Bristol Myers Squibb Co built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Grey Zone

Financial health

2.0

Distress distance

Clean

Earnings quality

Forensic signals

40.5%

ROE

-0.2%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Bristol Myers Squibb Co earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

14.3%

FY2025

Return on invested capital. Return on invested capital is 14.3% in the latest fiscal year, against 13.4% in FY2023, having run between -8.2% and 14.3% across FY2023–FY2025 with no direction held. After-tax operating profit was $8.6B in FY2023 and $8.5B in FY2025. The capital base behind it went from $64.3B in FY2023 to $59.4B in FY2025 (-8%), while the revenue it carried went from $45.0B to $48.2B. Across FY2024–FY2025, $28.3B went into capital expenditure and acquisitions against $1.1B of depreciation excluding $12.5B of intangible-asset amortisation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. FY2024's operating profit carried a $2.9B asset write-down and a $635M restructuring charge that alone took about 4.5 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

Key fundamentals

Latest Revenue$48.19B

Revenue Growth YoY-0.2%

Revenue CAGR (2yr)+3.5%

Net Margin14.6%

Free Cash Flow$12.85B

Return on Equity40.5%

Debt / Equity2.43x

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Data from SEC EDGAR public filings · metrics as of Nov 10, 2026. Forensic signals flag probability, not certainty.

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