Bristol-Myers Squibb Company (BMY) fair value: what the stock is really worth
As of Oct 21, 2026: fair value (intrinsic value) of Bristol-Myers Squibb Company stock $75.96, price $61.12, upside +24.3%, quality 78 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 21, 2026.
How to read this chart
60‑month range $35.59 – $68.01 · fair‑value band $52.98 – $94.95 · the $61.12 price screens below the $75.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 21, 2026.
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Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. It offers products for oncology, hematology, immunology, cardiovascular, neuroscience.
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The company's products include Opdivo for various anti-cancer indications; Opdivo Qvantig, a subcutaneous PD-1 inhibitor for solid tumorsr; Orencia for active rheumatoid arthritis and psoriatic arthritis; Yervoy for the treatment of unresectable or metastatic melanoma; Reblozyl to treat anemia; Breyanzi for the treatment of relapsed or refractory large B-cell lymphoma; Opdualag for the treatment of unresectable or metastatic melanoma; and Camzyos to treat symptomatic obstructive HCM. It also offers Zeposia to treat relapsing forms of multiple sclerosis; Abecma for the treatment of patients with relapsed or refractory multiple myeloma; Sotyktu for the treatment of moderate-to-severe plaque psoriasis; Krazati for the treatment of KRASG12C-mutated locally advanced or metastatic non-small cell lung cancer (NSCLC); and Cobenfy to treat schizophrenia.
In addition, it offers Eliquis for a reduction in risk of stroke/systemic embolism and for the treatment of DVT/PE; Revlimid, an oral immunomodulatory drug to treat multiple myeloma; Pomalyst/Imnovid for multiple myeloma; Sprycel for Philadelphia chromosome-positive chronic myeloid leukemia; and Abraxane for the treatment of breast cancer.
Further, it provides Augtyro for the treatment of locally advanced or metastatic ROS1-positive NSCLC; and NSCLC and pancreatic cancer. It sells products to wholesalers, distributors, specialty pharmacies, retailers, hospitals, clinics, and government agencies.
Bristol-Myers Squibb Company has a strategic collaboration with Arcus Biosciences, Inc. to develop a novel treatment regimen that delivers tumor control in kidney cancer. The company was formerly known as Bristol-Myers Company.
The company was founded in 1887 and is headquartered in Princeton, New Jersey.
Stock analysis
Bristol-Myers Squibb Company (BMY) currently trades at $61.12, while our model-based Fair Value estimate is $75.96, implying the stock looks roughly 19.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $82.76 per share, and 15 of the 24 models we run sit above the $61.12 price.
Bear case: the Earnings-Based group reads lowest at $20.03, and 9 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $52.98 (bear) to $94.95 (bull), the price of $61.12 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 78/100 (high quality), in the Healthcare sector.
Mixed Growth: Spin-off in 2001: revenue and profit before it include the divested business. Growth is measured afresh from 2001.
Bristol-Myers Squibb Company reported revenue of $48.2B in FY2025 versus $46.4B in FY2021, a compound +1.0%/yr. Reported net income was $7.1B in FY2025, compounding +0.2%/yr from FY2021.
Key figures
Market cap $125B Large · P/E ratio 13.5 · P/S ratio 2.55 · EPS (TTM) $4.54 · Dividend yield 4.1% · Net margin 18.9% · Return on equity 46.6% · Return on assets (EBIT) 10.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 82 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 50% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −10% fair-value upside, at 24%, BMY screens cheaper than that median.
Fair Value models
Bear$52.98Fair Value $75.96Bull$94.95
Price $61.12 · Upside +24.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($1.64 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2001: revenue and profit before it include the divested business. Growth is measured afresh from 2001.
Revenue growth 1 year
−0.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
Start year 2020 (pandemic). Over 10 years: +11.3% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+10.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.2%
Dividend (yield on the price)4.1%
Per share before 2001divided by the spin-off factor 1.0507
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.2% vs 11.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 26%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.2%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −5.4% a year for the price and −3.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
AI conclusion: The moderate moat rests on patent-protected pricing and pharma scale, yet high leverage with debt exceeding equity plus limited differentiation signals form the core weakness.
Main risk: Patent pressure on older blockbusters is the single biggest risk and would hit revenue during the shift to new oncology products.
Bristol Myers Squibb reported strong Phase 3 results last week showing iberdomide plus daratumumab and dexamethasone more than doubled median progression-free survival in relapsed or refractory multiple myeloma compared with the prior standard. The pipeline continues to deliver in oncology even as the company manages the transition away from older blockbusters facing patent pressure. Does this data speed the rebuild of a durable growth base, or do the legacy headwinds still set the pace?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - General · 74 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside+24.3% · Top 25%
Profitability
Return on equity (12 months)46.6% · Top 25%
Return on assets7.8% · Above median
Net margin (12 months)18.9% · Top 25%
Operating margin (12 months)34.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)5.7% · Below median
Dividend yield (12 months)4.1% · Top 25%
Balance sheet
Debt / equity2.32× · Highest 25%
Valuation Multiplesvs Drug Manufacturers - General median · lower = cheaper
P/E (12 months)13.5× · Cheapest 25%
P/B6.78× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Bristol-Myers Squibb Company Fair Value". https://www.fairvalue-calculator.com/stock/BMY
Frequently asked questions
Is Bristol-Myers Squibb Company (BMY) overvalued or undervalued?
As of Oct 21, 2026, our model estimates a fair value of $75.96 versus a price of $61.12, about +24% upside (undervalued).
What is the fair value of BMY?
Our model-based fair value for Bristol-Myers Squibb Company is $75.96 (as of Oct 21, 2026), built from audited fundamentals. The current price: $61.12.
What is the quality score of BMY?
Bristol-Myers Squibb Company has a Quality Score of 78/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Bristol-Myers Squibb Company (BMY)?
Our model-based price target is the fair value of $75.96 (as of Oct 21, 2026) from 24 valuation models. Cautious scenario $52.98, optimistic scenario $94.95. It is a calculation from audited fundamentals, not an analyst target.
What is the Bristol-Myers Squibb Company stock forecast for 2026?
Our models put fair value at $75.96, about +24% upside versus a price of $61.12 (undervalued). Cautious scenario $52.98, optimistic scenario $94.95. The calculation is refreshed regularly with new filings.
What is the revenue of Bristol-Myers Squibb Company (BMY)?
Bristol-Myers Squibb Company reported trailing-twelve-month revenue of about $49.2B (latest available figure, as of Oct 21, 2026).
Does Bristol-Myers Squibb Company pay a dividend?
Bristol-Myers Squibb Company currently shows a dividend yield of 4.11% relative to its recent price (as of Oct 21, 2026).
What growth is priced into Bristol-Myers Squibb Company (BMY)?
For today's price to be fair in a discounted-cash-flow model, Bristol-Myers Squibb Company would have to grow free cash flow by -3.2 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Oct 21, 2026.
What discount rate (WACC) does the fair value of BMY use?
Our models discount Bristol-Myers Squibb Company at 8.1 %: a base by market capitalisation (large), damped by beta 0.18, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Bristol-Myers Squibb Company that is -3.2 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Bristol-Myers Squibb Company (BMY) delivered so far?
Over the past 5 years revenue at Bristol-Myers Squibb Company grew +2.5 % a year. The price currently implies -3.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Bristol-Myers Squibb Company (BMY) growing?
The median revenue growth in the sector is +5.6 % a year. That is the yardstick for the growth priced into Bristol-Myers Squibb Company (-3.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Bristol-Myers Squibb Company (BMY)?
The free-cash-flow yield on the price is 10.26 %: that much free cash flow Bristol-Myers Squibb Company produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Bristol-Myers Squibb Company (BMY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Bristol-Myers Squibb Company it is $75.96 per share (as of Oct 21, 2026), against a price of $61.12. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Bristol-Myers Squibb Company stock overvalued or undervalued in 2026?
As of Oct 21, 2026, BMY trades below its calculated fair value: price $61.12, fair value $75.96, a gap of about +24% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BMY?
No. The price is what the market pays today ($61.12); the fair value is what the company's own numbers justify ($75.96). For Bristol-Myers Squibb Company the two are $14.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is Bristol-Myers Squibb Company worth?
The market values Bristol-Myers Squibb Company at about $125B (market capitalisation, as of Oct 21, 2026). Per share that is $61.12; our models calculate a fair value of $75.96 per share.
What do the bullish and bearish scenarios say about BMY?
Our models span a range for Bristol-Myers Squibb Company: cautious scenario $52.98, base $75.96, optimistic $94.95 per share (as of Oct 21, 2026, price $61.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BMY?
Bristol-Myers Squibb Company trades at a price-to-earnings ratio of 13.5 (as of Oct 21, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $75.96 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 21.0. Other multiples: PEG 17.0, P/B 6.8, P/S 2.5, EV/EBITDA 8.3.
What is the PEG ratio of BMY?
The PEG ratio of Bristol-Myers Squibb Company is 17.03 (P/E divided by earnings growth, as of Oct 21, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Bristol-Myers Squibb Company (BMY)?
Balance-sheet figures for Bristol-Myers Squibb Company (as of Oct 21, 2026): return on equity 46.6%, debt of 2.32 per unit of equity. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is BMY from its 52-week high?
Bristol-Myers Squibb Company trades at $61.12, about 9% below its 52-week high of $67.39 and 50% above the low of $40.79 (as of Oct 21, 2026). Distance from the high says nothing about value: that is what the fair value of $75.96 is for.
Which stocks are comparable to Bristol-Myers Squibb Company?
From the same area (Healthcare) we also value Eli Lilly and Company, Johnson & Johnson,, AbbVie Inc, Roche Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Bristol-Myers Squibb Company stock attractive at the current price?
The data as of Oct 21, 2026: price $61.12, calculated fair value $75.96 (+24%), Quality Score 78/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BMY calculated?
We run Bristol-Myers Squibb Company through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $75.96, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Bristol-Myers Squibb Company currently trades 20 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Bristol-Myers Squibb Company (BMY)?
The closing price on Oct 21, 2026 was $61.12. Our model-based fair value is $75.96, about +24% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Bristol-Myers Squibb Company right now?
The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Bristol-Myers Squibb Company (BMY) come from?
Earnings per share at Bristol-Myers Squibb Company grew +9.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.1 %, EBIT margin −0.4 %, tax rate +0.9 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Bristol-Myers Squibb Company
How large is the market capitalisation of Bristol-Myers Squibb Company (BMY)?
The market capitalisation of Bristol-Myers Squibb Company is $125B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Bristol-Myers Squibb Company (BMY)?
The price-to-sales ratio of Bristol-Myers Squibb Company is 2.55 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Bristol-Myers Squibb Company (BMY)?
Earnings per share at Bristol-Myers Squibb Company are $4.54 (price ÷ EPS = P/E 13.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Bristol-Myers Squibb Company (BMY)?
The dividend yield of Bristol-Myers Squibb Company is 4.1% (payout 55.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Bristol-Myers Squibb Company (BMY)?
The net margin of Bristol-Myers Squibb Company is 18.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Bristol-Myers Squibb Company (BMY)?
The return on equity (ROE) of Bristol-Myers Squibb Company is 46.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Bristol-Myers Squibb Company (BMY)?
On an EBIT basis the return on assets of Bristol-Myers Squibb Company is 10.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Bristol-Myers Squibb Company (BMY)?
The operating margin of Bristol-Myers Squibb Company is 34.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Bristol-Myers Squibb Company (BMY)?
Revenue at Bristol-Myers Squibb Company is growing +5.7% versus a year earlier (3y avg +1.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Bristol-Myers Squibb Company (BMY)?
Earnings per share at Bristol-Myers Squibb Company are growing +153% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Bristol-Myers Squibb Company (BMY) carry?
The net debt of Bristol-Myers Squibb Company is $36.9B (fiscal year 2025, ≈ 2.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 21, 2026