--- title: Bristol-Myers Squibb (BMY) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/bmy ticker: BMY as_of: 2026-10-17 sector: Healthcare industry: Drug Manufacturers - General --- # Bristol-Myers Squibb (BMY) Bristol-Myers Squibb (BMY) closed at $59.75 on Oct 16, 2026, undervalued by 43% vs its model value of $105.53 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $59.75 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $105.53 | | Price vs model | undervalued by 43% vs model | | Range of that model | $56.32 – $240.97 | | Market value | $122.1B | | P/E (fiscal 2025) | 17.3 | | Net margin (fiscal 2025) | 14.6% | | Free cash flow (fiscal 2025) | $12.8B | | Dividend yield (trailing twelve months) | 4.22% | | Beta | 0.23 | | Cost of capital (WACC) | 6.21% | | Business classification | Dividend Payer (Low/slowing growth (~3% recent), Moderate margins (15% net margin), Strong dividend yield, Highly cyclical earnings, High leverage (D/E 2.4x), Strong FCF yield (10.5%)) | ## On the stock lists | List | Place | Figure | Page | | --- | ---: | ---: | --- | | Highest free cash flow yield | #29 | 10.5% | https://sweetvaluelab.com/lists/highest-free-cash-flow-yield | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 4.22% | | Dividends per share, last 12 months | $2.52 | | Dividends / free cash flow (fiscal 2025) | 39.3% | | Raised | 18 years in a row | | Growth over 5 years | 5.2% a year | | Latest payment | $0.63, ex-date Oct 2, 2026, paid Nov 2, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Sep 30, 2021 | $1.96 | | To Oct 6, 2022 | $2.16 | | To Oct 5, 2023 | $2.28 | | To Oct 4, 2024 | $2.40 | | To Oct 3, 2025 | $2.48 | | Trailing twelve months (to Oct 2, 2026) | $2.52 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $105.53 | $56.32 | $240.97 | | DCF · Perpetuity growth · 10y | cross check | $90.78 | $51.34 | $203.56 | | DCF · EBITDA exit · 5y | cross check | $84.27 | $59.47 | $113.50 | | DCF · EBITDA exit · 10y | cross check | $76.28 | $53.50 | $106.51 | | P/E · peers | cross check | $107.84 | $98.99 | $124.10 | | P/E · own history | cross check | $91.42 | $73.97 | $112.04 | | PEG | sanity check | $73.78 | $73.78 | $73.78 | | EV/EBITDA · peers | cross check | $110.41 | $100.84 | $141.84 | | EV/Revenue · peers | cross check | $153.04 | $123.14 | $175.68 | | Earnings power value | cross check | $24.04 | $16.03 | $37.13 | | Dividend discount | cross check | $49.51 | $34.61 | $96.04 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 2 open-market sales ($437,247.9); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Oct 2, 2026 | Gallman Cari | EVP, General Counsel | Option/RSU exercise | 4,559 | $0 | | Oct 2, 2026 | Gallman Cari | EVP, General Counsel | Tax withholding | 2,332 | $142,601.8 | | Oct 2, 2026 | Gallman Cari | EVP, General Counsel | Option/RSU exercise | 4,559 | $0 | | Sep 30, 2026 | YALE PHYLLIS R | Director | Grant / award | 560.897 | $35,000 | | Sep 30, 2026 | Samuels Theodore R. II | Director | Grant / award | 821.314 | $51,250 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/14272/000001427226000020/bmy-20260630.htm | | Jul 30, 2026 | 8-K | 2.02 Results of Operations (Earnings); 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/14272/000001427226000018/bmy-20260730.htm | | May 8, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/14272/000114036126020060/ef20072737_s8.htm | | May 8, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/14272/000114036126020036/ef20072750_8k.htm | | Apr 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/14272/000001427226000010/bmy-20260331.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Richard Pzena | 2026-06-30 | 17,007,044 | $979.9M | | John Rogers | 2026-06-30 | 696,430 | $40.1M | | Kahn Brothers | 2026-06-30 | 174,152 | $10.0M | | Bill Miller | 2026-06-30 | 69,500 | $4.0M | 8 tracked managers in all. ## About Bristol-Myers Squibb Company operates as a global biopharmaceutical entity, actively involved in the research, development, licensing, production, and worldwide commercialization of its medicinal portfolio. The company's therapeutic areas span hematology, oncology, cardiovascular health, immunology, fibrotic conditions, neuroscience, and infectious diseases like COVID-19. Its significant pharmaceutical offerings include Revlimid, an oral immunomodulatory agent for multiple myeloma, and Eliquis, an oral anticoagulant crucial for reducing stroke risk and systemic embolism in non-valvular atrial fibrillation, as well as treating deep vein thrombosis and pulmonary embolism. The portfolio also features Opdivo, utilized across various anti-cancer indications; Pomalyst/Imnovid, prescribed for multiple myeloma patients; and Orencia, targeting active rheumatoid arthritis and psoriatic arthritis i… --- Source: https://sweetvaluelab.com/stocks/bmy (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.