What is Bristol-Myers Squibb Company (BMY) DCF Fair Value and Intrinsic Value in 2026?

Bristol-Myers Squibb Company (BMY) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Bristol-Myers Squibb Company's historical Return on Invested Capital (ROIC) and Moat Rating?

Bristol-Myers Squibb Company operates in the Healthcare sector (Drug Manufacturers - General) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Bristol-Myers Squibb Company's financial health rating and Piotroski F-Score?

Bristol-Myers Squibb Company's balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Bristol-Myers Squibb Company (BMY) for quarterly SEC filing thesis breaks?

LocalAlpha audits Bristol-Myers Squibb Company's 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksBMY

BMY

Bristol-Myers Squibb CompanyHealthcare / Drug Manufacturers - GeneralINTACT

Bristol-Myers Squibb Company discovers, develops, licenses, manufactures, markets, distributes, and sells biopharmaceutical products worldwide. The company offers products for oncology, hematology, immunology, cardiovascular, and neuroscience indications. Its products include Opdivo for anti-cancer indications; Opdivo Qvantig, a subcutaneous PD-1 inhibitor for solid tumors; 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 to treat unresectable or metastatic melanoma; and Camzyos for the treatment of symptomatic obstructive HCM. The company also offers Zeposia to treat relapsing forms of multiple sclerosis; Abecma for the treatment of patients with relapsed or refractory multiple myeloma; Sotyktu to treat 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 the reduction of risk of stroke/systemic embolism and for the treatment of DVT/PE; Revlimid, an oral immunomodulatory drug for multiple myeloma; Pomalyst/Imnovid for multiple myeloma; Sprycel for Philadelphia chromosome-positive chronic myeloid leukemia; and Abraxane to treat breast cancer. Further, the company provides Augtyro for the treatment of locally advanced or metastatic ROS1-positive NSCLC, as well as NSCLC and pancreatic cancer. It sells its products to wholesalers, distributors, specialty pharmacies, retailers, hospitals, clinics, and government agencies. The company has a strategic collaboration with Arcus Biosciences, Inc. to develop a 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.

Share Price

$63.45

52W: $42.52 - $68.64

DCF Fair Value

$106.29

+40.3% MoS

Thesis Hub

P/E (TTM)

14x

ROIC

25.8%

Operating Margin

34.4%

FCF Yield

6.3%

Debt / Equity

2.02x

Piotroski Score

7/9

Altman Z-Score

3.47

Market Cap

$129.6B

Price vs. Intrinsic Value Corridor

Margin of Safety Buy Zone (<25% Discount)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$106.29

MOS Buy Target (-25%)

$79.72

Valuation Overlays: DCF Fair Value ($106.29) 25% MOS Buy Target ($79.72) Revised Graham ($142.75) Graham Number ($33.41)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$63.45

DCF Fair Value

$106.27

+40.3% MoS

Starting Free Cash Flow ($M)$8,114M

$100M$8,114M (Reported)$50,000M

Stage 1 Growth (Years 1-5)17.2%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$34,000M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$102.2B

PV of Terminal Value

$148.9B

Implied Enterprise Value

$251.1B

Implied Equity Value

$217.1B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$9,510	$11,145	$13,062	$15,309	$17,942	$18,749	$19,593	$20,475	$21,396	$22,359
Present Value (PV)	$8,724	$9,381	$10,086	$10,845	$11,661	$11,180	$10,718	$10,276	$9,851	$9,445

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-89.9% Premium

$33.41

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $4.54BVPS: $10.93

Revised Graham Formula+55.6% MoS

$142.75

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings5.9% Yield

$3.77 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $7.7BYield: 5.9%

Reverse DCF: Market Growth Expectation

MODEST BARRIER

2.7% CAGR (Next 10 Yrs)

At the current price of $63.45, the market is assuming the business will compound Free Cash Flow at 2.7% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

✓ Low market hurdle: Easy for a wide-moat compounder to beat.

Autonomous Thesis Underwriting

Surveil BMY with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Bristol-Myers Squibb Company. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 34.4% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Bristol-Myers Squibb Company (BMY) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Bristol-Myers Squibb Company.

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Bristol-Myers Squibb Company has an estimated DCF intrinsic fair value of $106.29 per share compared to its current market price of $63.45. This represents an estimated 40.3% margin of safety (trading below fair value). Additionally, its classic Benjamin Graham Number stands at $33.41.