Bristol-Myers Squibb Company (BMY)

Debt-to-assets ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	47,603,000	36,653,000	35,056,000	39,605,000	48,336,000
Total assets	US$ in thousands	92,603,000	95,159,000	96,820,000	109,314,000	118,481,000
Debt-to-assets ratio		0.51	0.39	0.36	0.36	0.41

December 31, 2024 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $47,603,000K ÷ $92,603,000K
= 0.51

The debt-to-assets ratio of Bristol-Myers Squibb Company has exhibited some fluctuations over the past five years. As of December 31, 2020, the ratio stood at 0.41, indicating that 41% of the company's assets were financed by debt.

Over the subsequent years, the ratio showed a slight improvement, decreasing to 0.36 by the end of both 2021 and 2022. This suggests that the company reduced its reliance on debt to fund its assets during these periods.

However, by the end of 2023, the debt-to-assets ratio increased slightly to 0.39, indicating a higher proportion of assets being financed by debt compared to the previous two years.

The most significant change was observed by the end of 2024, with the ratio spiking to 0.51. This substantial increase suggests that Bristol-Myers Squibb Company significantly increased its debt levels relative to its asset base that year.

In conclusion, while the company's debt-to-assets ratio fluctuated over the five-year period, it is essential to further investigate the reasons behind the sharp increase in 2024 to assess the implications for the company's financial health and long-term sustainability.