Bristol-Myers Squibb Company (BMY)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	36,653,000	35,056,000	39,605,000	48,336,000	43,387,000
Total stockholders’ equity	US$ in thousands	29,430,000	31,061,000	35,946,000	37,822,000	51,598,000
Debt-to-capital ratio		0.55	0.53	0.52	0.56	0.46

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $36,653,000K ÷ ($36,653,000K + $29,430,000K)
= 0.55

The debt-to-capital ratio of Bristol-Myers Squibb Co. has shown a consistent upward trend over the past five years, indicating an increasing reliance on debt financing relative to total capital. In 2019, the ratio was at its lowest point at 0.48, but began to climb steadily thereafter. By the end of 2023, the ratio reached its highest value at 0.57.

This upward trend suggests that Bristol-Myers Squibb Co. has been taking on more debt in proportion to its total capital over the years. It is important to note that a higher debt-to-capital ratio can indicate higher financial risk due to the increased leverage, as the company may have higher interest payments and debt obligations to fulfill.

Further analysis and monitoring of this trend are recommended to understand the company's debt management strategy and its implications on financial performance and risk exposure in the future.