Bristol-Myers Squibb Company (BMY)

Debt-to-capital 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 stockholders’ equity	US$ in thousands	16,335,000	29,430,000	31,061,000	35,946,000	37,822,000
Debt-to-capital ratio		0.74	0.55	0.53	0.52	0.56

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $47,603,000K ÷ ($47,603,000K + $16,335,000K)
= 0.74

The debt-to-capital ratio of Bristol-Myers Squibb Company has exhibited some fluctuations over the years. Starting at 0.56 in December 2020, the ratio decreased to 0.52 by December 2021, indicating a lower proportion of debt relative to the company's total capital. The ratio slightly increased to 0.53 by December 2022 before rising to 0.55 by December 2023. However, by December 2024, the debt-to-capital ratio significantly jumped to 0.74, suggesting a higher reliance on debt financing in relation to the company's total capital. Overall, these fluctuations in the debt-to-capital ratio may imply varying levels of financial leverage and risk within Bristol-Myers Squibb Company during the analyzed period.