Bristol-Myers Squibb Company (BMY)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	36,653,000	32,137,000	34,656,000	35,078,000	35,056,000	36,966,000	37,107,000	37,450,000	39,605,000	39,677,000	42,503,000	44,505,000	48,336,000	41,364,000	41,853,000	42,844,000	43,387,000	24,390,000	24,433,000	5,635,000
Total stockholders’ equity	US$ in thousands	29,430,000	28,998,000	31,973,000	31,824,000	31,061,000	32,671,000	32,600,000	31,580,000	35,946,000	37,213,000	36,808,000	37,605,000	37,822,000	50,158,000	49,094,000	49,911,000	51,598,000	17,648,000	16,049,000	15,218,000
Debt-to-capital ratio		0.55	0.53	0.52	0.52	0.53	0.53	0.53	0.54	0.52	0.52	0.54	0.54	0.56	0.45	0.46	0.46	0.46	0.58	0.60	0.27

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 remained relatively stable over the past eight quarters, fluctuating between 0.54 and 0.59. This ratio indicates that, on average, the company is financing approximately 54% to 59% of its operations through debt, with the remaining portion funded by equity.

A debt-to-capital ratio of 0.57 in Q4 2023 suggests that the company's debt accounts for 57% of its total capital, reflecting a moderate reliance on debt financing. It is essential to monitor changes in this ratio over time to assess the company's leverage and solvency. The slight fluctuations in the debt-to-capital ratio can be indicative of the company's ability to manage its debt levels effectively and maintain a balanced capital structure.