Bristol-Myers Squibb Company (BMY)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	47,603,000	48,674,000	48,858,000	49,487,000	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
Total stockholders’ equity	US$ in thousands	16,335,000	17,142,000	17,015,000	16,490,000	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
Debt-to-capital ratio		0.74	0.74	0.74	0.75	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

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 for Bristol-Myers Squibb Company has shown fluctuations over the analysis period from March 31, 2020, to December 31, 2024. The ratio started at 0.46 as of March 31, 2020, indicating that 46% of the company's capital was funded by debt. It remained relatively stable around 0.45 to 0.46 until December 31, 2020, when it increased to 0.56. This increase suggests a higher proportion of debt relative to capital at the end of the year 2020.

Subsequently, from March 31, 2021, to June 30, 2022, the ratio hovered between 0.52 to 0.54, indicating a moderate ratio of debt to capital during this period. However, by March 31, 2024, the ratio spiked significantly to 0.75, reflecting a substantial rise in the proportion of debt relative to capital, which may raise concerns about the company's leverage and financial risk.

Overall, Bristol-Myers Squibb Company's debt-to-capital ratio has fluctuated within a range, with some periods showing stability and others demonstrating significant changes. Investors and stakeholders should closely monitor this ratio, particularly the increasing trend observed in the most recent period, as it can provide insights into the company's capital structure and financial health.