Bristol-Myers Squibb Company (BMY)

Debt-to-equity 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-equity ratio		1.25	1.13	1.10	1.28	0.84

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $36,653,000K ÷ $29,430,000K
= 1.25

The debt-to-equity ratio of Bristol-Myers Squibb Co. has fluctuated over the past five years, indicating changes in the company's leverage and financial structure. In 2019, the ratio was 0.91, suggesting a conservative approach with a lower reliance on debt financing relative to equity.

However, the ratio increased to 1.34 in 2020, indicating a higher level of debt compared to equity, possibly due to strategic investments, acquisitions, or operational needs. This trend continued in 2021 with a ratio of 1.24, showing a slight reduction in leverage compared to the previous year.

In 2022, the debt-to-equity ratio increased to 1.27, suggesting a moderate increase in debt relative to equity, which could be a result of ongoing business activities or capital structure adjustments. By the end of 2023, the ratio further rose to 1.35, indicating continued reliance on debt financing in relation to equity.

Overall, the fluctuation in Bristol-Myers Squibb Co.'s debt-to-equity ratio over the five-year period reflects changes in the company's financial structure and the varying levels of debt used to support its operations and growth strategies. It is essential for stakeholders to monitor these fluctuations to assess the company's risk profile and financial health.