Bristol-Myers Squibb Company (BMY)

Debt-to-equity 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-equity ratio		1.25	1.11	1.08	1.10	1.13	1.13	1.14	1.19	1.10	1.07	1.15	1.18	1.28	0.82	0.85	0.86	0.84	1.38	1.52	0.37

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 experienced fluctuations over the past eight quarters. In Q4 2023, the ratio stands at 1.35, representing an increase compared to the previous quarter's ratio of 1.30. This suggests that the company's level of debt relative to equity has risen, which may indicate a higher reliance on debt financing.

Looking at the trend over the past year, the ratio has shown some variability, with peaks in Q1 and Q4 2022 at 1.42 and 1.27, respectively, and lows in Q2 and Q3 2023 at 1.18 and 1.20. This fluctuation may reflect changes in the company's capital structure and borrowing practices during the period.

Overall, a debt-to-equity ratio above 1 indicates that Bristol-Myers Squibb Co. primarily finances its operations through debt rather than equity. Investors and creditors may view this as a moderate level of leverage, which can be beneficial for increasing returns but also poses risks if not managed effectively. Monitoring future changes in the debt-to-equity ratio will be important to assess the company's financial health and risk profile.