Bristol-Myers Squibb Company (BMY)

Debt-to-equity 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-equity ratio		2.91	2.84	2.87	3.00	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

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $47,603,000K ÷ $16,335,000K
= 2.91

The debt-to-equity ratio for Bristol-Myers Squibb Company has shown a fluctuating trend over the past few years. Starting from March 31, 2020, at 0.86, the ratio remained relatively stable around 0.85 to 0.82 until December 31, 2020. However, there was a significant increase to 1.28 in the same period, indicating a notable rise in debt relative to equity.

Subsequently, the ratio decreased gradually over the next few quarters to reach a low of 1.07 by September 30, 2021, before slightly increasing again to 1.10 by December 31, 2021. The ratio then saw a peak of 3.00 as of March 31, 2024, reflecting a substantial increase in debt compared to equity, possibly due to increased borrowing or a decrease in equity.

From that point, there was a decline in the ratio over the following quarters to 2.84 as of September 30, 2024. Overall, the upward trend indicates increasing leverage in the company's capital structure, which could potentially signal higher financial risk and reliance on debt financing. It would be essential for stakeholders to monitor this ratio closely to assess the company's financial health and its ability to meet its obligations in the long run.