Bristol Myers Squibb

TTM free cash flow is approximately 14.6 billion dollars (CFO about 15.9 billion less capex about 1.32 billion). Cash, equivalents and marketable securities were about 14.0 billion dollars at June 30, 2025, and net debt about 35.2 billion dollars. Credit ratings are A2 at Moody’s and A at S&P with stable outlooks.

The dividend of 0.62 dollars per quarter continues and was reaffirmed in September 2025. Balance sheet strength and strong cash conversion should comfortably service maturities and fund R&D, though acquisition debt and IPR&D charges add variability.