Bristol-Myers Squibb Company vs Novartis AG, two Drug Manufacturers stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Bristol Myers at 16.1 times earnings is priced for its patent cliff, Novartis at 21.5 for its steadiness, and the five-turn spread is the market's estimate of how differently two big pharmas will exit this decade. Novartis earns the cleaner economics, a 32.4% operating margin and 30% return on equity with no debt; Bristol's 36.2% return on equity divides by an equity base thinned under 2.31 turns of leverage. The compensation for Bristol's risks is immediate: a 10.1% free-cash yield and a 4.3% dividend against Novartis' 5.8% and none listed. The pair prices the classic pharma trade: collect the yield through the cliff, or pay up for the portfolio that does not have one.
Comparison updated 2026-07-10.
| Metric | BMY | NVS |
|---|---|---|
| Price | $57.50 | $155.27 |
| Market cap | $117.7B | $301.1B |
| Sector | Drug Manufacturers | Drug Manufacturers |
| Stage | Mature | Mature |
| Implied growth (priced in) | — | +8.3% |
| P/E | 16.1 | 21.5 |
| P/B | 5.86 | 6.47 |
| P/S | 2.43 | 5.52 |
| EV/EBITDA | 43.0 | 16.4 |
| Revenue growth | +1.8% | +6.4% |
| Gross margin | — | 78.8% |
| Operating margin | — | 32.4% |
| Net margin | 15.0% | 25.6% |
| Return on equity | 36.2% | 30.0% |
| Return on assets | 8.4% | 12.6% |
| Return on invested capital | — | 32.4% |
| FCF yield | 10.1% | 5.8% |
| Dividend yield | 4.3% | — |
| Debt / equity | 2.31 | 0.00 |
| Current ratio | 1.42 | 1.12 |
| Altman Z (solvency) | 2.03 | 3.86 |
| Piotroski F (quality) | 5 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.