BMY // Bristol-Myers Squibb Company

DES <GO> NYSE CIK 0000014272 ↗

Health Care • Biotechnology: Pharmaceutical Preparations

$61.39 ▲ +0.82 (+1.35%)

MKT CAP: $125.40B • VOL: 14.77M

52W L $45 52W H $69

ALTMAN Z

2.24 GREY

PIOTROSKI

7 / 9

BMY // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 64/100 [C] (-1 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE C

RQD CONFIDENCE

63 / 100 -1D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Hold — Fair / Balanced Risk-Reward

01 MASSIVE / SEC XBRL

Forensic Fundamentals

11 / 20

NEUTRAL

FCF -7.9% vs NI +178.8% • ROIC-WACC +6.8% • Z 2.24

02 OPRA GEX + SEC 13F

Whale & Options Flow

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

16 / 20

STRONG

20 BASE - 4 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON BMY)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 87/100 Z-SCORE: +2.79σ

BMY Accounting Gap: Net Income (+178.8%) Outpaced OCF (-6.8%) With +-1.1% Working-Capital Build

CASH CONVERSION GAP

+185.6% (NI vs OCF)

RECEIVABLES / WC BLOAT

-1.1% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

SEC EDGAR XBRL triangulation on Bristol-Myers Squibb Company (BMY) exposes a +185.6% Cash Conversion Gap as YoY Net Income growth (+178.8%) diverged from Operating Cash Flow growth (-6.8%). Non-cash current assets and receivables expanded -1.1% relative to top-line revenue growth. Monitor upcoming 10-Q cash realization closely for accrual mean-reversion.

BMY // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +3.12%▲ ASCENDING CHANNEL

2026-10-30O $63.00H $64.05L $62.29C $62.48VOL 12.67M

RES: $72.74SUP: $56.59SMA50: $62.80SMA200: $59.95

BMY // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

NEUTRAL / PAIR TRADE CONVICTION: 48/100

BEAR 0

100 BULL

Bristol-Myers Squibb Company (BMY) exhibits 71.1% gross margins and 13.3% return on invested capital within Health Care (Biotechnology: Pharmaceutical Preparations), balanced against a 16.3x enterprise multiple and 6.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 71.1% gross profitability converts into 17.9% operating margin and 13.3% ROIC, outpacing sector cost of capital.

ROIC: 13.3% // GM: 71.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -0.2% paired with 10.24% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -0.2% // FCF YLD: 10.24%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 2.24 and Piotroski F-Score of 7/9 indicate low near-term refinancing stress.

ALTMAN Z: 2.24 // F-SCORE: 7/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 17.8x trailing P/E (16.6x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 17.8x // EV/EBITDA: 16.3x

02. Options Skew & Event Volatility Risk

Options market prices a ±6.8% implied move with a 0.70 put/call ratio around $60.00 max pain.

IMPL MOVE: ±6.8% // P/C: 0.70

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Pharmaceutical Preparations require continuous execution to defend 14.6% net margins.

NET MARGIN: 14.6% // D/E: 2.32x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 16.6x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 0.98).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E 17.8x

FORWARD P/E 16.6x

EV / EBITDA 16.3x

FCF YIELD 10.24%

GROSS MARGIN 71.1%

OPERATING MARGIN 17.9%

NET MARGIN 14.6%

ROIC % 13.3%

REV GROWTH YOY -0.2%

DILUTED EPS TTM $3.45

DEBT / EQUITY 2.32x

DIVIDEND YIELD 4.02%

RSI-14 MOMENTUM 54.7

5Y EQUITY BETA 0.98

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // BMYPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $56.17

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for BMY & activate live FRED threshold breach alerts.

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