FFilingSight

Bristol-Myers Squibb (BMY) 10-K Red Flags

Risk signals extracted deterministically from Bristol-Myers Squibb’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.

Detected red flags (13)

  • Earnings-cash flow divergence: Net income grew +178.8% while operating cash flow declined -6.8%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
  • Restatement of financial statements: The term "restatement of" "previously issued" appears in 5 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
  • Operating cash flow exceeds net income: OCF is 2.01x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
  • Gross margin expansion: Gross margin expanded +26.4%pp (from 37.4% to 63.8%), indicating improved pricing power, cost efficiency, or favorable product mix.
  • R&D intensity declining: R&D as % of revenue fell from 23.1% to 20.6%. This may signal reduced innovation investment — potentially impacting long-term competitive position. Compare with peer R&D trends.
  • Endogenous analysis: 2 positive signal(s) versus 2 risk signal(s). The filing exhibits more constructive indicators than concerns, though individual risk factors should still be monitored.
  • 2 new XBRL disclosure(s) in latest filing — expanding reporting scope.
  • 20 disclosure(s) dropped from prior year — reduced reporting granularity.
  • Ongoing high-severity risk language: Restatement of financial statements.
  • Composite risk: Elevated.
  • Leverage debt/equity 1.92 (moderate).
  • Earnings-cash flow divergence: Net income grew +178.8% while operating cash flow declined -6.8%. This divergence may indicate accrual-based earnings inflation — non-cash gains, aggressive revenue recognition, or working capital absorption. The accrual ratio (NI − OCF) is deteriorating.
  • Restatement of financial statements: The term "restatement of" "previously issued" appears in 5 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.

Filings & ownership

  • Latest annual report (10-K) filed Feb 11, 2026.
  • Latest quarterly report (10-Q) filed Jul 30, 2026.
  • 12 recent 8-K material-event filings in the index.
  • Recent insider Form 4s: 0 buy vs 0 sell transactions.
  • ~10,000+ recent 13F-HR filings reference Bristol-Myers Squibb; broad institutional reporting.
  • Recent filers include SUMMIT SECURITIES GROUP, LLC, CLEAR STREET MARKETS LLC, FREMONT INVESTMENT ADVISORS INC.
  • 14 recent 13D activist/beneficial-ownership filings — potential catalyst.
  • 6 recent 13G passive institutional ownership notices.

Full BMY analyst report

Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.

View full report →

Not investment advice. FilingSight is an automated analytical research tool, not a registered investment advisor. Ratings and scores are quantitative analytical classifications, not buy or sell recommendations. Nothing here is personalized to your circumstances. Investing involves risk of loss — consult a licensed professional. See full disclosures.