Which superinvestors hold Bristol-Myers Squibb Co (BMY)?

Per the latest SEC 13F filings, 9 superinvestors hold Bristol-Myers Squibb Co (BMY): Richard Pzena, Jim Cullen, John Rogers, Jeremy Grantham, Thomas Kahn, Bill Miller, Mark Hillman, Dodge & Cox, Tweedy, Browne. Combined value held is about $1.13B, with Richard Pzena the largest holder.

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Bristol-Myers Squibb Co

BMYBelow valueExpectations · modest

Held by 9 superinvestors.

Price$67.57

Margin of safety−5%

Holders9

Total value$1.13B

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth: -0.2%
Net margin: 14.6%
ROE: 38.2%
FCF margin: 26.7%

Revenue $42.52B → $48.19B · 6y

What makes a business high quality

Valuation · value band

Margin of safety

$71/ sh · growth-anchored intrinsic value

margin of safety

fair value

above fair value

$68

cheaperpricier

Zero-growth floor

$56

Central IV

$71

Optimistic top

$85

Bristol-Myers Squibb Co (BMY): A conservative value band $56–$85 / sh (zero-growth floor to growth-capped optimistic top); central read about $71. Today’s price sits below that band (price $68 as of 2026-08-26).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 2% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 10.6% · Zero-growth downside $56

Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Model cautions

Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $53.65 – $84.97 · Greenwald zero-growth $67.86 · zero-growth base $67.86 · reproduction $12.59

Moat Franchise (moat) · terminal value 44% of present value · owner-earnings yield 9% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

Buffett owner-earnings value$55.52 – $67.86 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 230% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).

Reproduction value = tangible net assets $-16.81B + capitalized R&D $23.04B（FY 2026, 2024, 2023, 2022） = $12.59 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value not assessable — Operating income is not available across the window, so ROIIC / growth value cannot be computed.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 10% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 2% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 1.2% a year in owner-earnings for the next few years. Revenue actually grew 2.1% a year.

Below what it has already done.

Roughly, the price needs its historical revenue growth to run about 13 more years to hold up.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

9 holders · $1.13B combined · this quarter +0 opened / -1 exited

This quarter2 added5 trimmed1 exited

Holders 11 → 9 · last 8q

Investor	Value	Shares	Weight (prev→now)
Richard Pzena	$979.9M	17,007,044	3.4% → 2.9% ▼
Jim Cullen	$65.2M	1,132,367	0.7% → 0.6% ▼
John Rogers	$40.1M	696,430	0.5% → 0.4% ▼
Jeremy Grantham	$23.7M	411,483	0.1% → 0.1% ▼
Thomas Kahn	$10.3M	170,381	1.8% → 1.8%
Bill Miller	$4.0M	69,500	1.1% → 0.9% ▼
Mark Hillman	$2.6M	45,235	2.2% → 1.9% ▼
Dodge & Cox	$2.4M	42,361	0.2% → 0.0% ▼
Tweedy, Browne	$2.2M	37,570	0.1% → 0.2% ▲

Richard Pzena
Value$979.9MWeight (prev→now)3.4% → 2.9% ▼
Jim Cullen
Value$65.2MWeight (prev→now)0.7% → 0.6% ▼
John Rogers
Value$40.1MWeight (prev→now)0.5% → 0.4% ▼
Jeremy Grantham
Value$23.7MWeight (prev→now)0.1% → 0.1% ▼
Thomas Kahn
Value$10.3MWeight (prev→now)1.8% → 1.8%
Bill Miller
Value$4.0MWeight (prev→now)1.1% → 0.9% ▼
Mark Hillman
Value$2.6MWeight (prev→now)2.2% → 1.9% ▼
Dodge & Cox
Value$2.4MWeight (prev→now)0.2% → 0.0% ▼
Tweedy, Browne
Value$2.2MWeight (prev→now)0.1% → 0.2% ▲

Exited this quarter (1)

Ray Dalio

SEC 13F · notes

Written summary

Bristol-Myers Squibb Co (BMY) is held by 9 of the superinvestors tracked on Compounder, with a combined $1.13B in reported 13F value. The largest position belongs to Richard Pzena, where it makes up 2.9% of the portfolio.

Other notable holders by value include Jim Cullen (0.6% of its book), John Rogers (0.4% of its book) and Jeremy Grantham (0.1% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in BMY, 2 added to existing ones, 5 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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BMY's price is below its conservative value band. Browse all undervalued stocks by margin of safety

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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