Is BMY or BTAI more undervalued in 2026?

CirclFi compares Bristol-Myers Squibb Company (BMY) and BioXcel Therapeutics, Inc. (BTAI) using 13 institutional-grade valuation models. BMY has a Quality of Company score of 9.9/10 while BTAI scores 4.4/10.

Which is a better buy — BMY or BTAI?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do BMY and BTAI valuations compare?

BMY at $57.18 and BTAI at $1.17 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

BMY vs BTAI Valuation Comparison 2026 — Intrinsic Value Analysis

BMY

Pharmaceutical Preparations

Bristol-Myers Squibb Company

Quality

9.9

out of 10

Value Trap

SAFE

Price

$57.18

Last close

Models

12/13

Active

BTAI

Pharmaceutical Preparations

BioXcel Therapeutics, Inc.

Quality

4.4

out of 10

Value Trap

SAFE

Price

$1.17

Last close

Models

4/13

Active

Model-by-Model Comparison

Model	Type	BMY Fair Value	BMY Upside	BTAI Fair Value	BTAI Upside
Bayesian DCF	Intrinsic	$122.58	+114.4%	—	—
Earnings Power Value	Intrinsic	$52.56	-8.1%	—	—
EROIC Spread	Intrinsic	$33.19	-41.9%	$1.49	+24.3%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
PWERM	Option-Based	$66.63	+16.5%	$3.95	+237.3%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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BMY vs BTAI — Which Stock Is More Undervalued?

BMY scores higher with a 9.9/10 quality rating vs BTAI's 4.4/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Bristol-Myers Squibb Company (BMY) and BioXcel Therapeutics, Inc. (BTAI) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

BMY currently trades at $57.18 with a QOC of 9.9/10, while BTAI trades at $1.17 with a QOC of 4.4/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).