A Business at a Glance
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BECTON DICKINSON & CO
BDX
$45.1B
Mkt Cap
$156.36
+2.22%
BECTON DICKINSON & CO (BDX) has a current P/E ratio of 32.5, compared to its historical median P/E of 37.2. The stock is currently considered Fair based on its historical valuation range.
BECTON DICKINSON & CO (BDX) has a 5-year average return on invested capital (ROIC) of 5.2%. This is below average and may indicate limited pricing power.
BECTON DICKINSON & CO (BDX) has a market capitalization of $43.1B. It is classified as a large-cap stock.
Yes, BECTON DICKINSON & CO (BDX) pays a dividend with a trailing twelve-month yield of 2.75%. The company also returns capital through share buybacks, with a buyback yield of 5.80%.
Based on historical P/E analysis, BECTON DICKINSON & CO (BDX) appears fair. The current P/E of 32.5 is 13% below its historical median of 37.2. The estimated fair value CAGR (P/E method) is 13.8%.
BECTON DICKINSON & CO (BDX) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
BECTON DICKINSON & CO (BDX) reported annual revenue of $21.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Becton, Dickinson and Company (BD) is a global medical technology company that develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products to healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical companies, and the general public. The company operates through three primary business segments: BD Medical, which produces medication delivery solutions, medication management systems, pharmaceutical prefillable drug delivery systems, and advanced patient monitoring equipment; BD Life Sciences, which provides specimen collection and transport systems, diagnostic instruments for infectious diseases and cancers, and research tools for cellular analysis; and BD Interventional, which offers vascular, urology, oncology, and surgical specialty products. BD's business model combines recurring consumables (syringes, catheters, collection tubes, diagnostic reagents) with capital equipment (infusion pumps, analyzers, monitoring systems), generating revenue through direct sales to hospitals and healthcare institutions as well as through independent distributors in international markets. The company maintains a global manufacturing footprint across multiple countries and distributes products worldwide, with particular strength in North America and established operations across EMEA, Greater Asia, Latin America, and Canada. BD's competitive differentiation stems from its broad portfolio spanning medication management, infection prevention, surgical support, and diagnostic capabilities, supported by continuous innovation and operational excellence initiatives.
【Strategic portfolio optimization underway】 Management is executing a significant transformation through the separation of its Life Sciences business (Biosciences and Diagnostic Solutions) via a Reverse Morris Trust transaction with Waters Corporation, expected to close around the end of the first quarter of calendar year 2026, positioning the remaining "New BD" as a more focused medical technology company. The company expects to receive approximately $4 billion in cash proceeds from the transaction, with at least half allocated to share repurchases and the balance toward debt repayment to reach its 2.5x long-term net leverage target. Management anticipates New BD will deliver consistent mid-single-digit organic revenue growth over the long term, with margin expansion driven primarily by gross margin improvements from the BD Excellence operating system, while navigating near-term headwinds from Alaris remediation completion, China volume-based procurement pricing pressure, and vaccine market dynamics that are expected to moderate as 2026 progresses. The company is actively investing in high-growth, high-margin areas including advanced patient monitoring, biologic drug delivery systems (particularly GLP-1s), surgical innovations, and urology adjacencies, with an innovation pipeline expected to drive launches through the remainder of 2026 and into 2027.
| Metric | Target | Period |
|---|---|---|
| Adjusted EPS | $12.52–$12.72 | FY2026 |
| Revenue growth | low single digits | FY2026 |
| Adjusted operating margin | approximately 25% | FY2026 |
| Adjusted effective tax rate | between 16% and 17% | FY2026 |
Adjusted EPS (FY2026): “we are increasing our adjusted EPS guidance to $12.52-$12.72”
Revenue growth (FY2026): “we are reaffirming our full-year revenue guidance of low single digits”
Adjusted operating margin (FY2026): “We continue to expect adjusted operating margins of approximately 25% inclusive of the impact of tariffs”
Adjusted effective tax rate (FY2026): “Our adjusted effective tax rate is expected to remain between 16% and 17%”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 20.6B | 21.8B | 20.2B | 19.4B | 18.9B | 19.1B |
| Net Income | 1.1B | 1.7B | 1.7B | 1.4B | 1.7B | 2.0B |
| EPS | $3.55 | $5.82 | $5.86 | $4.94 | $5.88 | $6.85 |
| Free Cash Flow | 3.1B | 2.7B | 3.1B | 2.1B | 1.5B | 3.5B |
| ROIC | 4.4% | 5.3% | 4.9% | 5.0% | 5.3% | 5.5% |
| Gross Margin | - | 45.4% | 45.2% | 42.2% | 44.9% | 45.1% |
| Debt/Equity | 0.73 | 0.76 | 0.78 | 0.62 | 0.64 | 0.74 |
| Dividends/Share | $4.30 | $4.16 | $3.80 | $3.64 | $3.48 | $3.32 |
| Operating Income | 2.1B | 2.6B | 2.4B | 2.1B | 2.3B | 2.3B |
| Operating Margin | 10.4% | 11.8% | 11.9% | 10.9% | 12.1% | 11.8% |
| ROE | 4.7% | 6.5% | 6.6% | 5.6% | 6.9% | 8.4% |
| Shares Outstanding | 276M | 288M | 291M | 288M | 287M | 292M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 8.4B | 10.3B | 12.5B | 12.1B | 16.0B | 17.3B | 16.1B | 19.1B | 18.9B | 19.4B | 20.2B | 21.8B | 20.6B |
| Gross Margin | 50.9% | 45.7% | 48.0% | 49.1% | 45.5% | 47.9% | 47.1% | 45.1% | 44.9% | 42.2% | 45.2% | 45.4% | N/A |
| R&D | 550M | 632M | 828M | 770M | 1.0B | 1.1B | 1.0B | 1.3B | 1.3B | 1.2B | 1.2B | 1.3B | 1.1B |
| SG&A | 2.1B | 2.6B | 3.0B | 2.9B | 4.0B | 4.3B | 4.2B | 4.7B | 4.7B | 4.7B | 4.9B | 5.3B | 5.1B |
| EBIT | 1.6B | 1.1B | 1.4B | 1.5B | 1.5B | 1.8B | 912M | 2.3B | 2.3B | 2.1B | 2.4B | 2.6B | 2.1B |
| Op. Margin | 19.0% | 10.4% | 11.5% | 12.6% | 9.4% | 10.2% | 5.7% | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% | 10.4% |
| Net Income | 1.2B | 695M | 976M | 1.0B | 159M | 1.1B | 767M | 2.0B | 1.7B | 1.4B | 1.7B | 1.7B | 1.1B |
| Net Margin | 14.0% | 6.8% | 7.8% | 8.5% | 1.0% | 6.3% | 4.8% | 10.5% | 9.0% | 7.4% | 8.4% | 7.7% | 5.5% |
| Non-Recurring | 0 | 343M | 740M | 85M | 0 | 336M | 84M | 44M | 123M | 507M | 387M | 275M | 703M |
| Returns on Capital | |||||||||||||
| ROIC | 14.8% | 8.1% | 7.5% | 8.9% | 3.1% | 4.5% | 2.0% | 5.5% | 5.3% | 5.0% | 4.9% | 5.3% | 4.4% |
| ROE | 23.5% | 11.4% | 13.2% | 10.0% | 0.9% | 5.1% | 3.4% | 8.4% | 6.9% | 5.6% | 6.6% | 6.5% | 4.7% |
| ROA | 9.7% | 3.6% | 3.7% | 3.3% | 0.3% | 2.0% | 1.5% | 3.7% | 3.2% | 2.7% | 3.1% | 3.0% | 2.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.7B | 1.7B | 2.6B | 2.5B | 2.9B | 3.3B | 3.5B | 4.6B | 2.5B | 3.0B | 3.8B | 3.4B | 3.9B |
| Free Cash Flow | 1.2B | 1.1B | 1.9B | 1.8B | 2.0B | 2.4B | 2.8B | 3.5B | 1.5B | 2.1B | 3.1B | 2.7B | 3.1B |
| Owner Earnings | 1.1B | 673M | 1.2B | 1.3B | 565M | 816M | 1.2B | 2.2B | 9.0M | 443M | 1.3B | 710M | 1.3B |
| CapEx | 592M | 596M | 693M | 727M | 895M | 957M | 769M | 1.2B | 973M | 874M | 725M | 760M | 759M |
| Maint. CapEx | 562M | 891M | 1.1B | 1.1B | 2.0B | 2.3B | 2.1B | 2.2B | 2.2B | 2.3B | 2.3B | 2.5B | 2.4B |
| Growth CapEx | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 562M | 891M | 1.1B | 1.1B | 2.0B | 2.3B | 2.1B | 2.2B | 2.2B | 2.3B | 2.3B | 2.5B | 2.4B |
| CapEx/OCF | 33.9% | 34.5% | 27.1% | 28.5% | 31.2% | 28.7% | 22.9% | 28.9% | 39.4% | 29.2% | 18.9% | 22.2% | 19.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 421M | 485M | 562M | 677M | 927M | 984M | 1.0B | 1.0B | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B |
| Dividend Yield | 2.9% | 2.6% | 2.5% | 2.4% | 2.2% | 2.1% | 2.1% | 2.0% | 2.0% | 2.1% | 2.1% | 2.6% | 2.8% |
| Share Buybacks | 400M | 0 | 0 | 220M | 0 | 0 | 0 | 1.8B | 500M | 0 | 500M | 1.0B | 2.5B |
| Buyback Yield | 2.1% | N/A | N/A | 0.6% | N/A | N/A | N/A | 2.6% | 0.8% | N/A | 0.7% | 1.9% | 5.8% |
| Stock-Based Comp | 113M | 166M | 196M | 174M | 322M | 261M | 236M | 229M | 233M | 259M | 247M | 258M | 258M |
| Debt Repayment | 0 | 6.0M | 752M | 4.0B | 4.0B | 4.7B | 4.7B | 5.1B | 805M | 2.2B | 1.1B | 1.8B | 1.8B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.0B | 10.7B | 10.0B | 4.7B | 20.3B | 18.8B | 15.1B | 15.3B | 15.1B | 14.5B | 17.9B | 18.5B | 16.8B |
| Cash & Equiv. | 1.9B | 1.4B | 1.5B | 14.2B | 1.1B | 536M | 2.8B | 2.3B | 1.0B | 1.4B | 1.7B | 641M | 816M |
| Long-Term Debt | 3.8B | 11.4B | 10.6B | 18.7B | 18.9B | 18.1B | 17.2B | 17.1B | 13.9B | 14.7B | 17.9B | 17.6B | 14.7B |
| Debt/Equity | 0.75 | 1.69 | 1.51 | 1.46 | 1.02 | 0.92 | 0.75 | 0.74 | 0.64 | 0.62 | 0.78 | 0.76 | 0.73 |
| Interest Coverage | 11.9 | 2.9 | 3.7 | 2.9 | 2.1 | 2.8 | 1.7 | 4.8 | 5.7 | 4.7 | 4.5 | 4.2 | 3.5 |
| Equity | 5.1B | 7.2B | 7.6B | 12.9B | 21.0B | 21.1B | 23.8B | 23.7B | 25.3B | 25.8B | 25.9B | 25.4B | 24.1B |
| Total Assets | 12.4B | 26.5B | 25.6B | 37.7B | 53.9B | 51.8B | 54.0B | 53.9B | 52.9B | 52.8B | 57.3B | 55.3B | 50.8B |
| Total Liabilities | 7.3B | 19.3B | 18.0B | 24.8B | 32.9B | 30.7B | 30.2B | 30.2B | 27.7B | 27.0B | 31.4B | 29.9B | 5.9B |
| Intangibles | 46M | 205M | 68M | 69M | 39M | 3.0M | 13.8B | 12.7B | 12.3B | 10.9B | 10.9B | 9.4B | 8.3B |
| Retained Earnings | 12.1B | 12.3B | 12.7B | 13.1B | 12.6B | 12.9B | 12.8B | 13.8B | 15.2B | 15.5B | 16.1B | 16.6B | 17.4B |
| Working Capital | 3.9B | 1.3B | 2.0B | 15.3B | 195M | 1.0B | 3.1B | 2.2B | 330M | 2.0B | 1.5B | 942M | -495M |
| Current Assets | 6.1B | 5.7B | 6.4B | 18.6B | 7.4B | 6.7B | 9.0B | 8.8B | 8.1B | 8.7B | 10.5B | 9.3B | 8.0B |
| Current Liabilities | 2.2B | 4.4B | 4.4B | 3.3B | 7.2B | 5.7B | 5.8B | 6.6B | 7.8B | 6.6B | 9.0B | 8.3B | 8.5B |
| Per Share Data | |||||||||||||
| EPS | 5.99 | 3.35 | 4.49 | 4.60 | 0.60 | 3.94 | 2.71 | 6.85 | 5.88 | 4.94 | 5.86 | 5.82 | 3.55 |
| Owner EPS | 5.41 | 3.24 | 5.75 | 5.75 | 2.13 | 2.97 | 4.20 | 7.49 | 0.03 | 1.54 | 4.51 | 2.46 | 4.58 |
| Book Value | 25.54 | 34.53 | 35.11 | 57.83 | 79.22 | 76.76 | 83.97 | 81.01 | 88.02 | 89.49 | 88.98 | 88.06 | 87.58 |
| Cash Flow/Share | 8.83 | 8.34 | 11.77 | 11.39 | 10.81 | 12.13 | 12.50 | 15.90 | 8.60 | 10.37 | 13.21 | 11.90 | 12.77 |
| Dividends/Share | 2.18 | 2.40 | 2.64 | 2.92 | 3.00 | 3.08 | 3.16 | 3.32 | 3.48 | 3.64 | 3.80 | 4.16 | 4.30 |
| Shares Out. | 197.8M | 207.5M | 217.4M | 223.9M | 265.0M | 274.6M | 283.0M | 292.3M | 287.2M | 288.3M | 291.0M | 288.3M | 275.5M |
| Valuation | |||||||||||||
| P/E Ratio | 16.0 | 33.3 | 34.7 | 37.2 | 389.9 | 57.1 | 76.3 | 33.1 | 37.0 | 51.0 | 40.1 | 31.5 | 44.1 |
| P/FCF | 12.6 | 15.7 | 13.9 | 16.1 | 24.1 | 20.0 | 16.2 | 15.1 | 32.8 | 27.0 | 17.3 | 15.6 | 13.7 |
| EV/EBIT | 12.7 | 33.5 | 31.4 | 29.2 | 56.3 | 46.6 | 50.1 | 36.5 | 34.9 | 41.8 | 37.0 | 28.3 | 28.0 |
| Price/Book | 3.8 | 3.2 | 4.4 | 3.0 | 3.0 | 2.9 | 2.5 | 2.8 | 2.5 | 2.8 | 2.6 | 2.1 | 1.8 |
| Price/Sales | 2.2 | 2.4 | 2.4 | 3.0 | 3.4 | 3.5 | 3.8 | 3.4 | 3.6 | 3.6 | 3.3 | 2.7 | 2.1 |
| FCF Yield | 6.1% | 4.9% | 5.5% | 4.8% | 3.2% | 3.8% | 4.7% | 5.2% | 2.4% | 2.9% | 4.6% | 5.0% | 7.3% |
| Market Cap | 19.0B | 23.2B | 33.9B | 38.4B | 62.0B | 61.8B | 58.5B | 66.4B | 62.5B | 72.6B | 68.5B | 52.9B | 43.1B |
| Avg. Price | 72.25 | 90.97 | 104.76 | 123.63 | 157.02 | 167.92 | 176.31 | 174.97 | 184.18 | 187.85 | 181.33 | 160.45 | 156.36 |
| Year-End Price | 73.71 | 85.67 | 119.66 | 131.36 | 179.42 | 172.65 | 158.67 | 178.50 | 171.09 | 198.00 | 184.97 | 144.34 | 156.36 |
BECTON DICKINSON & CO passes 3 of 9 quality checks, indicating weak fundamentals.
BECTON DICKINSON & CO trades at 32.5x trailing earnings, compared to its 15-year median P/E of 37.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.5x vs a median of 16.7x. The company's 5-year average ROIC is 5.2% with a gross margin of 44.6%. Total shareholder yield (dividends + buybacks) is 8.6%. At current prices, the estimated annualized return to fair value is +0.3%.
BECTON DICKINSON & CO (BDX) has a net profit margin of 7.7%. This is a modest margin.
BECTON DICKINSON & CO (BDX) generated $2.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BECTON DICKINSON & CO (BDX) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
BECTON DICKINSON & CO (BDX) reported earnings per share (EPS) of $5.82 in its most recent fiscal year.
BECTON DICKINSON & CO (BDX) has a return on equity (ROE) of 6.5%. This indicates moderate shareholder returns.
BECTON DICKINSON & CO (BDX) has a 5-year average gross margin of 44.6%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for BECTON DICKINSON & CO (BDX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BECTON DICKINSON & CO (BDX) has a book value per share of $88.06, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a significant transformation through the separation of its Life Sciences business (Biosciences and Diagnostic Solutions) via a Reverse Morris Trust transaction with Waters Corporation, expected to close around the end of the first quarter of calendar year 2026, positioning the remaining "New BD" as a more focused medical technology company. The company expects to receive approximately $4 billion in cash proceeds from the transaction, with at least half allocated to share repurchases and the balance toward debt repayment to reach its 2.5x long-term net leverage target. Management anticipates New BD will deliver consistent mid-single-digit organic revenue growth over the long term, with margin expansion driven primarily by gross margin improvements from the BD Excellence operating system, while navigating near-term headwinds from Alaris remediation completion, China volume-based procurement pricing pressure, and vaccine market dynamics that are expected to moderate as 2026 progresses. The company is actively investing in high-growth, high-margin areas including advanced patient monitoring, biologic drug delivery systems (particularly GLP-1s), surgical innovations, and urology adjacencies, with an innovation pipeline expected to drive launches through the remainder of 2026 and into 2027.
Based on recent SEC filings and earnings calls, BECTON DICKINSON & CO (BDX) has provided the following forward guidance: Adjusted EPS: $12.52–$12.72 (FY2026); Revenue growth: low single digits (FY2026); Adjusted operating margin: approximately 25% (FY2026); Adjusted effective tax rate: between 16% and 17% (FY2026).
No recent press releases.