Becton, Dickinson and Co.

Surgical & Medical Instruments & Apparatus

BDXStrained7 of 11 basics passed

$183.75

+0.55%

Market cap $50.0B

$183.75

+0.55%

Market cap $50.0B

Becton Dickinson operates in four business units. Medical essentials (35% of total sales) includes the legacy medical surgical unit, which sells catheters, syringes, and infection prevention products.

It is a $50.0B healthcare company. Revenue shrank 6.1% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~6.8 years of free cash flow. It trades at 53.1× earnings — in the most expensive third of its own history.

Website: bd.com
Location: Franklin Lakes, NJ
Employees: 72 000
Sector: Healthcare
Founded: 1897

Share price · 3 years

$267.23 → $183.75-31.2%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $20.1B
Profit: keeps 5¢ of every $1 sold; $942M
Free cash flow: cash left after running the business; $2.73B
Net debt: debt minus cash on hand; $18.5B
P/E: years of profit in the price; 53.1
EPS: earnings per share, TTM; $2.81
Dividend: pays out 70% of profit · 43% of FCF; 2.34%
Shares: up 38% since 2016 — dilution; 335.6M
Volatility: beta vs the market — under 1 swings less; 0.24

Revenue, last 10 years

52-week range

Low $140.71$183.75High $210.02

Today's price is 62% of the way from the year's low to its high.

P/E vs its history5y

53.1×median 45.1×

Higher than 70% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

53.1×

31%

P/S

2.5×

91%

EV/EBITDA

23.9×

93%

P/B

2.0×

87%

FCF yield

4.3%

70%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.27Mnet selling

Purchases$0

Sales$1.27M

Insiders trading, last 14d0 buy · 1 sell

Standing in Healthcare

Size$50.0Btop 33%
Revenue growth+5%top 63%
Net margin5%top 62%
Return on equity4%top 72%
P/E53.1×top 86%
Dividend yield2.34%top 24%

Ranked against 98 Healthcare companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong quality; Profitability and Health lag behind.

Valuation57

P/E vs own history70th pct · 5/25
FCF yield5.5% · 20/25
P/S2.4x · 20/25
EV/EBITDA15.3x · 12/25

Growth51

Revenue CAGR1.9% · 6/25
Net income CAGR-5.4% · 0/25
EPS CAGR ~5Y13.0% · 20/25
Fwd implied growth284.5% · 25/25

Profitability28

ROIC4.9% · 5/25
ROE3.8% · 5/25
Net margin4.7% · 6/25
Operating margin9.6% · 12/25

Health31

Altman Z1.95 · 10/25
Current ratio0.87 · 6/25
Interest coverage4.0x · 10/25
Net cash / debtD/A 33% · 5/25

Quality100

Piotroski F8/9 · 25/25
Beneish M-2.72 · 25/25
FCF conversion290% · 25/25
Margin stabilityσ 4.2% · 25/25

Moat57

ROIC >12% years0/10 yrs · 0/25
Median gross margin45.4% · 20/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 1.9% · 12/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2026Acquisition
BD Life Sciences was spun out and combined with the businesses of Waters Corporation
2024Acquisition
BD announced it would acquire Edwards Lifesciences' critical care unit for $4.2 billion
Apr 1, 2022Milestone
The spinoff was completed on April 1, 2022, to form Embecta Corporation
FY2021Financial
Best year on record
$2.09B net income
2017Acquisition
Becton, Dickinson and Company announced it would acquire C
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $10B
$12.5B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2014Acquisition
The company agreed to acquire CareFusion for a price of US$12.2 billion in cash and stock
1897Founded
The company was founded in 1897 in New York City by Maxwell Becton and Fairleigh S

Achievements

Verifiable track record, straight from the reported numbers.

#33 largest of 98 Healthcare companies by market cap

$10 000 invested in 2021 would be worth ~$7 113 today — price return only

$21.8B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

72 000 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (46.7%)
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Revenue shrinking 6.1% year over year
Net debt would take ~5.9 years of free cash flow to repay
Net debt equals ~6.8 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago-6.1% YoY
Profitable — makes more than it spends$942M TTM
Profit growing — earnings are higher than last year-2.1% YoY
Generates cash — cash left after running and investing$2.73B TTM
Debt under control — could handle its obligations~6.8y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$50.0B market cap
Not printing shares — share count not ballooning — you keep your slice+4.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 2.0 — grey
Pays a dividend — returns cash to shareholdersyield 2.34%
Valuation not extreme — price not wildly above earningsP/E 53.1

Peer comparisonBecton, Dickinson and Co. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
BDX this company	$50.0B	53.1	-6.1%	4.7%	Strained
LLY Eli Lilly & Co.	$1.0T	41.6	+49.6%	33.5%	Solid
JNJ Johnson & Johnson	$630.9B	29.9	+8.1%	21.5%	Mixed
ABBV Abbvie Inc.	$488.5B	77.4	+10.4%	9.8%	Mixed
MRK Merck & Co., Inc.	$361.0B	113.2	+4.6%	4.8%	Mixed
UNH UNITEDHEALTH GROUP INCORPORATED (Delaware)	$340.7B	24.1	+6.5%	3.1%	Mixed
NVS Novartis AG	$273.2B	20.3	+9.6%	24.7%	Solid

Head-to-head: BDX vs LLY · BDX vs JNJ · BDX vs ABBV

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 5Buy 7Hold 9

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $20.1B · net income $942M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$20.1B

YoY -6.1%

Net income (TTM)

$942M

Margin 4.7%

Gross margin

46.7%

Operating margin

9.6%

P/E ratio

53.1

Dividend yield

2.34%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	17.1	20.2	18.9	19.4	20.2	21.8
Gross profit	7.6	9.4	8.5	8.2	9.1	9.9
Operating income (EBIT)	1.5	2.8	2.3	2.1	2.4	2.6
Net income	0.9	2.1	1.8	1.5	1.7	1.7
EPS (diluted)	2.71	6.85	5.00	4.00	5.00	5.00

Cash flowFree cash flow $2.73B · operating cash flow $3.46B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.73B

Margin 13.6%

Operating cash flow (TTM)

$3.46B

FCF margin

13.6%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	3.5	4.6	2.5	3.0	3.8	3.4
Capital expenditure	-0.8	-1.2	-1.0	-0.9	-0.7	-0.8
Free cash flow	2.7	3.4	1.5	2.1	3.1	2.7
FCF margin	15.9%	16.9%	7.9%	10.9%	15.5%	12.2%

Balance sheetAssets $55.3B · net debt $18.5B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $55.3B of assets is financed

54%

46%

Liabilities $29.9B — borrowed moneyEquity $25.4B — owners' stake

Cash vs debt

Total debt $19.2B − cash $649M = net debt $18.5B

Cash on hand covers 3% of debt.

Altman Z-Score

1.95

Grey zone

Debt repayment

5.9 yrs

Years of free cash flow to clear net debt

Interest coverage

4.0x

EBIT ÷ interest expense

ROE

3.8%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	2.8	2.3	1.0	1.4	2.2	0.6
Total assets	54.0	53.9	52.9	52.8	57.3	55.3
Total liabilities	30.2	30.2	27.7	27.0	31.4	29.9
Total debt	17.9	17.6	16.1	15.9	20.1	19.2
Equity	23.8	23.7	25.3	25.8	25.9	25.4
Net debt	15.1	15.3	15.1	14.5	17.9	18.5

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of BDX on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $183.75 · market cap $50.0B.