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Becton, Dickinson and Company

BDX Healthcare Medical Instruments & Supplies

Becton, Dickinson and Company’s revenue for fiscal 2025 (year ended September 2025) was $21.8 billion, up 8.24% from fiscal 2024.

Revenue
−9.55%
EPS
−31.5%
Free cash flow
−31.6%
Total debt
−22.9%

Quarter to June 2026, against a year earlier

212.96 3.77 +1.80%
Market cap
$58.2B
P/E
64.1×
Fwd P/E
39.2×
Dividend yield
1.87%
F-score
7/9
Altman Z
1.85
Beneish M
−2.64
Dividend safety
67/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Medical
  • Interventional
  • Life Sciences

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 2.73
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 2 2 1 1 1 4 1 3 1 1 —
Insider Ownership 1.08%

Capital & Financial Ratios $m

Size
Market Cap 58,170.00
Revenue ttm 20,840.00
Net income ttm 942.00
Free cash flow ttm 3,203.00
Net debt Q 12,647.00
Valuation
P/E 64.14 (above 35: high)
Forward P/E 39.20 (above 35: high)
Price / sales 2.81
Forward P/S Powerpack
Price / FCF 18.27
Price / book 2.40
Financial health
Current ratio Q 0.87 (below 1: weak)
Debt / equity Q 0.55
Interest coverage Q 5.02
Growth
Revenue growth Q −9.55% (below 0%: shrinking)
Operating income growth Q −10.28% (below 0%: shrinking)
EPS, this year +4.39%
EPS, next year A +7.11%
Revenue, next year A −11.68% (below 0%: weak)
EPS, past 5 yrs +16.52% (at or above 15%: strong)
EPS, next 5 yrs A +6.75%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 3.6×; over the ten years it ranged from 2.6× in 2026 to 5.3× in 2018.
P/E against its own 10 years 84.30%
10-year low 10-year high
P/S against its own 10 years 41.51%
10-year low 10-year high
P/B against its own 10 years 63.40%
10-year low 10-year high
EV/Sales against its own 10 years 38.50%
10-year low 10-year high
EV/FCF against its own 10 years 28.64%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.87%
Annual rate
3.98
Payout ratio
119.7%
Growth, 2017–25
+4.79%/yr
  1. 2.25 ’17
  2. 2.32 ’18 +3
  3. 2.38 ’19 +3
  4. 2.45 ’20 +3
  5. 2.58 ’21 +5
  6. 2.75 ’22 +7
  7. 2.89 ’23 +5
  8. 3.06 ’24 +6
  9. 3.28 ’25 +7
  10. 4.18 ’26e +28
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,489 2,301 859 864
Receivables 2,534 3,033 2,994 2,364
Inventory 3,273 3,843 3,894 3,316
Other — — — —
8,676 10,468 9,255 8,139
2023 2024 2025 Q'26
Payables 1,641 1,896 1,974 6,107
ST’ Debt — — — —
Other — 6,777 6,753 6,107
6,641 8,956 8,313 9,404

Compound Annual Growth %

10y 5y 3y
Sales 7.82% 6.32% 4.99%
Cash Flow 7.08% 3.15% 11.55%
Earnings 9.21% 16.95% (0.22%)
Book Value 13.49% 1.33% 0.14%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.14 Actual 3.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 3.92 3.96 Beat by 0.04
Q1 FY26 2.82 2.91 Beat by 0.09
Q2 FY26 2.77 2.90 Beat by 0.13
Q3 FY26 3.14 3.23 Beat by 0.09
Q4 FY26 4.06 — Reports 5 November 2026

EPS $

Dec Mar Jun Sep Year
’26 1.34 (1.11) 1.37 — —
’25 1.04 1.07 2.00 1.72 5.82
’24 0.96 1.85 1.68 1.45 5.93
’23 1.70 1.53 1.36 0.37 4.94
’22 2.28 1.50 1.18 0.92 5.88
’21 3.35 0.94 1.72 0.84 6.85
’20 0.87 0.53 0.97 0.36 2.71
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 5,252 4,714 4,983 — —
’25 5,168 5,272 5,509 5,891 21,840
’24 4,706 5,045 4,990 5,437 20,178
’23 4,586 4,821 4,878 5,087 19,372
’22 4,718 4,750 4,641 4,761 18,870
’21 5,315 4,907 4,607 4,302 19,131
’20 4,225 4,253 3,855 3,741 16,074
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 657 671 776 — —
’25 693 (204) 1,089 1,852 3,430
’24 855 514 1,297 1,178 3,844
’23 399 185 1,081 1,325 2,990
’22 530 290 678 973 2,471
’21 1,533 1,188 564 841 4,126
’20 713 483 862 879 2,937
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 549 546 633 — —
’25 588 (318) 925 1,475 2,670
’24 739 380 1,118 882 3,119
’23 191 4 890 1,031 2,116
’22 347 68 425 658 1,498
’21 1,287 935 321 389 2,932
’20 540 261 660 707 2,168
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 8.6% a year for ten years. It grew 8.0% a year over the last ten.

Implied
8.6%
10 years, reported
8.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 12,483 12,093 15,983 17,290 16,074 19,131 18,870 19,372 20,178 21,840 20,840 +6.4% 19,290 19,728 20,531 (2.0%)
Gross margin, % 47.99 49.33 45.48 47.94 42.29 45.12 44.92 42.17 45.22 45.44 50.26 (2.5) pt
EBT 1,074 976 1,173 1,176 414 1,692 1,783 1,662 2,005 1,881 1,791 +6.4%
EBT margin, % 8.60 8.07 7.34 6.80 2.58 8.84 9.45 8.58 9.94 8.61 8.59 0.0 pt
Net income 976 1,100 311 1,233 874 2,092 1,779 1,484 1,705 1,678 942 +6.2%
Per share, $
Per share, $ Revenue 58.69 55.23 61.86 64.05 57.62 66.13 66.21 67.67 69.64 75.93 75.84 +2.9%
Earnings 4.59 4.70 0.62 3.96 2.75 6.92 5.93 4.97 5.96 5.83 3.32 +2.7%
Cash flow 12.03 11.65 11.09 12.34 10.53 14.26 8.67 10.44 13.27 11.92 14.40 (0.1%)
Capex (3.26) (3.32) (3.46) (3.55) (2.76) (4.13) (3.41) (3.05) (2.50) (2.64) (2.74) (2.3%)
Free cash flow 8.77 8.33 7.63 8.79 7.77 10.14 5.26 7.39 10.76 9.28 11.66 +0.6%
Book value 35.89 59.14 81.26 78.09 85.19 81.85 88.71 90.11 89.35 88.27 88.85 +10.5%
Shares, m 213 219 258 270 279 289 285 286 290 288 282 +3.4%
Valuation, ×
Valuation, × P/E 30.03 32.26 422.98 50.08 66.33 27.89 30.13 41.34 32.43 25.65 64.14 75.9
P/S 2.35 2.79 3.35 3.10 3.17 2.91 2.69 3.05 2.77 1.97 2.81 2.8
P/B 3.84 2.60 2.55 2.54 2.14 2.35 2.01 2.29 2.16 1.70 2.40 2.4
EV/Sales 3.04 3.16 4.45 4.11 4.05 3.68 3.37 3.73 3.55 2.74 3.41 3.6
EV/FCF 20.35 20.93 36.14 29.92 30.06 24.03 42.42 34.17 22.94 22.44 22.22 28.3
Cash, $m
Cash, $m Operating cash flow 2,559 2,550 2,865 3,330 2,937 4,126 2,471 2,990 3,844 3,430 3,956 +3.3%
Capex (693) (727) (895) (957) (769) (1,194) (973) (874) (725) (760) (753) +1.0%
Free cash flow 1,866 1,823 1,970 2,373 2,168 2,932 1,498 2,116 3,119 2,670 3,203 +4.1%
Balance, $m
Balance, $m Working capital 1,967 15,291 195 1,009 3,133 2,212 330 2,035 1,512 942 (1,265) (7.9%)
Net debt 8,643 4,467 17,641 17,461 14,287 14,706 12,719 13,249 15,639 16,762 12,647 +7.6%
Shareholders’ equity 7,633 12,948 20,994 21,081 23,765 23,677 25,282 25,796 25,890 25,390 24,416 +14.3%
Returns, %
Returns, % ROA 3.75 3.25 0.35 2.05 1.45 3.71 3.16 2.69 3.10 2.98 1.78 (0.8) pt
ROIC 5.49 5.46 2.44 2.85 1.50 3.67 3.75 3.38 3.61 3.82 3.89 (1.7) pt
ROE 13.19 10.01 0.94 5.14 3.42 8.44 6.90 5.58 6.60 6.54 3.77 (6.6) pt
People
People Employees 50,928 41,933 76,032 70,093 65,000 70,000 77,000 73,000 74,000 72,000 — +3.9%
Revenue/emp, $m 0.25 0.29 0.21 0.25 0.25 0.27 0.25 0.27 0.27 0.30 — +2.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Becton, Dickinson and Company, known as BD, develops, manufactures and sells medical supplies, devices and equipment used in healthcare and drug delivery. Its products range from needles, syringes and blood collection tubes to infusion pumps, pharmacy automation and devices used in surgery. Hospitals, clinics, laboratories, pharmaceutical companies, healthcare workers and patients use its products.

BD’s medication delivery products help clinicians access blood vessels and administer medicines. Its infusion systems and pharmacy equipment help healthcare providers deliver, dispense and manage medications. BD also makes prefillable syringes and other delivery systems that pharmaceutical companies use to package injectable drugs. Its patient monitoring products measure heart function and fluid status during surgery and intensive care.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Medical 11,456 52.45%
Interventional 5,217 23.89%
Life Sciences 5,167 23.66%
Gross margin 45.44%
Operating margin 11.80%
Pre-tax margin 8.61%

Revenue by segment since 2009

Becton, Dickinson and Company vs peers in Medical Instruments & Supplies (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ISRG Intuitive Surgical, Inc. $162.4B 55.7× 49.8× +21.70% (above 0%: growing) −24.24% (below 0%: shrinking) +51.03% (above 0%: growing) 68.37% 19.44% Compare
BDX Becton, Dickinson and Company $58.2B 64.1× 39.2× −9.55% (below 0%: shrinking) −31.50% (below 0%: shrinking) −31.57% (below 0%: shrinking) 46.46% 13.31%
MDLN Medline Inc. $52.3B 58.4× — +14.09% (above 0%: growing) — +916.09% (above 0%: growing) 24.50% 6.36% Compare
ALC Alcon $36.9B 58.4× 44.5× +8.74% (above 0%: growing) n/m −0.54% (below 0%: shrinking) 59.33% 0.39% Compare
RMD ResMed Inc. $33.7B 21.7× 19.6× +5.93% (above 0%: growing) +23.11% (above 0%: growing) −9.79% (below 0%: shrinking) 61.53% 32.02% Compare
WST West Pharmaceutical Services, Inc. $27.3B 43.8× 48.1× +8.69% (above 0%: growing) +56.69% (above 0%: growing) +12.32% (above 0%: growing) 39.73% 30.58% Compare
SOLV Solventum Corporation $14.8B 97.3× 47.7× −7.01% (below 0%: shrinking) n/m +561.90% (above 0%: growing) 0.00% 0.00% Compare
BAX Baxter International Inc. $13.3B — (loss-making) 21.3× +4.97% (above 0%: growing) n/m +255.56% (above 0%: growing) 33.40% 7.56% Compare
COO The Cooper Companies, Inc. $12.1B 21.7× 17.5× +0.56% (above 0%: growing) +357.14% (above 0%: growing) +65.96% (above 0%: growing) 66.77% 20.82% Compare
Median of peers $30.5B 55.7× 44.5× +7.31% +39.90% +58.50% 49.53% 13.50%

All 53 Medical Instruments & Supplies stocks →

From the latest earnings call

Updated

  • Tom Polen said BD saw solid utilization across its portfolio, while share gains and commercial execution supported results in several businesses.
  • Vitor Roque said BD expects fiscal 2027 low-single-digit revenue growth, reflecting an Alaris-related 200-basis-point headwind.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.27%
Held by the ten largest 55.77%
Holder Shares Stake Change
Vanguard 35.92m 13.19% −888.01k
First Eagle Investment Management, LLC 27.63m 10.14% +15.70m
BlackRock 24.59m 9.03% −1.56m
State Street 15.00m 5.51% +1.18m
Franklin Templeton 10.24m 3.76% +741.40k
Invesco 8.90m 3.27% −1.28m
Geode Capital Management 8.14m 2.99% +1.03m
T. Rowe Price 7.63m 2.80% −6.47m
MFS Investment Management 7.50m 2.75% −173.54k
Wellington Management 6.36m 2.33% −257.24k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 December 2025

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 17.13m 3.48m 89.25
2024 17.31m 9.46m 112.59
2023 17.31m 29.77m 118.60
2022 16.71m 15.04m 101.20
2021 14.19m 16.68m 107.10

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc.100 Vanguard BoulevardMalvern, PA 11.30% of Common Stock
BlackRock, Inc.50 Hudson YardsNew York, NY 7.90% of Common Stock
T. Rowe Price Investment Management, Inc. 5.60% of Common Stock
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Becton, Dickinson and Company (BDX) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · medicaldevice-network.com
Impact 3 · · Zacks
Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · PR Newswire

26 Oct

Impact 3 · · Barchart

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

22 Oct

Impact 4 · · Zacks

15 Oct

Impact 4 · · Zacks

14 Oct

Impact 3 · · Insider Monkey

13 Oct

Impact 3 · · Insider Monkey

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · PR Newswire
Impact 4 · · medicaldevice-network.com
Impact 4 · · hospitalmanagement.net

7 Oct

Impact 4 · · Zacks
Impact 4 · · PR Newswire

6 Oct

Impact 4 · · Benzinga
Impact 4 · · PR Newswire
Impact 4 · · wsj.com
Impact 4 · · PR Newswire
Impact 4 · · Investing.com
Impact 3 · · PR Newswire

BDX metrics, ten years each

stockrow.com/BDX · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com