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Becton Dickinson

BDX NYSE Health Care Equipment Financials FY2016–FY2025

Becton Dickinson's revenue rose 8.2% to $21.8 billion in fiscal 2025. Its operating margin was 11.8%, down from 11.9% a year earlier. Free cash flow was $2.7 billion, down 14.4%. It paid out $2.2 billion in dividends and buybacks, 82% of free cash flow. The diluted share count fell 0.9%.

Last close · Oct 23, 2026

$198.91

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$21.8B
8.2% vs prior year
Operating margin Operating income as a share of revenue.
11.8%
0.1 pts
Net income Profit after all expenses, interest and tax.
$1.7B
1.6%
Free cash flow Cash from operations minus capital spending.
$2.7B
14.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.5%
0.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$54.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
59.9x
On $3.32 EPS (TTM)

What Becton Dickinson does

No business description yet.

Legal name
BECTON, DICKINSON AND COMPANY
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0000010795-25-000099
0000010795

Revenue and margins

Becton Dickinson had $21.8B of revenue in fiscal 2025, up 8.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 2.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.7B in fiscal 2025, 12.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Becton Dickinson returned $2.2B to shareholders in fiscal 2025, 82% of free cash flow. The diluted share count fell 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Becton Dickinson yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$17.0B and divides by 288.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 59.9x · peers 21.0x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Becton Dickinson can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.3B$1.0B$1.4B$2.2B$649M
Debt incl. finance leases $17.1B$13.9B$14.7B$17.9B$17.6B
Net debt / EBITDA 3.3x2.9x3.0x3.4x3.4x
Debt / equity 0.7x0.6x0.6x0.7x0.7x
Interest coverage 4.8x5.7x4.7x4.5x4.2x
Current ratio 1.3x1.0x1.3x1.2x1.1x
Quick ratio 0.9x0.6x0.8x0.7x0.6x
Total assets $53.9B$52.9B$52.8B$57.3B$55.3B
Total liabilities $30.2B$27.7B$27.0B$31.4B$29.9B
Shareholders' equity $23.7B$25.3B$25.8B$25.9B$25.4B
Net debt (− = net cash) $14.8B$12.9B$13.3B$15.8B$17.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$2.0M

4 insiders

Of sales under plans

78%

$1.6M

DateInsiderTradeSharesPriceValueFiling
Sep 28, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 76 $183.70 $0.0M Form 4
Aug 26, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 165 $188.49 $0.0M Form 4
Aug 13, 2026 Thomas E Polen JrChairman, CEO and President, Director Sold plan 4,152 $185.00 $0.8M Form 4
Aug 11, 2026 Roland GoetteEVP and President, Emea Sold 2,438 $180.84 $0.4M Form 4
Jul 27, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 75 $157.13 $0.0M Form 4
Jun 26, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 75 $152.80 $0.0M Form 4
Jun 24, 2026 Michael David GarrisonEVP & Pres Med.Essntl&BioPharm Sold plan 1,100 $145.66 $0.2M Form 4
Jun 10, 2026 Michael David GarrisonEVP & Pres Med.Essntl&BioPharm Sold plan 1,100 $151.48 $0.2M Form 4
Jun 1, 2026 Thomas E Polen JrChairman, CEO and President, Director Sold plan 2,764 $146.35 $0.4M Form 4
May 26, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 75 $147.35 $0.0M Form 4
Apr 27, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 74 $151.94 $0.0M Form 4
Mar 26, 2026 Michael FeldEVP, Chief Revenue Officer Sold plan 75 $156.83 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✓ ✕
F-score 5 / 96 / 96 / 9
Accruals ratio −2.9%−3.9%−3.1%
Altman Z'' 2.492.242.29

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Becton Dickinson BDX $54.7B 8.2% 11.8% 12.2% 5.5% 59.9x 6
GE HealthCare GEHC $32.7B 4.8% 13.4% 7.3% 13.3% 17.1x 7 Compare →
Boston Scientific BSX $67.4B 19.9% 18.0% 18.2% 9.6% 18.5x 7 Compare →
Stryker SYK $118.6B 11.2% 19.5% 17.1% 11.3% 31.8x 6 Compare →
Medtronic MDT $122.6B 8.4% 17.8% 14.9% 7.7% 23.4x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $12.5B $12.1B $16.0B $17.3B $16.1B $19.1B $18.9B $19.4B $20.2B $21.8B
Gross profit $6.0B $5.9B $7.3B $8.3B $7.6B $8.6B $8.5B $8.2B $9.1B $9.9B
Research and development $828M $770M $1.0B $1.1B $1.0B $1.3B $1.3B $1.2B $1.2B $1.3B
Operating income $1.4B $1.5B $1.5B $1.8B $912M $2.3B $2.3B $2.1B $2.4B $2.6B
Interest expense $388M $521M $706M $639M $528M $469M $398M $452M $528M $613M
Pretax income $1.1B $976M $1.2B $1.2B $414M $1.7B $1.8B $1.7B $2.0B $1.9B
Income tax $97.0M −$124M $862M −$57.0M $62.0M $88.0M $148M $132M $300M $203M
Net income $976M $1.1B $311M $1.2B $874M $2.1B $1.8B $1.5B $1.7B $1.7B
Diluted EPS $4.49 $4.60 $0.60 $3.94 $2.71 $6.85 $5.88 $4.94 $5.86 $5.82
Diluted shares 0.22B 0.22B 0.26B 0.27B 0.28B 0.29B 0.29B 0.29B 0.29B 0.29B
Cash flow
Cash from operations $2.6B $2.6B $2.9B $3.3B $3.5B $4.6B $2.5B $3.0B $3.8B $3.4B
Capital expenditure $693M $727M $895M $957M $769M $1.2B $973M $874M $725M $760M
Free cash flow $1.9B $1.8B $2.0B $2.4B $2.8B $3.5B $1.5B $2.1B $3.1B $2.7B
Depreciation and amortization $1.1B $1.1B $2.0B $2.3B $2.1B $2.2B $2.2B $2.3B $2.3B $2.5B
Stock-based compensation $196M $174M $322M $261M $236M $229M $233M $259M $247M $258M
Acquisitions $0.0M $174M $15.2B $0.0M $164M $508M $2.1B $0.0M $3.9B $0.0M
Share buybacks $0.0M $220M $0.0M $0.0M $0.0M $1.8B $500M $0.0M $500M $1.0B
Dividends paid $562M $677M $927M $984M $1.0B $1.0B $1.1B $1.1B $1.1B $1.2B
Dividends and buybacks $562M $897M $927M $984M $1.0B $2.8B $1.6B $1.1B $1.6B $2.2B
Balance sheet
Cash and short-term investments $1.6B $14.2B $1.2B $566M $2.8B $2.3B $1.0B $1.4B $2.2B $649M
Total debt — $18.7B $18.9B $18.1B $17.2B $17.1B $13.9B $14.7B $17.9B $17.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $6.4B $18.6B $7.4B $6.7B $9.0B $8.8B $8.1B $8.7B $10.5B $9.3B
Current liabilities $4.4B $3.3B $7.2B $5.7B $5.8B $6.6B $7.8B $6.6B $9.0B $8.3B
Inventory $1.7B $1.8B $2.5B $2.6B $2.7B $2.7B $3.2B $3.3B $3.8B $3.9B
Property and equipment, net $3.9B $4.6B $5.4B $5.7B $5.9B $6.0B $6.0B $6.6B $6.8B $7.0B
Total assets $25.6B $37.7B $53.9B $51.8B $54.0B $53.9B $52.9B $52.8B $57.3B $55.3B
Total liabilities $18.0B $24.8B $32.9B $30.7B $30.2B $30.2B $27.7B $27.0B $31.4B $29.9B
Shareholders' equity $7.6B $12.9B $21.0B $21.1B $23.8B $23.7B $25.3B $25.8B $25.9B $25.4B
Margins
Gross margin 48.0% 49.1% 45.5% 47.9% 47.1% 45.1% 44.9% 42.2% 45.2% 45.4%
Operating margin 11.5% 12.6% 9.4% 10.2% 5.7% 11.8% 12.1% 10.9% 11.9% 11.8%
EBITDA margin 20.4% 21.6% 21.8% 23.2% 18.8% 23.4% 23.9% 22.7% 23.2% 23.1%
Net margin 7.8% 9.1% 2.0% 7.1% 5.4% 10.9% 9.4% 7.7% 8.5% 7.7%
FCF margin 15.0% 15.1% 12.3% 13.7% 17.2% 18.1% 7.9% 10.9% 15.5% 12.2%
Returns
Return on capital — — 2.7% 4.6% 2.0% 5.6% 5.5% 5.0% 5.1% 5.5%
Return on capital employed 6.6% 5.5% 3.7% 3.8% 1.9% 4.7% 4.9% 4.6% 5.1% 5.4%
Return on equity 13.2% 10.7% 1.8% 5.9% 3.9% 8.8% 7.3% 5.8% 6.6% 6.5%
Return on assets 3.8% 3.5% 0.7% 2.3% 1.7% 3.9% 3.3% 2.8% 3.1% 3.0%
Growth
Revenue growth 21.4% −3.1% 32.2% 8.2% −7.0% 19.0% −1.4% 2.7% 4.2% 8.2%
Net income growth 40.4% 12.7% −71.7% 296.5% −29.1% 139.4% −15.0% −16.6% 14.9% −1.6%
EPS growth 34.0% 2.5% −87.0% 556.7% −31.2% 152.8% −14.2% −16.0% 18.6% −0.7%
FCF growth 64.6% −2.3% 8.1% 20.5% 16.7% 24.7% −56.6% 41.3% 47.4% −14.4%
Share count change 4.8% 2.8% 18.4% 3.8% 2.8% 3.4% −1.6% 0.4% 0.9% −0.9%
Financial health
Net debt / EBITDA — 1.7x 5.1x 4.4x 4.8x 3.3x 2.9x 3.0x 3.4x 3.4x
Debt / equity — 1.4x 0.9x 0.9x 0.7x 0.7x 0.6x 0.6x 0.7x 0.7x
Interest coverage 3.7x 2.9x 2.1x 2.8x 1.7x 4.8x 5.7x 4.7x 4.5x 4.2x
Current ratio 1.5x 5.6x 1.0x 1.2x 1.5x 1.3x 1.0x 1.3x 1.2x 1.1x
Quick ratio 1.1x 5.0x 0.7x 0.7x 1.1x 0.9x 0.6x 0.8x 0.7x 0.6x
Capital allocation
Capex / revenue 5.6% 6.0% 5.6% 5.5% 4.8% 6.2% 5.2% 4.5% 3.6% 3.5%
Stock comp / revenue 1.6% 1.4% 2.0% 1.5% 1.5% 1.2% 1.2% 1.3% 1.2% 1.2%
Payouts / FCF 30.1% 49.2% 47.1% 41.5% 37.0% 81.0% 105.6% 52.7% 51.3% 82.3%
Quality scores
Piotroski F-score — — 4.0 7.0 5.0 6.0 5.0 5.0 6.0 6.0
Altman Z'' 3.0 4.6 1.6 1.9 2.1 2.2 2.2 2.5 2.2 2.3
Accruals ratio −6.1% −4.6% −5.6% −4.0% −5.0% −4.7% −1.3% −2.9% −3.9% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0000010795). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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