Becton Dickinson vs GE HealthCare
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The short version
- Becton Dickinson is the larger business, with $21.8B of revenue in fiscal 2025 against $20.6B for GE HealthCare.
- Becton Dickinson grew revenue faster (8.2%, against 4.8%).
- GE HealthCare kept more of each dollar of sales as operating profit (13.4% operating margin, against 11.8%).
- Becton Dickinson turned more of its sales into free cash flow (12.2% FCF margin, against 7.3%).
- GE HealthCare earned a higher return on the capital invested in it (13.3%, against 5.5%).
- Investors pay more for each dollar of Becton Dickinson’s earnings: a P/E of 59.9x against 17.1x for GE HealthCare.
| Latest fiscal year | BDX · FY25 | GEHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.7B | $32.7B |
| Revenue | $21.8B | $20.6B |
| Free cash flow | $2.7B | $1.5B |
| Net income | $1.7B | $2.1B |
| Growth | ||
| Revenue growth | 8.2% | 4.8% |
| 5-year growth | 6.3% | — |
| Share count change | −0.9% | −0.2% |
| Profitability | ||
| Gross margin | 45.4% | 40.0% |
| Operating margin | 11.8% | 13.4% |
| Net margin | 7.7% | 10.1% |
| FCF margin | 12.2% | 7.3% |
| Return on capital | 5.5% | 13.3% |
| Return on equity | 6.5% | 22.1% |
| Balance sheet | ||
| Net debt | $17.0B | $6.0B |
| Net debt / EBITDA | 3.4x | 1.8x |
| Dividends and buybacks | $2.2B | $264M |
| Valuation & quality | ||
| P/E | 59.9x | 17.1x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
BDX $12.5B
GEHC —
FY17
BDX $12.1B
GEHC —
FY18
BDX $16.0B
GEHC —
FY19
BDX $17.3B
GEHC —
FY20
BDX $16.1B
GEHC —
FY21
BDX $19.1B
GEHC $17.6B
FY22
BDX $18.9B
GEHC $18.3B
FY23
BDX $19.4B
GEHC $19.6B
FY24
BDX $20.2B
GEHC $19.7B
FY25
BDX $21.8B
GEHC $20.6B
BDX
GEHC
Operating margin
FY16
BDX 11.5%
GEHC —
FY17
BDX 12.6%
GEHC —
FY18
BDX 9.4%
GEHC —
FY19
BDX 10.2%
GEHC —
FY20
BDX 5.7%
GEHC —
FY21
BDX 11.8%
GEHC 15.9%
FY22
BDX 12.1%
GEHC 13.8%
FY23
BDX 10.9%
GEHC 12.5%
FY24
BDX 11.9%
GEHC 13.3%
FY25
BDX 11.8%
GEHC 13.4%
BDX
GEHC
Free cash flow
FY16
BDX $1.9B
GEHC —
FY17
BDX $1.8B
GEHC —
FY18
BDX $2.0B
GEHC —
FY19
BDX $2.4B
GEHC —
FY20
BDX $2.8B
GEHC —
FY21
BDX $3.5B
GEHC $1.4B
FY22
BDX $1.5B
GEHC $1.8B
FY23
BDX $2.1B
GEHC $1.7B
FY24
BDX $3.1B
GEHC $1.6B
FY25
BDX $2.7B
GEHC $1.5B
BDX
GEHC
Return on capital
FY16
BDX —
GEHC —
FY17
BDX —
GEHC —
FY18
BDX 2.7%
GEHC —
FY19
BDX 4.6%
GEHC —
FY20
BDX 2.0%
GEHC —
FY21
BDX 5.6%
GEHC —
FY22
BDX 5.5%
GEHC —
FY23
BDX 5.0%
GEHC 10.7%
FY24
BDX 5.1%
GEHC 13.4%
FY25
BDX 5.5%
GEHC 13.3%
BDX
GEHC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.