Becton Dickinson vs GE HealthCare
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KIRA’s take AI analyst
I put Becton Dickinson and GE HealthCare side by side, using each one’s latest annual report. Here is what stands out:
- 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 59.2x against 17.2x for GE HealthCare.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Becton Dickinson
BDX
4/10
Revenue growthGross marginFCF marginShare count change
GE HealthCare
GEHC
6/10
Operating marginNet marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | BDX FY25 | GEHC FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.0B | $32.9B |
| 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 | 59.2x | 17.2x |
| Piotroski F-score | 6 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.