Becton Dickinson vs Medtronic
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The short version
- Medtronic is the larger business, with $36.4B of revenue in fiscal 2026 against $21.8B for Becton Dickinson, about 1.7 times as much.
- Medtronic kept more of each dollar of sales as operating profit (17.8% operating margin, against 11.8%).
- Medtronic turned more of its sales into free cash flow (14.9% FCF margin, against 12.2%).
- Medtronic earned a higher return on the capital invested in it (7.7%, against 5.5%).
- Investors pay more for each dollar of Becton Dickinson’s earnings: a P/E of 59.9x against 23.4x for Medtronic.
| Latest fiscal year | BDX · FY25 | MDT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $54.7B | $122.6B |
| Revenue | $21.8B | $36.4B |
| Free cash flow | $2.7B | $5.4B |
| Net income | $1.7B | $4.8B |
| Growth | ||
| Revenue growth | 8.2% | 8.4% |
| 5-year growth | 6.3% | 3.8% |
| Share count change | −0.9% | −0.1% |
| Profitability | ||
| Gross margin | 45.4% | 65.0% |
| Operating margin | 11.8% | 17.8% |
| Net margin | 7.7% | 13.2% |
| FCF margin | 12.2% | 14.9% |
| Return on capital | 5.5% | 7.7% |
| Return on equity | 6.5% | 9.9% |
| Balance sheet | ||
| Net debt | $17.0B | $17.0B |
| Net debt / EBITDA | 3.4x | 1.8x |
| Dividends and buybacks | $2.2B | $4.7B |
| Valuation & quality | ||
| P/E | 59.9x | 23.4x |
| Piotroski F-score | 6 | 7 |
Revenue
FY17
BDX $12.1B
MDT $29.7B
FY18
BDX $16.0B
MDT $30.0B
FY19
BDX $17.3B
MDT $30.6B
FY20
BDX $16.1B
MDT $28.9B
FY21
BDX $19.1B
MDT $30.1B
FY22
BDX $18.9B
MDT $31.7B
FY23
BDX $19.4B
MDT $31.2B
FY24
BDX $20.2B
MDT $32.4B
FY25
BDX $21.8B
MDT $33.5B
FY26
BDX —
MDT $36.4B
BDX
MDT
Operating margin
FY17
BDX 12.6%
MDT 18.1%
FY18
BDX 9.4%
MDT 22.2%
FY19
BDX 10.2%
MDT 20.5%
FY20
BDX 5.7%
MDT 16.6%
FY21
BDX 11.8%
MDT 14.9%
FY22
BDX 12.1%
MDT 18.2%
FY23
BDX 10.9%
MDT 17.6%
FY24
BDX 11.9%
MDT 15.9%
FY25
BDX 11.8%
MDT 17.8%
FY26
BDX —
MDT 17.8%
BDX
MDT
Free cash flow
FY17
BDX $1.8B
MDT $5.6B
FY18
BDX $2.0B
MDT $3.6B
FY19
BDX $2.4B
MDT $5.9B
FY20
BDX $2.8B
MDT $6.0B
FY21
BDX $3.5B
MDT $4.9B
FY22
BDX $1.5B
MDT $6.0B
FY23
BDX $2.1B
MDT $4.6B
FY24
BDX $3.1B
MDT $5.2B
FY25
BDX $2.7B
MDT $5.2B
FY26
BDX —
MDT $5.4B
BDX
MDT
Return on capital
FY17
BDX —
MDT 6.7%
FY18
BDX 2.7%
MDT 5.4%
FY19
BDX 4.6%
MDT 8.6%
FY20
BDX 2.0%
MDT 7.3%
FY21
BDX 5.6%
MDT —
FY22
BDX 5.5%
MDT —
FY23
BDX 5.0%
MDT 5.9%
FY24
BDX 5.1%
MDT 5.8%
FY25
BDX 5.5%
MDT 7.5%
FY26
BDX —
MDT 7.7%
BDX
MDT
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.