Becton, Dickinson and Company (BDX) 10-Year Financial Performance & Capital Metrics

BDX • • Industrial / General

HealthcareMedical InstrumentsDiagnostic & Monitoring EquipmentDiagnostic Testing & Monitoring

AboutBecton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. The company's BD Medical segment offers peripheral intravenous (IV) and advanced peripheral catheters, central lines, acute dialysis catheters, vascular care and preparation products, needle-free IV connectors and extensions sets, closed-system drug transfer devices, hazardous drug detections, hypodermic syringes and needles, anesthesia needles and trays, enteral syringes, and sharps disposal systems; IV medication and infusion therapy delivery systems, medication compounding workflow systems, automated medication dispensing and supply management systems, and medication inventory optimization and tracking systems; syringes, pen needles, and other products for diabetes; and prefillable drug delivery systems. Its BD Life Sciences segment provides specimen and blood collection products; automated blood and tuberculosis culturing, molecular testing, microorganism identification and drug susceptibility, and liquid-based cytology systems, as well as rapid diagnostic assays, microbiology laboratory automation products, and plated media products; and fluorescence-activated cell sorters and analyzers, antibodies and kits, reagent systems, and solutions for single-cell gene expression analysis, as well as clinical oncology, immunological, and transplantation diagnostic/monitoring reagents and analyzers. The company's BD Interventional segment offers hernia and soft tissue repair, biological and bioresorbable grafts, biosurgery, and other surgical products; surgical infection prevention, surgical and laparoscopic instrumentation products; peripheral intervention products; and urology and critical care products. The company was founded in 1897 and is based in Franklin Lakes, New Jersey.Show more

Revenue $21.84B +8.2%
EBITDA $5.04B +7.6%
Net Income $1.68B -1.6%
EPS (Diluted) 5.83 -0.5%
Gross Margin 45.44% +0.5%
EBITDA Margin 23.08% -0.6%
Operating Margin 11.8% -0.6%
Net Margin 7.68% -9.1%
ROE 6.54% -0.8%
ROIC 4.39% +3.3%
Debt/Equity 0.76 -2.7%
Interest Coverage 4.21 -7.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.82%

5Y6.32%

3Y4.99%

TTM8.23%

Profit (Net Income) CAGR

10Y9.21%

5Y13.93%

3Y-1.93%

TTM-2.78%

EPS CAGR

10Y5.7%

5Y16.56%

3Y-0.28%

TTM-1.85%

ROCE

10Y Avg4.62%

5Y Avg4.95%

3Y Avg5.04%

Latest5.41%

Peer Comparison

Diagnostic Testing & Monitoring

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NNNNAnbio Biotechnology Class A Ordinary Shares	1.52B	34.59	617.68	21.95%	31.03%	29.08%	0.14%
DXRDaxor Corporation	69.03M	13.70	124.55	-93.84%	401.5%	9.78%	0.04%	0.02
BDXBecton, Dickinson and Company	59.36B	208.35	35.74	8.23%	7.68%	6.61%	4.5%	0.76
HOLXHologic, Inc.	16.73B	75.02	22.60	-0%	13.79%	11.5%	6.84%	0.52
GCTKGlucoTrack, Inc.	3.62M	3.98	0.07			-389.1%
QDELQuidelOrtho Corporation	2.4B	35.38	-1.16	-7.17%	-43.43%	-57.92%		0.90
KMTSKESTRA MEDICAL TECHNOLOGIES, LTD.	1.34B	22.98	-4.48	115.05%	-177.99%	-80.55%		0.22
OSUROraSure Technologies, Inc.	196.55M	2.74	-10.54	-54.17%	-47.92%	-16.64%	12%	0.04

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	12.48B	12.09B	15.98B	17.29B	16.07B	19.13B	18.87B	19.37B	20.18B	21.84B
Revenue Growth %	0.21%	-0.03%	0.32%	0.08%	-0.07%	0.19%	-0.01%	0.03%	0.04%	0.08%
Cost of Goods Sold+	6.49B	6.13B	8.71B	9B	9.28B	10.5B	10.39B	11.2B	11.05B	11.91B
COGS % of Revenue	0.52%	0.51%	0.55%	0.52%	0.58%	0.55%	0.55%	0.58%	0.55%	0.55%
Gross Profit+	5.99B	5.96B	7.27B	8.29B	6.8B	8.63B	8.48B	8.17B	9.13B	9.92B
Gross Margin %	0.48%	0.49%	0.45%	0.48%	0.42%	0.45%	0.45%	0.42%	0.45%	0.45%
Gross Profit Growth %	0.28%	-0%	0.22%	0.14%	-0.18%	0.27%	-0.02%	-0.04%	0.12%	0.09%
Operating Expenses+	4.56B	4.44B	5.76B	6.53B	5.89B	6.38B	6.2B	6.06B	6.73B	7.35B
OpEx % of Revenue	0.37%	0.37%	0.36%	0.38%	0.37%	0.33%	0.33%	0.31%	0.33%	0.34%
Selling, General & Admin	3B	2.91B	4.02B	4.33B	4.18B	4.72B	4.71B	4.72B	4.86B	5.28B
SG&A % of Revenue	0.24%	0.24%	0.25%	0.25%	0.26%	0.25%	0.25%	0.24%	0.24%	0.24%
Research & Development	828M	770M	1B	1.06B	1.04B	1.28B	1.26B	1.24B	1.19B	1.26B
R&D % of Revenue	0.07%	0.06%	0.06%	0.06%	0.06%	0.07%	0.07%	0.06%	0.06%	0.06%
Other Operating Expenses	728M	764M	740M	1.13B	662M	383M	230M	103M	681M	806M
Operating Income+	1.43B	1.52B	1.51B	1.76B	912M	2.25B	2.28B	2.11B	2.4B	2.58B
Operating Margin %	0.11%	0.13%	0.09%	0.1%	0.06%	0.12%	0.12%	0.11%	0.12%	0.12%
Operating Income Growth %	0.33%	0.06%	-0.01%	0.17%	-0.48%	1.47%	0.01%	-0.07%	0.14%	0.08%
EBITDA+	2.54B	2.61B	3.49B	4.01B	3.03B	4.48B	4.51B	4.4B	4.68B	5.04B
EBITDA Margin %	0.2%	0.22%	0.22%	0.23%	0.19%	0.23%	0.24%	0.23%	0.23%	0.23%
EBITDA Growth %	0.29%	0.03%	0.34%	0.15%	-0.25%	0.48%	0.01%	-0.02%	0.06%	0.08%
D&A (Non-Cash Add-back)	1.11B	1.09B	1.98B	2.25B	2.12B	2.23B	2.23B	2.29B	2.29B	2.46B
EBIT	1.46B	1.5B	1.88B	1.81B	942M	2.16B	2.18B	2.11B	2.53B	2.5B
Net Interest Income+	-367M	-445M	-641M	-627M	-521M	-460M	-382M	-403M	-365M	-575M
Interest Income	21M	76M	65M	12M	7M	9M	16M	49M	163M	38M
Interest Expense	388M	521M	706M	639M	528M	469M	398M	452M	528M	613M
Other Income/Expense	-356M	-546M	-336M	-584M	-498M	-558M	-499M	-449M	-392M	-696M
Pretax Income+	1.07B	976M	1.17B	1.18B	414M	1.69B	1.78B	1.66B	2B	1.88B
Pretax Margin %	0.09%	0.08%	0.07%	0.07%	0.03%	0.09%	0.09%	0.09%	0.1%	0.09%
Income Tax+	97M	-124M	862M	-57M	62M	88M	148M	132M	300M	204M
Effective Tax Rate %	0.91%	1.13%	0.27%	1.05%	2.11%	1.24%	1%	0.89%	0.85%	0.89%
Net Income+	976M	1.1B	311M	1.23B	874M	2.09B	1.78B	1.48B	1.71B	1.68B
Net Margin %	0.08%	0.09%	0.02%	0.07%	0.05%	0.11%	0.09%	0.08%	0.08%	0.08%
Net Income Growth %	0.4%	0.13%	-0.72%	2.96%	-0.29%	1.39%	-0.15%	-0.17%	0.15%	-0.02%
Net Income (Continuing)	976M	1.1B	311M	1.23B	352M	1.6B	1.64B	1.53B	1.71B	1.68B
Discontinued Operations	0	0	0	0	522M	488M	144M	-46M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	4.49	4.60	0.60	3.89	2.71	6.85	5.88	4.94	5.86	5.83
EPS Growth %	0.34%	0.02%	-0.87%	5.48%	-0.3%	1.53%	-0.14%	-0.16%	0.19%	-0.01%
EPS (Basic)	4.59	4.70	0.62	3.96	2.75	6.92	5.93	4.97	5.88	5.84
Diluted Shares Outstanding	217.54M	223.59M	264.62M	274.77M	282.4M	292.09M	287.36M	288.39M	291.01M	287.12M
Basic Shares Outstanding	212.7M	218.94M	258.35M	269.94M	278.97M	289.29M	285M	286.28M	289.76M	286.61M
Dividend Payout Ratio	0.58%	0.62%	2.98%	0.8%	1.17%	0.5%	0.61%	0.75%	0.65%	0.71%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	6.37B	18.63B	7.41B	6.64B	8.97B	8.84B	8.14B	8.68B	10.47B	9.26B
Cash & Short-Term Investments	1.91B	14.22B	1.16B	566M	2.85B	2.29B	1.01B	1.42B	2.16B	859M
Cash Only	1.54B	14.18B	1.14B	536M	2.83B	2.28B	1.01B	1.42B	1.72B	851M
Short-Term Investments	366M	37M	17M	30M	20M	12M	8M	8M	445M	8M
Accounts Receivable	1.62B	1.74B	2.32B	2.35B	2.4B	2.35B	2.19B	2.53B	3.03B	2.99B
Days Sales Outstanding	47.31	52.64	52.96	49.5	54.45	44.84	42.38	47.74	54.86	50.04
Inventory	1.72B	1.82B	2.45B	2.58B	2.74B	2.74B	3.22B	3.27B	3.84B	3.89B
Days Inventory Outstanding	96.65	108.28	102.66	104.57	107.93	95.35	113.23	106.65	126.91	119.29
Other Current Assets	643M	0	233M	55M	92M	402M	153M	1.45B	1.43B	1.51B
Total Non-Current Assets+	19.22B	19.1B	46.49B	45.1B	45.04B	45.04B	44.79B	44.1B	46.82B	46.07B
Property, Plant & Equipment	3.9B	4.64B	5.38B	5.66B	5.92B	6B	6.01B	6.56B	6.82B	7B
Fixed Asset Turnover	3.20x	2.61x	2.97x	3.06x	2.71x	3.19x	3.14x	2.95x	2.96x	3.12x
Goodwill	7.42B	7.56B	23.6B	23.38B	23.62B	23.89B	24.62B	24.52B	26.46B	33.02B
Intangible Assets	6.35B	5.89B	16.44B	14.98B	13.81B	12.78B	12.31B	10.95B	10.92B	2.99B
Long-Term Investments	796M	38M	0	0	0	0	0	0	0	0
Other Non-Current Assets	824M	969M	1.08B	1.09B	1.69B	2.37B	1.85B	2.08B	2.62B	3.06B
Total Assets+	25.59B	37.73B	53.9B	51.84B	54.01B	53.88B	52.93B	52.78B	57.29B	55.33B
Asset Turnover	0.49x	0.32x	0.30x	0.33x	0.30x	0.36x	0.36x	0.37x	0.35x	0.39x
Asset Growth %	-0.05%	0.47%	0.43%	-0.04%	0.04%	-0%	-0.02%	-0%	0.09%	-0.03%
Total Current Liabilities+	4.4B	3.34B	7.22B	5.66B	5.84B	6.63B	7.81B	6.64B	8.96B	8.31B
Accounts Payable	665M	797M	1.11B	1.09B	1.35B	1.74B	1.7B	1.64B	1.9B	0
Days Payables Outstanding	37.39	47.47	46.33	44.28	53.32	60.45	59.67	53.47	62.61	-
Short-Term Debt	1B	203M	2.6B	1.31B	706M	500M	2.18B	1.14B	2.17B	1.56B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	189M	0	1M	0	0	156M	0	1M	0	6.75B
Current Ratio	1.45x	5.58x	1.03x	1.17x	1.54x	1.33x	1.04x	1.31x	1.17x	1.11x
Quick Ratio	1.06x	5.03x	0.69x	0.72x	1.07x	0.92x	0.63x	0.81x	0.74x	0.64x
Cash Conversion Cycle	106.57	113.45	109.3	109.8	109.07	79.74	95.94	100.92	119.16	-
Total Non-Current Liabilities+	13.55B	21.44B	25.69B	25.03B	24.41B	23.58B	19.84B	20.34B	22.44B	21.62B
Long-Term Debt	10.55B	18.67B	18.89B	18.08B	17.22B	17.11B	13.89B	14.74B	17.94B	17.62B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	1.68B	1.61B	5.74B	5.68B	5.75B	5.21B	5.05B	0	0	0
Other Non-Current Liabilities	1.32B	1.17B	1.06B	1.27B	1.43B	1.26B	903M	5.6B	4.5B	4B
Total Liabilities	17.95B	24.79B	32.91B	30.68B	30.25B	30.2B	27.65B	26.98B	31.4B	29.94B
Total Debt+	11.55B	18.87B	21.5B	19.39B	17.93B	17.61B	16.07B	15.88B	20.11B	19.18B
Net Debt	10.01B	4.69B	20.36B	18.85B	15.11B	15.33B	15.06B	14.46B	18.39B	18.33B
Debt / Equity	1.51x	1.46x	1.02x	0.92x	0.75x	0.74x	0.64x	0.62x	0.78x	0.76x
Debt / EBITDA	4.54x	7.23x	6.16x	4.83x	5.92x	3.93x	3.56x	3.61x	4.29x	3.81x
Net Debt / EBITDA	3.93x	1.80x	5.84x	4.70x	4.99x	3.42x	3.34x	3.29x	3.93x	3.64x
Interest Coverage	3.69x	2.92x	2.14x	2.75x	1.73x	4.80x	5.73x	4.67x	4.54x	4.21x
Total Equity+	7.63B	12.95B	20.99B	21.08B	23.77B	23.68B	25.28B	25.8B	25.89B	25.39B
Equity Growth %	0.07%	0.7%	0.62%	0%	0.13%	-0%	0.07%	0.02%	0%	-0.02%
Book Value per Share	35.09	57.91	79.34	76.72	84.15	81.06	87.98	89.45	88.96	88.43
Total Shareholders' Equity	7.63B	12.95B	20.99B	21.08B	23.77B	23.68B	25.28B	25.8B	25.89B	25.39B
Common Stock	333M	347M	347M	347M	365M	365M	365M	371M	371M	371M
Retained Earnings	12.73B	13.11B	12.59B	12.91B	12.79B	13.83B	15.16B	15.54B	16.14B	16.62B
Treasury Stock	-8.21B	-8.43B	-6.24B	-6.19B	-6.14B	-7.72B	-8.33B	-8.3B	-8.81B	-9.81B
Accumulated OCI	-1.93B	-1.72B	-1.91B	-2.28B	-2.55B	-2.09B	-1.49B	-1.55B	-1.73B	-1.87B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	2.56B	2.55B	2.87B	3.33B	3.54B	4.65B	2.63B	2.99B	3.8B	3.43B
Operating CF Margin %	0.2%	0.21%	0.18%	0.19%	0.22%	0.24%	0.14%	0.15%	0.19%	0.16%
Operating CF Growth %	0.48%	-0%	0.12%	0.16%	0.06%	0.31%	-0.43%	0.14%	0.27%	-0.1%
Net Income	976M	1.1B	311M	1.22B	874M	2.09B	1.78B	1.53B	1.71B	1.68B
Depreciation & Amortization	1.11B	1.09B	1.98B	2.25B	2.15B	2.27B	2.23B	2.29B	2.29B	2.46B
Stock-Based Compensation	196M	174M	322M	261M	236M	229M	233M	259M	247M	0
Deferred Taxes	-426M	-236M	-240M	-381M	-302M	-304M	-120M	-622M	-211M	0
Other Non-Cash Items	300M	795M	-403M	120M	65M	75M	-94M	362M	-522M	0
Working Capital Changes	399M	-371M	897M	-143M	512M	282M	-1.39B	-828M	293M	-710M
Change in Receivables	-128M	-93M	-170M	-51M	-48M	-95M	32M	-290M	-453M	0
Change in Inventory	69M	-46M	246M	-149M	-125M	-104M	-631M	-15M	98M	0
Change in Payables	368M	134M	867M	-470M	205M	687M	-473M	-517M	625M	0
Cash from Investing+	-669M	-883M	-15.83B	-741M	-1.23B	-1.88B	-3.23B	-716M	-5.51B	-818M
Capital Expenditures	-718M	-727M	-895M	-957M	-810M	-1.23B	-973M	-874M	-725M	-760M
CapEx % of Revenue	0.06%	0.06%	0.06%	0.06%	0.05%	0.06%	0.05%	0.05%	0.04%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-826M	-887M	-1.09B	-261M	-258M	-141M	-188M	-382M	-444M	-480M
Cash from Financing+	-1.76B	10.98B	-57M	-3.22B	22M	-3.31B	-591M	-1.96B	2.09B	-3.62B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-562M	-677M	-927M	-984M	-1.03B	-1.05B	-1.08B	-1.11B	-1.1B	-1.2B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	85M	-234M	-220M	-204M	-109M	-265M	1.07B	-120M	-88M	-87M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.84B	1.82B	1.97B	2.37B	2.73B	3.42B	1.66B	2.12B	3.07B	2.67B
FCF Margin %	0.15%	0.15%	0.12%	0.14%	0.17%	0.18%	0.09%	0.11%	0.15%	0.12%
FCF Growth %	0.68%	-0.01%	0.08%	0.2%	0.15%	0.25%	-0.51%	0.27%	0.45%	-0.13%
FCF per Share	8.46	8.15	7.44	8.64	9.66	11.70	5.78	7.33	10.56	9.30
FCF Conversion (FCF/Net Income)	2.62x	2.32x	9.21x	2.70x	4.05x	2.22x	1.48x	2.01x	2.23x	2.04x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	13.19%	10.69%	1.83%	5.86%	3.9%	8.82%	7.27%	5.81%	6.6%	6.54%
Return on Invested Capital (ROIC)	5.92%	6.47%	3.84%	3.25%	1.74%	4.33%	4.31%	3.93%	4.25%	4.39%
Gross Margin	47.99%	49.33%	45.48%	47.94%	42.29%	45.12%	44.92%	42.17%	45.22%	45.44%
Net Margin	7.82%	9.1%	1.95%	7.13%	5.44%	10.94%	9.43%	7.66%	8.45%	7.68%
Debt / Equity	1.51x	1.46x	1.02x	0.92x	0.75x	0.74x	0.64x	0.62x	0.78x	0.76x
Interest Coverage	3.69x	2.92x	2.14x	2.75x	1.73x	4.80x	5.73x	4.67x	4.54x	4.21x
FCF Conversion	2.62x	2.32x	9.21x	2.70x	4.05x	2.22x	1.48x	2.01x	2.23x	2.04x
Revenue Growth	21.41%	-3.12%	32.17%	8.18%	-7.03%	19.02%	-1.36%	2.66%	4.16%	8.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Medical	6.46B	8.65B	8.11B	8.62B	9.06B	8.68B	9.48B	8.84B	9.5B	10.07B
Medical Growth	-	33.96%	-6.34%	6.30%	5.20%	-4.24%	9.21%	-6.73%	7.48%	6.02%
Life Sciences	3.82B	3.83B	3.99B	4.33B	4.3B	4.67B	6.53B	5.56B	5.13B	5.19B
Life Sciences Growth	-	0.18%	4.15%	8.58%	-0.69%	8.72%	39.68%	-14.79%	-7.75%	1.13%
Interventional	-	-	-	3.04B	3.93B	3.76B	4.24B	4.46B	4.74B	4.98B
Interventional Growth	-	-	-	-	29.27%	-4.18%	12.68%	5.31%	6.09%	5.15%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	5.07B	6.89B	6.5B	8.77B	9.73B	9.72B	10.97B	10.72B	11.11B	11.66B
UNITED STATES Growth	-	35.98%	-5.64%	34.81%	10.97%	-0.14%	12.90%	-2.25%	3.65%	4.95%
Europe	2.43B	3.05B	2.59B	3.3B	3.36B	3.48B	4.75B	4.04B	4.24B	4.4B
Europe Growth	-	25.27%	-15.12%	27.43%	1.85%	3.60%	36.52%	-14.90%	4.97%	3.72%
Asia	1.54B	1.69B	1.74B	2.46B	2.73B	2.57B	3.27B	3.05B	2.91B	2.91B
Asia Growth	-	9.51%	3.07%	41.06%	10.81%	-5.80%	27.41%	-6.88%	-4.40%	-0.24%
Others Country	1.23B	849M	1.26B	1.46B	1.48B	1.35B	1.25B	1.06B	1.1B	1.21B
Others Country Growth	-	-31.20%	48.06%	15.91%	1.30%	-8.33%	-7.24%	-15.70%	4.16%	9.53%

Frequently Asked Questions

Valuation & Price

Becton, Dickinson and Company (BDX) has a price-to-earnings (P/E) ratio of 35.7x. This suggests investors expect higher future growth.

Growth & Financials

Becton, Dickinson and Company (BDX) reported $21.84B in revenue for fiscal year 2025. This represents a 183% increase from $7.71B in 2012.

Becton, Dickinson and Company (BDX) grew revenue by 8.2% over the past year. This is steady growth.

Yes, Becton, Dickinson and Company (BDX) is profitable, generating $1.68B in net income for fiscal year 2025 (7.7% net margin).

Dividend & Returns

Yes, Becton, Dickinson and Company (BDX) pays a dividend with a yield of 2.00%. This makes it attractive for income-focused investors.

Becton, Dickinson and Company (BDX) has a return on equity (ROE) of 6.5%. This is below average, suggesting room for improvement.

Becton, Dickinson and Company (BDX) generated $2.67B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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