Upside case
Bull case
$188+30.3%
BDX would need investors to value it at roughly 15x earnings — about 4x more generous than today's 12x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Becton, Dickinson and Company (BDX) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
33
analysts
16 bullish · 1 bearish · 33 covering BDX
Strong Buy
0
Buy
16
Hold
16
Sell
1
Strong Sell
0
Consensus Target
$173
+19.9% vs today
Scenario Range
$61 – $188
Model bear to bull value window
Coverage
33
Published analyst ratings
Valuation Context
11.5x
Forward P/E · Market cap $52.2B
BDX price targets
Three scenarios for where BDX stock could go
Current
~$144
Confidence
56 / 100
Updated
May 1, 2026
Where we are now
Current · $144
Bear
$61
Base
$181
Bull
$188
Market caseClosest to today
Base case
$181+25.5%
At 14x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$61-57.8%
If investor confidence fades or macro conditions deteriorate, a 7x multiple contraction could push BDX down roughly 58% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Becton, Dickinson and Company
BDX · NYSEHealthcareMedical - Instruments & SuppliesSeptember year-end
Becton, Dickinson and Company is a global medical technology firm that develops and manufactures medical devices, laboratory equipment, and diagnostic products for healthcare providers and researchers. It generates revenue primarily through three segments: BD Medical (~55% of sales) for medication delivery and diabetes care, BD Life Sciences (~30%) for diagnostic systems and specimen collection, and BD Interventional (~15%) for surgical and vascular devices. The company's competitive advantage lies in its massive installed base of medical devices — creating recurring revenue from consumables — and its deep relationships with healthcare institutions that rely on its integrated systems.
Market Cap
$52.2B
Revenue TTM
$21.9B
Net Income TTM
$1.8B
Net Margin
8.0%
BDX Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
50%Exceptional
vs consensus estimates
Avg EPS Surprise
+7.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 4 of 4Q2 2025
EPS
$3.35/$3.28
Revenue
$5.3B/$5.4B
Q3 2025
EPS
$3.68/$3.40
Revenue
$5.5B/$5.5B
Q4 2025
EPS
$3.96/$3.92
Revenue
$5.9B/$5.9B
Q1 2026
EPS
$2.91/$2.21
Revenue
$4.5B/$5.1B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $3.35/$3.28 | +2.1% | $5.3B/$5.4B | -1.5% |
| Q3 2025 | $3.68/$3.40 | +8.2% | $5.5B/$5.5B | +0.4% |
| Q4 2025 | $3.96/$3.92 | +1.0% | $5.9B/$5.9B | -0.3% |
| Q1 2026 | $2.91/$2.21 | +31.7% | $4.5B/$5.1B | -12.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$22.4B
+2.3% YoY
FY2
$24.0B
+7.2% YoY
EPS Outlook
FY1
$7.04
+14.3% YoY
FY2
$7.32
+3.9% YoY
Trailing FCF (TTM)$2.6B
FCF Margin: 12.0%
Next Earnings
May 7, 2026
Expected EPS
$2.77
Expected Revenue
$4.7B
BDX beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
BDX Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $21.8B
Product Mix
Latest annual revenue by segment or product family
Medical
52.5%
+13.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
58.6%
+9.7% YoY
Tap, hover, or focus a slice to inspect segment detail.
Medical is the largest disclosed segment at 52.5% of FY 2025 revenue, up 13.7% YoY.
UNITED STATES is the largest reported region at 58.6%, up 9.7% YoY.
BDX Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Undervalued
Fair value est. $226 — implies +51.2% from today's price.
Upside to Fair Value
51.2%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BDX
24.7x
vs
S&P 500
25.1x
In line with benchmark
vs Healthcare Trailing P/E
BDX
24.7x
vs
Healthcare
22.2x
+11% premium
vs BDX 5Y Avg P/E
Today
24.7x
vs
5Y Average
24.5x
In line with benchmark
Forward PE
11.5x
S&P 500
19.1x
-40%
Healthcare
18.8x
-39%
5Y Avg
—
—
Trailing PE
24.7x
S&P 500
25.1x
-2%
Healthcare
22.2x
+11%
5Y Avg
24.5x
+1%
PEG Ratio
1.49x
S&P 500
1.72x
-13%
Healthcare
1.53x
-2%
5Y Avg
—
—
EV/EBITDA
14.0x
S&P 500
15.2x
-8%
Healthcare
14.0x
-0%
5Y Avg
12.6x
+11%
Price/FCF
19.6x
S&P 500
21.1x
-7%
Healthcare
18.6x
+5%
5Y Avg
17.0x
+15%
Price/Sales
2.4x
S&P 500
3.1x
-23%
Healthcare
2.8x
-15%
5Y Avg
2.1x
+15%
Dividend Yield
2.89%
S&P 500
1.87%
+55%
Healthcare
1.42%
+103%
5Y Avg
2.74%
+5%
| Metric | BDX | S&P 500 | Healthcare | 5Y Avg BDX |
|---|---|---|---|---|
| Forward PE | 11.5x | 19.1x-40% | 18.8x-39% | — |
| Trailing PE | 24.7x | 25.1x | 22.2x+11% | 24.5x |
| PEG Ratio | 1.49x | 1.72x-13% | 1.53x | — |
| EV/EBITDA | 14.0x | 15.2x | 14.0x | 12.6x+11% |
| Price/FCF | 19.6x | 21.1x | 18.6x | 17.0x+15% |
| Price/Sales | 2.4x | 3.1x-23% | 2.8x-15% | 2.1x+15% |
| Dividend Yield | 2.89% | 1.87% | 1.42% | 2.74% |
BDX trades above S&P 500 benchmarks on 0 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolBDX Financial Health
Verdict
Adequate
BDX generates $2.6B in free cash flow at a 12.0% margin — returns 4.8% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$21.9B
Revenue Growth
TTM vs prior year
+6.2%
Gross Margin
Gross profit as a share of revenue
45.8%
Operating Margin
Operating income divided by revenue
12.4%
Net Margin
Net income divided by revenue
8.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$6.16
Free Cash Flow (TTM)
Cash generation after capex
$2.6B
FCF Margin
FCF as share of revenue — the primary cash quality signal
12.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
4.3%
ROA
Return on assets, trailing twelve months
3.2%
Cash & Equivalents
Liquid assets on the balance sheet
$851M
Net Debt
Total debt minus cash
$18.3B
Debt Serviceability
Net debt as a multiple of annual free cash flow
7.0× FCF
~7.0 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
6.9%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
4.8%
Dividend
2.9%
Buyback
1.9%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1.0B
Dividend / Share
Annualized trailing dividend per share
$4.17
Payout Ratio
Share of earnings distributed as dividends
71.3%
Shares Outstanding
Declining as buybacks retire shares
362M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageBDX Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Debt & Leverage Risk
Becton, Dickinson and Company carries a high debt‑to‑equity ratio and a significant debt load, which limits financial flexibility. While interest payments are currently covered by EBIT, long‑term assets do not cover long‑term liabilities, raising concerns about liquidity during leverage‑reduction efforts.
High Risk
Revenue Growth & Segment Risk
Analysts warn of slow top‑line growth, with declining revenue in the Alaris segment and market pressures in China. Reduced life‑sciences research funding further dampens growth prospects, potentially eroding shareholder returns.
Medium
Regulatory & Competitive Risk
Operating in the healthcare sector exposes BDX to regulatory scrutiny and intense competition, which could affect product approvals, pricing power, and market share.
Medium
Tariff & Investment Risk
Potential tariffs on medical devices and headwinds from business investments may compress margins and threaten financial stability.
Lower
Analyst Sentiment & Guidance Risk
Mixed analyst ratings and fluctuating price targets, coupled with recent stock declines following a Life Sciences transaction, create uncertainty around future performance and guidance.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why BDX Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Starboard Value Catalyst
Starboard Value has taken a significant stake in BDX, arguing the company is undervalued due to operational inefficiencies and a sum‑of‑parts discount. The activist proposes separating or selling the Life Sciences division, a move that could lift BDX’s valuation by up to 30% and sharpen management focus.
MedTech Focus & Growth Platforms
BDX is executing a strategic transformation by spinning off its Life Sciences business to concentrate on MedTech. The company is building new growth platforms in biologic drug delivery, regenerative medicine, pharmacy automation, and urinary incontinence to accelerate innovation and revenue.
Connected Care & Infusion Innovation
BDX’s Connected Care and Infusion Systems are driving strong performance, with launches such as HemoSphere and Pyxis Incada accelerating its digital and connected platform roadmap. These innovations enhance automation and patient care capabilities across the MedTech portfolio.
Financial Strength & Cash Unlock
BDX is a dividend aristocrat with 53 consecutive years of dividend increases and delivered Q1 results that exceeded revenue, adjusted gross margin, and adjusted EPS expectations. The Waters transaction closed ahead of schedule, unlocking $4 billion in cash for share buybacks and debt reduction, while FY26 guidance targets low‑single‑digit revenue growth, adjusted EPS of $12.35‑$12.65, and operating margins of 25%.
China Volume Growth in Biosurgery
Positive volume growth is projected in China, driven by volume‑based procurement that is expected to enhance BDX’s position in the biosurgery market. This expansion in emerging markets supports the company’s global growth strategy.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
BDX Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$144.17
52W Range Position
42%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$100.31
+43.7% from the low
52-Week High
$205.52
-29.9% from the high
1 Month
-7.18%
3 Month
-11.17%
YTD
-5.9%
1 Year
+39.7%
3Y CAGR
-2.8%
5Y CAGR
-0.9%
10Y CAGR
+3.8%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
BDX vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
11.5x
vs 14.1x median
-18% below peer median
Revenue Growth
+2.3%
vs +3.8% median
-39% below peer median
Net Margin
8.0%
vs 12.9% median
-38% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BDX BDX Becton, Dickinson and Company | $52.2B | 11.5x | +2.3% | 8.0% | Buy | +19.9% |
BAX BAX Baxter International Inc. | $8.6B | 8.8x | +2.9% | -9.7% | Hold | +17.9% |
BSX BSX Boston Scientific Corporation | $83.2B | 16.6x | +12.8% | 14.4% | Buy | +63.1% |
MDT MDT Medtronic plc | $99.7B | 14.1x | +2.5% | 13.0% | Buy | +40.8% |
SYK SYK Stryker Corporation | $113.1B | 19.7x | +9.9% | 12.9% | Buy | +36.7% |
ZBH ZBH Zimmer Biomet Holdings, Inc. | $16.3B | 9.8x | +3.8% | 9.1% | Hold | +17.9% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
BDX Dividend and Capital Return
BDX returns 4.8% total yield, led by a 2.89% dividend, raised 27 consecutive years. Buybacks add another 1.9%.
Dividend WatchFCF Adequate
Total Shareholder Yield
4.8%
Dividend + buyback return per year
Buyback Yield
1.9%
Dividend Yield
2.89%
Payout Ratio
71.3%
How BDX Splits Its Return
Div 2.89%
Buyback 1.9%
Dividend 2.89%Buybacks 1.9%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$4.17
Growth Streak
Consecutive years of dividend increases
27Y
3Y Div CAGR
8.4%
5Y Div CAGR
7.4%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1.0B
Estimated Shares Retired
7M
Approx. Share Reduction
1.9%
Shares Outstanding
Current diluted share count from the screening snapshot
362M
At 1.9%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.05 | — | — | — |
| 2025 | $3.50 | +7.3% | 3.0% | 6.6% |
| 2024 | $3.26 | +12.7% | 1.2% | 3.7% |
| 2023 | $2.89 | +5.2% | 0.0% | 2.4% |
| 2022 | $2.75 | +6.7% | 1.3% | 4.0% |
FAQ
7 questionsBDX Investor Questions
Common questions answered from live analyst data and company financials.
01Is Becton, Dickinson and Company (BDX) stock a buy or sell in 2026?
Becton, Dickinson and Company (BDX) is rated Buy by Wall Street analysts as of 2026. Of 33 analysts covering the stock, 16 rate it Buy or Strong Buy, 16 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $173, implying +19.9% from the current price of $144. The bear case scenario is $61 and the bull case is $188.
02What is the BDX stock price target for 2026?
The Wall Street consensus price target for BDX is $173 based on 33 analyst estimates. The high-end target is $202 (+40.1% from today), and the low-end target is $159 (+10.3%). The base case model target is $181.
03Is Becton, Dickinson and Company (BDX) stock overvalued in 2026?
BDX trades at 11.5x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals significantly undervalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Becton, Dickinson and Company (BDX) stock in 2026?
The primary risks for BDX in 2026 are: (1) Debt & Leverage Risk — Becton, Dickinson and Company carries a high debt‑to‑equity ratio and a significant debt load, which limits financial flexibility. (2) Revenue Growth & Segment Risk — Analysts warn of slow top‑line growth, with declining revenue in the Alaris segment and market pressures in China. (3) Regulatory & Competitive Risk — Operating in the healthcare sector exposes BDX to regulatory scrutiny and intense competition, which could affect product approvals, pricing power, and market share. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Becton, Dickinson and Company's revenue and earnings forecast?
Analyst consensus estimates BDX will report consensus revenue of $22.4B (+2.3% year-over-year) and EPS of $7.04 (+14.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $24.0B in revenue.
06When does Becton, Dickinson and Company (BDX) report its next earnings?
Becton, Dickinson and Company is expected to report its next earnings on approximately 2026-05-07. Consensus expects EPS of $2.77 and revenue of $4.7B. Over recent quarters, BDX has beaten EPS estimates 92% of the time.
07How much free cash flow does Becton, Dickinson and Company generate?
Becton, Dickinson and Company (BDX) generated $2.6B in free cash flow over the trailing twelve months — a free cash flow margin of 12.0%. BDX returns capital to shareholders through dividends (2.9% yield) and share repurchases ($1.0B TTM).