Upside case
Bull case
$205+42.4%
BDX would need investors to value it at roughly 16x earnings — about 5x more generous than today's 11x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated Jun 18, 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
Hold
Covering
34
analysts
16 bullish · 1 bearish · 34 covering BDX
Strong Buy
0
Buy
16
Hold
17
Sell
1
Strong Sell
0
Consensus Target
$175
+21.4% vs today
Scenario Range
$98 – $205
Model bear to bull value window
Coverage
34
Published analyst ratings
Valuation Context
11.4x
Forward P/E · Market cap $52.2B
BDX price targets
Three scenarios for where BDX stock could go
Current
~$144
Confidence
50 / 100
Updated
Jun 18, 2026
Where we are now
Current · $144
Bear
$98
Base
$156
Bull
$205
Market caseClosest to today
Base case
$156+8.0%
This is close to how the market is already pricing BDX — at roughly 12x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$98-31.9%
If investor confidence fades or macro conditions deteriorate, a 4x multiple contraction could push BDX down roughly 32% 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
$21.4B
Net Income TTM
$1.1B
Net Margin
5.3%
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
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 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
Q2 2026
EPS
$2.90/$2.78
Revenue
$4.7B/$4.7B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| 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% |
| Q2 2026 | $2.90/$2.78 | +4.3% | $4.7B/$4.7B | +0.9% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$22.5B
+5.4% YoY
FY2
$23.5B
+4.4% YoY
EPS Outlook
FY1
$5.67
+39.8% YoY
FY2
$6.20
+9.4% YoY
Trailing FCF (TTM)$3.1B
FCF Margin: 14.7%
Next Earnings
August 6, 2026
Expected EPS
$3.13
Expected Revenue
$4.9B
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
Fair versus peers
Fair value est. $152 — implies +5.5% from today's price.
Upside to Fair Value
5.5%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
BDX
24.7x
vs
S&P 500
24.4x
In line with benchmark
vs Healthcare Trailing P/E
BDX
24.7x
vs
Healthcare
22.1x
+12% premium
vs BDX 5Y Avg P/E
Today
24.7x
vs
5Y Average
24.5x
In line with benchmark
Forward PE
11.4x
S&P 500
18.8x
-39%
Healthcare
18.3x
-37%
5Y Avg
—
—
Trailing PE
24.7x
S&P 500
24.4x
+1%
Healthcare
22.1x
+12%
5Y Avg
24.5x
+1%
PEG Ratio
1.49x
S&P 500
1.66x
-10%
Healthcare
1.59x
-6%
5Y Avg
—
—
EV/EBITDA
14.0x
S&P 500
15.2x
-8%
Healthcare
14.2x
-2%
5Y Avg
12.6x
+11%
Price/FCF
19.5x
S&P 500
20.7x
-6%
Healthcare
18.5x
+5%
5Y Avg
17.0x
+15%
Price/Sales
2.4x
S&P 500
3.1x
-23%
Healthcare
2.6x
-9%
5Y Avg
2.1x
+15%
Dividend Yield
2.89%
S&P 500
1.91%
+51%
Healthcare
1.50%
+93%
5Y Avg
2.74%
+6%
| Metric | BDX | S&P 500 | Healthcare | 5Y Avg BDX |
|---|---|---|---|---|
| Forward PE | 11.4x | 18.8x-39% | 18.3x-37% | — |
| Trailing PE | 24.7x | 24.4x | 22.1x+12% | 24.5x |
| PEG Ratio | 1.49x | 1.66x-10% | 1.59x | — |
| EV/EBITDA | 14.0x | 15.2x | 14.2x | 12.6x+11% |
| Price/FCF | 19.5x | 20.7x | 18.5x | 17.0x+15% |
| Price/Sales | 2.4x | 3.1x-23% | 2.6x | 2.1x+15% |
| Dividend Yield | 2.89% | 1.91% | 1.50% | 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 $3.1B in free cash flow at a 14.7% margin — returns 4.8% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$21.4B
Revenue Growth
TTM vs prior year
+2.4%
Gross Margin
Gross profit as a share of revenue
46.5%
Operating Margin
Operating income divided by revenue
10.6%
Net Margin
Net income divided by revenue
5.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.05
Free Cash Flow (TTM)
Cash generation after capex
$3.1B
FCF Margin
FCF as share of revenue — the primary cash quality signal
14.7%
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
2.1%
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
5.8× FCF
~5.8 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
4.5%
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 June 17, 2026
Medium
Post-divestiture execution
The company's post-divestiture structure focuses on high-margin segments, but low single-digit revenue growth guidance suggests limited near-term upside.
High Risk
Strategic transformation risks
BD's radical transformation, including a multi-billion dollar spin-off, has created market uncertainty and potential disruption to its traditional stability.
Lower
Moderate growth outlook
Fiscal 2026 guidance indicates subdued growth, with adjusted EPS projections reflecting modest earnings potential.
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 June 17, 2026
Attractive valuation metrics
BDX's forward P/E ratio of 12.82-13.44 suggests potential undervaluation compared to its trailing P/E of 34.55-35.03, indicating earnings growth expectations.
Strong institutional interest
Multiple bullish theses from reputable sources like MoneyShow and Value Don't Lie highlight institutional confidence in BDX's growth prospects.
Leadership stability
Appointment of long-time executive Vitor Roque as CFO demonstrates continuity in leadership and strategic execution.
Product innovation
Launch of BD CentroVena One showcases the company's commitment to developing new medical technology solutions.
Significant revenue base
Q2 sales of $4.7 billion demonstrate the company's large-scale operations in the healthcare sector.
Employee investment alignment
Employee stock ownership plan registrations totaling $787 million indicate strong internal confidence in the company's future.
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
$143.98
52W Range Position
42%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$100.31
+43.5% from the low
52-Week High
$205.52
-29.9% from the high
1 Month
+1.15%
3 Month
-8.92%
YTD
-6.0%
1 Year
+38.2%
3Y CAGR
-3.2%
5Y CAGR
-0.1%
10Y CAGR
+3.6%
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
11.4x
vs 13.3x median
-14% below peer median
Revenue Growth
+5.4%
vs +7.9% median
-32% below peer median
Net Margin
5.3%
vs 12.9% median
-59% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
BDX BDX Becton, Dickinson and Company | $52.2B | 11.4x | +5.4% | 5.3% | Hold | +21.4% |
BAX BAX Baxter International Inc. | $10.3B | 10.4x | +2.3% | -9.7% | Hold | +4.1% |
BSX BSX Boston Scientific Corporation | $67.3B | 13.5x | +9.7% | 14.4% | Buy | +83.0% |
MDT MDT Medtronic plc | $101.9B | 13.3x | +7.9% | 13.0% | Buy | +20.7% |
SYK SYK Stryker Corporation | $117.9B | 20.5x | +10.1% | 12.9% | Buy | +25.9% |
ZBH ZBH Zimmer Biomet Holdings, Inc. | $17.2B | 10.4x | +4.2% | 9.1% | Hold | +9.5% |
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 42 consecutive years. Buybacks add another 1.9%.
Dividend WatchFCF Well Covered
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
42Y
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 | $2.10 | — | — | — |
| 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 Hold by Wall Street analysts as of 2026. Of 34 analysts covering the stock, 16 rate it Buy or Strong Buy, 17 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $175, implying +21.4% from the current price of $144. The bear case scenario is $98 and the bull case is $205.
02What is the BDX stock price target for 2026?
The Wall Street consensus price target for BDX is $175 based on 34 analyst estimates. The high-end target is $204 (+41.7% from today), and the low-end target is $159 (+10.4%). The base case model target is $156.
03Is Becton, Dickinson and Company (BDX) stock overvalued in 2026?
BDX trades at 11.4x 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 fair versus peers. 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) Strategic transformation risks — BD's radical transformation, including a multi-billion dollar spin-off, has created market uncertainty and potential disruption to its traditional stability. (2) Post-divestiture execution — The company's post-divestiture structure focuses on high-margin segments, but low single-digit revenue growth guidance suggests limited near-term upside. (3) Moderate growth outlook — Fiscal 2026 guidance indicates subdued growth, with adjusted EPS projections reflecting modest earnings potential. 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 $22.5B (+5.4% year-over-year) and EPS of $5.67 (+39.8% year-over-year) for the upcoming fiscal year. The following year, analysts project $23.5B 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 2026-08-06. Consensus expects EPS of $3.13 and revenue of $4.9B. 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 $3.1B in free cash flow over the trailing twelve months — a free cash flow margin of 14.7%. BDX returns capital to shareholders through dividends (2.9% yield) and share repurchases ($1.0B TTM).