Latest Ratios: P/E Ratio 31.3x · EV/EBITDA 13.6x · ROE 6.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $50.3B | $33.2B | $43.4B | $46.1B | $39.6B | $43.3B | $39.6B | $41.9B | $41.6B | $26.4B | $23.6B |
| Enterprise Value | $68.6B | $51.5B | $63.1B | $61.4B | $55.4B | $59.3B | $54.7B | $60.7B | $62.0B | $31.1B | $33.6B |
| P/E Ratio → | 31.31 | 19.84 | 25.43 | 32.35 | 23.42 | 21.62 | 51.73 | 39.18 | 262.12 | 25.67 | 24.12 |
| P/S Ratio | 2.30 | 1.52 | 2.15 | 2.38 | 2.10 | 2.26 | 2.46 | 2.42 | 2.60 | 2.18 | 1.89 |
| P/B Ratio | 2.06 | 1.31 | 1.67 | 1.79 | 1.57 | 1.83 | 1.67 | 1.99 | 1.98 | 2.04 | 3.09 |
| P/FCF | 18.84 | 12.44 | 14.12 | 21.79 | 23.84 | 12.67 | 14.51 | 17.65 | 21.13 | 14.48 | 12.80 |
| P/OCF | 14.66 | 9.68 | 11.42 | 15.42 | 15.03 | 9.31 | 11.19 | 12.58 | 14.53 | 10.35 | 9.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.36 | 3.13 | 3.17 | 2.93 | 3.10 | 3.40 | 3.51 | 3.88 | 2.57 | 2.69 |
| EV / EBITDA | 13.62 | 10.23 | 13.47 | 13.96 | 12.27 | 13.24 | 18.07 | 15.13 | 17.77 | 11.91 | 13.20 |
| EV / EBIT | 26.62 | 20.66 | 24.91 | 29.06 | 25.39 | 27.44 | 58.07 | 33.46 | 32.98 | 20.77 | 22.96 |
| EV / FCF | — | 19.30 | 20.54 | 29.04 | 33.35 | 17.36 | 20.04 | 25.59 | 31.46 | 17.05 | 18.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.4% | 45.4% | 45.2% | 42.2% | 44.9% | 45.1% | 42.3% | 47.9% | 45.5% | 49.3% | 48.0% |
| Operating Margin | 11.8% | 11.8% | 11.9% | 10.9% | 12.1% | 11.8% | 5.7% | 10.2% | 9.4% | 12.6% | 11.5% |
| Net Profit Margin | 7.7% | 7.7% | 8.4% | 7.7% | 9.4% | 10.9% | 5.4% | 7.1% | 1.9% | 9.1% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 6.6% | 5.8% | 7.3% | 8.8% | 3.9% | 5.9% | 1.8% | 10.7% | 13.2% |
| ROA | 3.0% | 3.0% | 3.1% | 2.8% | 3.3% | 3.9% | 1.7% | 2.3% | 0.7% | 3.5% | 3.7% |
| ROIC | 4.3% | 4.3% | 4.1% | 3.8% | 4.2% | 4.3% | 1.7% | 3.2% | 3.8% | 6.5% | 5.9% |
| ROCE | 5.4% | 5.4% | 5.1% | 4.6% | 4.9% | 4.7% | 1.9% | 3.8% | 3.7% | 5.5% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.83 | 0.65 | 0.67 | 0.78 | 0.75 | 0.92 | 1.02 | 1.46 | 1.51 |
| Debt / EBITDA | 3.81 | 3.81 | 4.61 | 3.82 | 3.76 | 4.11 | 5.92 | 4.83 | 6.16 | 7.23 | 4.54 |
| Net Debt / Equity | — | 0.72 | 0.76 | 0.59 | 0.62 | 0.68 | 0.64 | 0.89 | 0.97 | 0.36 | 1.31 |
| Net Debt / EBITDA | 3.64 | 3.64 | 4.21 | 3.49 | 3.50 | 3.58 | 4.99 | 4.70 | 5.84 | 1.80 | 3.93 |
| Debt / FCF | — | 6.87 | 6.42 | 7.25 | 9.51 | 4.69 | 5.53 | 7.95 | 10.33 | 2.57 | 5.44 |
| Interest Coverage | 4.07 | 4.07 | 4.80 | 4.68 | 5.48 | 4.61 | 1.78 | 2.84 | 2.66 | 2.87 | 3.77 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.17 | 1.31 | 1.04 | 1.33 | 1.54 | 1.17 | 1.03 | 5.58 | 1.45 |
| Quick Ratio | 0.64 | 0.64 | 0.74 | 0.81 | 0.63 | 0.92 | 1.07 | 0.72 | 0.69 | 5.03 | 1.06 |
| Cash Ratio | 0.10 | 0.10 | 0.26 | 0.21 | 0.15 | 0.36 | 0.49 | 0.10 | 0.16 | 4.25 | 0.43 |
| Asset Turnover | — | 0.39 | 0.35 | 0.37 | 0.36 | 0.36 | 0.30 | 0.33 | 0.30 | 0.32 | 0.49 |
| Inventory Turnover | 3.06 | 3.06 | 2.88 | 3.42 | 3.22 | 3.83 | 3.38 | 3.49 | 3.56 | 3.37 | 3.78 |
| Days Sales Outstanding | — | 50.04 | 54.86 | 47.74 | 42.38 | 44.84 | 54.45 | 49.50 | 52.96 | 52.64 | 47.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 3.6% | 2.5% | 2.4% | 2.7% | 2.4% | 2.6% | 2.3% | 2.2% | 2.6% | 2.4% |
| Payout Ratio | 71.3% | 71.3% | 64.5% | 75.1% | 60.8% | 50.1% | 117.4% | 79.8% | 298.1% | 61.5% | 57.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.2% | 5.0% | 3.9% | 3.1% | 4.3% | 4.6% | 1.9% | 2.6% | 0.4% | 3.9% | 4.1% |
| FCF Yield | 5.3% | 8.0% | 7.1% | 4.6% | 4.2% | 7.9% | 6.9% | 5.7% | 4.7% | 6.9% | 7.8% |
| Buyback Yield | 2.0% | 3.0% | 1.2% | 0.0% | 1.3% | 4.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.1% |
| Total Shareholder Yield | 4.3% | 6.6% | 3.7% | 2.4% | 4.0% | 6.5% | 2.6% | 2.3% | 2.2% | 3.4% | 2.5% |
| Shares Outstanding | — | $287M | $291M | $288M | $287M | $292M | $282M | $275M | $265M | $224M | $218M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BDX stock.
Becton, Dickinson and Company's current P/E ratio is 31.3x. The historical average is 18.1x. This places it at the 90th percentile of its historical range.
Becton, Dickinson and Company's current EV/EBITDA is 13.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
Becton, Dickinson and Company's return on equity (ROE) is 6.5%. The historical average is 16.5%.
Based on historical data, Becton, Dickinson and Company is trading at a P/E of 31.3x. This is at the 90th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Becton, Dickinson and Company's current dividend yield is 2.28% with a payout ratio of 71.3%.
Becton, Dickinson and Company has 45.4% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Becton, Dickinson and Company's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Debt load and activist pressure
Metrics are mathematically derived from official filings.
Margin Recovery Masks Underlying Volatility
Operating margin rebounded to 13.3% in 2026Q3 from 2.0% in 2026Q2, per recent filings, but the prior quarter's loss underscores earnings quality concerns from non-recurring items.
The sequential swing in operating margin—from 2.0% to 13.3%—appears driven by one-time charges in 2026Q2, as net margin swung from -6.6% to 7.6%. Gross margin held steady around 46%, suggesting pricing power in disposables, but the volatility in operating income indicates that reported profitability is not yet a clean run-rate. Investors should monitor whether the 13.3% level is sustainable or if it reflects favorable timing of expenses and revenue recognition.
Return on Capital Remains Subdued
ROIC averaged roughly 1.1% over the last ten quarters, per financial statements, far below the cost of capital, indicating that the post-spin asset base is not yet generating adequate returns.
Despite a slight uptick to 1.2% in 2026Q3, ROIC has been consistently low, reflecting the heavy goodwill from acquisitions (over half of total assets) and the ongoing integration of Bard and CareFusion. The low asset turnover of 0.10x suggests that the capital base is not being utilized efficiently, and the modest ROE of 1.6% in 2026Q3 implies that shareholder returns are still recovering from the Embecta spin-off and prior charges. Without a meaningful improvement in operating margins or asset efficiency, the company may continue to destroy value relative to its cost of capital.
Working Capital Efficiency Shows Mixed Signals
DSO improved to 42 days in 2026Q3 from 48 days in 2026Q1, per reported data, but DIO rose to 114 days, suggesting inventory build-up that may pressure cash conversion.
The cash conversion cycle turned positive to 46 days in 2026Q1 from negative readings in mid-2025, indicating that the company is now tying up more cash in operations. The increase in DIO to 114 days in 2026Q3, up from 108 days a year earlier, may reflect supply chain stocking or slower-moving product lines, which could signal demand softness. While DSO improvement is encouraging, the inventory build warrants monitoring as it may indicate that the company is producing ahead of demand, potentially leading to future write-downs or discounting.
Leverage Eases but Debt Service Remains a Watch Item
Debt-to-equity fell to 0.69 in 2026Q3 from 0.83 in 2024Q4, per balance sheet data, but D/EBITDA of 24.5x and interest coverage of 5.2x indicate elevated leverage relative to earnings.
The improvement in D/E is partly due to the Embecta spin-off, but the absolute debt load of $16.8B remains substantial relative to cash of $708M. The D/EBITDA ratio of 24.5x in 2026Q3 is unusually high, though this may be distorted by depressed EBITDA from one-time charges; on a normalized basis, it likely remains above the peer average. Interest coverage of 5.2x is adequate but leaves limited cushion if rates rise or EBITDA contracts, and the activist pressure from Starboard Value may push for further deleveraging or strategic changes.
Liquidity Tightens as Cash Dwindles
Current ratio fell to 0.87 in 2026Q3 from 1.17 in 2024Q4, per balance sheet data, with cash down to $708M, indicating a strained short-term liquidity position.
The quick ratio of 0.51 in 2026Q3 suggests that BDX may struggle to cover immediate obligations without relying on inventory liquidation or external financing. The decline in cash from $1.9B in 2024Q4 to $708M in 2026Q3, combined with a current ratio below 1.0, points to reduced financial flexibility. While the company generates positive operating cash flow, the tight liquidity position could constrain its ability to invest in growth or weather an unexpected downturn, especially given the high debt load.
P/E Misleads on Earnings Quality
The trailing P/E of 31.46 appears elevated, but forward P/E of 14.54, per valuation data, suggests the market expects a sharp earnings rebound, which may not materialize if one-time charges recur.
The wide gap between trailing and forward P/E reflects the non-recurring losses in 2026Q2, which depressed trailing earnings. However, using forward P/E alone may overstate value if the expected earnings recovery is not achieved. A more appropriate metric for BDX is EV/EBITDA, which at 13.66x is closer to peers like Medtronic (15.19x) and Boston Scientific (16.37x), but the high D/EBITDA ratio of 24.5x in 2026Q3 indicates that EBITDA is currently depressed. Investors should adjust for restructuring and integration charges to derive a normalized earnings power, rather than relying on headline P/E.