Tearsheet

Becton Dickinson (BDX)

Market Price (12/28/2025): $196.33 | Market Cap: $56.3 Bil
Sector: Health Care | Industry: Health Care Equipment

Becton Dickinson (BDX)

Market Price (12/28/2025): $196.33
Market Cap: $56.3 Bil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, Dividend Yield is 2.1%	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -98%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 34x
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.4 Bil, FCF LTM is 2.7 Bil		Key risks BDX key risks include [1] execution challenges with the planned separation and combination of its Biosciences and Diagnostic Solutions businesses.
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%, Dividend Yield is 2.1%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 12%, CFO LTM is 3.4 Bil, FCF LTM is 2.7 Bil
2	Low stock price volatility Vol 12M is 30%
3	Megatrend and thematic drivers Megatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -98%
5	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 23x, P/EPrice/Earnings or Price/(Net Income) is 34x
6	Key risks BDX key risks include [1] execution challenges with the planned separation and combination of its Biosciences and Diagnostic Solutions businesses.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022
Share Price CYE	$196.33	$222.07	$234.68	$241.12
Market Cap CYE ($ Bil)	56.3	64.3	68.1	68.5
Total Debt ($ Bil)	19.2	19.2	20.1	15.9
Total Cash ($ Bil)	0.6	0.6	2.2	1.4
Enterprise Value ($ Bil)	74.8	83.5	88.2	84.4
Valuation Ratios
P/S TTM	2.6	3.0	3.5	3.8
P/EBIT TTM	22.6	26.2	27.9	34.4
P/E TTM	33.5	38.9	41.4	49.1
P/FCF TTM	21.1	24.4	23.0	34.4
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9	4.5
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5

	12/28/25	2024	2023
Share Price CYE	$196.33	$222.07	$234.68
Market Cap CYE ($ Bil)	56.3	64.3	68.1
Total Debt ($ Bil)	19.2	19.2	20.1
Total Cash ($ Bil)	0.6	0.6	2.2
Enterprise Value ($ Bil)	74.8	83.5	88.2
Valuation Ratios
P/S TTM	2.6	3.0	3.5
P/EBIT TTM	22.6	26.2	27.9
P/E TTM	33.5	38.9	41.4
P/FCF TTM	21.1	24.4	23.0
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	BDX	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	21.8
Rev Chg Q	8.4%	7.3%
Rev Chg LTM	8.2%	6.1%
Rev Chg 3Y Avg	5.0%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	3.0
CFO LTM ($ Bil)	3.4
Net Inc LTM ($ Bil)	1.7
Op Mgn LTM	13.7%	18.8%
CFO/Rev LTM	15.7%	20.4%
Net Inc Mgn	7.7%	13.1%
VALUATION	MODERATE
P/S	2.6	3.3
P/CFO	16.4	15.8
P/FCF	21.1	20.7
P/E	33.5	23.7
STABILITY	FAIR
Debt/Equity	0.34	0.21
Cash/Assets	0.01	0.07

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Metric	Value	Date	Source
Number of Employees	70,000+	4092024	Link
Countries Served	190+	12192024	Link
Devices Made Annually	38B+	12192024	Link
Annual R&D Spending	$1B+	12192024	Link
Active Patents	33,000+	12192024	Link
New Product Launch Goal (by FY25)	100	12192024	Link
Kaizen Events Completed (FY24)	over 500	12192024	Link
Suppliers Assessed for Sustainability	76%	7022025	Link

Upcoming
2/04/2026	Earnings Release	Rev: - EPS: -

BDX Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Becton Dickinson (BDX) stock movement of approximately 2.8% during the period from late August 2025 to late December 2025 can be attributed to a combination of factors, including the company's financial performance, analyst sentiment, and strategic execution.

1. Solid Revenue Growth in 2025:

Becton Dickinson reported a significant increase in revenue for 2025, reaching $21.84 billion, an 8.24% rise compared to the previous year's $20.18 billion. This strong top-line growth likely contributed to positive investor sentiment.

2. Overall Positive Analyst Outlook:

Throughout 2025, analyst sentiment for BDX remained generally positive, with a consensus rating of "Buy" or "Moderate Buy." Analysts projected an average 12-month price target that indicated potential upside for the stock, reinforcing investor confidence.

Stock Movement Drivers

Fundamental Drivers

The 6.9% change in BDX stock from 9/27/2025 to 12/27/2025 was primarily driven by a 3.7% change in the company's Net Income Margin (%).

	9272025	12272025	Change
Stock Price ($)	183.60	196.33	6.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	21386.00	21840.00	2.12%
Net Income Margin (%)	7.41%	7.68%	3.67%
P/E Multiple	33.26	33.53	0.81%
Shares Outstanding (Mil)	287.17	286.60	0.20%
Cumulative Contribution			6.93%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
BDX	6.9%
Market (SPY)	4.3%	29.5%
Sector (XLV)	15.2%	73.6%

Fundamental Drivers

The 16.2% change in BDX stock from 6/28/2025 to 12/27/2025 was primarily driven by a 7.0% change in the company's Net Income Margin (%).

	6282025	12272025	Change
Stock Price ($)	169.02	196.33	16.16%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	20867.00	21840.00	4.66%
Net Income Margin (%)	7.18%	7.68%	7.03%
P/E Multiple	32.41	33.53	3.45%
Shares Outstanding (Mil)	287.29	286.60	0.24%
Cumulative Contribution			16.16%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
BDX	16.2%
Market (SPY)	12.6%	26.5%
Sector (XLV)	17.0%	53.7%

Fundamental Drivers

The -12.2% change in BDX stock from 12/27/2024 to 12/27/2025 was primarily driven by a -11.7% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	223.65	196.33	-12.22%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	20178.00	21840.00	8.24%
Net Income Margin (%)	8.45%	7.68%	-9.07%
P/E Multiple	37.99	33.53	-11.73%
Shares Outstanding (Mil)	289.61	286.60	1.04%
Cumulative Contribution			-12.23%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
BDX	-12.2%
Market (SPY)	17.0%	33.4%
Sector (XLV)	13.8%	61.0%

Fundamental Drivers

The -18.2% change in BDX stock from 12/28/2022 to 12/27/2025 was primarily driven by a -18.5% change in the company's Net Income Margin (%).

	12282022	12272025	Change
Stock Price ($)	240.00	196.33	-18.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	18870.00	21840.00	15.74%
Net Income Margin (%)	9.43%	7.68%	-18.50%
P/E Multiple	38.40	33.53	-12.68%
Shares Outstanding (Mil)	284.66	286.60	-0.68%
Cumulative Contribution			-18.20%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
BDX	-16.1%
Market (SPY)	48.0%	30.1%
Sector (XLV)	17.9%	55.9%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BDX Return	-7%	2%	5%	-3%	-5%	-12%	-19%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
BDX Win Rate	42%	50%	58%	50%	42%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BDX Max Drawdown	-26%	-5%	-10%	-9%	-9%	-27%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See BDX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	BDX	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-20.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	26.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	257 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-29.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	42.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-20.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	26.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	353 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-34.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	53.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,575 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Becton Dickinson's stock fell -20.7% during the 2022 Inflation Shock from a high on 4/8/2022. A -20.7% loss requires a 26.2% gain to breakeven.

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About Becton Dickinson (BDX)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Becton, 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.

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Here are 1-3 brief analogies to describe Becton Dickinson (BDX):

Like **Johnson & Johnson (JNJ)**, but primarily focused on essential medical devices, drug delivery systems, and diagnostic tools for hospitals and healthcare providers.
Like **Thermo Fisher Scientific (TMO)**, but with a stronger emphasis on clinical diagnostics and widely used medical devices for patient care.

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Major products of Becton Dickinson (BDX) include:

Syringes and Needles: Devices primarily used for drug injection and blood collection in various healthcare settings.
Infusion Systems: Integrated pumps and related disposables designed for the controlled intravenous delivery of fluids and medications.
Automated Medication Management Systems: Software and hardware solutions, like automated dispensing cabinets, that streamline medication dispensing and inventory control within healthcare facilities.
Diagnostic Instruments and Reagents: Equipment and chemical components used for identifying infectious diseases, cancers, and other medical conditions.
Specimen Collection Products: A range of devices, including blood collection tubes and systems, utilized for safely gathering biological samples.
Flow Cytometry Systems: Advanced instruments employed for cell analysis in both research environments and clinical diagnostic applications.
Surgical Devices: Various instruments such as staplers, energy devices, and trocars used across different surgical procedures.
Vascular Access and Intervention Products: Catheters, guidewires, and other devices essential for accessing blood vessels and treating vascular diseases.
Urology and Critical Care Devices: Products like catheters, drainage systems, and temperature management devices used in urology and for critically ill patients.

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Becton Dickinson (BDX) is a global medical technology company that primarily sells its products and solutions to other companies and healthcare institutions, rather than directly to individual consumers.

Due to the widespread adoption of its products across various healthcare settings and the highly competitive nature of the medical technology market, Becton Dickinson serves thousands of customers worldwide. As a standard practice for B2B companies of this scale, BD does not publicly disclose the names of its individual major customer companies. Furthermore, no single customer typically accounts for a material portion (e.g., 10% or more) of its consolidated revenues, making it impractical to identify specific "major customers" by name with public information.

However, BDX's major customer categories, which represent the types of "companies" or institutions it serves, include:

Hospitals and Integrated Healthcare Systems: This broad category encompasses acute care hospitals, ambulatory surgery centers, long-term care facilities, and large integrated delivery networks (IDNs) globally. These institutions utilize a wide range of BD's medical devices, surgical products, and medication management solutions.
Clinical Laboratories and Diagnostic Centers: BD supplies independent reference laboratories, hospital laboratories, physician office laboratories, and public health laboratories with diagnostic instruments, reagents, and consumables for disease detection, diagnosis, and monitoring.
Research Institutions and Pharmaceutical/Biotechnology Companies: Academic institutions, government research centers, biotechnology companies, and pharmaceutical manufacturers use BD's products for life science research, drug discovery, development, and manufacturing processes, including cell analysis, flow cytometry, and drug delivery systems.

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Tom Polen, Chairman, CEO and President

Tom Polen is the Chairman, CEO, and President of BD (Becton, Dickinson and Company). He has over 25 years of experience in the medtech industry. Polen joined BD in 1999 through an acquisition of an early-phase startup, later worked at Baxter Healthcare leading their pharmaceuticals businesses, and returned to BD in 2009. Before becoming CEO in January 2020, he served as president and chief operating officer. Polen led significant acquisitions for BD, including the $12 billion acquisition of CareFusion and the $24 billion acquisition of C. R. Bard, Inc., which expanded BD's presence in informatics, healthcare automation, digital health solutions, and strengthened its medtech leadership. He also served on the board of directors for Walgreens Boots Alliance, participating in committees related to its transition to a private company.

Christopher J. DelOrefice, Executive Vice President and Chief Financial Officer

Christopher J. DelOrefice serves as the Executive Vice President and Chief Financial Officer of BD. He joined BD in September 2021 from Johnson & Johnson (J&J), where he was the vice president of Investor Relations. During his nearly two decades at J&J, DelOrefice held various senior finance leadership roles, including CFO for the Consumer and Medical Devices segments in North America. He also had finance leadership roles for J&J Supply Chain, Corporate Mergers and Acquisitions, Consumer Global R&D, and the Pharmaceutical North America Business Development and Commercial Contracting Finance groups. Prior to J&J, he held leadership positions in cost accounting, global audit, and financial reporting at AstraZeneca Pharmaceuticals, AET Films, Inc., and Ametek, Inc.

Shana Carol Neal, Executive Vice President and Chief People Officer

Shana Carol Neal is the Executive Vice President and Chief People Officer at BD. She specializes in leading organizational growth and transformation, overseeing human resources, communications, and social investing globally. Neal rejoined BD in April 2022, having previously held numerous human resources leadership positions at the company between 2005 and 2018. From 2018, she served as executive vice president and chief human resources officer at Owens & Minor, where she was also president of the Owens & Minor Foundation and executive sponsor for Environmental, Social and Governance (ESG) initiatives. While at BD, she successfully led organization and talent integration for the acquisitions of C.R. Bard, Inc. and CareFusion Corporation.

Richard E. Byrd, Executive Vice President and President, Interventional Segment

Richard E. Byrd serves as the Executive Vice President and President of the Interventional Segment. In this role, he is responsible for the global operational, commercial, and financial performance of the BD Interventional Segment, which includes BD Peripheral Intervention, BD Surgery, and BD Urology and Critical Care. Since joining BD in 2004, Byrd has focused on leveraging technology and innovation to drive growth, prioritize customer needs, and improve operational efficiencies. He previously held leadership roles within BD Life Sciences and Research and Development, and most recently served as worldwide president of BD Medication Delivery Solutions within the Medical segment. During his time leading Medication Delivery Solutions, he advanced BD's leadership in Vascular Access Management, integrated the Bard portfolio, and oversaw BD's role in global COVID-19 vaccination campaigns.

Michael Feld, Executive Vice President and President, Life Sciences Segment

Michael Feld is the Executive Vice President and President of the Life Sciences segment for BD. He joined BD in August 2024 from Veralto, a spin-off of Danaher, where he was president of Hach, a global leader in water quality products. Prior to Veralto, Feld held several senior positions within Danaher, including senior vice president and general manager of Cepheid Europe, and served as president of other Danaher businesses such as Mammotome, XOS, and Dover Motion. His experience encompasses strategic planning, quality enhancement, associate development, and cultural progression. As president of the Life Sciences segment, Feld is responsible for an organization that delivers advancements from discovery to diagnosis, focusing on innovative diagnostics, research solutions, and cutting-edge technologies.

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The key risks to Becton Dickinson's (BDX) business include:

Macroeconomic and Political Factors, including Supply Chain Disruptions: Becton Dickinson faces significant risks from global economic conditions, such as inflation, interest rate fluctuations, and general economic slowdowns, which can impact demand for its products and services. The company is also vulnerable to supply chain disruptions and volatility in the cost of raw materials, components, labor, and freight, exacerbated by events like climate change and the ongoing impacts of the COVID-19 pandemic.
Execution Risk of Business Separation and Corporate Restructuring: A prominent strategic risk for BDX is the execution of its planned separation of the Biosciences and Diagnostic Solutions businesses and their subsequent combination with Waters Corporation. This major corporate restructuring introduces a period of operational uncertainty, and any issues in execution could derail anticipated earnings and margin improvements.
Regulatory, Compliance, and Product-Related Risks: BDX operates in a highly regulated global environment, subjecting it to extensive oversight from agencies like the FDA and comparable foreign bodies. Changes in healthcare policies, laws, and enforcement practices can increase compliance costs or restrict market access. Furthermore, the inherent risks in designing, manufacturing, and marketing medical devices can lead to product defects, unanticipated uses, or inadequate disclosures, potentially resulting in recalls, significant costs, negative publicity, and damage to the company's reputation. International operations also amplify compliance risks, including those related to anti-corruption laws.

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Becton Dickinson (BDX) operates in several key addressable markets through its main product and service categories. Based on recent information, the company is undergoing a strategic separation of its Biosciences and Diagnostic Solutions business. Therefore, market sizes are provided for the "New BD" (comprising BD Medical and BD Interventional segments) and the separated Biosciences and Diagnostic Solutions entity.

"New BD" (BD Medical and BD Interventional Segments): The addressable market for the "New BD," which includes Medical Essentials (such as medication delivery solutions like IV catheters and syringes, and specimen management products like blood collection solutions), Connected Care (including medication management solutions and advanced patient monitoring), and products for surgical and interventional procedures, is estimated to be over $70 billion globally, with an approximate growth rate of 5%. The broader global medical device technology market, which encompasses many of these products, was valued at $810.4 billion in 2024 and is projected to reach $1.3 trillion by the end of 2029, growing at a compound annual growth rate (CAGR) of 9.8%. Another estimate places the global MedTech Devices market at US$ 631.39 billion in 2024, expected to reach US$ 897.07 billion by 2031, with a CAGR of 5.2%.
Biosciences and Diagnostic Solutions: The addressable market for the Biosciences and Diagnostic Solutions business, which focuses on immunology and cancer research solutions, flow cytometry instruments and reagents, and clinical diagnostics, microbiology, and molecular diagnostics, is estimated at over $22 billion globally, with a mid-to-high single-digit growth rate. Within this broader category, the global clinical diagnostics market was estimated at USD 115.51 billion in 2024 and is anticipated to reach USD 169.23 billion by 2030, growing at a CAGR of 6.6% from 2025 to 2030. North America held the largest share of this market in 2023 at 47.56%. The global diagnostic tests market, a similar but broader category, was valued at USD 286.36 billion in 2024 and is expected to reach USD 545.94 billion by 2032, with a CAGR of 8.4%. North America dominated this market with a 42.5% revenue share in 2024, and the U.S. alone accounted for 79% of the North American market in the same year. The global professional diagnostics market was valued at USD 54.84 billion in 2024 and is projected to reach USD 75.69 billion by 2033, exhibiting a CAGR of 3.46% from 2025-2033. North America currently dominates this market with over 43.7% share in 2024. The global life science market, encompassing a wider range of activities including biotechnology and genomics, is valued at USD 100.88 billion in 2025 and is projected to reach approximately USD 278.40 billion by 2034, growing at a CAGR of 11.94% from 2025 to 2034. North America was the largest market for life sciences in 2024.

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Becton Dickinson (BDX) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

Growth from Recently Acquired Businesses: A significant driver of revenue growth is expected to come from the Advanced Patient Monitoring (APM) business, which was formed through the acquisition of Edwards Lifesciences' Critical Care product group. BDX anticipates strong performance and contribution from APM, which is included in its fiscal year 2025 guidance.
New Product Launches and Innovation Pipeline: The company has a robust innovation pipeline and plans for numerous new product introductions across its segments. Specific examples include the FACSDiscover A8, CentroVena One, BD Incada™ (an AI-enabled, cloud-based platform), BD PureWick™ Portable, the BD COR™ HPV platform and at-home collection kits, and advancements in its tissue regeneration platform (e.g., Phasix resorbable mesh). These innovations are designed to meet evolving market demands and capture new growth opportunities.
Strength and Expansion in Key Product Portfolios and Segments: Becton Dickinson expects continued strong performance from several of its established and growing portfolios. This includes high single-digit growth in BD Interventional (BDI), with notable contributions from areas like Urology, Critical Care, and Surgery. The Pharmaceutical Systems (PS) segment is also a key driver, particularly due to double-digit growth in biologics and expanding partnerships related to GLP-1 (weight-loss) therapies. Additionally, the Medication Management Solutions (MMS) business is seeing strong sales with Alaris pump installations and a substantial backlog of committed contracts.
Strategic Portfolio Optimization ("New BD"): The company is undertaking a strategic separation of its Biosciences and Diagnostic Solutions businesses. This initiative aims to create a more focused "New BD" as a pure-play MedTech company, concentrating investments and efforts on higher-growth areas and recurring revenue segments, which is expected to unlock significant value and accelerate overall growth for the remaining core business.

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Share Repurchases

In fiscal year 2024, Becton Dickinson executed accelerated share repurchase agreements for approximately $500 million.
The Board authorized a share repurchase program for 10 million shares on November 3, 2021, and an additional 10 million shares on January 28, 2025, both without an expiration date.
BDX plans to deploy approximately $1 billion towards share repurchases over the next 12-18 months in fiscal year 2025, and has committed at least half of the approximately $4 billion cash distribution from the upcoming Waters transaction (expected early 2026) to share repurchases.

Share Issuance

The diluted average common shares outstanding for BDX increased from 240.136 million in fiscal year 2010 to 291.009 million in fiscal year 2024.
Share issuances have been related to employee stock-based compensation programs and funding for acquisitions.

Outbound Investments

On September 3, 2024, Becton Dickinson completed the acquisition of Edwards Lifesciences' Critical Care product group for approximately $3.9 billion, which was subsequently renamed BD Advanced Patient Monitoring.
In 2022, BDX acquired Parata Systems for $1.525 billion to enhance its pharmacy automation solutions, and MedKeeper for healthcare workflow and medication tracking software.
Strategic acquisitions in 2021 included Scanwell Health for at-home diagnostic testing solutions and Velano Vascular for needle-free blood draw technology.

Capital Expenditures

Capital expenditures were $725 million in fiscal year 2024, $874 million in fiscal year 2023, and $973 million in fiscal year 2022.
BD expects to invest approximately $30 million in its Sumter facility in fiscal year 2026 to support new product lines, innovation, and operational efficiencies.
A significant portion of capital allocation is directed towards research and development, with over $1.1 billion invested annually and approximately 6% of revenue allocated to R&D for innovation.

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Zimmer Biomet

LIVN (9.9% | 17.7x)

LivaNova

ITGR (11.6% | 11.5x)

Integer

AHCO (5.1% | 6.5x)

AdaptHealth

CNMD (8.1% | 10.7x)

Conmed

Higher Rev Chg LTM (Value for BDX: 8.2%)

ISRG (22.2%)

Intuitive Surgical

BSX (21.6%)

Boston Scientific

SYK (11.0%)

Stryker

EW (10.6%)

Edwards Lifesciences

IDXX (8.4%)

IDEXX Laboratories

Higher Rev Chg 3Y Avg (Value for BDX: 5.0%)

ISRG (16.3%)

Intuitive Surgical

BSX (15.6%)

Boston Scientific

RMD (13.3%)

ResMed

SYK (10.8%)

Stryker

IDXX (7.7%)

IDEXX Laboratories

Higher Op Mgn LTM (Value for BDX: 13.7%)

ISRG (29.3%)

Intuitive Surgical

SYK (19.6%)

Stryker

MDT (19.3%)

Medtronic

BSX (19.2%)

Boston Scientific

ABT (17.6%)

Abbott Laboratories

Higher CFO/Rev LTM (Value for BDX: 15.7%)

ISRG (30.8%)

Intuitive Surgical

BSX (23.9%)

Boston Scientific

ABT (20.8%)

Abbott Laboratories

MDT (20.5%)

Medtronic

SYK (19.8%)

Stryker

Higher FCF/Rev LTM (Value for BDX: 12.2%)

ISRG (23.6%)

Intuitive Surgical

BSX (18.7%)

Boston Scientific

SYK (16.7%)

Stryker

ABT (15.8%)

Abbott Laboratories

MDT (15.0%)

Medtronic

Higher Total Yield (Value for BDX: 5.1%)

ABT (8.3%)

Abbott Laboratories

MDT (6.8%)

Medtronic

GEHC (6.0%)

GE HealthCare Technologies

AHCO (5.9%)

AdaptHealth

ZBH (5.5%)

Zimmer Biomet

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for BDX: 5.0% | 2.6x)

UNH (11.4% | 0.7x)

UnitedHealth

HCA (6.6% | 1.6x)

HCA Healthcare

MCK (12.6% | 0.3x)

McKesson

CVS (7.7% | 0.3x)

CVS Health

ELV (8.4% | 0.4x)

Elevance Health

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BDX: 5.0% | 18.8x)

UNH (11.4% | 11.4x)

UnitedHealth

HCA (6.6% | 10.3x)

HCA Healthcare

MCK (12.6% | 18.8x)

McKesson

CVS (7.7% | 9.4x)

CVS Health

COR (10.4% | 16.8x)

Cencora

Higher Rev Chg LTM (Value for BDX: 8.2%)

LLY (36.8%)

Eli Lilly

ISRG (22.2%)

Intuitive Surgical

BSX (21.6%)

Boston Scientific

AMGN (10.6%)

Amgen

UNH (10.5%)

UnitedHealth

Higher Rev Chg 3Y Avg (Value for BDX: 5.0%)

LLY (23.4%)

Eli Lilly

ISRG (16.3%)

Intuitive Surgical

UNH (11.4%)

UnitedHealth

AMGN (11.2%)

Amgen

JNJ (6.1%)

Johnson & Johnson

Higher Op Mgn LTM (Value for BDX: 13.7%)

LLY (43.0%)

Eli Lilly

MRK (34.9%)

Merck

JNJ (26.2%)

Johnson & Johnson

ABBV (24.1%)

AbbVie

TMO (18.4%)

Thermo Fisher Scientific

Higher CFO/Rev LTM (Value for BDX: 15.7%)

ABBV (35.0%)

AbbVie

MRK (26.6%)

Merck

JNJ (26.3%)

Johnson & Johnson

LLY (20.5%)

Eli Lilly

TMO (17.5%)

Thermo Fisher Scientific

Higher FCF/Rev LTM (Value for BDX: 12.2%)

ABBV (33.0%)

AbbVie

MRK (20.3%)

Merck

JNJ (20.3%)

Johnson & Johnson

ABT (15.8%)

Abbott Laboratories

TMO (14.0%)

Thermo Fisher Scientific

Higher Total Yield (Value for BDX: 5.1%)

MRK (10.2%)

Merck

UNH (8.5%)

UnitedHealth

ABT (8.3%)

Abbott Laboratories

JNJ (7.5%)

Johnson & Johnson

AMGN (6.7%)

Amgen

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BDX: 5.0% | 2.6x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

C (5.0% | 2.6x)

Citigroup

BA (10.1% | 2.0x)

Boeing

PGR (20.6% | 1.6x)

Progressive

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BDX: 5.0% | 18.8x)

V (10.9% | 17.3x)

Visa

PM (8.0% | 16.9x)

Philip Morris International

ADBE (10.5% | 17.8x)

Adobe

HON (5.2% | 16.3x)

Honeywell International

NEM (23.9% | 12.4x)

Newmont

Higher Rev Chg LTM (Value for BDX: 8.2%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for BDX: 5.0%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for BDX: 13.7%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for BDX: 15.7%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for BDX: 12.2%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for BDX: 5.1%)

XOM (9.2%)

Exxon Mobil

BAC (7.1%)

Bank of America

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Health Care Sector
	BDX	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	33.5	22.1	13.6	32.4	13.7	11.8	78.9	75.0	28.1	11.4	58.0
P/EBIT	22.6	10.7	10.6	33.2	11.5	8.9	57.4	73.2	27.4	7.7	67.5
What You Get
Rev Chg Q	8.4%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	8.2%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	5.0%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	12.8%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Becton Dickinson Earnings Notes
2	Becton Dickinson Earnings Notes
3	Zimmer Biomet vs Becton Dickinson: Which Is the Stronger Buy Today?	Counter-Intuitive Comparisons
4	Day 6 of Gains Streak for Becton Dickinson Stock with 9.4% Return (vs. -14% YTD) [11/13/2025]TREFISDASH	Notification
5	How Low Can Becton Dickinson Stock Really Go?	Return
6	Becton Dickinson vs Quest Diagnostics: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	Becton Dickinson vs Bruker: Which Is A Better Investment?	Counter-Intuitive Comparisons
8	How Does Becton Dickinson Stock Stack Up Against Its Peers?	Peer Comparison
9	Better Bet Than BDX Stock: Pay Less Than Becton Dickinson To Get More From GOOGL, ADBE
10	Better Bet Than BDX Stock: Pay Less Than Becton Dickinson To Get More From MCK, COO

	Title
0	ARTICLES

Trade Ideas

Select ideas related to BDX. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.4%	21.4%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	18.0%	18.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.9%	3.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-5.1%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Becton Dickinson

Peers to compare with:

Financials

	BDX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Becton D.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	196.33	23.26	24.49	305.09	78.16	273.40	137.25
Mkt Cap	56.3	21.9	32.6	284.9	309.2	4,074.4	170.6
Rev LTM	21,840	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	2,988	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	2,671	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	2,619	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	3,431	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	3,406	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	BDX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Becton D.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	8.2%	3.2%	13.8%	4.5%	8.9%	6.0%	7.1%
Rev Chg 3Y Avg	5.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	8.4%	4.2%	14.4%	9.1%	7.5%	9.6%	8.7%
QoQ Delta Rev Chg LTM	2.1%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	13.7%	6.6%	4.8%	17.7%	22.5%	31.9%	15.7%
Op Mgn 3Y Avg	13.4%	7.4%	7.2%	16.4%	24.2%	30.8%	14.9%
QoQ Delta Op Mgn LTM	-0.1%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.0%
CFO/Rev LTM	15.7%	6.7%	8.5%	20.6%	23.8%	26.6%	18.2%
CFO/Rev 3Y Avg	16.7%	6.8%	12.7%	21.4%	26.1%	28.4%	19.0%
FCF/Rev LTM	12.2%	5.1%	1.8%	18.1%	22.1%	23.5%	15.2%
FCF/Rev 3Y Avg	12.8%	5.5%	4.6%	18.6%	24.6%	25.6%	15.7%

Valuation

	BDX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Becton D.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	56.3	21.9	32.6	284.9	309.2	4,074.4	170.6
P/S	2.6	0.4	1.0	4.4	5.4	10.0	3.5
P/EBIT	22.6	6.8	19.9	25.1	22.5	31.3	22.5
P/E	33.5	8.6	572.7	36.0	29.9	41.0	34.8
P/CFO	16.4	5.9	11.2	21.1	22.5	37.5	18.8
Total Yield	5.1%	14.1%	2.3%	5.0%	5.4%	2.8%	5.0%
Dividend Yield	2.1%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	4.1%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.3	0.3	0.6	0.2	0.0	0.0	0.3

Returns

	BDX	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Becton D.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	1.8%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.2%
3M Rtn	6.9%	-11.9%	2.7%	7.9%	17.0%	7.1%	7.0%
6M Rtn	16.2%	-4.0%	34.5%	6.6%	15.2%	36.3%	15.7%
12M Rtn	-12.2%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	-18.2%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-1.4%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.8%
3M Excs Rtn	2.6%	-16.2%	-1.7%	3.6%	12.7%	2.8%	2.7%
6M Excs Rtn	3.9%	-16.3%	22.3%	-5.7%	3.0%	24.0%	3.4%
12M Excs Rtn	-27.4%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-98.3%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does Becton Dickinson Stock Stack Up Against Its Peers?
1	Becton Dickinson vs. Abbott Laboratories: With Return Forecast Of 9.1%, Becton Dickinson Is A Better Bet
2	Becton Dickinson and company vs. Boston Scientific: With Return Forecast Of 33%, Becton Dickinson and company Is A Better Bet
3	Becton Dickinson and company vs. Zimmer Biomet Holdings: With Return Forecast Of 34%, Becton Dickinson and company Is A Better Bet
4	BDX Could Deliver 23% Returns And Outperform CAH
5	Becton Dickinson and company vs. McDonald's: Similar Revenue, But Becton Dickinson and company Is A Better Bet
6	Becton Dickinson and company vs. Texas Instruments: Similar Revenue, But Becton Dickinson and company Is A Better Bet
7	Becton Dickinson and company vs. Mastercard: Similar Revenue, Similar Bets
8	Becton Dickinson and company vs. Micron Technology: Similar Market Cap, But Becton Dickinson and company Is A Better Bet
9	Becton Dickinson and company vs. Automatic Data Processing: Similar Market Cap, But Becton Dickinson and company Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 9/30	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	9/30/2025	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020
Filing Date	11/25/2025	11/25/2025	11/27/2024	11/21/2023	11/22/2022	11/24/2021	11/25/2020
Key Financials
Total Revenue	21,840	21,840	20,178	19,372	18,870	19,131	16,074
EBITDA	4,957	4,956	4,819	4,402	4,410	4,391	3,057
Operating Income	2,988	2,986	2,856	2,424	2,475	2,430	1,211
Net Income	1,678	1,678	1,705	1,484	1,779	2,092	874
EPS	5.84	5.83	5.88	4.97	5.93	6.92	2.75
Growth Rates
Total Revenue Growth	8.2%	8.2%	4.2%	2.7%	-1.4%	19.0%	-7.0%
EBITDA Growth	2.8%	2.8%	9.5%	-0.2%	0.4%	43.6%	-24.9%
Operating Income Growth	4.7%	4.6%	17.8%	-2.1%	1.9%	100.7%	-45.9%
Net Income Growth	-1.6%	-1.6%	14.9%	-16.6%	-15.0%	139.4%	-29.1%
Margins
EBITDA Margin	22.7%	22.7%	23.9%	22.7%	23.4%	23.0%	19.0%
Operating Income Margin	13.7%	13.7%	14.2%	12.5%	13.1%	12.7%	7.5%
Net Income Margin	7.7%	7.7%	8.4%	7.7%	9.4%	10.9%	5.4%
Cash & Debt
Total Cash	649	649	2,162	1,424	1,014	2,295	2,845
Total Debt	19,181	19,181	20,110	15,879	16,065	17,610	17,930
Net Debt / (Cash)	18,532	18,532	17,948	14,455	15,051	15,315	15,085
Cash Flows
Net Cash from Operations	3,431	3,431	3,797	2,989	2,633	4,648	3,539
Free Cash from Operations	2,671	2,671	3,072	2,115	1,660	3,454	2,770
Returns to Shareholders
Dividends	1,196	1,196	1,100	1,114	1,082	1,048	1,026
Share Repurchases	750	-0	-0	-0	500	1,750	-0

$ Mil \| FY: 9/30	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/25/2025	8/7/2025	5/1/2025	2/6/2025	11/27/2024	8/1/2024	5/2/2024	2/1/2024	11/21/2023	8/3/2023	5/4/2023	2/2/2023
Key Financials Quarterly
Total Revenue	5,891	5,509	5,272	5,168	5,437	4,990	5,045	4,706	5,087	4,878	4,821	4,586
Ebitda	1,294	1,473	1,122	1,068	1,255	1,205	1,329	1,031	881	1,161	1,210	1,150
Operating Income	826	979	637	546	793	714	835	513	485	617	689	630
Net Income	493	574	308	303	400	487	537	281	108	407	460	509
EPS	1.72	2.00	1.07	1.05	1.45	1.68	1.85	0.97	0.37	1.37	1.54	1.71
Key Financials TTM
Total Revenue TTM	21,840	21,386	20,867	20,640	20,178	19,828	19,716	19,492	19,372	19,046	18,809	18,738
Ebitda TTM	4,957	4,918	4,650	4,857	4,820	4,446	4,402	4,283	4,402	4,526	4,439	4,316
Operating Income TTM	2,988	2,955	2,690	2,888	2,855	2,547	2,450	2,304	2,421	2,501	2,476	2,381
Net Income TTM	1,678	1,585	1,498	1,727	1,705	1,413	1,333	1,256	1,484	1,664	1,617	1,611
Growth Rates Quarterly
Total Revenue Growth	8.4%	10.4%	4.5%	9.8%	6.9%	2.3%	4.6%	2.6%	6.8%	5.1%	1.5%	-2.8%
EBITDA Growth	3.1%	22.2%	-15.6%	3.6%	42.5%	3.8%	9.8%	-10.3%	-12.3%	8.1%	11.3%	-7.6%
Operating Income Growth	4.2%	37.1%	-23.7%	6.4%	63.5%	15.7%	21.2%	-18.6%	-14.2%	4.2%	16.0%	-13.1%
Net Income Growth	23.2%	17.9%	-42.6%	7.8%	270.4%	19.7%	16.7%	-44.8%	-62.5%	13.1%	1.3%	-24.8%
Margins Quarterly
EBITDA Margin	22.0%	26.7%	21.3%	20.7%	23.1%	24.1%	26.3%	21.9%	17.3%	23.8%	25.1%	25.1%
Operating Income Margin	14.0%	17.8%	12.1%	10.6%	14.6%	14.3%	16.6%	10.9%	9.5%	12.6%	14.3%	13.7%
Net Income Margin	8.4%	10.4%	5.8%	5.9%	7.4%	9.8%	10.6%	6.0%	2.1%	8.3%	9.5%	11.1%
Cash & Debt
Total Cash	649	757	683	728	2,162	5,310	3,175	1,182	1,424	931	1,987	612
Total Debt	19,181	19,341	19,270	18,758	20,110	19,323	18,011	16,110	15,879	16,782	18,224	16,456
Net Debt / (Cash)	18,532	18,584	18,587	18,030	17,948	14,013	14,836	14,928	14,455	15,851	16,237	15,844
Cash Flows Quarterly
FCF from Operations	1,355	1,219	164	693	1,178	1,263	515	841	1,325	1,080	184	400
Cash Flows TTM
FCF from Operations TTM	3,431	3,254	3,298	3,649	3,797	3,944	3,761	3,430	2,989	2,635	2,099	2,359
Returns to Shareholders Quarterly
Dividends	297	299	298	302	275	275	275	275	265	286	282	281
Share Repurchases	-0	-0	-0	750	-0	-0	-0	500	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	17.2%	17.2%	11.6%	12.0%	13.1%	18.5%	17.9%	10.1%	10.0%	12.0%	13.3%	14.3%
Return on Invested Capital (ROIC) TTM
ROIC TTM	14.4%	13.4%	12.9%	14.2%	12.9%	14.7%	12.9%	12.3%	13.6%	13.0%	12.9%	12.8%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Medical	10,074	9,502	8,841	8,361	8,680
Life Sciences	5,191	5,133	5,564	6,530	4,675
Interventional	4,980	4,736	4,464	4,239	3,762
Other	-67	0
Total	20,178	19,371	18,869	19,130	17,117

Operating Income by Segment

$ Mil	2025	2024	2023	2022	2021
Medical	3,583	1,967	2,215	1,985	2,274
Interventional	2,115	1,217	1,081	933	724
Life Sciences	1,616	1,585	1,710	2,391	1,405
Total	7,314	4,769	5,006	5,309	4,403

Price Behavior

Price Behavior

Market Price	$196.33
Market Cap ($ Bil)	56.4
First Trading Date	04/06/1983
Distance from 52W High	-19.5%
	50 Days	200 Days
DMA Price	$189.32	$187.19
DMA Trend	down	up
Distance from DMA	3.7%	4.9%
	3M	1YR
Volatility	21.6%	30.6%
Downside Capture	61.05	52.13
Upside Capture	80.81	30.97
Correlation (SPY)	30.4%	33.2%

BDX Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.27	0.39	0.51	0.59	0.50	0.49
Up Beta	0.33	0.51	0.69	0.67	0.52	0.51
Down Beta	-0.01	0.23	0.17	0.62	0.68	0.55
Up Capture	96%	50%	53%	58%	16%	11%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	10	20	30	63	122	372
Down Capture	-11%	35%	69%	52%	52%	77%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	20	31	61	124	375

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of BDX With Other Asset Classes (Last 1Y)
	BDX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-11.9%	15.1%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	30.4%	17.2%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.40	0.65	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		60.7%	33.2%	7.0%	6.1%	39.5%	5.2%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of BDX With Other Asset Classes (Last 5Y)
	BDX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-2.6%	8.4%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	22.6%	14.5%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	-0.15	0.40	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		59.0%	35.4%	11.0%	4.3%	38.7%	7.5%

Based On 10-Year Data

		Comparison of BDX With Other Asset Classes (Last 10Y)
	BDX	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	4.1%	9.9%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	23.2%	16.6%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.18	0.49	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		62.7%	46.2%	5.0%	10.4%	39.5%	5.4%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	4,809,734
Short Interest: % Change Since 11302025	0.3%
Average Daily Volume	1,959,158
Days-to-Cover Short Interest	2.46
Basic Shares Quantity	286,601,000
Short % of Basic Shares	1.7%

Returns Analyses

	Title
0	How Low Can Becton Dickinson Stock Really Go?
1	BDX YTD Stock Return Of 0.5% Outperforms TXG by 61% and Underperforms BSX by -42%
2	Becton Dickinson Stock Return Comparison
3	Becton Dickinson Total Shareholder Return (TSR): -7.9% in 2022 and -2.7% 3-yr returns (below peer average)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/6/2025	0.6%	8.9%	8.0%
8/7/2025	8.9%	13.7%	11.6%
5/1/2025	-18.1%	-19.3%	-16.7%
2/5/2025	-7.3%	-7.8%	-6.3%
11/7/2024	-5.4%	-3.7%	-8.3%
8/1/2024	-2.1%	-3.5%	-0.0%
5/2/2024	2.8%	-0.1%	-0.7%
2/1/2024	1.5%	0.3%	-1.5%
...
SUMMARY STATS
# Positive	7	9	8
# Negative	17	15	16
Median Positive	3.1%	2.7%	5.8%
Median Negative	-4.2%	-4.8%	-6.5%
Max Positive	8.9%	13.7%	13.8%
Max Negative	-18.1%	-19.3%	-17.1%

	Forward Returns
11/6/2025	0.6%	8.9%	8.0%
8/7/2025	8.9%	13.7%	11.6%
5/1/2025	-18.1%	-19.3%	-16.7%
2/5/2025	-7.3%	-7.8%	-6.3%
11/7/2024	-5.4%	-3.7%	-8.3%
8/1/2024	-2.1%	-3.5%	-0.0%
5/2/2024	2.8%	-0.1%	-0.7%
2/1/2024	1.5%	0.3%	-1.5%
11/9/2023	-9.3%	-8.7%	-8.9%
8/3/2023	-2.7%	1.9%	1.2%
5/4/2023	-4.2%	-4.8%	-4.5%
2/2/2023	-2.2%	-1.6%	-6.7%
11/10/2022	5.0%	1.7%	13.8%
8/4/2022	3.1%	5.6%	4.2%
4/14/2022	-4.3%	-6.1%	-6.9%
2/3/2022	5.4%	8.0%	7.3%
11/4/2021	-1.2%	-0.5%	-1.2%
8/5/2021	-4.6%	-5.5%	0.2%
5/6/2021	-3.6%	-3.3%	-3.6%
2/4/2021	-2.3%	-3.1%	-5.5%
11/5/2020	-0.9%	2.7%	2.5%
8/6/2020	-8.4%	-9.2%	-17.1%
5/7/2020	-1.1%	1.1%	-6.6%
2/6/2020	-11.8%	-11.8%	-16.4%
SUMMARY STATS
# Positive	7	9	8
# Negative	17	15	16
Median Positive	3.1%	2.7%	5.8%
Median Negative	-4.2%	-4.8%	-6.5%
Max Positive	8.9%	13.7%	13.8%
Max Negative	-18.1%	-19.3%	-17.1%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11252025	10-K 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5012025	10-Q 3/31/2025
12312024	2062025	10-Q 12/31/2024
9302024	11272024	10-K 9/30/2024
6302024	8012024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2012024	10-Q 12/31/2023
9302023	11212023	10-K 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2022023	10-Q 12/31/2022
9302022	11222022	10-K 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2032022	10-Q 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	SCOTT BERTRAM L		11072025	Sell	176.58	217	38,318	6,324,389	Form
1	Feld Michael	EVP & President, Life Sciences	10282025	Sell	186.01	57	10,603	1,533,652	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Health Care Equipment Resources

MedTech Dive

MassDevice

Fierce Medical Devices

Medical Device and Diagnostic Industry

MD+DI

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Becton Dickinson (BDX)

Market Price (12/28/2025): $196.33 | Market Cap: $56.3 BilSector: Health Care | Industry: Health Care Equipment

Becton Dickinson (BDX)

Market Price (12/28/2025): $196.33Market Cap: $56.3 BilSector: Health CareIndustry: Health Care Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

BDX Stock

Why The Stock Moved

Qualitative Assessment

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About Becton Dickinson (BDX)

Interactive Breakdown

Better Bets than Becton Dickinson (BDX)

INDUSTRY: Health Care Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for BDX: 5.0% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BDX: 5.0% | 18.8x)

Higher Rev Chg LTM (Value for BDX: 8.2%)

Higher Rev Chg 3Y Avg (Value for BDX: 5.0%)

Higher Op Mgn LTM (Value for BDX: 13.7%)

Higher CFO/Rev LTM (Value for BDX: 15.7%)

Higher FCF/Rev LTM (Value for BDX: 12.2%)

Higher Total Yield (Value for BDX: 5.1%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for BDX: 5.0% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BDX: 5.0% | 18.8x)

Higher Rev Chg LTM (Value for BDX: 8.2%)

Higher Rev Chg 3Y Avg (Value for BDX: 5.0%)

Higher Op Mgn LTM (Value for BDX: 13.7%)

Higher CFO/Rev LTM (Value for BDX: 15.7%)

Higher FCF/Rev LTM (Value for BDX: 12.2%)

Higher Total Yield (Value for BDX: 5.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for BDX: 5.0% | 2.6x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for BDX: 5.0% | 18.8x)

Higher Rev Chg LTM (Value for BDX: 8.2%)

Higher Rev Chg 3Y Avg (Value for BDX: 5.0%)

Higher Op Mgn LTM (Value for BDX: 13.7%)

Higher CFO/Rev LTM (Value for BDX: 15.7%)

Higher FCF/Rev LTM (Value for BDX: 12.2%)

Higher Total Yield (Value for BDX: 5.1%)

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Financials

Market Price (12/28/2025): $196.33 | Market Cap: $56.3 Bil
Sector: Health Care | Industry: Health Care Equipment

Market Price (12/28/2025): $196.33
Market Cap: $56.3 Bil
Sector: Health Care
Industry: Health Care Equipment