Becton Dickinson (BDX)
Market Price (5/24/2026): $147.62 | Market Cap: $41.4 BilSector: Health Care | Industry: Health Care Equipment
Becton Dickinson (BDX)
Market Price (5/24/2026): $147.62Market Cap: $41.4 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, Dividend Yield is 2.9%, FCF Yield is 7.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 3.8 Bil, FCF LTM is 3.1 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Stock buyback supportStock Buyback 3Y Total is 1.5 Bil Low stock price volatilityVol 12M is 25% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Show more. | Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -101% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 36x Key risksBDX key risks include [1] execution challenges with the planned separation and combination of its Biosciences and Diagnostic Solutions businesses. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, Dividend Yield is 2.9%, FCF Yield is 7.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 3.8 Bil, FCF LTM is 3.1 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Stock buyback supportStock Buyback 3Y Total is 1.5 Bil |
| Low stock price volatilityVol 12M is 25% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, and Aging Population & Chronic Disease. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -58%, 3Y Excs Rtn is -101% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 36x |
| Key risksBDX key risks include [1] execution challenges with the planned separation and combination of its Biosciences and Diagnostic Solutions businesses. |
Qualitative Assessment
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Becton Dickinson (BDX) stock has lost about 5% since 1/31/2026 because of the following key factors:
BDX experienced a decline of approximately 5% from a closing price of $157.23 on January 31, 2026, to $149.43 on May 10, 2026. This trend was primarily influenced by the following core reasons:
1. Impact of the Spin-off and Merger of Biosciences & Diagnostic Solutions (BDS).
Becton Dickinson completed the spin-off of its Biosciences & Diagnostic Solutions (BDS) business and merged it with Waters Corporation around February 2026, a strategic move aimed at creating a more focused MedTech company. However, this significant portfolio change was accompanied by an initial negative market reaction. The company's Q1 Fiscal Year 2026 earnings, reported on February 9, 2026 (for the quarter ending December 31, 2025), showed that life sciences revenue of $766 million fell well below the consensus estimate of $1.3 billion, contributing to an initial stock price decline of 1.3% on that day.
2. Significant GAAP Net Loss in Q2 Fiscal Year 2026 due to Spin-off Related Charges.
For the second quarter of fiscal year 2026, which ended March 31, 2026, Becton Dickinson reported a GAAP net loss of $311 million. This represented a substantial shift from a net income of $308 million in the same period of the prior year. This loss was primarily driven by significant one-time charges, including $533 million in integration, restructuring, and transaction expenses, with $450 million specifically attributed to non-cash asset impairments, directly resulting from the spin-off. The company also reported a $274 million loss from discontinued operations related to the transaction.
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BDX experienced a decline of approximately 5% from a closing price of $157.23 on January 31, 2026, to $149.43 on May 10, 2026. This trend was primarily influenced by the following core reasons:
1. Impact of the Spin-off and Merger of Biosciences & Diagnostic Solutions (BDS).
Becton Dickinson completed the spin-off of its Biosciences & Diagnostic Solutions (BDS) business and merged it with Waters Corporation around February 2026, a strategic move aimed at creating a more focused MedTech company. However, this significant portfolio change was accompanied by an initial negative market reaction. The company's Q1 Fiscal Year 2026 earnings, reported on February 9, 2026 (for the quarter ending December 31, 2025), showed that life sciences revenue of $766 million fell well below the consensus estimate of $1.3 billion, contributing to an initial stock price decline of 1.3% on that day.
2. Significant GAAP Net Loss in Q2 Fiscal Year 2026 due to Spin-off Related Charges.
For the second quarter of fiscal year 2026, which ended March 31, 2026, Becton Dickinson reported a GAAP net loss of $311 million. This represented a substantial shift from a net income of $308 million in the same period of the prior year. This loss was primarily driven by significant one-time charges, including $533 million in integration, restructuring, and transaction expenses, with $450 million specifically attributed to non-cash asset impairments, directly resulting from the spin-off. The company also reported a $274 million loss from discontinued operations related to the transaction.
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Stock Movement Drivers
Fundamental Drivers
The -7.1% change in BDX stock from 1/31/2026 to 5/23/2026 was primarily driven by a -33.2% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 158.93 | 147.63 | -7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 21,048 | 21,366 | 1.5% |
| Net Income Margin (%) | 8.0% | 5.3% | -33.2% |
| P/E Multiple | 27.1 | 36.4 | 34.1% |
| Shares Outstanding (Mil) | 287 | 281 | 2.1% |
| Cumulative Contribution | -7.1% |
Market Drivers
1/31/2026 to 5/23/2026| Return | Correlation | |
|---|---|---|
| BDX | -7.1% | |
| Market (SPY) | 8.1% | 23.5% |
| Sector (XLV) | -2.7% | 40.2% |
Fundamental Drivers
The 6.3% change in BDX stock from 10/31/2025 to 5/23/2026 was primarily driven by a 44.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 138.83 | 147.63 | 6.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,594 | 21,366 | 3.7% |
| Net Income Margin (%) | 7.7% | 5.3% | -30.8% |
| P/E Multiple | 25.2 | 36.4 | 44.7% |
| Shares Outstanding (Mil) | 287 | 281 | 2.3% |
| Cumulative Contribution | 6.3% |
Market Drivers
10/31/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| BDX | 6.3% | |
| Market (SPY) | 9.9% | 25.0% |
| Sector (XLV) | 4.8% | 49.8% |
Fundamental Drivers
The -7.2% change in BDX stock from 4/30/2025 to 5/23/2026 was primarily driven by a -36.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 159.05 | 147.63 | -7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,640 | 21,366 | 3.5% |
| Net Income Margin (%) | 8.4% | 5.3% | -36.3% |
| P/E Multiple | 26.7 | 36.4 | 36.5% |
| Shares Outstanding (Mil) | 290 | 281 | 3.2% |
| Cumulative Contribution | -7.2% |
Market Drivers
4/30/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| BDX | -7.2% | |
| Market (SPY) | 36.0% | 23.7% |
| Sector (XLV) | 8.6% | 50.8% |
Fundamental Drivers
The -24.9% change in BDX stock from 4/30/2023 to 5/23/2026 was primarily driven by a -38.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302023 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 196.51 | 147.63 | -24.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,738 | 21,366 | 14.0% |
| Net Income Margin (%) | 8.6% | 5.3% | -38.0% |
| P/E Multiple | 34.6 | 36.4 | 5.1% |
| Shares Outstanding (Mil) | 284 | 281 | 1.2% |
| Cumulative Contribution | -24.9% |
Market Drivers
4/30/2023 to 5/23/2026| Return | Correlation | |
|---|---|---|
| BDX | -24.9% | |
| Market (SPY) | 86.3% | 29.6% |
| Sector (XLV) | 18.0% | 53.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BDX Return | 2% | 5% | -3% | -5% | -13% | -4% | -17% |
| Peers Return | 25% | -17% | 6% | 5% | 10% | -21% | -1% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| BDX Win Rate | 50% | 58% | 50% | 42% | 58% | 40% | |
| Peers Win Rate | 65% | 42% | 53% | 52% | 50% | 16% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BDX Max Drawdown | -10% | -20% | -18% | -10% | -33% | -23% | |
| Peers Max Drawdown | -17% | -30% | -23% | -16% | -22% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TMO, MDT, ABT, DHR, SYK. 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] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | BDX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.1% | -18.8% |
| % Gain to Breakeven | 37.2% | 23.1% |
| Time to Breakeven | 281 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -10.1% | -24.5% |
| % Gain to Breakeven | 11.3% | 32.4% |
| Time to Breakeven | 51 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.4% | -33.7% |
| % Gain to Breakeven | 27.2% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.6% | -19.2% |
| % Gain to Breakeven | 22.9% | 23.8% |
| Time to Breakeven | 212 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.9% | -12.2% |
| % Gain to Breakeven | 13.5% | 13.9% |
| Time to Breakeven | 37 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -18.3% | -17.9% |
| % Gain to Breakeven | 22.4% | 21.8% |
| Time to Breakeven | 480 days | 123 days |
In The Past
Becton Dickinson's stock fell -27.1% during the 2025 US Tariff Shock. Such a loss loss requires a 37.2% gain to breakeven.
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| Event | BDX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -27.1% | -18.8% |
| % Gain to Breakeven | 37.2% | 23.1% |
| Time to Breakeven | 281 days | 79 days |
| 2020 COVID-19 Crash | ||
| % Loss | -21.4% | -33.7% |
| % Gain to Breakeven | 27.2% | 50.9% |
| Time to Breakeven | 24 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -27.9% | -53.4% |
| % Gain to Breakeven | 38.7% | 114.4% |
| Time to Breakeven | 742 days | 1085 days |
In The Past
Becton Dickinson's stock fell -27.1% during the 2025 US Tariff Shock. Such a loss loss requires a 37.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Becton Dickinson (BDX)
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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Grainger for hospitals and medical labs.
Thermo Fisher Scientific for hospital operations and patient care.
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- Medical Catheters and Infusion Products: Provides a range of peripheral and advanced catheters, central lines, and IV medication and infusion therapy delivery systems.
- Drug Delivery Systems and Devices: Offers hypodermic syringes, pen needles, prefillable drug delivery systems, and closed-system drug transfer devices.
- Medication Management Systems: Develops automated medication dispensing, supply management, and inventory optimization systems for healthcare institutions.
- Specimen and Blood Collection Products: Manufactures products for collecting blood and other specimens for diagnostic testing.
- Diagnostic Systems: Supplies automated systems for microbiology, molecular testing, microorganism identification, and rapid diagnostic assays.
- Cell Analysis and Research Tools: Provides fluorescence-activated cell sorters, analyzers, antibodies, and reagents for single-cell gene expression analysis and clinical diagnostics.
- Surgical and Interventional Products: Offers products for hernia and soft tissue repair, biosurgery, surgical instrumentation, and peripheral interventions.
- Urology and Critical Care Products: Delivers specialized products for urology and critical care applications.
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Becton Dickinson (BDX) primarily sells its products and solutions to other companies and institutions within the healthcare and life sciences sectors, rather than directly to individuals. The company's major customers can be categorized as follows:
- Healthcare Institutions: This broad category includes hospitals, clinics, acute care facilities, long-term care facilities, and physician practices worldwide. These customers purchase a comprehensive range of BD Medical and BD Interventional products, such as catheters, infusion therapy systems, medication management systems, hypodermic needles, surgical products, and critical care solutions.
- Clinical Laboratories: Both independent and hospital-based clinical laboratories are major customers, utilizing BD Life Sciences products for specimen collection, automated blood and tuberculosis culturing, molecular testing, microorganism identification, and liquid-based cytology systems.
- Pharmaceutical Industry: Pharmaceutical companies are key customers for BDX, particularly for prefillable drug delivery systems, as well as laboratory equipment, reagents, and diagnostic products used in drug discovery, development, and manufacturing processes.
- Life Science Research Institutions: This segment includes universities, government research facilities, and biotechnology companies that utilize BD Life Sciences' advanced tools such as fluorescence-activated cell sorters and analyzers, antibodies, and reagent systems for single-cell gene expression analysis and various research applications.
The provided company description does not name specific customer companies or their public symbols, as BDX's customer base within these categories is vast and global.
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Tom Polen, Chairman, CEO and President
Tom Polen has over 25 years of experience in the medtech industry. He joined BD in 1999 through an acquired early-phase start-up. Prior to becoming CEO in February 2020 and Chairman in April 2021, he served as President and Chief Operating Officer, and previously as President of the Medical segment. He led the $12 billion acquisition of CareFusion, expanding BD's presence in informatics, healthcare automation, and digital health solutions, and also directed the strategy for the acquisition of C. R. Bard, Inc. Before rejoining BD in 2009, he successfully led Baxter Healthcare's pharmaceuticals businesses. Polen has overseen more than 30 acquisitions during his leadership at BD. He also previously served on the board of directors for Walgreens Boots Alliance.
Vitor Roque, Senior Vice President of Finance, Business Units, Corporate Financial Planning, Analysis and Interim Chief Financial Officer
Vitor Roque was appointed interim Chief Financial Officer effective December 5, 2025. He has been with BD for two decades, holding a broad range of finance leadership roles across regions, business units, and segments, and has supported key acquisitions. Prior to his interim CFO role, he served as the senior vice president responsible for finance in business units and corporate financial planning and analysis.
Elizabeth McCombs, Executive Vice President and Chief Technology Officer
Elizabeth McCombs serves as executive vice president and chief technology officer, responsible for leading all research and development (R&D) activities and advancing new product innovation. She joined BD in 2019 as the Senior Vice President of R&D for the BD Medical Segment. Before BD, she spent over 20 years at Johnson & Johnson (J&J), where her roles included Vice President of R&D for Ethicon, J&J's surgical device franchise, director for the J&J Corporate Office of Science and Technology (COSAT), and R&D leader for the J&J Sports Medicine business.
Roland Goette, Executive Vice President and President of the Europe, Middle East and Africa (EMEA) region
Roland Goette joined BD in 2000 as European marketing manager for Flow Cytometry. He has held various leadership positions with increasing responsibility, including business director of the BD Biosciences business in Eastern Europe, Middle East and Africa, and vice president and general manager of BD Medical Surgical Systems for Central and South Asia, a role that included three years in Singapore. He was instrumental in establishing BD's European headquarters in the Canton of Vaud in 2016 following the acquisition of CareFusion.
Bilal Muhsin, Executive Vice President and President of Future Connected Care Segment
Bilal Muhsin was named Executive Vice President and President of BD's future Connected Care segment, effective July 2, 2025. In this newly created role, he is responsible for advancing BD's Connected Care strategy, which involves shaping organizational capabilities, driving commercial strategy, accelerating innovation, and ensuring operational and quality excellence. His leadership focuses on leveraging advanced analytics and AI solutions with BD's smart devices to enhance patient care efficiency and effectiveness.
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Becton Dickinson (BDX) faces several key risks inherent to its operations in the highly regulated and competitive medical technology sector.- Regulatory and Compliance Risks: Becton Dickinson is subject to extensive regulation by governmental authorities worldwide, particularly the U.S. Food and Drug Administration (FDA). Failure to comply with these regulations, including those related to product approvals, manufacturing quality, and marketing, can lead to severe consequences. Recently, the U.S. Securities and Exchange Commission (SEC) announced settled charges against Becton Dickinson for repeatedly misleading investors about regulatory risks associated with its Alaris infusion pump and for overstating income by not recording costs for fixing software flaws. This resulted in a $175 million civil penalty. Such regulatory non-compliance can lead to product recalls, significant fines, legal liabilities, and damage to the company's reputation.
- Antitrust and Competition Lawsuits: The company faces risks related to allegations of anti-competitive practices. For instance, Tela Bio has filed a lawsuit against Becton Dickinson, alleging anti-competitive behavior in the surgical hernia mesh market, including claims of retaliating against hospitals and using long-term contracts to limit competition. Furthermore, BDX has been subject to federal antitrust lawsuits concerning its syringe and IV catheter markets, accused of suppressing competition and maintaining a monopoly through exclusionary practices. Such litigation can result in substantial financial damages, costly legal battles, and restrictions on business practices.
- Intellectual Property Litigation: Operating in an innovation-driven industry, Becton Dickinson's success relies heavily on its intellectual property, including patents. The company is actively involved in intellectual property disputes, both as a plaintiff and a defendant. For example, Becton Dickinson has filed a federal lawsuit against Baxter International Inc., alleging infringement of six patents related to infusion-pump technologies. Conversely, Becton Dickinson has also been sued for patent infringement regarding its catheter-insertion systems. The costs associated with enforcing or defending intellectual property rights, as well as potential adverse judgments, pose a significant risk to the business.
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Becton Dickinson (BDX) operates in several medical technology markets. The addressable markets for its main products and services are sized globally and by region where specified:
BD Medical Segment
- Peripheral Intravenous (IV) Catheters: The global peripheral intravenous catheters (PIVC) market was valued at approximately USD 5.51 billion in 2024 and is projected to reach USD 10.59 billion by 2033. North America held the largest share of 73.1% in this market in 2024. Other estimates place the global peripheral IV catheter market at around USD 5.37 billion in 2024, growing to USD 16.39 billion by 2032. Another source indicates a market size of USD 1.96 billion in 2024, expected to reach USD 3.01 billion by 2032, with North America holding an estimated 38.5% share.
- IV Medication and Infusion Therapy Delivery Systems: The global infusion therapy market was valued at USD 11.7 billion in 2023, with projections to reach USD 15.0 billion by 2030. Other reports indicate the global infusion therapy market size was approximately USD 49.58 billion in 2024 and is projected to reach USD 83.10 billion by 2034, with North America expected to lead. The global Infusion Systems Market was estimated at USD 19.74 billion in 2024 and is projected to reach USD 43.17 billion by 2035, with North America holding a significant share. The Global Infusion Therapy Devices Market is estimated to reach USD 77.65 billion by 2032, and North America is identified as the largest market in 2025.
- Diabetes Care Devices (Syringes, Pen Needles, and Drug Delivery Systems): The global diabetes care devices market size was valued at USD 34.19 billion in 2024 and is estimated to reach USD 62.65 billion by 2033. North America dominated this market, accounting for over 38.6% share in 2024. Other estimates show the market size at USD 35.09 billion in 2025, projected to reach USD 101.54 billion by 2034. Another report calculated the global market at USD 68.57 billion in 2025, expected to reach approximately USD 125.03 billion by 2035, with North America dominating with a 39% share in 2025.
BD Life Sciences Segment
- Specimen and Blood Collection Products: The global specimen collection cards market generated USD 464.6 million in 2024 and is expected to reach USD 621.3 million by 2030. North America was the largest revenue-generating market in 2024, holding a 34.5% share. Another source states the global specimen collection cards market size was valued at USD 441.5 million in 2024 and is projected to reach USD 715.4 million by 2035, with North America dominating in 2024 with a 40.6% revenue share. The specimen collection kit market, which includes a broader range of products, was USD 7.56 billion in 2022 and is expected to reach USD 15.63 billion by 2030, with North America dominating.
- Molecular Diagnostics: The global molecular diagnostics market size was valued at USD 15.78 billion in 2025 and is projected to grow to USD 23.62 billion by 2034. North America dominated with a 42.42% share in 2025. Other estimates place the global market size at USD 45.11 billion in 2025, predicted to increase to approximately USD 66.34 billion by 2035, with North America accounting for over 40% in 2025.
- Microbiology Testing: The global microbiology testing market was valued at USD 5.47 billion in 2024 and is expected to reach USD 10.99 billion by 2032. Another report estimates the global market size at USD 5.80 billion in 2024, predicted to increase to approximately USD 13.73 billion by 2034, with North America leading. The global microbiology testing market size is calculated at USD 5.84 billion in 2024, projected to reach around USD 13.89 billion by 2034, with North America holding a 46% share in 2024.
- Flow Cytometry: The global flow cytometry market size was estimated at USD 4,684.2 million in 2024 and is projected to reach USD 7,013.1 million by 2030. North America dominated with the largest revenue share of 41.35% in 2024. Other estimates value the global market at USD 6.66 billion in 2025, projected to grow to USD 14.12 billion by 2034, with North America dominating with a 39.42% share in 2025.
BD Interventional Segment
- Surgical Mesh (Hernia and Soft Tissue Repair): The global surgical mesh market size was valued at USD 2.39 billion in 2024 and is projected to reach USD 2.81 billion by 2034, with the U.S. remaining the largest market. Another source indicates the global surgical meshes market reached approximately USD 2.02 billion in 2024, expected to grow to USD 2.78 billion in 2029 and USD 3.77 billion in 2034. The Surgical Mesh Market size is expected to grow from USD 2.16 billion in 2022 to USD 3.85 billion by 2030.
- Peripheral Intervention Products: The Peripheral Interventions Market size reached USD 8.7 billion in 2022 and is set to expand to USD 20.6 billion by 2032. North America's peripheral interventions market is poised to amass more than USD 8.1 billion by 2032. The global peripheral interventions market size is USD 11.30 billion in 2025, calculated to reach around USD 54.59 billion by 2034, with North America dominating with a 36% revenue share in 2024. The Peripheral Intervention Market is expected to reach a valuation of USD 11.9 billion by 2032, with North America as the largest market, accounting for approximately 45% of the global share, and Asia-Pacific emerging rapidly with about 20% of the global share.
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Becton Dickinson (BDX) is expected to drive future revenue growth over the next 2-3 years through several key strategies and initiatives:
- Strategic Focus on "New BD" and High-Growth MedTech Markets: The company's separation of its Biosciences and Diagnostic Solutions business (combined with Waters Corporation) positions "New BD" as a pure-play medical technology leader. This strategic pivot allows for intensified focus and investment in healthcare providers and patient end-markets, which are projected to have a combined addressable market of over $70 billion with approximately 5% growth. This sharper focus is anticipated to accelerate innovation and enhance margins, thereby supporting revenue expansion.
- Innovation and New Product Introductions in Key Growth Platforms: BD is actively driving growth through the launch and expansion of innovative products across several high-potential areas. This includes strong demand for biologic drug delivery systems, particularly for high-viscosity formulations and large-volume subcutaneous delivery, including GLP-1 therapies, with products like the BD Libertas™ Wearable Injector and BD Neopak™ XtraFlow™ Glass Prefillable Syringe. Additionally, the company is focusing on smart connected care solutions, such as the AI-enabled BD Incada™ Connected Care Platform and the next-generation BD Pyxis™ Pro Automated Medication Dispensing Solution, which aim to enhance medication management and operational efficiency. Strong performance is also expected from advanced tissue regeneration and peripheral intervention products, including the Rotarex™ Atherectomy System and Phasix resorbable mesh, within the BD Interventional segment.
- Operational Efficiency and Reinvestment in Growth Initiatives: The "BD Excellence" operating model is a crucial enabler of revenue growth by driving significant P&L leverage and expanding adjusted gross and operating margins. These efficiency gains and cost optimizations are designed to fuel increased investment in research and development (R&D) and commercial capabilities, directly supporting the development and market penetration of new, revenue-generating products and solutions.
- Strategic Acquisitions for Portfolio Expansion: BD has demonstrated a commitment to inorganic growth through targeted acquisitions. The acquisition of Edwards Lifesciences' Critical Care group, now known as BD Advanced Patient Monitoring, exemplifies this strategy by enhancing the company's smart connected care offerings with advanced monitoring technologies and AI-driven clinical decision tools. Such strategic acquisitions expand BD's portfolio and market reach, contributing to overall revenue growth.
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Share Repurchases
- In February 2026, Becton Dickinson completed a share buyback program, initiated in 2021, totaling US$1,307.21 million.
- In January 2026, the Board of Directors authorized the repurchase of up to 10 million additional shares of common stock, augmenting existing authorizations from 2021 and 2025.
- For fiscal year 2025, the company's annual share buybacks amounted to $1 billion. In fiscal year 2024, BDX repurchased $500 million in stock.
Share Issuance
- Becton Dickinson's shares outstanding experienced slight fluctuations within the last three years, increasing by 0.36% in 2023 to 0.288 billion and by 0.91% in 2024 to 0.291 billion.
- For 2025, shares outstanding declined by 0.86% to 0.289 billion.
Outbound Investments
- In September 2024, BD completed the acquisition of Edwards Lifesciences' Critical Care product group, which has been renamed BD Advanced Patient Monitoring. This acquisition expands BD's portfolio with advanced monitoring solutions and AI-enabled clinical decision tools.
- The company completed the acquisition of Parata Systems in July 2022 and Cytognos in February 2022.
- BD also acquired Venclose Inc. in December 2021 and Tepha Inc. in July 2021.
Capital Expenditures
- Becton Dickinson's capital expenditures were $108 million as of March 7, 2026.
- The latest value for Last Twelve Months (LTM) capital expenditure was $208 million as of November 2025.
- The company's strategy involves targeted investments aimed at sustaining growth and improving margins.
Latest Trefis Analyses
Trade Ideas
Select ideas related to BDX.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 159.81 |
| Mkt Cap | 121.5 |
| Rev LTM | 30,376 |
| Op Inc LTM | 5,867 |
| FCF LTM | 5,350 |
| FCF 3Y Avg | 5,258 |
| CFO LTM | 6,862 |
| CFO 3Y Avg | 6,782 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.5% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 5.7% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 9.6% |
| Op Inc Chg 3Y Avg | 4.6% |
| Op Mgn LTM | 18.4% |
| Op Mgn 3Y Avg | 18.2% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 20.7% |
| CFO/Rev 3Y Avg | 19.7% |
| FCF/Rev LTM | 15.8% |
| FCF/Rev 3Y Avg | 15.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 121.5 |
| P/S | 3.5 |
| P/Op Inc | 20.0 |
| P/EBIT | 18.6 |
| P/E | 28.7 |
| P/CFO | 17.5 |
| Total Yield | 4.9% |
| Dividend Yield | 1.9% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -4.3% |
| 3M Rtn | -18.0% |
| 6M Rtn | -22.3% |
| 12M Rtn | -2.8% |
| 3Y Rtn | -11.1% |
| 1M Excs Rtn | -9.5% |
| 3M Excs Rtn | -28.1% |
| 6M Excs Rtn | -33.6% |
| 12M Excs Rtn | -33.5% |
| 3Y Excs Rtn | -92.7% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Essentials | 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 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Essentials | 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 | $147.63 | |
| Market Cap ($ Bil) | 42.2 | |
| First Trading Date | 04/06/1983 | |
| Distance from 52W High | -19.9% | |
| 50 Days | 200 Days | |
| DMA Price | $152.49 | $153.44 |
| DMA Trend | up | down |
| Distance from DMA | -3.2% | -3.8% |
| 3M | 1YR | |
| Volatility | 25.5% | 25.0% |
| Downside Capture | 77.49 | 43.03 |
| Upside Capture | -26.91 | 43.04 |
| Correlation (SPY) | 28.6% | 28.0% |
BDX Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.75 | 0.71 | 0.60 | 0.60 | 0.64 | 0.49 |
| Up Beta | 0.95 | 0.81 | 0.80 | 0.66 | 0.83 | 0.51 |
| Down Beta | 1.20 | 0.89 | 1.59 | 0.86 | 0.87 | 0.58 |
| Up Capture | -3% | 7% | 13% | 49% | 26% | 10% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 8 | 14 | 23 | 53 | 115 | 361 |
| Down Capture | 189% | 120% | 42% | 49% | 67% | 78% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 14 | 29 | 41 | 71 | 135 | 389 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BDX | |
|---|---|---|---|---|
| BDX | 11.1% | 24.9% | 0.37 | - |
| Sector ETF (XLV) | 16.0% | 14.5% | 0.80 | 49.2% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 28.0% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 10.0% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -12.4% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 38.4% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BDX | |
|---|---|---|---|---|
| BDX | -2.8% | 23.2% | -0.16 | - |
| Sector ETF (XLV) | 5.7% | 14.7% | 0.21 | 57.8% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 35.3% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 11.8% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 2.3% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 39.4% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 8.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BDX | |
|---|---|---|---|---|
| BDX | 3.0% | 23.5% | 0.13 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 61.4% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 44.9% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 7.6% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 8.8% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 38.9% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 5.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 5.9% | -0.4% | |
| 2/9/2026 | -1.3% | 6.5% | -0.1% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 8 |
| # Negative | 17 | 15 | 16 |
| Median Positive | 4.1% | 4.1% | 5.8% |
| Median Negative | -3.6% | -3.7% | -5.9% |
| 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 |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/09/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/27/2024 | 10-K |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/01/2024 | 10-Q |
| 09/30/2023 | 11/21/2023 | 10-K |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/02/2023 | 10-Q |
| 09/30/2022 | 11/22/2022 | 10-K |
| 06/30/2022 | 08/04/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Feld, Michael | EVP, Chief Revenue Officer | Direct | Sell | 4282026 | 151.94 | 74 | 11,244 | 3,214,898 | Form |
| 2 | Feld, Michael | EVP, Chief Revenue Officer | Direct | Sell | 3272026 | 156.83 | 75 | 11,762 | 3,329,971 | Form |
| 3 | Feld, Michael | EVP, Chief Revenue Officer | Direct | Sell | 2272026 | 181.84 | 75 | 13,638 | 3,874,647 | Form |
| 4 | Scott, Bertram L | Direct | Sell | 2182026 | 182.61 | 953 | 174,027 | 6,713,291 | Form | |
| 5 | Feld, Michael | EVP, CRO & Pres. Life Sciences | Direct | Sell | 1282026 | 202.73 | 75 | 15,205 | 3,331,057 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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