— Know what they know.
/
Not Investment Advice

BDX

NYSE · USD
Becton, Dickinson and Company
Healthcare · Medical - Instruments & Supplies
CEO Thomas E. Polen Jr. Employees 72,000 R&D / revenue 5.8%
Last price
$191.75−1.04%last session
Market cap
$52.2B
P/E (TTM)
57.8x
From 52w high
−2.2%
From 52w low
+50.3%
1-year return
+4.0%
RSI 14 · vs SMA200
63.4 · +16.8%
IS score
42.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BDX   SPY   XLV (sector ETF) · weekly closes
8090100110120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116BDX 104

Score DNA

Each bar is a 0-100 score within the scored universe
33
Profitability
18
Growth
43
Value
53
Momentum
50
Risk (safety)
68
Quality
42
Balance sheet
80
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for BDX (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z 2.0Beta 0.281 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
11 open-market sales, $2.0M
Form 144 notices (12m): 25, $7.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-09-11
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 1987-03-31
Net change in institutional holders
+1
0 new holders, 0 closed
1 filers hold 0.0% · 0 added, 0 trimmed
ETFETF holdings · 30 days
Net funds accumulating
−21
380 funds adding shares
401 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
30.7%
20-day avg 40.5%, 50-day avg 51.1%
Latest 9.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$21.8B
Revenue growth YoY+8.2%
Gross margin45.4%
Operating income$2.6B
Operating margin11.8%
Net income$1.7B
Net margin7.7%
EPS (diluted)$5.83
Cash flow
Operating cash flow$3.4B
Capital expenditure$760.0M
Free cash flow$2.7B
FCF conversion (FCF / OCF)77.8%
Stock-based compensation$258.0M
FCF less SBC$2.4B
Buybacks$1.0B
Dividends$1.2B
Balance sheet & returns
Cash & short-term investments$859.0M
Total debt$19.2B
Net debt$18.3B
Shareholders' equity$25.4B
Goodwill & intangibles$36.0B
Debt / equity0.69
ROE (TTM)3.8%
ROIC (TTM)3.7%
Operating margin by fiscal year
13.3%FY202112.1%FY202210.9%FY202312.9%FY202411.8%FY2025
Revenue $19.1B (FY2021) to $21.8B (FY2025), a 3.4% CAGR.

Valuation

P/E (TTM)57.8x
EV / EBITDA15.3x
Price / sales2.51x
Price / FCF20.0x
FCF yield4.99%
Buyback yield1.91%
SBC / revenue1.2%
Price / book2.16x
Forward P/E FY202714.5x
Forward P/E FY202813.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $188.33 across 6 analysts last quarter is theirs, not ours.

BDX vs industry median

111 companies in Medical - Instruments & Supplies
Gross margin 46.1% 53.7% Operating margin 9.8% 6.7% Net margin 4.5% 4.3% ROIC 3.7% 7.2%
BDX (TTM)Industry median Asset turnover 0.41 vs industry 0.60 · financial leverage 2.08

Earnings delivery

Next report 2026-11-05 · consensus EPS $4.07
92%
beat rate, 11 of 12 quarters
+5.0%
median EPS surprise
11
longest beat streak
+0+12+7+6+1+14+2+8+1+32+4+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-09 to 2026-08-06. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BDX Becton, Dickinson and Compan $52.2B57.8x3.8%4.5%+8.2% +4.0%
RMD ResMed Inc. $33.6B22.9x24.3%26.2%+9.9% −11.3%
MDLN Medline Inc. $31.5B41.8x3.2%0.8%— −12.3%
WST West Pharmaceutical Services $27.0B48.8x19.1%17.7%+12.4% +43.8%
ISRG Intuitive Surgical, Inc. $150.7B48.2x17.4%28.3%+20.7% −1.8%
HOLX Hologic, Inc. $17.0B30.3x10.9%17.1%+2.2% —
SOLV Solventum Corporation $14.6B10.4x34.0%4.2%−0.9% —
BAX Baxter International Inc. $13.1Bn/m-15.7%4.3%+5.4% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-06Earnings Release; Exhibits
2026-07-22Officer/Director Change; Regulation FD; Exhibits
2026-05-29Regulation FD
2026-05-20Material Agreement; Financial Obligation; Exhibits
2026-05-12Other Events; Exhibits
2026-05-07Officer/Director Change; Regulation FD; Exhibits

Context

Shares outstanding272,387,000
Free float99.8%
Institutional ownership0.0%
Beta0.28
Dividend yield2.07%
Last dividend$1.05 on 2026-09-09
50 / 200-day average$183.58 / $163.91
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BDX sits among 26 scored companies in Medical - Instruments & Supplies (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBDXIndustry medianIndustry percentileSector median
P/E (TTM) 55.5x 43.3x
67th		 27.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 2.5x 2.4x
54th		 3.7x
Price / book 2.1x 2.9x
38th		 3.6x
Price / tangible book —
Price / free cash flow 20.0x 25.3x
33rd		 21.2x
Price / operating cash flow 15.7x 18.6x
41st		 17.1x
Enterprise value $68.3B $6.9B
96th		 $2.5B
EV / sales 3.3x 2.7x
67th		 3.8x
EV / EBITDA 15.3x 20.4x
35th		 16.2x
EV / EBIT 32.0x 32.2x
47th		 23.0x
EV / free cash flow 26.2x 29.9x
29th		 24.6x
Earnings yield 1.8% 0.6%
60th		 -0.3%
FCF yield 5.0% 3.8%
72nd		 1.7%
Operating cash flow yield 6.4% 4.9%
64th		 2.9%
Graham number (per share) $82.63 $48.19
79th		 $26.70

Profitability (TTM)

MeasureBDXIndustry medianIndustry percentileSector median
Gross margin 46.1% 53.8%
32nd		 65.1%
EBITDA margin 21.4% 13.9%
62nd		 6.6%
Operating margin 9.8% 9.8%
50th		 3.5%
EBIT margin 10.2% 6.8%
62nd		 2.4%
Net margin 4.5% 1.9%
58th		 0.3%
NOPAT margin 8.0% 6.6%
58th		 2.7%
FCF margin 12.5% 7.9%
62nd		 4.3%
Operating cash flow margin 16.0% 11.4%
67th		 7.1%
R&D / revenue 5.5% 5.9%
42nd		 12.4%
SG&A / revenue 25.3% 36.9%
29th		 37.9%
Stock comp / revenue 1.2% 1.7%
40th		 4.5%
Effective tax rate 18.9% 21.0%
16th		 21.0%

Returns on capital

MeasureBDXIndustry medianIndustry percentileSector median
ROE (on average equity) 3.8% 2.0%
67th		 0.8%
ROA 1.8% 1.2%
64th		 -0.3%
ROIC 4.1% 3.8%
52nd		 5.5%
ROCE 5.2% 3.9%
56th		 2.3%
Return on tangible assets 4.0% 3.3%
52nd		 1.7%
Cash ROIC (OCF / invested capital) 8.2% 8.3%
48th		 9.7%
Gross profitability (GP / assets) 18.9% 24.9%
28th		 29.9%
ROIC, 3-yr average 3.2% 2.1%
57th		 2.6%
ROIC, 5-yr average 3.8% -0.2%
62nd		 3.2%
ROE, 5-yr average 5.8% -0.8%
67th		 -4.9%
Incremental ROIC -10.0% 34.6%
29th		 17.2%

Growth

MeasureBDXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -2.6% 8.8%
13th		 10.5%
Revenue growth (QoQ) 5.7% 4.8%
56th		 7.2%
Revenue CAGR, 3 yr 3.0% 3.5%
38th		 10.7%
Revenue CAGR, 5 yr 1.2% 7.0%
26th		 12.1%
Gross profit CAGR, 3 yr 4.0% 2.8%
62nd		 10.6%
Operating income CAGR, 3 yr -3.1% 9.5%
21st		 11.7%
Net income growth (TTM YoY) -41.4% 20.4%
0th		 17.5%
Net income CAGR, 3 yr -17.3% 15.3%
27th		 11.3%
EPS growth (TTM YoY) -38.5% 22.3%
0th		 19.2%
EPS CAGR, 3 yr -16.0% 15.5%
27th		 14.0%
EPS CAGR, 5 yr -12.6% -4.8%
45th		 8.1%
FCF growth (TTM YoY) 2.2% 14.5%
35th		 18.6%
FCF CAGR, 3 yr 14.4% 24.8%
43rd		 15.4%
Operating cash flow CAGR, 3 yr 8.2% 8.4%
44th		 11.9%
Book value CAGR, 3 yr -0.5% 1.8%
38th		 2.1%
Dividend CAGR, 3 yr 16.2% 2.1%
88th		 2.2%
Sustainable growth rate -3.3% 6.8%
0th		 12.2%

Margin history & stability

MeasureBDXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 44.4% 54.6%
27th		 62.6%
Operating margin, 3-yr average 11.1% 7.2%
59th		 1.0%
Net margin, 3-yr average 6.4% 2.3%
59th		 -2.6%
FCF margin, 3-yr average 13.6% 8.8%
73rd		 3.2%
Revenue stability (0-1) 0.53 0.73
22nd		 0.80
Earnings stability (0-1) 0.78 0.40
74th		 0.37
Margin stability (0-1) 0.96 0.96
41st		 0.93

Liquidity (latest quarter)

MeasureBDXIndustry medianIndustry percentileSector median
Cash & short-term investments $709.0M $316.3M
76th		 $330.9M
Net cash (− = net debt) −$16.1B −$416.9M
0th		 $8.4M
Working capital −$1.3B $705.4M
0th		 $381.1M
Current ratio 0.87 2.54
0th		 3.02
Quick ratio 0.51 2.12
0th		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.08 0.83
0th		 1.43
Defensive interval (days) 148 days 399 days
8th		 415 days

Leverage & solvency (latest quarter)

MeasureBDXIndustry medianIndustry percentileSector median
Total debt $16.8B $1.0B
100th		 $289.1M
Debt / equity 0.69 0.49
71st		 0.45
Net debt / equity 0.66 0.22
71st		 −0.13
Debt / assets 33.1% 28.5%
72nd		 24.4%
Debt / capital 40.8% 32.8%
71st		 31.1%
Debt / EBITDA 3.77 3.77
50th		 2.62
Net debt / EBITDA 3.61 1.79
65th		 1.42
Interest coverage (EBIT / interest) 3.9x 2.3x
62nd		 2.1x
Cash interest coverage 6.1x 5.3x
57th		 3.6x
Debt payback (years of OCF) 5.0 yrs 5.1 yrs
45th		 2.7 yrs
Liabilities / assets 51.9% 43.2%
72nd		 49.8%
IS credit model rating BB+ — —
Implied credit spread (bps) 400 288
60th		 225

Efficiency

MeasureBDXIndustry medianIndustry percentileSector median
Asset turnover 0.39 0.55
28th		 0.56
Fixed asset turnover 3.43 3.55
44th		 4.87
Inventory turnover 3.1 2.7
56th		 2.7
Receivables turnover 7.9 6.3
80th		 6.4
Days sales outstanding 46 days 58 days
20th		 57 days
Days inventory outstanding 118 days 138 days
44th		 136 days
Days payables outstanding 103 days 55 days
88th		 59 days
Cash conversion cycle (days) 61 days 124 days
12th		 70 days
Capex / revenue 3.5% 3.9%
42nd		 2.6%
Capex / depreciation 0.31 0.48
21st		 0.55
Operating expense ratio 33.2% 43.1%
25th		 56.5%

Cash flow & earnings quality

MeasureBDXIndustry medianIndustry percentileSector median
Operating cash flow / net income 3.54 1.97
80th		 1.61
FCF / net income 2.77 1.64
80th		 1.36
FCF / operating cash flow 78.2% 74.0%
62nd		 81.2%
Capex / operating cash flow 21.8% 26.0%
38th		 18.8%
Accruals ratio -4.5% -5.1%
60th		 -5.4%
Sloan accruals ratio -8.4% -2.4%
16th		 -1.3%
Earnings quality score (0-1) 1.00 1.00
47th		 0.75

Dividends & buybacks

MeasureBDXIndustry medianIndustry percentileSector median
Dividend yield 2.1% 0.0%
92nd		 0.0%
Dividend per share (TTM) $3.98 $0.00
100th		 $0.00
Payout ratio (dividends / net income) 187.1% 0.0%
100th		 0.0%
Dividends / FCF 67.6% 0.0%
100th		 0.0%
Dividend growth (YoY) 57.4% 6.0%
88th		 4.5%
Buyback yield 4.8% 0.5%
96th		 0.0%
Shareholder yield (dividends + buybacks) 8.2% 0.7%
96th		 0.0%
Share count change (YoY) -4.7% 0.0%
4th		 2.0%
Buybacks, last 5 years $4.5B $56.9M
96th		 $0

Scores & forensic checks

MeasureBDXIndustry medianIndustry percentileSector median
IS score 43 43
48th		 46
IS profitability 33 32
52nd		 22
IS growth 18 57
0th		 60
IS value 43 42
52nd		 39
IS momentum 53 70
39th		 67
IS risk (safety) 50 80
16th		 80
IS quality 68 58
60th		 49
IS balance sheet 42 53
28th		 55
IS earnings quality 80 60
92nd		 56
IS cash flow 59 51
64th		 41
Piotroski F-score (0-9) 6 6
48th		 5
Altman Z-score 2.0 3.2
28th		 3.2
Beneish M-score −2.91 −2.68
35th		 −2.62
Ohlson O-score −8.24 −8.33
56th		 −7.16
IS credit score 46 58
24th		 62

Per share

MeasureBDXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $3.42 $0.50
80th		 −$0.03
Book value per share $88.73 $18.30
100th		 $7.10
Tangible book per share −$34.75 $3.11
0th		 $1.91
Revenue per share $75.73 $17.79
96th		 $9.38
FCF per share $9.47 $1.57
96th		 $0.46
Operating cash flow per share $12.12 $2.10
96th		 $0.93
Cash per share $2.58 $3.47
32nd		 $3.51

Size (TTM)

MeasureBDXIndustry medianIndustry percentileSector median
Market cap $52.2B $5.4B
96th		 $2.4B
Revenue $20.8B $2.7B
96th		 $770.2M
EBITDA $4.5B $262.0M
100th		 $56.1M
Net income $941.0M $35.8M
88th		 −$3.3M
Free cash flow $2.6B $158.7M
92nd		 $41.2M
Total assets $50.7B $4.6B
100th		 $1.3B
Shareholders' equity $24.4B $2.4B
100th		 $568.4M
Employees 72,000 11,685
100th		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-28Feld Michael
EVP, Chief Revenue Officer
 Open-market sale 76$183.70$13,96119,644
2026-09-02Roque Vitor
EVP & Chief Financial Officer
 Tax withholding 190——8,041
2026-08-26Feld Michael
EVP, Chief Revenue Officer
 Open-market sale 165$188.49$31,10119,720
2026-08-20Feld Michael
EVP, Chief Revenue Officer
 Tax withholding 1,049——19,885
2026-08-13Polen Thomas E Jr
Director, Chairman, CEO and President
 Option exercise 43,278$167.25$7.2M153,441
2026-08-13Polen Thomas E Jr
Director, Chairman, CEO and President
 Return to issuer 39,126$185.00$7.2M114,315
2026-08-13Polen Thomas E Jr
Director, Chairman, CEO and President
 Open-market sale 4,152$185.00$768,120110,163
2026-08-13Polen Thomas E Jr
Director, Chairman, CEO and President
 Option exercise 43,278$167.25$7.2M0
2026-08-11Goette Roland
EVP and President, EMEA
 Open-market sale 2,438$180.84$440,88814,856
2026-08-06Huffines Robert Luther
Director
 Award / grant 189——595
2026-08-06Byington Carrie L
Director
 Award / grant 94——3,810
2026-07-27Feld Michael
EVP, Chief Revenue Officer
 Open-market sale 75$157.13$11,78520,934

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired730,919—
Open-market saleDisposed1112,094$2.0M
Option exerciseAcquired263,487$9.8M
Option exerciseDisposed263,487$9.8M
Return to issuerDisposed256,571$9.8M
Tax withholdingDisposed33,174—
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 25 notices · 43,357 shares · $7.8M
FiledFilerShares proposedEst. proceeds
2026-09-28Michael Feld76$13,970
2026-08-26Michael Feld165$31,314
2026-08-20Richard Byrd1,330$249,993
2026-08-13Thomas Polen4,152$762,224
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 7 trades (1 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-05-21Thomas H. KeanHouseSale$1,001 - $15,0002026-06-19
2026-05-21Thomas KeanHouseSale (Full)$1,001 - $15,0002026-06-19
2026-05-20Thomas KeanHouseSale (Full)$1,001 - $15,0002026-06-19
2024-02-15Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-03-15
2024-02-15Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-03-14
2024-02-15Shelley Moore CapitoSenateSale (Full)$1,001 - $15,0002024-03-14
2022-04-01Jacklyn RosenSenateExchange$1,001 - $15,0002022-04-21
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.24,592,166$3.7B9.03%
VANGUARD CAPITAL MANAGEMENT LLC17,987,834$2.7B6.60%
STATE STREET CORP15,000,064$2.3B5.51%
VANGUARD PORTFOLIO MANAGEMENT LLC14,974,136$2.3B5.50%
First Eagle Investment Management, LLC13,815,335$2.1B5.07%
Invesco Ltd.8,898,488$1.3B3.27%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/8,650,967$2.5B3.18%
GEODE CAPITAL MANAGEMENT, LLC8,141,586$1.2B2.99%
FRANKLIN RESOURCES INC7,011,424$1.1B2.57%
WELLINGTON MANAGEMENT GROUP LLP6,357,986$962.2M2.33%
GREENHAVEN ASSOCIATES INC5,681,708$859.8M2.09%
NORGES BANK4,169,523$631.0M1.53%
PRICE T ROWE ASSOCIATES INC /MD/3,907,969$591.4M1.43%
T. Rowe Price Investment Management, Inc.3,722,952$563.4M1.37%
AMERICAN CENTURY COMPANIES INC3,676,534$556.4M1.35%

Institutional ownership by quarter

% of shares held by 13F filers
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
None on file.

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION5.4%15,014,710
2026-04-29SCHEDULE 13GVanguard Portfolio Management5.4%15,388,359
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%21,397,756
2026-01-30SCHEDULE 13G/AThe Vanguard Group12.8%36,678,939
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.07%$1.5B
VSMPX0.07%$1.5B
VTSAX0.07%$1.5B
VTI0.07%$1.5B
VFIAX0.07%$1.3B
VFFSX0.07%$1.3B

Share structure

Shares outstanding272,387,000
Float271,830,241
Free float99.8%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$19.1B$18.9B$19.4B$20.2B$21.8B
Cost of revenue$10.5B$10.4B$11.2B$11.1B$11.9B
Gross profit$8.6B$8.5B$8.2B$9.1B$9.9B
R&D$1.3B$1.3B$1.2B$1.2B$1.3B
SG&A$4.7B$4.7B$4.7B$4.9B$5.3B
Operating income$2.2B$2.3B$2.1B$2.4B$2.6B
EBITDA$4.4B$4.4B$4.4B$4.8B$5.0B
Pretax income$1.7B$1.8B$1.7B$2.0B$1.9B
Income tax$88.0M$148.0M$132.0M$300.0M$204.0M
Net income$2.1B$1.8B$1.5B$1.7B$1.7B
EPS, diluted$6.85$5.88$4.94$5.86$5.83
Diluted shares292.1M287.4M288.4M291.0M287.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.3B$1.0B$1.4B$2.2B$859.0M
Receivables$2.4B$2.2B$2.5B$3.0B$3.0B
Inventory$2.7B$3.2B$3.3B$3.8B$3.9B
Total current assets$8.8B$8.1B$8.7B$10.5B$9.3B
PP&E, net$6.0B$6.0B$6.6B$6.8B$7.0B
Goodwill & intangibles$36.7B$36.9B$35.5B$37.4B$36.0B
Total assets$53.9B$52.9B$52.8B$57.3B$55.3B
Accounts payable$1.7B$1.7B$1.6B$1.9B$2.0B
Total current liabilities$6.6B$7.8B$6.6B$9.0B$8.3B
Long-term debt$17.1B$13.9B$14.7B$17.9B$17.6B
Total liabilities$30.2B$27.7B$27.0B$31.4B$29.9B
Shareholders' equity$23.7B$25.3B$25.8B$25.9B$25.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$2.1B$1.8B$1.5B$1.7B$1.7B
Depreciation & amortization$2.3B$2.2B$2.3B$2.3B$2.5B
Stock-based compensation$229.0M$233.0M$259.0M$247.0M$258.0M
Change in working capital$282.0M−$1.4B−$828.0M$293.0M−$800.0M
Operating cash flow$4.6B$2.6B$3.0B$3.8B$3.4B
Capital expenditure−$1.2B−$973.0M−$874.0M−$725.0M−$760.0M
Free cash flow$3.4B$1.7B$2.1B$3.1B$2.7B
Investing cash flow−$1.9B−$3.2B−$716.0M−$5.5B−$818.0M
Net debt issued / repaid−$243.0M−$78.0M−$722.0M$3.8B−$1.3B
Buybacks−$1.8B−$500.0M$0−$500.0M−$1.0B
Dividends paid−$1.0B−$1.1B−$1.1B−$1.1B−$1.2B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin46.2%44.9%42.2%45.4%45.4%
Operating margin13.3%12.1%10.9%12.9%11.8%
Net margin10.5%9.4%7.7%8.6%7.7%
FCF margin17.1%8.8%10.9%15.2%12.2%
ROE8.8%7.3%5.8%6.7%6.5%
ROIC6.4%5.2%4.8%5.0%5.3%
ROA3.9%3.3%2.8%3.1%3.0%
Debt / equity0.740.640.620.780.76
Interest coverage5.5x5.5x4.7x4.9x4.1x
Current ratio1.331.041.311.171.11
Revenue growth+16.6%−5.5%+2.7%+4.2%+8.2%
EPS growth+143.0%−14.4%−18.3%+17.1%−1.6%
P/E at year end30.8x33.9x48.9x39.5x31.9x
EV / EBITDA at year end16.6x17.1x19.8x18.3x14.5x
FCF yield at year end5.30%2.75%2.92%4.50%5.00%
Dividend payout50.1%60.8%75.1%63.7%71.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Medical$9.5B$8.8B$9.5B$10.1B$11.5B
Life Sciences$6.5B$5.6B$5.1B$5.2B$5.2B
Interventional$4.2B$4.5B$4.7B$5.0B$5.2B

Revenue by region · FY2025

UNITED STATES$12.8B · 59%
Europe$4.7B · 22%
Asia$3.1B · 14%
Others Country$1.2B · 6%

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $4.07 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$19.3B$19.1B – $20.0B$12.67$12.08 – $12.76815.1x
2027$19.7B$19.4B – $20.4B$13.24$13.05 – $13.80814.5x
2028$20.5B$20.2B – $21.2B$14.16$11.84 – $16.47213.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-06$3.14$3.23+2.9%$4.9B$5.0B+2.0%
2026-05-07$2.78$2.90+4.3%$4.7B$4.7B+0.9%
2026-02-09$2.21$2.91+31.7%$5.1B$4.5B−12.8%
2025-11-06$3.92$3.96+1.0%$5.9B$5.9B−0.3%
2025-08-07$3.40$3.68+8.2%$5.5B$5.5B+0.4%
2025-05-01$3.28$3.35+2.1%$5.4B$5.3B−1.5%
2025-02-05$3.00$3.43+14.3%$5.1B$5.2B+1.3%
2024-11-07$3.77$3.81+1.1%$5.4B$5.4B+1.1%
2024-08-01$3.31$3.50+5.7%$5.1B$5.0B−1.7%
2024-05-02$2.97$3.17+6.7%$5.0B$5.0B+0.1%
2024-02-01$2.40$2.68+11.7%$4.7B$4.7B−0.6%
2023-11-09$3.42$3.420.0%$5.0B$5.1B+1.4%
2023-08-03$2.89$2.96+2.4%$5.0B$4.9B−3.1%
2023-05-04$2.75$2.86+4.0%$4.7B$4.8B+2.9%
2023-02-02$2.67$2.98+11.6%$4.5B$4.6B+1.3%
2022-11-10$2.73$2.75+0.7%$4.7B$4.8B+1.1%
2022-08-04$2.49$2.66+6.8%$4.5B$4.6B+3.8%
2022-05-05$2.98$3.18+6.7%$4.8B$4.8B−2.0%
2022-02-03$2.86$3.64+27.3%$4.8B$4.7B−0.9%
2021-11-04$2.43$2.59+6.6%$4.9B$5.1B+4.8%
2021-08-05$2.46$2.74+11.4%$4.5B$4.6B+2.2%
2021-05-06$3.04$3.19+4.9%$4.9B$4.9B+0.6%
2021-02-04$3.14$4.55+44.9%$4.7B$5.3B+13.3%
2020-11-05$2.50$2.79+11.6%$4.3B$4.8B+12.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.706-220.406-290.407-060.407-130.307-200.607-270.608-030.408-100.508-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$405.4M2,161,12959,776
2026-08-24$414.6M2,185,31853,220
2026-08-17$531.9M2,846,07866,448
2026-08-10$412.1M2,272,10564,558
2026-08-03$608.7M3,519,40583,464
2026-07-27$553.6M3,348,81068,527

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1530.7%
DateShort shareShort volumeTotal volume
2026-10-1530.7%267,473872,302
2026-10-1437.7%234,453621,330
2026-10-1345.7%222,641487,135
2026-10-1236.6%151,499414,159
2026-10-0938.9%146,550376,717
2026-10-0845.2%289,076638,976
2026-10-0735.8%272,174760,549
2026-10-0622.9%205,446897,469
2026-10-0525.9%162,976630,073
2026-10-0250.0%284,056567,806
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+3.1Jan-1.5Feb+0.3Mar+0.5Apr-0.7May+1.4Jun+2.4Jul+0.2Aug-0.9Sep-0.1Oct+2.3Nov+2.0Dec
MonthAvg returnUp yearsYears
Jan+3.1%60%20
Feb−1.5%50%20
Mar+0.3%52%21
Apr+0.5%55%20
May−0.7%40%20
Jun+1.4%65%20
Jul+2.4%75%20
Aug+0.2%60%20
Sep−0.9%45%20
Oct−0.1%55%20
Nov+2.3%75%20
Dec+2.0%80%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1463.4
MFI58.3
ADX25.9
Stochastic %K / %D89.4 / 90.3
Williams %R-21.0
CCI191
TSI / signal16.6 / 7.6
Chaikin money flow0.17
ATR$4.25
Bollinger width9.7%
Volume vs 20-day avg0.62x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$183.35 (+4.6%)
SMA 50$183.68 (+4.4%)
SMA 200$164.14 (+16.8%)
EMA 21$184.69 (+3.8%)
EMA 50$180.26 (+6.4%)
EMA 200$171.91 (+11.5%)
Bollinger upper$192.26 (−0.3%)
Bollinger lower$174.44 (+9.9%)
Parabolic SAR$179.87 (+6.6%)
Open the live chart, 110+ indicators

About Becton, Dickinson and Company

Operating globally, Becton, Dickinson and Company (BD) is a prominent enterprise focused on the development, manufacturing, and distribution of a broad spectrum of medical technology. This includes essential medical supplies, sophisticated devices, advanced laboratory equipment, and critical diagnostic products. Its extensive customer base comprises healthcare providers, clinical institutions, medical researchers, pharmaceutical firms, and the general public around the world. The BD Medical division delivers a comprehensive suite of products primarily focused on medication management and drug delivery. This encompasses a variety of intravenous (IV) access solutions, such as peripheral and advanced catheters, central lines, acute dialysis catheters, and related vascular care items including needle-free connectors and closed-system drug transfer devices. It also provides essential injection equipment like hypodermic syringes, needles, anesthesia trays, enteral syringes, and sharps disposal systems. Additionally, this segment develops integrated systems for IV medication and infusion therapy, medication compounding workflow, automated dispensing, and supply chain optimization. Specialized products for diabetes management, including pen needles, along with prefillable drug delivery systems, are also key offerings. BD Life Sciences focuses on diagnostic and research tools, offering products for specimen and blood collection. This segment supplies automated systems for culturing blood and tuberculosis, molecular testing, microorganism identification, and drug susceptibility analysis. It also provides liquid-based cytology systems, rapid diagnostic assays, microbiology laboratory automation, and plated media. Furthermore, it offers advanced solutions for cell analysis, including fluorescence-activated cell sorters and analyzers, antibodies, kits, and reagent systems. These are crucial for single-cell gene expression analysis, as well as for clinical oncology, immunological, and transplantation diagnostics and monitoring. Finally, the BD Interventional segment delivers specialized products for surgical and interventional procedures. Its portfolio includes solutions for hernia and soft tissue repair, biological and bioresorbable grafts, and biosurgery, alongside other surgical products. This segment also addresses surgical infection prevention, provides a range of surgical and laparoscopic instrumentation, offers peripheral intervention products, and supplies urology and critical care devices. Established in 1897, the company maintains its headquarters in Franklin Lakes, New Jersey.

https://www.bd.com

Key executives

NameTitlePayBorn
Thomas E. Polen Jr.President, Chief Executive Officer & Chairman$3.6M1973
Michael C. FeldExecutive VP & Chief Revenue Officer$1.9M1981
Vitor RoqueExecutive Vice President & Chief Financial Officer$1.8M1983
Manish SinhaExecutive Vice President & Chief People Officer$1.4M—
Michael GarrisonExecutive VP & President of Medical Segment and BioPharma Systems Segments$1.4M1970
Carla BurigattoSenior Vice President & Chief Communications Officer——
Elizabeth McCombsExecutive Vice President & Chief Technology Officer—1977
Joseph SmithSenior Vice President & Chief Scientific Officer——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Thomas E. Polen Chairman, Chief Executive Officer and President2025$1.4M$10.0M$1.9M$17.1M
Christopher J. DelOrefice Executive Vice President and Chief Financial Officer2025$837,500$3.1M$722,500$5.9M
Michael C. Feld Executive Vice President, Chief Revenue Officer and President, Life Sciences Segment2025$775,000$1.6M$533,588$4.1M
Michael D. Garrison Executive Vice President and President, Medical Essentials and BioPharma Systems Segments2025$768,750$1.6M$533,588$3.6M
Richard E. Byrd Executive Vice President and President, Interventional Segment2025$756,250$1.4M$592,875$3.4M

Employees

76k201870k201972k202075k202177k202273k202374k202472k2025

Dividends

Ex-dateAmountPaid
2026-09-09$1.052026-09-30
2026-06-09$1.052026-06-30
2026-03-10$1.052026-03-31
2025-12-08$1.052025-12-31
2025-09-08$1.042025-09-30
2025-06-09$1.042025-06-30
2025-03-10$1.042025-03-31
2024-12-09$1.042024-12-31

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage56
Intangibles51
Switching costs39
Network effect45
Efficient scale70
Our component scores (0-100) and overall 51.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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