Becton Dickinson & Co (BDX)
Health Care · Health Care Equipment · US stock · S&P 500 component
$200.42
▲ +6.08 (3.13%)
Fair valueUndervalued
$236 +17.6% to fair value
$118fair band $201–$286$354
Day's range
$194.91 – $200.44
52-week range
$140.11 – $213.08
About Becton Dickinson & Co
Becton Dickinson is a medical technology company that makes products used in hospitals, laboratories and clinics, including syringes, needles, catheters, infusion pumps, medication management systems and diagnostic tests. Its customers are hospitals and health systems, laboratories, pharmaceutical companies and other healthcare providers, many of which reorder disposable items regularly. The business operates through several medical technology units serving different parts of care.
Becton Dickinson earns revenue from recurring supplies of disposable devices, plus equipment, software and diagnostic products. Revenue is $23.2 billion over the last twelve months, growing at 5.0% a year across three years. The operating margin is 10.7%, and the business earns a profit of 5% on the capital invested in it. It carries net debt of 3.2 times EBITDA, and the dividend yield is 2.1%. On the site's X-Ray Score it receives 47 out of 100.
Price chart
52-wk range $140.11 – $213.08Volume 1,382,779Daily, split-adjusted
Vitals
Market cap$55.1B
52-week range$140.11 – $213.08
Volume (last day)1,382,779
P/E (TTM)60.2
EBIT / EV yield3.5%
Free-cash-flow yield–
Dividend yield2.1%
Revenue (TTM)$23.3B
Net income (TTM)$941M
Operating margin10.7%
Return on capital5.4%
Debt incl. leases$16.8B
Cash & securities$708M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$236middle half of models $191 – $292
Undervalued
+17.6% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $200
Undervalued < $201Fair $201 – $286Overvalued > $286
P/E multiple
$191
P/B multiple
$235
P/S multiple
$311
EV/EBITDA multiple
$229
EV/EBIT multiple
$229
EV/revenue multiple
$277
10-year DCF, EBITDA exit
$296
5-year DCF, EBITDA exit
$279
10-year DCF, revenue exit
$302
5-year DCF, revenue exit
$288
10-year DCF, growth exit
$162
5-year DCF, growth exit
$123
Dividend discount, stable
$190
Dividend discount, multi-stage
$308
Earnings power value
$115
Growth the price implies
19.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
61/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield3.5%
Fair value vs price1.2×
Growth
Weak
39/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)5.0%
EPS growth (3y)-0.3%
Growth consistency80%
Profitability
Weak
38/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital5.4%
Operating margin10.7%
Gross profitability21.5%
Financial health
Weak
42/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA3.2×
Interest cover4.2×
Dividends
Fair
59/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.1%
Dividend growth3.4%
Quarterly results: last 6 quarters
-11.2%
Mar '25
-5.3%
Jun '25
+52.7%
Sep '25
+1.6%
Dec '25
+5.2%
Mar '26
+5.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $5.0B, diluted EPS $1.37.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 BSX Boston Scientific Corp67Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Becton Dickinson & Co
Strengthsinside the company
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 5.4% (median 10.7% for industry peers), so the business earns little above its cost of capital.
- Operating margin of 10.7% is thin against 18.9% for industry peers.
Opportunitiesvaluation and setting
- The price is 18% below our fair value estimate, with the gap larger than the margin we allow for error.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 58.6x earnings, 98% above the 29.5x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BDX with peers and sector
Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABT 41, ISRG 62, MDT 57, SYK 56, BSX 67, EW 55.
| Metric | BDX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 47 | 57 | 49 |
| Valuation | 61 | 57 | 52 |
| Growth | 39 | 74 | 48 |
| Profitability | 38 | 55 | 51 |
| Financial health | 42 | 64 | 48 |
| Dividends | 59 | 35 | 50 |
Sector leaders: highest X-Ray Score in Health Care
BDX ranks #36 of 60 in Health Care and #13 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BDX
Each factor is rated by where BDX stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 4 Average · 10 Bad of 18
Growth: 0 · 2 · 1
Profitability: 0 · 0 · 5
Financial strength: 1 · 0 · 3
Valuation: 2 · 1 · 1
Efficiency: 1 · 1 · 0
| Factor | BDX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +5.0% | Average beats 44% | +5.5% | – | – |
| Revenue growth, last year | +8.2% | Average beats 56% | +7.1% | +4.2% | ▲ Better |
| EPS growth, 3 years a year | −0.3% | Bad beats 31% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 46.9% | Bad beats 31% | 65.0% | 45.1% | ≈ In line |
| Operating margin | 10.7% | Bad beats 29% | 16.4% | 11.8% | ≈ In line |
| Net margin | 4.0% | Bad beats 27% | 11.1% | 8.4% | ▼ Worse |
| Return on invested capital | 5.4% | Bad beats 19% | 12.2% | – | – |
| Return on equity | 3.9% | Bad beats 14% | 13.7% | 6.6% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 3.2x | Bad beats 28% | 2.0x | 3.4x | ≈ In line |
| Interest cover | 4.2x | Bad beats 21% | 9.4x | 4.7x | ≈ In line |
| Current ratio | 0.87 | Bad beats 9% | 1.52 | 1.17 | ▼ Worse |
| Piotroski F-score | 8 / 9 | Good beats 85% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 58.6x | Bad beats 10% | 28.2x | 28.3x | ▼ Worse |
| Price / book | 2.3x | Good beats 79% | 3.7x | 2.1x | ≈ In line |
| Price / sales | 2.4x | Average beats 66% | 3.7x | 2.7x | ▲ Better |
| EV / EBITDA | 14.3x | Good beats 73% | 17.6x | 15.7x | ≈ In line |
| Efficiency | |||||
| Inventory turnover | 3.7x | Average beats 66% | 2.9x | 3.4x | ≈ In line |
| Days sales outstanding | 37 days | Good beats 86% | 62 days | 45 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 2 Average · ● 9 BadCash quality
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 34/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $19.1B | $18.9B | $19.4B | $20.2B | $21.8B |
| Operating income | $2.3B | $2.3B | $2.1B | $2.4B | $2.6B |
| Net income | $2.1B | $1.8B | $1.5B | $1.7B | $1.7B |
| Operating cash flow | $4.6B | – | – | – | – |
| Operating margin | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% |
| Free cash flow | $3.5B | – | – | – | – |
| Diluted EPS | $6.85 | $5.88 | $4.94 | $5.86 | $5.82 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 191.4 | Bullish |
| EMA 10 | 191.8 | Bullish |
| SMA 20 | 186.1 | Bullish |
| EMA 20 | 188.3 | Bullish |
| SMA 50 | 184.6 | Bullish |
| EMA 50 | 182.2 | Bullish |
| SMA 100 | 170.0 | Bullish |
| EMA 100 | 174.3 | Bullish |
| SMA 200 | 163.3 | Bullish |
| EMA 200 | 166.2 | Bullish |
Oscillators (daily)
| RSI (14) | 72.45 | Bearish |
| MACD (12, 26) | 3.96 | Bullish |
| Momentum (12) | 11.16 | Bullish |
| Stochastic %K (14) | 99.92 | Bearish |
| Williams %R (14) | -0.08 | Bearish |
| CCI (20) | 161.0 | Bearish |
Pivot points (classic, last session)
S3 191.2 | S2 193.1 | S1 196.7 | Pivot 198.6 | R1 202.3 | R2 204.1 | R3 207.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.20 USD
Yield on today's price
2.10%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.0500 | |
| 1.0500 | |
| 1.0500 | |
| 1.0500 | |
| 1.0400 | |
| 1.0400 | |
| 1.0400 | |
| 1.0400 | |
| 0.9500 | |
| 0.9500 | |
| 0.9500 | |
| 0.9500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BDX
| ETF | Share of the fund |
|---|---|
| IHI iShares U.S. Medical Devices | 4.63% |
| FEGE First Eagle Global Equity | 2.07% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.49% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.38% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 1.15% |
| SDY SPDR S&P Dividend | 1.07% |
| COWZ Pacer US Cash Cows 100 | 1.01% |
| IYH iShares U.S. Healthcare | 0.78% |
The eight funds with the largest weight in BDX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BDX stock splits
BDX has split its stock 3 times since 1993. The latest was a 2-for-1 split on 21 Aug 1998.
Full BDX stock split history →BDX SEC filings
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.