Health Care · Health Care Equipment · US stock · price as of 22 Oct 2026
Key indicators
Price
$200.42
52-week range
$140.11 – $213.08
Market cap
$55.1B
P/E (trailing)
60.2×
EV / EBITDA
14.3×
Free-cash-flow yield
–
Dividend yield
2.1%
Revenue (last 12 months)
$23.3B
Revenue growth (3y a year)
5.0%
Operating margin
10.7%
Return on invested capital
5.4%
Net debt / EBITDA
3.2×
Fair value
Fair value (average of valid models)$235.75 middle half of models $191 – $292
Versus priceUndervalued+18% to fair value
P/E multiple
$191.38
P/B multiple
$235.21
P/S multiple
$310.99
EV/EBITDA multiple
$229.10
EV/EBIT multiple
$229.03
EV/revenue multiple
$277.35
10-year DCF, EBITDA exit
$296.17
5-year DCF, EBITDA exit
$278.77
10-year DCF, revenue exit
$302.39
5-year DCF, revenue exit
$287.51
10-year DCF, growth exit
$161.56
5-year DCF, growth exit
$123.21
Dividend discount, stable
$190.01
Dividend discount, multi-stage
$308.29
Earnings power value
$115.25
Model uncertainty
Medium
X-Ray Score
47/ 100 · Medium confidence · ahead of 40% of sector peers
Valuation61
Growth39
Profitability38
Financial health42
Dividends59
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Becton Dickinson & Co an X-Ray Score of 47 out of 100 (medium confidence), ahead of 40% of the S&P 500 stocks in its sector. Its strongest lens is valuation (61) and its weakest is profitability (38).
Our fair value (the average of the valid models) is $235.75 (range $190.69 to $291.84). At $200.42 the stock trades 15% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Becton Dickinson & Co (BDX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$172.36
$162.33
$191.11
$181.13
$143.56
$200.42
Market cap
$50.3B
$46.6B
$55.1B
$52.7B
$41.4B
$55.1B
P/E
25.2×
27.6×
38.7×
30.9×
24.7×
60.2×
EV / revenue
3.4×
3.3×
3.6×
3.5×
2.7×
3.1×
EV / EBITDA
14.7×
13.7×
15.8×
15.2×
11.9×
14.3×
Price / free cash flow
14.6×
–
–
–
–
–
Free-cash-flow yield
6.9%
–
–
–
–
–
Price / book
2.1×
1.8×
2.1×
2.0×
1.6×
2.3×
Dividend yield
1.93%
2.14%
1.90%
2.10%
2.90%
2.10%
Fundamentals checklist ● 2 Good · ● 2 Average · ● 9 Bad · each check graded against the sector
Risk models
Altman Z score2.3×Bad
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−0.3%Bad
Revenue growth (3y)5.0%Average
Growth consistency80%Bad
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA3.2×Bad
Interest cover4.2×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield3.5%Average
Profitability
Return on invested capital5.4%Bad
Operating margin10.7%Bad
Gross profitability21.5%Bad
XStocksXray
Becton Dickinson & Co (BDX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
19,131
18,870
19,372
20,178
21,840
23,250
Gross profit
8,631
8,477
8,170
9,125
9,925
10,912
Operating income
2,250
2,282
2,111
2,397
2,579
2,482
Net income
2,092
1,779
1,484
1,705
1,678
941
Diluted EPS ($)
6.85
5.88
4.94
5.86
5.82
3.33
Free cash flow
3,453
–
–
–
–
–
Gross margin
45.1%
44.9%
42.2%
45.2%
45.4%
46.9%
Operating margin
11.8%
12.1%
10.9%
11.9%
11.8%
10.7%
Net margin
10.9%
9.4%
7.7%
8.4%
7.7%
4.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
53,866
52,934
52,780
57,286
55,325
50,731
Cash
2,283
1,006
1,416
1,717
567
708
Total debt
17,610
16,065
15,879
20,110
19,179
16,808
Equity
23,677
25,282
25,796
25,890
25,390
24,416
Dividend per share ($)
3.32
3.48
3.64
3.80
4.16
4.19
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
