One-glance verdict
Within fair range
$205.02 our estimate vs market $197.88
Wall Street consensus: $195.57 (-4.6% lower than our fair-value estimate)
3% below our estimate
Fundamentals snapshot
Becton, Dickinson and Company
BDX · NYQ · Healthcare · Medical Instruments & Supplies
Current price
$197.88
52-week range
$127.59 - $200.47
Market cap
$53.90B
Balance sheet
Watch
4.87x Stretched
Net debt $16.10B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
2 Risks
2 rewards · 2 risks
- Reward Free cash flow was positive in 10/10 years.
- Reward Dividend yield is 2.1% with 54-year payout history.
- Risk Stock trades 43.6% above its 5-year average P/E.
- Risk Net debt grew 23.1% over 3 years.
What this company does
Becton, Dickinson and Company
Becton, Dickinson and Company, often called BD, makes and sells a wide variety of products for hospitals and labs, like specialized needles, testing equipment, and devices that help give medicine. Much of their money comes from selling these essential medical supplies that healthcare professionals use every day to care for patients and conduct important research. This makes them a fundamental part of how healthcare systems operate.
How the company got here
Becton, Dickinson and Company, often called BD, has a long history, starting way back in 1897. It began as a small business selling syringes and needles. Over many decades, BD grew by developing new medical tools and acquiring other companies. This expansion allowed BD to offer a wider range of products to hospitals and labs around the world, becoming a major player in the healthcare industry. Its focus has always been on making medical procedures safer and more efficient for both patients and healthcare professionals.
What it actually does
BD makes and sells a huge variety of products that doctors, nurses, and scientists use every day. Think of things like the needles and syringes used for giving shots or drawing blood, the tubes used to collect samples for lab tests, and the equipment used in hospitals to deliver medications safely. They also create advanced tools for scientific research, like machines that can sort and analyze tiny cells, and products that help prevent infections during surgery. Essentially, BD provides the essential tools that keep healthcare running smoothly and enable medical discoveries.
Medical Essentials
This part of BD focuses on the everyday supplies that are crucial for basic medical care. This includes things like the catheters used to give fluids or medications directly into veins, and the systems that help manage and deliver these medications safely. They also make products for collecting samples, like blood collection tubes, and safety devices to prevent accidental needle sticks. This segment is fundamental to patient care in hospitals and clinics worldwide.
Connected Care
The Connected Care segment is all about improving how medications are prepared and delivered, especially in hospital settings. This includes smart systems that help pharmacists accurately mix medications and automated machines that dispense them. It also involves technology that monitors patients' vital signs, like blood pressure, to ensure they are receiving the right treatment. The goal here is to make medication management more precise and patient monitoring more effective.
BioPharma Systems
This segment provides specialized tools and services for companies that develop and manufacture medicines, particularly in areas like vaccines and advanced therapies. BD offers pre-filled syringes and other drug delivery systems that are essential for getting these new treatments to patients. They also supply advanced equipment used in research and development, helping scientists discover and produce new drugs more efficiently. This area is key for the pharmaceutical industry's innovation pipeline.
Interventional
The Interventional segment offers a range of products used in surgical procedures and for treating various conditions. This includes devices for repairing hernias and soft tissues, as well as products that help prevent infections during surgery. They also provide solutions for treating conditions in areas like peripheral arteries and urology. These products are designed to help surgeons perform procedures more effectively and improve patient outcomes.
Life Sciences
This part of BD is dedicated to supporting scientific research and diagnostics. They provide instruments and reagents (substances used in chemical analysis or reactions) for laboratories that identify microorganisms, test for diseases like tuberculosis, and analyze blood. BD also offers advanced tools for cell analysis, which are crucial for understanding diseases like cancer and developing new treatments. This segment empowers researchers and clinical labs to make critical discoveries and diagnoses.
What management is betting on now
BD's current strategy involves integrating its various businesses to offer more comprehensive solutions to healthcare providers. They are focusing on innovation, particularly in areas like medication management and diagnostic testing, to make healthcare safer and more efficient. A key priority is expanding their digital capabilities, connecting their devices and systems to provide better data and insights for doctors and hospitals. BD is also investing in areas like biopharmaceutical manufacturing to support the development of new therapies.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$882.00M
FY2025 Q1
$588.00M
FY2025 Q2
$35.00M
FY2025 Q3
$1.04B
FY2025 Q4
$1.00B
FY2026 Q1
$549.00M
FY2026 Q2
$1.20B
FY2026 Q3
$633.00M
Revenue
$4.98B
Net income
$377.00M
Diluted EPS
1.37
Operating cash flow
$776.00M
Free cash flow
$633.00M
Fetching…
Sources
Revenue
$4.71B
Net income
$-311.00M
Diluted EPS
-1.11
Operating cash flow
$1.33B
Free cash flow
$1.20B
Fetching…
Sources
Revenue
$5.25B
Net income
$382.00M
Diluted EPS
1.34
Operating cash flow
$657.00M
Free cash flow
$549.00M
Fetching…
Sources
Revenue
$5.89B
Net income
$493.00M
Diluted EPS
1.71
Operating cash flow
$1.35B
Free cash flow
$1.00B
Fetching…
Sources
Revenue
$5.51B
Net income
$574.00M
Diluted EPS
2.00
Operating cash flow
$1.22B
Free cash flow
$1.04B
Fetching…
Sources
Revenue
$5.27B
Net income
$308.00M
Diluted EPS
1.07
Operating cash flow
$164.00M
Free cash flow
$35.00M
Fetching…
Sources
Revenue
$5.17B
Net income
$303.00M
Diluted EPS
1.04
Operating cash flow
$693.00M
Free cash flow
$588.00M
Fetching…
Sources
Revenue
$5.44B
Net income
$400.00M
Diluted EPS
1.37
Operating cash flow
$1.18B
Free cash flow
$882.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $205.02 vs current price $197.88
Wall Street consensus is the average analyst price target: $195.57 (-4.6% lower than our fair-value estimate).
Our most-likely fair value is $205.02 a share — about 3.6% away from today's price of $197.88, so the stock currently looks fairly priced.
Is it drowning in debt?
Watch
Net debt $16.1B. Interest coverage 4.9x.
Net debt
$16.10B
Interest coverage
4.87x
Becton, Dickinson and Company's profit covers its interest bill about 4.9 times over. which is weaker than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
BDX
BASELINE
Becton, Dickinson and Company
Total debt $16.81B Interest coverage 4.87x This is the baseline the peer rows are being compared against.
Total debt $28.15B Interest coverage 9.55x +96% vs BDX Carries about 2.0x more debt cushion than BDX.
Total debt $14.18B Interest coverage 8.33x +71% vs BDX Carries about 1.7x more debt cushion than BDX.
Total debt $32.72B Interest coverage 16.33x +235% vs BDX Carries about 3.4x more debt cushion than BDX.
Total debt $41.37B Interest coverage 5.72x +17% vs BDX Carries about 1.2x more debt cushion than BDX.
Total debt $12.62B Interest coverage 11.38x +134% vs BDX Carries about 2.3x more debt cushion than BDX.
What you should know
The case for and against BDX
2 Rewards
2 Risks
Rewards
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 2.1% with 54-year payout history.
Risks
-
Stock trades 43.6% above its 5-year average P/E.
-
Net debt grew 23.1% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
46.02x
Forward P/E
14.88x
P/B
2.21x
P/S
2.40x
EV/EBITDA
11.44x
PEG ratio
1.11x
Profitability
How much profit each dollar creates
Gross margin
46.9%
Operating margin
15.7%
Net margin
4.2%
ROE
6.6%
ROA
4.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.69x
Current ratio
0.86x
Quick ratio
0.33x
Total debt
$16.81B
Total cash
$709.00M
Growth
How the business has been compounding
Revenue TTM
$20.84B
Revenue 5Y CAGR
3.4%
EPS TTM
4.30
EPS 5Y CAGR
-0.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$4.12B
Free CF TTM
$2.67B
FCF margin
12.8%
Dividend
Shareholder payout
Yield
2.1%
Payout ratio
72.5%
Last ex-div date
2026-09-09