One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Becton, Dickinson and Company
BDX · NYQ · Healthcare · Medical Instruments & Supplies
Current price
$165.62
52-week range
$127.59 - $187.35
Market cap
—
Balance sheet
Watch
4.87x Stretched
Net debt $16.46B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Returns 6.7% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Net debt grew 23.1% over 3 years.
- Risk Insider ownership is only 0.4% (peer median: 0.5%).
What this company does
Becton, Dickinson and Company
Becton, Dickinson and Company (BDX) is a major producer of medical equipment, selling everything from everyday hospital supplies like needles and catheters to advanced diagnostic machines for labs. Because so many of its products are disposable and essential for patient care, the company generates steady recurring revenue (income that is likely to continue in the future) from customers who constantly need to restock. This consistent demand makes the business less sensitive to the ups and downs of the general economy.
How the company got here
Becton, Dickinson and Company, or BD, started in 1897 by selling medical thermometers and syringes. For much of its history, it was known for making essential but simple hospital supplies like needles and blood collection tubes. The company grew significantly through major acquisitions (buying other companies), such as CareFusion in 2015 and C.R. Bard in 2017, which expanded its business into more advanced medical technology like infusion pumps and devices for surgery. More recently, under a strategy to focus on higher-growth areas, BD spun off (separated into a new company) its diabetes care business in 2022 and its life sciences diagnostics business in 2026. This has reshaped the company to concentrate on medical technology for delivering medication, patient monitoring, and surgical procedures.
What it actually does
BD is a medical technology company that makes and sells a vast range of medical devices and equipment. Think of the everyday items you'd see in a hospital or doctor's office, from the simple needle used for a shot to the IV catheter that delivers fluids. The company provides these essential tools to healthcare professionals in hospitals, clinics, and laboratories all over the world. Their products are involved in many aspects of healthcare, including delivering medication, helping with surgery, and monitoring patients.
BD Medical
This is BD's largest and most traditional business, making the essential items for delivering medicine. It produces billions of syringes, needles, and IV catheters that are fundamental to patient care in hospitals and clinics. This segment also includes a division that works with pharmaceutical companies to create pre-fillable syringe systems for injectable drugs, which is a growing business. Hospitals and healthcare systems are the main customers, and this segment forms the bedrock of the company's sales.
BD Life Sciences
This segment focuses on tools that help laboratories diagnose diseases and conduct research. It provides products for collecting and managing blood and other specimens, as well as instruments that help identify bacteria and viruses. For example, when you get a blood test, there's a good chance a BD tube is used to collect the sample. In early 2026, BD completed a spin-off of this business, which merged with Waters Corporation, to allow BD to focus more on its other medical technology areas.
BD Interventional
The Interventional segment provides specialized devices used in surgical and minimally invasive procedures (surgeries done through small incisions). This part of the company was significantly expanded with the acquisition of C.R. Bard. Its products are used for things like repairing hernias, treating vascular (blood vessel) diseases, and in urology and cancer treatments. These are often higher-margin products (meaning the profit from each sale is relatively high) used by surgeons and specialists in hospitals.
What management is betting on now
The company's current strategy, called "BD 2025," is focused on developing "smart connected care." This means creating medical devices that can communicate with each other and with hospital information systems to improve patient safety and make healthcare workers' jobs easier. They are also investing in technologies for treating chronic diseases and expanding into new healthcare settings outside of the traditional hospital. After its recent restructuring, management is aiming to increase its profitability and will likely continue to make smaller, targeted acquisitions of companies with innovative technology.
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 Q3
$1.12B
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
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
Revenue
$4.99B
Net income
$487.00M
Diluted EPS
1.68
Operating cash flow
$1.30B
Free cash flow
$1.12B
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $165.62
We couldn't calculate a fair value right now.
Is it drowning in debt?
Watch
Net debt $16.5B. Interest coverage 4.9x.
Net debt
$16.46B
Interest coverage
4.87x
Becton, Dickinson and Company's profit covers its interest bill about 4.9 times over. and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Watch
Worse cushion
Baseline
Better cushion
BDX
BASELINE
Becton, Dickinson and Company
Total debt $17.28B Interest coverage 4.87x This is the baseline the peer rows are being compared against.
Total debt $29.15B Interest coverage 9.55x +96% vs BDX Carries about 2.0x more debt cushion than BDX.
Total debt $15.45B 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 $27.86B Interest coverage 17.70x +263% vs BDX Carries about 3.6x more debt cushion than BDX.
Total debt $9.67B Interest coverage 0.61x -87% vs BDX Carries about 8.0x less debt cushion than BDX.
What you should know
The case for and against BDX
3 Rewards
2 Risks
Rewards
-
Returns 6.7% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 10/10 years.
-
Trades at 28.9x P/E vs peer median 34.5x (16.1% cheaper).
Risks
-
Net debt grew 23.1% over 3 years.
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Insider ownership is only 0.4% (peer median: 0.5%).
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)
28.90x
Forward P/E
12.30x
P/B
1.89x
P/S
—
EV/EBITDA
10.09x
PEG ratio
1.11x
Profitability
How much profit each dollar creates
Gross margin
47.1%
Operating margin
14.7%
Net margin
5.1%
ROE
6.7%
ROA
4.4%
Health
Liquidity and balance-sheet strength
Debt / equity
0.72x
Current ratio
0.94x
Quick ratio
0.35x
Total debt
$17.28B
Total cash
$816.00M
Growth
How the business has been compounding
Revenue TTM
$21.37B
Revenue 5Y CAGR
3.4%
EPS TTM
5.73
EPS 5Y CAGR
-0.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$4.56B
Free CF TTM
$2.67B
FCF margin
12.5%
Dividend
Shareholder payout
Yield
2.5%
Payout ratio
73.0%
Last ex-div date
2026-09-09