Becton, Dickinson and Company

BDX · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$53,648	$69,688	$75,002	$63,550	$70,069	$66,324	$72,105	$74,396	$44,592	$38,269	$27,892	–	–	–	–	–	–	–	–	–	–	–	–	$5,621	$7,245	$5,855	$5,782	$5,680	$5,979	$6,109	$6,391	$6,807	$7,251	$7,053	$7,095	$7,073	$7,231	$7,344	$7,624	$7,840	$7,535
Enterprise value	$72,254	$89,112	$90,402	$79,487	$86,198	$81,409	$90,929	$94,734	$49,262	$48,252	$39,270	–	–	–	–	–	–	–	–	–	–	–	–	$6,613	$8,395	$7,217	$7,303	$6,747	$6,664	$6,670	$6,956	$7,555	$8,100	$7,967	$7,946	$7,848	$7,875	$7,910	$8,097	$8,213	$7,699
P/E (TTM) at period end	31.97×	40.87×	52.67×	37.63×	35.00×	86.47×	66.64×	467.90×	43.29×	39.21×	40.13×	–	–	–	–	–	–	–	–	–	–	–	–	11.71×	18.04×	14.90×	20.97×	24.01×	19.92×	21.54×	25.39×	29.96×	101.13×	35.13×	37.38×	38.80×	42.81×	45.33×	53.77×	70.06×	85.63×
P/S (TTM) at period end	2.46×	3.45×	3.87×	3.37×	3.66×	4.13×	4.17×	4.65×	3.69×	3.07×	2.71×	–	–	–	–	–	–	–	–	–	–	–	–	1.42×	1.93×	1.62×	1.69×	1.82×	2.13×	2.21×	2.36×	2.66×	2.94×	2.98×	3.27×	3.51×	3.99×	4.30×	4.82×	5.98×	6.59×
P/B at period end	2.11×	2.69×	2.91×	2.51×	2.96×	2.79×	3.42×	3.54×	3.44×	5.01×	3.89×	–	–	–	–	–	–	–	–	–	–	–	–	2.26×	3.11×	2.99×	3.27×	3.52×	4.32×	4.61×	4.57×	4.59×	4.98×	4.42×	5.20×	5.73×	6.75×	7.65×	8.85×	9.75×	11.06×
EV / EBITDA (TTM)	14.33×	19.03×	20.55×	17.62×	19.24×	26.89×	22.66×	27.17×	18.87×	18.97×	19.98×	–	–	–	–	–	–	–	–	–	–	–	–	6.81×	8.82×	8.39×	9.37×	9.31×	10.09×	10.56×	11.51×	14.29×	17.60×	15.99×	17.14×	17.79×	20.84×	–	–	–	–
EV / Sales (TTM)	3.31×	4.42×	4.67×	4.21×	4.51×	5.06×	5.26×	5.93×	4.07×	3.87×	3.82×	–	–	–	–	–	–	–	–	–	–	–	–	1.67×	2.24×	1.99×	2.14×	2.16×	2.37×	2.41×	2.56×	2.95×	3.29×	3.37×	3.66×	3.90×	4.35×	4.63×	5.12×	6.26×	6.73×
Returns
Return on equity	6.6%	6.6%	5.5%	6.7%	8.5%	3.2%	5.1%	0.8%	8.0%	12.8%	9.7%	23.5%	25.7%	28.3%	26.3%	24.2%	23.9%	22.8%	20.4%	19.6%	22.0%	15.2%	18.9%	19.3%	17.2%	20.1%	15.6%	14.7%	21.7%	21.4%	18.0%	15.3%	4.9%	12.6%	13.9%	14.8%	15.8%	16.9%	16.5%	13.9%	12.9%
Return on invested capital	5.2%	4.5%	4.7%	5.1%	5.4%	2.2%	4.4%	1.0%	8.6%	7.4%	5.4%	17.5%	14.0%	17.7%	19.4%	19.0%	20.8%	20.5%	16.8%	19.6%	20.2%	17.1%	15.9%	14.8%	14.1%	13.0%	11.7%	12.9%	15.4%	16.5%	14.5%	11.2%	11.2%	9.8%	10.1%	10.1%	10.3%	11.3%	11.5%	10.1%	11.0%
Dividend yield	2.2%	1.6%	1.5%	1.7%	1.5%	1.5%	1.4%	1.2%	1.5%	1.5%	1.7%	–	–	–	–	–	–	–	–	–	–	–	–	1.8%	1.4%	1.6%	1.5%	1.3%	1.1%	1.0%	0.9%	0.8%	0.7%	0.7%	0.7%	0.6%	0.5%	–	–	–	–
Financial health
Current ratio	1.11×	1.17×	1.31×	1.04×	1.33×	1.54×	1.18×	1.03×	5.58×	1.45×	1.29×	2.74×	2.76×	2.69×	2.56×	2.70×	2.61×	2.55×	2.12×	2.02×	2.29×	2.52×	2.24×	1.54×	1.39×	1.23×	1.27×	1.41×	1.94×	1.67×	1.84×	1.96×	1.81×	1.71×	1.94×	1.68×	1.53×	1.68×	1.71×	1.76×	2.04×
Debt / equity	0.76×	0.78×	0.62×	0.64×	0.74×	0.75×	0.92×	1.02×	1.46×	1.51×	1.79×	0.79×	0.79×	1.01×	0.56×	0.31×	0.37×	0.23×	0.27×	0.36×	0.39×	0.40×	0.45×	0.50×	0.53×	0.72×	0.90×	0.71×	0.58×	0.52×	0.55×	0.57×	0.61×	0.61×	0.65×	0.66×	0.66×	0.72×	0.77×	0.68×	0.41×
Effective tax rate	10.8%	15.0%	7.9%	8.3%	5.2%	6.3%	(4.8%)	73.5%	(12.7%)	9.0%	6.0%	22.1%	20.3%	24.7%	25.8%	28.8%	26.1%	27.7%	29.0%	27.6%	31.1%	22.6%	23.1%	23.6%	24.0%	24.4%	26.0%	30.6%	29.0%	28.0%	28.0%	23.3%	4.5%	25.5%	29.0%	33.5%	30.6%	27.8%	32.1%	35.2%	32.8%
Share count
Diluted shares outstanding	289	291	288	287	292	282	275	265	224	218	208	198	199	209	226	240	247	253	255	257	261	263	263	267	268	262	262	259	259	264	276	294	314	305	307	306	313	318	330	339	326

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$20,840	$21,840	$20,178	$19,372	$18,870	$19,131	$16,074	$17,290	$15,983	$12,093	$12,483	$10,282	$8,446	$8,054	$7,708	$7,584	$7,124	$6,987	$6,898	$6,283	$5,738	$5,415	$4,935	$4,464	$3,960	$3,754	$3,618	$3,418	$3,117	$2,810	$2,770	$2,712	$2,560	$2,465	$2,365	$2,172	$2,013	$1,812	$1,709	$1,582	$1,312	$1,144
Cost of revenue	($11,161)	($11,915)	($11,053)	($11,202)	($10,393)	($10,500)	($9,276)	($9,002)	($8,714)	($6,128)	($6,492)	($5,587)	($4,145)	($3,883)	($3,755)	($3,625)	($3,428)	($3,312)	($3,357)	($3,033)	($2,793)	($2,662)	($2,500)	($2,297)	($2,049)	($1,913)	($1,560)	($1,453)	($1,312)	($1,204)	($1,229)	($1,229)	($1,196)	($1,179)	($1,132)	($1,022)	($956)	($861)	($805)	($763)	($627)	($566)
Gross profit	$9,679	$9,925	$9,125	$8,170	$8,477	$8,631	$7,577	$8,288	$7,269	$5,942	$5,991	$4,695	$4,301	$4,171	$3,953	$3,959	$3,696	$3,675	$3,540	$3,250	$2,945	$2,753	$2,434	$2,167	$1,911	$1,841	$2,058	$1,966	$1,805	$1,607	$1,541	$1,484	$1,364	$1,287	$1,233	$1,150	$1,057	$950	$904	$819	$685	$578
Operating expenses
Research and development	($1,135)	($1,265)	($1,190)	($1,237)	($1,256)	($1,279)	($1,039)	($1,062)	($1,004)	($770)	($828)	($632)	($550)	($494)	($472)	($470)	($423)	($405)	($396)	($360)	($302)	($272)	($236)	($224)	($207)	($212)	($224)	($254)	($218)	($181)	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($5,233)	($5,278)	($4,857)	($4,719)	($4,709)	($4,719)	($4,185)	($4,332)	($4,016)	($2,909)	($3,005)	($2,563)	($2,145)	($2,422)	($1,923)	($1,824)	($1,691)	($1,681)	($1,670)	($1,584)	($1,448)	($1,450)	($1,311)	($1,181)	($1,008)	($983)	($974)	($932)	($862)	($766)	($909)	($880)	($835)	($827)	($735)	($686)	($616)	($572)	($556)	($500)	($436)	($380)
Total operating expenses	($7,674)	($7,346)	($6,728)	($6,059)	($6,195)	($6,381)	($6,665)	($6,528)	($5,760)	($4,420)	($4,561)	($3,621)	($2,695)	($2,917)	($2,395)	($2,293)	($2,114)	($2,085)	($2,052)	($2,065)	($1,803)	($1,722)	($1,647)	($1,406)	($1,236)	($1,195)	($1,486)	($1,445)	($1,308)	($1,156)	($1,110)	($1,087)	($1,038)	($1,016)	($905)	($836)	($752)	($694)	($665)	($593)	($502)	($440)
Total costs and expenses	($18,835)	($19,261)	($17,781)	($17,261)	($16,588)	($16,881)	($15,162)	($15,530)	($14,474)	($10,571)	($11,053)	($9,208)	($6,840)	($6,800)	($6,150)	($5,918)	($5,542)	($5,397)	($5,409)	($5,098)	($4,597)	($4,385)	($4,147)	($3,702)	($3,286)	($3,108)	($3,046)	($2,898)	($2,620)	($2,360)	($2,338)	($2,316)	($2,234)	($2,195)	($2,037)	($1,858)	($1,707)	($1,556)	($1,470)	($1,356)	($1,128)	($1,006)
Operating income	$2,005	$2,579	$2,397	$2,111	$2,282	$2,250	$912	$1,760	$1,509	$1,522	$1,430	$1,074	$1,606	$1,254	$1,558	$1,666	$1,582	$1,590	$1,488	$1,185	$1,141	$1,030	$787	$761	$674	$646	$572	$521	$496	$450	$431	$397	$325	$270	$329	$314	$306	$256	$239	$226	$183	$138
Earnings
EBITDA	$4,375	$5,041	$4,683	$4,399	$4,511	$4,480	$3,027	$4,013	$3,487	$2,610	$2,544	$1,965	$2,168	$1,800	$2,069	$2,160	$2,074	$2,054	$1,960	$1,626	$1,544	$1,418	$1,144	$1,097	$971	$952	$861	$780	$725	$660	$632	$604	$529	$460	$498	$464	$441	$378	–	–	–	–
Interest income	$22	$38	$163	$49	$16	$9	$7	$12	$65	$76	$21	$15	$46	$40	$50	$43	$35	$33	$39	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($589)	($613)	($528)	($452)	($398)	($469)	($528)	($639)	($706)	($521)	($388)	($371)	($135)	($138)	($135)	($84)	($51)	($40)	($36)	($46)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,496	$1,881	$2,005	$1,662	$1,783	$1,692	$985	$1,176	$1,173	$976	$1,074	$739	$1,522	$1,165	$1,472	$1,618	$1,567	$1,579	$1,490	$1,185	$1,126	$1,005	$753	$722	$627	$577	$520	$373	$341	$423	$394	$350	$296	$223	$270	$267	$274	$228	$206	$209	$173	$131
Income tax expense	($206)	($203)	($300)	($132)	($148)	($88)	($62)	$57	($862)	$124	($97)	($44)	($337)	($236)	($363)	($417)	($452)	($411)	($412)	($344)	($311)	($313)	($170)	($167)	($148)	($138)	($127)	($97)	($104)	($123)	($110)	($98)	($69)	($10)	($69)	($78)	($92)	($70)	($57)	($67)	($61)	($43)
Net income	$941	$1,678	$1,705	$1,484	$1,779	$2,092	$874	$1,233	$311	$1,100	$976	$695	$1,185	$1,293	$1,170	$1,271	$1,318	$1,232	$1,127	$890	$752	$722	$467	$547	$480	$402	$393	$276	$237	$300	$284	$252	$227	$72	$201	$190	$182	$169	$162	$142	$112	$88
Per share
Diluted EPS (GAAP)	$3.32	$5.82	$5.86	$4.94	$5.88	$6.85	$2.71	$3.94	$0.60	$4.60	$4.49	$3.35	$5.99	$6.49	$5.59	$5.62	$5.49	$4.99	$4.46	$3.49	$2.93	$2.77	$1.77	$2.07	$1.79	$1.49	$1.49	$1.04	$0.90	$1.15	$1.06	$0.90	$0.76	$0.22	$0.65	$0.61	$0.59	$0.54	$0.51	$0.43	$0.33	$0.27
Basic EPS (GAAP)	$3.32	$5.83	$5.88	$4.97	$5.93	$6.92	$2.75	$4.01	$0.62	$4.70	$4.59	$3.43	$6.13	$6.63	$5.69	$5.75	$5.62	$5.12	$4.61	$3.63	$3.04	$2.87	$1.85	$2.14	$1.85	$1.55	$1.54	$1.09	$0.95	$1.15	$1.06	$0.90	$0.76	$0.22	$0.65	$0.61	$0.59	$0.54	$0.51	$0.43	$0.33	$0.27
Basic shares outstanding	282	288	290	286	285	289	279	270	258	219	213	203	193	195	205	221	234	240	244	245	247	252	252	255	258	257	253	250	246	259	264	276	294	314	305	307	306	313	318	330	339	326
Margins
Gross margin	46.4%	45.4%	45.2%	42.2%	44.9%	45.1%	47.1%	47.9%	45.5%	49.1%	48.0%	45.7%	50.9%	51.8%	51.3%	52.2%	51.9%	52.6%	51.3%	51.7%	51.3%	50.8%	49.3%	48.5%	48.3%	49.0%	56.9%	57.5%	57.9%	57.2%	55.6%	54.7%	53.3%	52.2%	52.1%	52.9%	52.5%	52.5%	52.9%	51.8%	52.2%	50.5%
Operating margin	9.6%	11.8%	11.9%	10.9%	12.1%	11.8%	5.7%	10.2%	9.4%	12.6%	11.5%	10.4%	19.0%	15.6%	20.2%	22.0%	22.2%	22.8%	21.6%	18.9%	19.9%	19.0%	16.0%	17.1%	17.0%	17.2%	15.8%	15.2%	15.9%	16.0%	15.6%	14.6%	12.7%	11.0%	13.9%	14.4%	15.2%	14.1%	14.0%	14.3%	14.0%	12.0%
Net margin	4.5%	7.7%	8.4%	7.7%	9.4%	10.9%	5.4%	7.1%	1.9%	9.1%	7.8%	6.8%	14.0%	16.1%	15.2%	16.8%	18.5%	17.6%	16.3%	14.2%	13.1%	13.3%	9.5%	12.3%	12.1%	10.7%	10.9%	8.1%	7.6%	10.7%	10.2%	9.3%	8.9%	2.9%	8.5%	8.7%	9.1%	9.3%	9.5%	9.0%	8.5%	7.7%

Analyst consensus

Hold34 analysts

Bearish · 1 · Hold · 17 · Bullish · 16

Earnings history

	EPS	Estimate
Q4 2024	$3.81	$3.77	Beat
Q1 2025	$3.43	$3.00	Beat
Q2 2025	$3.35	$3.28	Beat
Q3 2025	$3.68	$3.40	Beat
Q4 2025	$3.96	$3.92	Beat
Q1 2026	$2.91	$2.21	Beat
Q2 2026	$2.90	$2.78	Beat
Q3 2026	$3.23	$3.14	Beat

Peers

Company overview

IPO dateFeb 21, 1973

CEOThomas E. Polen Jr.

Employees72,000

SectorHealthcare

IndustryMedical - Instruments & Supplies

CountryUS

ExchangeNew York Stock Exchange

Websitewww.bd.com

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.

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