# Becton Dickinson and (BDX.US)

Canonical: https://gigainvestors.com/s/BDX

Analysis as of: 2026-10-16T07:26:51.926Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $193.76 per share; close as of 2026-10-15.

Estimated value: low $135.57 per share, central $154.11 per share, high $178.80 per share. Buy at or below the central value $154.11 per share. Valuation as of 2026-10-16T07:26:51.926Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.13×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.06×

- FY2021: 0.12×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.12×

- FY2025: 0.12×

- LTM to Jun 2026: 0.10×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.2%

- ROIC, second-lowest year: 5.5%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 45.3%

- Recent gross margin (lower of latest and 3-year median): 45.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 7.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 15.2%

- FY2018: 5.5%

- FY2019: 10.6%

- FY2020: 5.1%

- FY2021: 13.5%

- FY2022: 12.7%

- FY2023: 11.7%

- FY2024: 10.9%

- FY2025: 13.4%

- LTM to Jun 2026: 11.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $16B

- Net income, five-year total: $8.7B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.5 pp

- Working capital / revenue, final three-year average: 22.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.48×

- FY2022: 1.71×

- FY2023: 1.95×

- FY2024: 1.92×

- FY2025: 2.01×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 13.2% vs 11.7%

- Per-share earnings: 3.53 to 4.57 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.4%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: $11B

- Cumulative retained earnings: $3.5B

- Diluted shares, 10-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.3%

- Per-share value change: $1.05

- Per-share value, starting three-year median: $3.53

- Per-share value, ending three-year median: $4.57

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 1.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $29B

- Cumulative net income, 10 years: $13B

- ROIC, first three-year median: 13.2%

- ROIC, last three-year median: 11.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.53

- FY2017: $3.87

- FY2018: $0.92

- FY2019: $3.53

- FY2020: $2.43

- FY2021: $5.63

- FY2022: $4.87

- FY2023: $4.05

- FY2024: $4.61

- FY2025: $4.57

### accounting: pass

- Sloan accruals: -3.2%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.04×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.2%

- FY2017: -3.8%

- FY2018: -4.7%

- FY2019: -4.0%

- FY2020: -4.9%

- FY2021: -4.7%

- FY2022: -1.6%

- FY2023: -2.9%

- FY2024: -3.7%

- FY2025: -3.2%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Edgar Wachenheim](https://gigainvestors.com/GA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mark Hillman](https://gigainvestors.com/HCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 2% since Oct 2023 · "BD shares fall by 3% after lowering FY26 profit outlook" (finance.yahoo.com, Feb 2026) · sales +8.2%

Story as of 2026-10-16T09:58:23.010Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

- 2025-05-01: Medical device maker Becton Dickinson cuts 2025 profit forecast on potential tariff hit ([finance.yahoo.com](https://finance.yahoo.com/news/medical-device-maker-becton-dickinson-114833334.html))

- 2025-08-07: Becton Dickinson shares surge as Q3 earnings beat drives guidance hike ([finance.yahoo.com](https://finance.yahoo.com/news/becton-dickinson-shares-surge-q3-111707332.html))

- 2025-11-06: Becton Dickinson tops Q4 profit forecast, guides above consensus for 2026 ([finance.yahoo.com](https://finance.yahoo.com/news/becton-dickinson-tops-q4-profit-121321882.html))

- 2026-02-09: Becton Dickinson Lowers Fiscal 2026 Earnings Outlook Amid Waters Deal ([finance.yahoo.com](https://finance.yahoo.com/news/becton-dickinson-lowers-fiscal-2026-140422792.html))

- 2026-04-17: RBC Trims Becton Dickinson (BDX) Outlook despite Stable MedTech Demand ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/rbc-trims-becton-dickinson-bdx-175254950.html))

- 2026-08-09: Why Becton Dickinson (BDX) Is Up 6.8% After Q3 Beat And GLP-1 Delivery Partnerships ([finance.yahoo.com](https://finance.yahoo.com/healthcare/articles/why-becton-dickinson-bdx-6-002052815.html))

### Sales · FY2024–2025

sales +8.2%; source https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm; observed 2025-11-25.

- FY2016: $12B 

- FY2017: $12B 

- FY2018: $16B 

- FY2019: $17B 

- FY2020: $16B 

- FY2021: $19B 

- FY2022: $19B 

- FY2023: $19B 

- FY2024: $20B 

- FY2025: $22B 

### Gross margin · FY2025

gross margin 45.4%; source https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm; observed 2025-11-25.

- FY2016: 48.0% 

- FY2017: 49.3% 

- FY2018: 45.5% 

- FY2019: 47.9% 

- FY2020: 42.3% 

- FY2021: 45.1% 

- FY2022: 44.9% 

- FY2023: 42.2% 

- FY2024: 45.2% 

- FY2025: 45.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in medical instruments & supplies; annual sales are USD 21.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm (filed 2025-11-25); FY2025: revenue 21839000000; grossProfit 9924000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BDX.US: Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. It operates through Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences segments. It provides peripheral intravenous (IV) and advanced peripheral catheters, central lines, acute dialysis catheters, vascular access technology, vascular care and preparation products, needle-free IV connectors and extensions sets, closed-system drug transfer devices, hazardous drug detections, hypodermic syringes and needles, anesthesia needles and trays, enteral syringes, and sharps disposal systems; IV medication safety and infusion therapy delivery systems, medication compounding workflow system, automated medication dispensing and supply management systems, informatics and analytics and pharmacy automation system, and medication inventory optimization and tracking system; hemodynamic monitoring system; and prefillable drug delivery systems. It also offers specimen and blood collection products; automated blood and tuberculosis culturing, molecular testing, and microorganism identification and drug susceptibility, as well as rapid diagnostic assays, microbiology laboratory automation products, and plated media products; and fluorescence-activated cell sorters and analyzers, antibodies and kits, reagent system, and solution for single-cell gene expression analysis, as well as clinical oncology, immunological, and transplantation diagnostic/monitoring reagents and analyzers. It provides hernia and soft tissue repair, biological and bioresorbable graft, biosurgery, and other surgical products; surgical infection prevention, peripheral intervention, and urology and critical care products. The company has a strategic collaboration with ChemoGLO for the advancement of hazardous drug contamination testing in health care 

### Why customers stay

Margins ranged from 42.2% to 45.4% during 2023–25; it earns 12.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: grossProfit / revenue = 42.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: grossProfit / revenue = 45.2%.

- Source: https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm (filed 2025-11-25); FY2025: grossProfit / revenue = 45.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); 10-year return on capital observations [[2016,0.1318234762302536],[2017,0.151608725968722],[2018,0.05531524926686217],[2019,0.10647952084215621],[2020,0.05086057259970304],[2021,0.1349047323638135],[2022,0.12724718282034966],[2023,0.11654907941588732],[2024,0.10894423481648631],[2025,0.13441852949767263]]; median 0.1218981311181185. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 1 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2016: growth capex 0; upkeep 718000000; owner earnings 1372000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2017: growth capex 0; upkeep 727000000; owner earnings 1461000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2018: growth capex 0; upkeep 895000000; owner earnings 1394000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2019: growth capex 0; upkeep 957000000; owner earnings 2529000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2020: growth capex 0; upkeep 810000000; owner earnings 2179000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2021: growth capex 0; upkeep 1231000000; owner earnings 3091000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2022: growth capex 0; upkeep 973000000; owner earnings 3035000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: growth capex 0; upkeep 874000000; owner earnings 2898000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: growth capex 0; upkeep 725000000; owner earnings 3266000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm (filed 2025-11-25); FY2025: growth capex 0; upkeep 760000000; owner earnings 3380000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Dividend observations: [[2016,562000000],[2017,677000000],[2018,927000000],[2019,984000000],[2020,1026000000],[2021,1048000000],[2022,1082000000],[2023,1114000000],[2024,1100000000],[2025,1196000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm (filed 2025-11-25); FY2025: cash repurchases 1000000000 USD.

### Are managers owners

Insiders own 0.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BDX.US SharesStats.PercentInsiders = 0.432 percentage points; cache date 2026-10-16.

### What could break it

"Interruption of our manufacturing or sterilization operations could adversely affect our business." (SEC filing, Nov 2025)

- Source: https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm (filed 2025-11-25); Interruption of our manufacturing or sterilization operations could adversely affect our business.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years; actual growth was 9.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Ten-year compound average after fade. Initial solved rate 0.04115876021214791. Price 193.76; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.610512490918405 → FY2025 9.21022465296582. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-11: $129.70 per share

- 2016-12: $126.97 per share

- 2017-01: $135.98 per share

- 2017-02: $140.40 per share

- 2017-03: $140.70 per share

- 2017-04: $143.40 per share

- 2017-05: $145.14 per share

- 2017-06: $149.65 per share

- 2017-07: $154.47 per share

- 2017-08: $152.97 per share

- 2017-09: $150.29 per share

- 2017-10: $160.05 per share

- 2017-11: $175.03 per share

- 2017-12: $164.18 per share

- 2018-01: $186.33 per share

- 2018-02: $170.29 per share

- 2018-03: $166.21 per share

- 2018-04: $177.84 per share

- 2018-05: $169.96 per share

- 2018-06: $183.74 per share

- 2018-07: $192.03 per share

- 2018-08: $200.85 per share

- 2018-09: $200.18 per share

- 2018-10: $176.79 per share

- 2018-11: $193.86 per share

- 2018-12: $172.82 per share

- 2019-01: $191.33 per share

- 2019-02: $190.82 per share

- 2019-03: $191.54 per share

- 2019-04: $184.64 per share

- 2019-05: $179.05 per share

- 2019-06: $193.29 per share

- 2019-07: $193.89 per share

- 2019-08: $194.75 per share

- 2019-09: $194.02 per share

- 2019-10: $196.35 per share

- 2019-11: $198.27 per share

- 2019-12: $208.60 per share

- 2020-01: $211.06 per share

- 2020-02: $182.41 per share

- 2020-03: $176.23 per share

- 2020-04: $193.69 per share

- 2020-05: $189.39 per share

- 2020-06: $183.52 per share

- 2020-07: $215.78 per share

- 2020-08: $186.20 per share

- 2020-09: $178.46 per share

- 2020-10: $177.27 per share

- 2020-11: $180.12 per share

- 2020-12: $191.92 per share

- 2021-01: $200.79 per share

- 2021-02: $184.96 per share

- 2021-03: $186.49 per share

- 2021-04: $190.83 per share

- 2021-05: $185.53 per share

- 2021-06: $186.52 per share

- 2021-07: $196.16 per share

- 2021-08: $193.05 per share

- 2021-09: $188.54 per share

- 2021-10: $183.76 per share

- 2021-11: $181.88 per share

- 2021-12: $192.88 per share

- 2022-01: $194.92 per share

- 2022-02: $208.07 per share

- 2022-03: $204.02 per share

- 2022-04: $194.33 per share

- 2022-05: $201.10 per share

- 2022-06: $193.81 per share

- 2022-07: $192.07 per share

- 2022-08: $198.44 per share

- 2022-09: $175.18 per share

- 2022-10: $185.51 per share

- 2022-11: $196.02 per share

- 2022-12: $199.92 per share

- 2023-01: $198.29 per share

- 2023-02: $184.39 per share

- 2023-03: $194.61 per share

- 2023-04: $207.79 per share

- 2023-05: $190.06 per share

- 2023-06: $207.56 per share

- 2023-07: $219.04 per share

- 2023-08: $219.69 per share

- 2023-09: $203.25 per share

- 2023-10: $198.73 per share

- 2023-11: $185.68 per share

- 2023-12: $191.69 per share

- 2024-01: $187.74 per share

- 2024-02: $185.18 per share

- 2024-03: $194.54 per share

- 2024-04: $184.43 per share

- 2024-05: $182.37 per share

- 2024-06: $183.73 per share

- 2024-07: $189.51 per share

- 2024-08: $190.57 per share

- 2024-09: $189.54 per share

- 2024-10: $183.64 per share

- 2024-11: $174.45 per share

- 2024-12: $178.36 per share

- 2025-01: $194.65 per share

- 2025-02: $177.30 per share

- 2025-03: $180.08 per share

- 2025-04: $162.81 per share

- 2025-05: $135.68 per share

- 2025-06: $135.42 per share

- 2025-07: $140.13 per share

- 2025-08: $151.71 per share

- 2025-09: $147.15 per share

- 2025-10: $140.50 per share

- 2025-11: $152.53 per share

- 2025-12: $152.57 per share

- 2026-01: $159.97 per share

- 2026-02: $176.48 per share

- 2026-03: $157.23 per share

- 2026-04: $149.04 per share

- 2026-05: $147.12 per share

- 2026-06: $151.33 per share

- 2026-07: $165.62 per share

- 2026-08: $188.11 per share

- 2026-09: $179.00 per share

- 2026-10: $187.37 per share

## Annual estimated value (USD per share)

- FY2016: low $79.40 per share, central $94.91 per share, high $109.61 per share

- FY2017: low $110.17 per share, central $124.96 per share, high $137.61 per share

- FY2018: low $59.53 per share, central $67.40 per share, high $77.87 per share

- FY2019: low $60.06 per share, central $68.25 per share, high $79.16 per share

- FY2020: low $66.12 per share, central $74.26 per share, high $85.11 per share

- FY2021: low $81.74 per share, central $92.26 per share, high $106.26 per share

- FY2022: low $84.69 per share, central $96.07 per share, high $111.22 per share

- FY2023: low $89.17 per share, central $101.08 per share, high $116.93 per share

- FY2024: low $100.96 per share, central $114.17 per share, high $131.76 per share

- FY2025: low $105.77 per share, central $120.19 per share, high $139.39 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:30.396Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm); period 2025-09-30, filed 2025-11-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.