Becton Dickinson & Co

Health Care
Medical/Dental Instruments
www.bd.com

Earnings Score
Moat Score
Safety Score

Market Cap $64.80B
PE 38
Debt $20.11B
Cash $1.86B
EV $83.05B
FCF $3.12B

Earnings

loading chart...

Sales & Net Margins

loading chart...

Earnings	$1.71B
EBIT	$2.40B
ROE	7%
ROA	4%
FCF	$3.12B
Equity	$25.89B
Growth Stability	18%
PE	38
PEG	3.7
PB	2.5
P/FCF	20.77
P/S	3.21
Price/Cash	0.03
Debt/Equity	0.78
Debt/FCF	6.45
Net Margins	8%
Gross Margins	45%
Op. Margins	12%
Earnings CAGR	11%
Sales Growth YoY	7%
Sales Growth QoQ	9%
Sales CAGR	7%
FCF CAGR	4%
Equity CAGR	17%
Earnings Stability	0.29
Earnings Growth YoY	270%
Earnings Growth QoQ	-18%
Earnings CAGR 5Y	10%

Sales CAGR 5Y	3%
FCF CAGR 5Y	-6%
Equity CAGR 5Y	3%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	28%
Equity CAGR 3Y	2%
Market Cap	$64.80B
Revenue	$20.18B
Dividend Yield	2%
Payout Ratio	65%
Assets	$57.29B
Total Debt	$20.11B
Cash	$1.86B
Shares Outstanding	289.76M
EV	83.05B
Earnings Score	15%
Moat Score	71%
Safety Score	52%
Final Score	46%
Working Capital	1.51B
Current Ratio	1.17
Gross Profit	$9.13B
Shares Growth 3y	1%
Equity Growth QoQ	0%
Equity Growth YoY	0%

Assets & ROA

loading chart...

Stockholders Equity & ROE

loading chart...

Becton, Dickinson is the world's largest manufacturer and distributor of medical surgical products, such as needles, syringes, and sharps-disposal units. The company also manufactures diagnostic instruments and reagents, as well as flow cytometry and cell-imaging systems. BD Interventional (largely the former Bard business) accounts for 23% of revenue. International revenue accounts for 44% of the company's business.

SEC Filings

Direct access to Becton Dickinson & Co (BDX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-Q Dec 31
- 10-K Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Becton Dickinson & Co compare to its competitors?

Loading chart...

Peter Lynch's Chart

This chart shows the current pricing of Becton Dickinson & Co compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 11%

Stability 29%

loading chart...

Becton Dickinson & Co Discounted Cash Flow

Fully customizable DCF calculator online for Becton Dickinson & Co.

Years

Calculation mode

= $42B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$3.1B	$3.3B	$3.4B	$3.5B	$3.7B	$3.8B	$4B	$4.2B	$4.4B	$4.6B	$4.7B	$47B
DCF		$3B	$2.8B	$2.7B	$2.5B	$2.4B	$2.3B	$2.1B	$2B	$1.9B	$1.8B	$18B
Value	$42B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Net Margins	7%	8%	9%	1%	6%	4%	10%	9%	7%	8%	8%
ROA	-	6%	4%	3%	4%	3%	5%	4%	4%	4%	4%
ROE	-	13%	8%	1%	5%	3%	8%	7%	6%	7%	7%

Net Margins (8.45%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	TTM
Debt over FCF	-	6.19	10.35	10.91	8.17	6.57	5.16	10.72	7.5	6.45	6.45
Debt over Equity	1.79	1.51	1.46	1.02	0.92	0.75	0.74	0.64	0.62	0.78	0.78
Growth Stability	-	-	-	18%	100%	100%	100%	100%	96%	100%	18%

Bad Debt/FCF ratio (6.45)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.78)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (18%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	09/2015	09/2016	09/2017	09/2018	09/2019	09/2020	09/2021	09/2022	09/2023	09/2024	CAGR 5Y
Revenue YoY growth	-	21%	-3%	32%	8%	-1%	18%	-7%	3%	4%	3%
Earnings YoY growth	-	40%	6%	-85%	581%	-29%	161%	-16%	-16%	20%	10%
Equity YoY growth	-	7%	70%	62%	0%	13%	-0%	7%	2%	0%	3%
FCF YoY growth	-	65%	-2%	8%	20%	15%	25%	-56%	41%	47%	-6%