NYSE: BDX
Becton Dickinson
Health Care · Surgical & Medical Instruments & Apparatus
52-week range
$127.59$200.47
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$41.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Sep 30, 2016 | $38.2B |
| FY2017, ended Sep 30, 2017 | $44.7B |
| FY2018, ended Sep 30, 2018 | $70.0B |
| FY2019, ended Sep 30, 2019 | $68.4B |
| FY2020, ended Sep 30, 2020 | $67.5B |
| FY2021, ended Sep 30, 2021 | $69.8B |
| FY2022, ended Sep 30, 2022 | $63.1B |
| FY2023, ended Sep 30, 2023 | $75.1B |
| FY2024, ended Sep 30, 2024 | $69.7B |
| FY2025, ended Sep 30, 2025 | $53.4B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $41.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$22.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Sep 30, 2016 | $12.5B |
| FY2017, ended Sep 30, 2017 | $12.1B |
| FY2018, ended Sep 30, 2018 | $16.0B |
| FY2019, ended Sep 30, 2019 | $17.3B |
| FY2020, ended Sep 30, 2020 | $16.1B |
| FY2021, ended Sep 30, 2021 | $19.1B |
| FY2022, ended Sep 30, 2022 | $18.9B |
| FY2023, ended Sep 30, 2023 | $19.4B |
| FY2024, ended Sep 30, 2024 | $20.2B |
| FY2025, ended Sep 30, 2025 | $21.8B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $22.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $976M | $1.87B |
| FY2017, ended Sep 30, 2017 | $1.10B | $1.82B |
| FY2018, ended Sep 30, 2018 | $311M | $1.97B |
| FY2019, ended Sep 30, 2019 | $1.23B | $2.37B |
| FY2020, ended Sep 30, 2020 | $874M | $2.77B |
| FY2021, ended Sep 30, 2021 | $2.09B | $3.45B |
| FY2022, ended Sep 30, 2022 | $1.78B | $1.50B |
| FY2023, ended Sep 30, 2023 | $1.48B | $2.12B |
| FY2024, ended Sep 30, 2024 | $1.71B | $3.12B |
| FY2025, ended Sep 30, 2025 | $1.68B | $2.67B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $942M | $3.20B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$708M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Sep 30, 2016 | $1.54B |
| FY2017, ended Sep 30, 2017 | $14.2B |
| FY2018, ended Sep 30, 2018 | $1.14B |
| FY2019, ended Sep 30, 2019 | $536M |
| FY2020, ended Sep 30, 2020 | $2.83B |
| FY2021, ended Sep 30, 2021 | $2.28B |
| FY2022, ended Sep 30, 2022 | $1.01B |
| FY2023, ended Sep 30, 2023 | $1.42B |
| FY2024, ended Sep 30, 2024 | $1.72B |
| FY2025, ended Sep 30, 2025 | $567M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $708M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$16.8B
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| Period | Total debt |
|---|---|
| FY2016, ended Sep 30, 2016 | $11.6B |
| FY2017, ended Sep 30, 2017 | $18.9B |
| FY2018, ended Sep 30, 2018 | $21.5B |
| FY2019, ended Sep 30, 2019 | $19.4B |
| FY2020, ended Sep 30, 2020 | $17.9B |
| FY2021, ended Sep 30, 2021 | $17.6B |
| FY2022, ended Sep 30, 2022 | $16.1B |
| FY2023, ended Sep 30, 2023 | $15.9B |
| FY2024, ended Sep 30, 2024 | $20.1B |
| FY2025, ended Sep 30, 2025 | $19.2B |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $16.8B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 28.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.272M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Sep 30, 2016 | 212M |
| FY2017, ended Sep 30, 2017 | 228M |
| FY2018, ended Sep 30, 2018 | 268M |
| FY2019, ended Sep 30, 2019 | 270M |
| FY2020, ended Sep 30, 2020 | 290M |
| FY2021, ended Sep 30, 2021 | 284M |
| FY2022, ended Sep 30, 2022 | 283M |
| FY2023, ended Sep 30, 2023 | 290M |
| FY2024, ended Sep 30, 2024 | 289M |
| FY2025, ended Sep 30, 2025 | 285M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | 272M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $2.22B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Sep 30, 2016 | $0 | $196M |
| FY2017, ended Sep 30, 2017 | $220M | $174M |
| FY2018, ended Sep 30, 2018 | $0 | $322M |
| FY2019, ended Sep 30, 2019 | $0 | $261M |
| FY2020, ended Sep 30, 2020 | $0 | $236M |
| FY2021, ended Sep 30, 2021 | $1.75B | $229M |
| FY2022, ended Sep 30, 2022 | $500M | $233M |
| FY2023, ended Sep 30, 2023 | $0 | $259M |
| FY2024, ended Sep 30, 2024 | $500M | $247M |
| FY2025, ended Sep 30, 2025 | $1.00B | $258M |
| Trailing 12 months to Jun 30, 2026 (through Q3 FY2026) | $2.50B | $283M |
Revenue (TTM)
$22.5B
+18.5% YoY
Net income (TTM)
$942M
−40.6% YoY
Cash
$708M
−3.7% YoY
Total debt
$16.8B
−13.1% YoY
Valuation
At current price- Market Cap
- $53.9B
- P/E
- 57.2×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 2.4×
- Price / Book
- 2.2×
- EV / EBITDA
- 14.4×
Growth
Trailing 12 months- Revenue (TTM)
- $22.5B
- Revenue Growth YoY
- 18.5%
- Revenue CAGR 3Y
- 5.0%
- Revenue CAGR 5Y
- 6.3%
- EPS Growth YoY
- −39.5%
- Net Income Growth YoY
- −40.6%
Profitability
Trailing 12 months- Gross Margin
- 46.9%
- Operating Margin
- 10.7%
- Net Margin
- 4.2%
- FCF Margin
- 14.2%
- Return on Equity
- 3.8%
Earnings
Trailing 12 months- Net Income
- $942M
- EPS (diluted)
- $3.31
- EBITDA
- $4.85B
- Operating Income
- $2.40B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $708M
- Total Debt
- $16.8B
- Net Debt
- $16.1B
- Total Assets
- $50.7B
- Total Liabilities
- $26.3B
- Shareholders' Equity
- $24.4B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.96B
- Capital Expenditure
- $753M
- Free Cash Flow
- $3.20B
Dividends and risk
Last 12 months- Dividend Yield
- 2.0%
- Dividend / Share
- $3.98
- Beta (5Y)
- 0.21
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 18.5% year over year, at $22.5B.
Note
Net margin of 4.2% over the last 12 months.
Watch
Net debt is 3.3× EBITDA ($16.1B), a heavy load.
Note
Free cash flow of $3.20B, 14.2% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Sep 30, 2025 · filed Nov 25, 2025
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K59Nothing notable
59Nothing notable
10-K for the fiscal year ended Sep 30, 2024
Filed Nov 27, 2024 · Read the filing on EDGAR
- Revenue rose 4.2% to $20.18 billion and net income from continuing operations rose 11% to $1.705 billion, helped by much smaller Alaris pump charges than last year.
- BD bought Edwards Lifesciences' Critical Care unit for $3.9 billion, pushing total debt up to $20.1 billion from $15.9 billion.
- BD set aside $175 million for an SEC investigation and is now working under FDA warning letters for its Dispensing and Specimen Management businesses.
- A new FDA warning letter arrived after the earnings release, which led BD to cut its reported earnings per share from $5.93 to $5.86.
Business momentum
Improving
“Worldwide revenues in 2024 of $20.178 billion increased 4.2% from the prior-year period.”
Outlook
Cautious
“As anticipated, market dynamics in China, such as volume-based procurement programs (“VoBP”) and the government’s focus to improve compliance of healthcare practitioners, had an adverse impact on our results of operations and these dynamics could continue to unfavorably impact our results of operations.”
Financial stress
Low
“Our financial position remains strong, with cash flows from continuing operating activities totaling $3.844 billion in 2024.”
Tone against the previous report
More positive
Red flags
- Medium
Investigation
“Charge to accrue an estimated liability for the SEC investigation (see Note 6) $ 175”
- Minor
Other
“On November 22, 2024 and subsequent to furnishing the Earnings Release, we received the Dispensing Warning Letter”
- Minor
Other
“we recently identified incidents of unauthorized activity on a portion of our IT systems, in which certain information relating to BD’s IT infrastructure and service credentials”
Positives
Profit up as Alaris charges faded
“Net income from continuing operations (Millions of dollars) $ 1,705 $ 1,530 $ 1,635”
Strong operating cash flow growth
“Operating activities $ 3,844 $ 2,990 $ 2,471”
Medical and Interventional margins expanded
“Segment operating income as % of Interventional revenues 28.5 % 25.7 % 24.2 %”
Concerns
Debt rose sharply to fund acquisition
“Total debt (Millions of dollars) $ 20,110 $ 15,879 $ 16,065”
Life Sciences growth nearly flat
“Total Life Sciences revenues $ 5,191 $ 5,133 $ 5,564 1.1 %”
Restructuring costs climbing
“Restructuring costs (a) 387 239 123”
New risks since the previous report
FDA warning letters for Dispensing and Specimen Management
“We are also currently operating under two warning letters issued by the FDA for our Dispensing and Specimen Management businesses.”
Cyber breach exposed product service login credentials
“until these credentials are updated, there is a risk of unauthorized access that may impact the confidentiality, integrity and/or availability of the relevant products and associated systems or data.”
New EPA ethylene oxide emission rules require costly upgrades
“such measures will require additional implementation and ongoing operational costs, including investments in certain new technologies.”
Italian medical device payback law reduced revenue
“International revenue growth in 2024 also reflected the unfavorable impact of a $62 million accrual which resulted from recent developments relating to the Italian government medical device pay back legislation”
Lower research funding hurting instrument sales
“offset by a decline in sales of the unit’s instrumentation due to a decline in life science research funding, primarily in the United States and China.”
Biggest risks named
- Alaris pump fixes, FDA consent decree and new warning letters
- China bulk-buying programs and compliance crackdown
- SEC investigation and product liability lawsuits
- Ethylene oxide sterilization regulation
- Higher debt and integration of Advanced Patient Monitoring
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | −2 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −4.8 | |
| New risks | −2 | |
| Score | 59 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Nov 25, 2025 | Pro | |||
| 10-K | Nov 27, 2024 | 59 | Improving | 1 medium2 minor | |
| 10-K | Nov 21, 2023 | 51 | Mixed | 1 medium | |
| 10-K | Nov 22, 2022 | 56 | Stable | None | |
| 10-K | Nov 24, 2021 | 70 | Strong improvement | None | |
| 10-K | Nov 25, 2020 | 46 | Weakening | 1 medium | |
| 10-K | Nov 27, 2019 | 69 | Strong improvement | 1 medium1 minor | |
| 10-K | Nov 21, 2018 | 41 | Sharp deterioration | 2 minor | |
| 10-K | Nov 22, 2017 | 57 | Improving | 3 medium | |
| 10-K | Nov 23, 2016 | 69 | Strong improvement | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR