Becton, Dickinson and Company
BDXFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$4.7B
FY2026 Q2 · +5.2% YoY
TTM ROIC
11.8%
FY2025 · NOPAT / Invested Capital; NOPAT = Adj. Operating Income × (1 – 22% tax rate); Invested Capital = Total Equity + Net Debt · WACC ~8% · Moat spread +3.5pp
Financial Snapshot
ticker: BDX step: 04 generated: 2026-05-12 source: quick-research
Becton, Dickinson and Company (BDX) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E |
|---|---|---|---|---|---|
| Revenue | $18.9B | $19.4B | $20.2B | $21.8B | $19.2B (post spin) |
| Organic Growth | +5% | +4% | +6.2% | +3.9% | LSD |
| Adj Gross Margin | 51.6% | 53.5% | 54.3% | 54.7% | 55%+ |
| Adj Op Margin | 22.6% | 23.8% | 24.2% | 25.0% | 25-26% |
| Adj Diluted EPS | $11.97 | $12.05 | $13.14 | $14.40 | $12.35-12.65 |
Fiscal year ends September. FY25 record adj op margin 25% (+80bps YoY). Adj EPS +9.6% incl. 2pp tariff impact. FY26E EPS reset reflects Life Sciences spinoff completion.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.5B |
| Free Cash Flow | ~$3.0B |
| FCF Conversion | ~85% |
| Cash & Equivalents | ~$3.1B |
| Total Debt | ~$18B (including Edwards Critical Care acquisition) |
| Net Debt/EBITDA | ~2.6x (deleveraging) |
Key Ratios (approximate)
- P/E: ~15x | EV/EBITDA: ~13x | FCF Yield: ~5%
- Revenue Growth (TTM): ~8% reported / ~4% organic
- Dividend Yield: ~1.9% | Dividend: $4.16/share
- 53-year consecutive dividend increase (Dividend Aristocrat)
- $2B buyback authorization (Feb 2026) to offset spin EPS dilution
Growth Profile
Long-term New BD model: 5%+ organic growth + margin expansion + double-digit EPS growth. BioPharma Systems (GLP-1 supply) is the standout growth driver. Edwards Critical Care (now APM) accretive 2026+. PureWick + Alaris + Pyxis recurring revenue franchises. BD Excellence operating system driving 80bps annual margin expansion.
Forward Estimates
- FY 2026 (ending Sep 2026, post-spin): Revenue ~$19.2B; adj EPS $12.35-12.65 (~6% growth at midpoint)
- FY 2027: Adj EPS ~$13.50-14.00; New BD targets 5%+ organic
- GLP-1 syringe demand multi-year secular driver
- $2B buyback offsetting spinoff EPS dilution
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $BDX.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
GET /api/v1/research/BDX/fundamental$1.00 · Bearer token required