# Becton, Dickinson and Company (BDX) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/BDX/thesis · /stocks/BDX/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/BDX/fundamental

## Navigation

- Overview: /stocks/BDX
- Financials (this page): /stocks/BDX/financials
- Thesis: /stocks/BDX/thesis
- Investment Memo: /stocks/BDX/memo
- Coverage universe: /stocks