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NYSE: BDX NYSE Health Care Equipment Next results ~November 5, 2026

Becton Dickinson (BD) designs, manufactures and markets medical devices and related software. Its named products include the BD Alaris Infusion System, together with in vitro diagnostic medical devices; the business relies heavily on patents, trademarks and trade secrets, which it describes as materially important.

Its products are supplied to healthcare providers, referred to in the filing as customer sites, with revenue coming from sales of devices and the software that runs on them. The company is subject to US Food and Drug Administration oversight and to European rules such as the EU Medical Device Regulation and In Vitro Diagnostic Regulation, as well as privacy and data-protection laws across the many countries where it operates.

BD is organised into segments including Interventional, Medical, Connected Care and Life Sciences, and manages sales across the Americas, EMEA and Greater Asia. In April 2022 it completed the spin-off of Embecta, holding its former Diabetes Care business. In July 2025 it agreed to combine its Biosciences and Diagnostic Solutions business with Waters.

Based on Becton Dickinson's 10-K filed November 25, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

Becton Dickinson valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Becton Dickinson files

Where Becton Dickinson stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $23.2bn, up 17.4% on a year earlier, faster than 14.5% a quarter earlier. Free-cash-flow margin rose to 13.8% from 10.5% a year earlier. The diluted share count is down 2.3% on a year earlier, which lifts each remaining share. It passes 1 of our 6 financial-health checks.

Our model value for Becton Dickinson is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Becton Dickinson's trailing-twelve-month revenue grew 17.4% year on year, with a free-cash-flow margin of 13.8%.

Our discounted-cash-flow model values the business at ~$220 per share in the base case (~$150–$310 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 54.2% while net income fell 40.6%: a 95pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.4% over the last 12 months.
  • Shrinking share count. Diluted shares fell 2.3% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High earnings multiple. The shares trade at 60 times the last 12 months' earnings, so expectations are demanding.

Latest results: FY2026 Q3

Filed August 6, 2026
Earnings per share
$3.23 against an average estimate of $3.14: beat by 2.9%
Revenue
$4.98bn, up 5.4% on a year earlier
Share reaction
+3.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
adjusted Diluted EPS $12.62 to $12.72 (full year fiscal 2026); adjusted Diluted Earnings per Share from Continuing Operations Reported % Change growth 6.1% to 6.9% (Full Year FY 2026 Guidance)
Next report
November 5, 2026; average EPS estimate $4.07

Becton Dickinson's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.4%
  • 1 week+1.1%
  • 1 month+12.3%
  • This year+32.7%
  • 1 year+44.9%
  • 5 years+14.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$23.3B
Operating margin
10.7%
Net margin
4.0%
EPS (TTM, diluted)
$3.33

Growth

Revenue growth
+17.4%
Change in growth rate
+2.8 pts
Share count change
−2.3%

Cash

Free cash flow (TTM)
$3.2B
FCF margin
13.8%
Stock pay % of revenue
1.2%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Regulatory
  5. Partnership
  6. Leadership
  7. Partnership
  8. Partnership
  9. Announcement
  10. Announcement
  11. Results
  12. Guidance
  13. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Becton Dickinson valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Becton Dickinson as an operating company, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.79 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$190–$350 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$65 ~$46–$90 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$54 ~$47–$63 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Becton Dickinson with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$117.74$130.42$175.99$172.72$160.95$172.36$162.33$191.11$181.13$143.56$198.60
Market value$26.3bn$29.9bn$47.7bn$48.6bn$45.5bn$50.3bn$46.6bn$55.1bn$52.7bn$41.4bn$56.1bn
+ Net debt (− = net cash)$10.0bn$4.7bn$20.4bn$18.9bn$15.1bn$15.3bn$15.1bn$14.5bn$18.4bn$18.6bn$16.1bn
Enterprise value$36.3bn$34.6bn$68.1bn$67.5bn$60.6bn$65.7bn$61.7bn$69.6bn$71.1bn$60.0bn$72.2bn
Multiples
Price / sales 2.1x2.5x3.0x2.8x2.8x2.6x2.5x2.8x2.6x1.9x2.4x
Price / earnings 26.9x27.2x153.5x39.5x52.0x24.1x26.2x37.1x30.9x24.7x59.6x
Price / free cash flow 14.1x16.4x24.2x20.5x16.4x14.6x31.1x26.0x16.9x15.5x17.5x
EV / EBITDA 14.3x13.2x19.5x16.8x20.0x14.7x13.7x15.8x15.2x11.9x14.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

70 /100

Strong moat

How hard Becton Dickinson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Cash operating profit has been a median 7.0% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 45.4%, moving by 1.9 percentage points (standard deviation) across 10 years.

  • Durability 12 / 20

    Operating margin has been a median 10.7%; its worst year was 7.9%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 10 of 10 years, at a median 13.1% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 3.6% over five years; stock-based pay has been a median 1.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $5.1bn and EPS of $4.07 (range $4.03 to $4.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.63 −12% $19.3bn −12%
Next $13.30 +5% $19.7bn +2%

Next year's EPS estimate has moved −1.2% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 2 analysts raised Becton Dickinson's forecast and 0 cut it.

Consensus EPS forecast Becton Dickinson, last 90 days
$12.50 $13.00 $13.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.56 Current fiscal year, 60 days ago: $12.62 Current fiscal year, 30 days ago: $12.62 Current fiscal year, 7 days ago: $12.63 Current fiscal year, Now: $12.63 $12.63 Next fiscal year, 90 days ago: $13.46 Next fiscal year, 60 days ago: $13.29 Next fiscal year, 30 days ago: $13.29 Next fiscal year, 7 days ago: $13.30 Next fiscal year, Now: $13.30 $13.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.56$13.46
60 days ago $12.62$13.29
30 days ago $12.62$13.29
7 days ago $12.63$13.30
Now $12.63$13.30

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $3.14 $3.23 +2.9%
Mar 2026 $2.77 $2.90 +4.5%
Dec 2025 $2.81 $2.91 +3.5%
Sept 2025 $3.91 $3.96 +1.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Adjusted Diluted EPS full year fiscal 2026 $12.62 to $12.72 Non-GAAP Raised
    “Adjusted Diluted EPS $12.62 to $12.72 $12.52 to $12.72” source
  • Adjusted Diluted Earnings per Share from Continuing Operations Reported % Change Full Year FY 2026 Guidance 6.1% growth to 6.9% growth Non-GAAP
    “Reported % Change +6.1% to +6.9%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

16 analysts, Oct 2026
Buy850%
Hold744%
Sell16%

Monthly trend

  1. Oct 20267716
  2. Sep 202616714
  3. Aug 202616714
  4. Jul 202616714

Counts of recommendations published by analysts covering Becton Dickinson, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.7%
of tradable shares
Days to cover
4.88
at average volume
Short interest, 1 month
−21%
to October 15, 2026
Held by institutions
100%
of shares
Held by insiders
0.4%
of shares
Employees
72,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +44.9%

$137.07 on October 31, 2025 to $198.60

ThenNowEffect
Revenue (last 12 months) $19.8bn $23.3bn +17.4%
Net margin 8.0% 4.0% −49.4%
P/E multiple 25.0x 59.6x +138.3%
Share count 289m 283m +2.4%

Biggest factor: p/e multiple.

Last 3 years +3.8%

$191.39 on November 3, 2023 to $198.60

ThenNowEffect
Revenue (last 12 months) $19.0bn $23.3bn +22.1%
Net margin 8.7% 4.0% −53.7%
P/E multiple 33.0x 59.6x +80.8%
Share count 287m 283m +1.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BDX+2%+5%−3%−5%−13%+33%
Industry peers (median)−9%−37%−9%−20%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BDX50%58%50%42%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BDX−10%−20%−18%−10%−33%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 40% from July 27, 2023 to May 6, 2025. Getting back needed a 67% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$135.29 – $200.42
From 52-week high
−0.9%
vs 50-day average
+6.5%
vs 200-day average
+20.6%
Volatility (1 year)
26%
Beta vs S&P 500
0.27

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±4.6%
After a week
5 up, 7 down
typical move ±6.0%
After a month
7 up, 5 down
typical move ±6.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +3.6% +0.5% +6.6% +8.3%
May 7, 2026 +3.2% +0.5% −0.2% +3.6%
April 2, 2026 −0.7% +0.6% −1.4% −6.4%
February 9, 2026 +4.0% +0.2% +7.4% −0.5%
November 6, 2025 +0.8% −1.0% +9.4% +8.0%
October 15, 2025 −1.6% −0.2% −0.1% +2.5%
August 7, 2025 +12.2% +0.7% +13.1% +11.7%
May 1, 2025 −18.5% +2.2% −18.9% −18.2%
February 5, 2025 −6.3% +0.8% −6.8% −5.3%
November 7, 2024 −3.5% +1.2% −5.4% −6.7%
August 1, 2024 +0.3% −3.3% −2.8% +0.6%
May 2, 2024 +0.4% +2.2% +0.5% +2.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Becton Dickinson
$19B $20B $21B $22B $23B $24B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $19.4B Revenue (TTM), FY24 Q1: $19.5B Revenue (TTM), FY24 Q2: $19.7B Revenue (TTM), FY24 Q3: $19.8B Revenue (TTM), FY24 Q4: $20.2B Revenue (TTM), FY25 Q1: $20.6B Revenue (TTM), FY25 Q2: $20.1B Revenue (TTM), FY25 Q3: $19.8B Revenue (TTM), FY25 Q4: $22.7B Revenue (TTM), FY26 Q1: $22.8B Revenue (TTM), FY26 Q2: $23B Revenue (TTM), FY26 Q3: $23.3B $23.3B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $19.4B
FY24 Q1 $19.5B
FY24 Q2 $19.7B
FY24 Q3 $19.8B
FY24 Q4 $20.2B
FY25 Q1 $20.6B
FY25 Q2 $20.1B
FY25 Q3 $19.8B
FY25 Q4 $22.7B
FY26 Q1 $22.8B
FY26 Q2 $23B
FY26 Q3 $23.3B
Revenue growth, TTM YoY Becton Dickinson
-5% 0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.7% Revenue growth, TTM YoY, FY24 Q1: 4.0% Revenue growth, TTM YoY, FY24 Q2: 4.8% Revenue growth, TTM YoY, FY24 Q3: 4.1% Revenue growth, TTM YoY, FY24 Q4: 4.2% Revenue growth, TTM YoY, FY25 Q1: 5.9% Revenue growth, TTM YoY, FY25 Q2: 1.8% Revenue growth, TTM YoY, FY25 Q3: -0.1% Revenue growth, TTM YoY, FY25 Q4: 12.4% Revenue growth, TTM YoY, FY26 Q1: 10.3% Revenue growth, TTM YoY, FY26 Q2: 14.5% Revenue growth, TTM YoY, FY26 Q3: 17.4% 17.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.7%
FY24 Q1 4.0%
FY24 Q2 4.8%
FY24 Q3 4.1%
FY24 Q4 4.2%
FY25 Q1 5.9%
FY25 Q2 1.8%
FY25 Q3 -0.1%
FY25 Q4 12.4%
FY26 Q1 10.3%
FY26 Q2 14.5%
FY26 Q3 17.4%
Operating margin (TTM) Becton Dickinson
10% 11% 12% 13% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 10.9% Operating margin (TTM), FY24 Q1: 10.1% Operating margin (TTM), FY24 Q2: 10.5% Operating margin (TTM), FY24 Q3: 10.7% Operating margin (TTM), FY24 Q4: 11.9% Operating margin (TTM), FY25 Q1: 11.7% Operating margin (TTM), FY25 Q2: 10.3% Operating margin (TTM), FY25 Q3: 11.1% Operating margin (TTM), FY25 Q4: 12.1% Operating margin (TTM), FY26 Q1: 12.5% Operating margin (TTM), FY26 Q2: 11.1% Operating margin (TTM), FY26 Q3: 10.7% 10.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 10.9%
FY24 Q1 10.1%
FY24 Q2 10.5%
FY24 Q3 10.7%
FY24 Q4 11.9%
FY25 Q1 11.7%
FY25 Q2 10.3%
FY25 Q3 11.1%
FY25 Q4 12.1%
FY26 Q1 12.5%
FY26 Q2 11.1%
FY26 Q3 10.7%
FCF margin (TTM) Becton Dickinson
10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.9% FCF margin (TTM), FY24 Q1: 13.7% FCF margin (TTM), FY24 Q2: 15.4% FCF margin (TTM), FY24 Q3: 16.5% FCF margin (TTM), FY24 Q4: 15.5% FCF margin (TTM), FY25 Q1: 14.4% FCF margin (TTM), FY25 Q2: 11.3% FCF margin (TTM), FY25 Q3: 10.5% FCF margin (TTM), FY25 Q4: 11.8% FCF margin (TTM), FY26 Q1: 11.6% FCF margin (TTM), FY26 Q2: 15.2% FCF margin (TTM), FY26 Q3: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.9%
FY24 Q1 13.7%
FY24 Q2 15.4%
FY24 Q3 16.5%
FY24 Q4 15.5%
FY25 Q1 14.4%
FY25 Q2 11.3%
FY25 Q3 10.5%
FY25 Q4 11.8%
FY26 Q1 11.6%
FY26 Q2 15.2%
FY26 Q3 13.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Becton Dickinson took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $21.8B
  2. Cost of revenue $11.9B · 54.6%
  3. Gross profit $9.9B · 45.4%
  4. Research and development $1.3B · 5.8%
  5. Selling, general and admin $5.3B · 24.2%
  6. Other operating costs $803M · 3.7%
  7. Operating income $2.6B · 11.8%
  8. Income tax $203M · 0.9%
  9. Interest and other $698M · 3.2%
  10. Net income $1.7B · 7.7%

Shares of revenue. Source: Becton Dickinson's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 7.0 7.1 7.6 7.7 8.1 8.4 10.3 12.5 12.1 16.0 17.3 16.1 19.1 18.9 19.4 20.2 21.8 23.3
Gross profit 3.7 3.7 4.0 4.0 4.2 4.3 4.7 6.0 5.9 7.3 8.3 7.6 8.6 8.5 8.2 9.1 9.9 10.9
EBITDA 2.1 2.1 2.2 2.1 1.8 2.2 2.0 2.5 2.6 3.5 4.0 3.0 4.5 4.5 4.4 4.7 5.0 5.0
Operating income 1.6 1.6 1.7 1.6 1.3 1.6 1.1 1.4 1.5 1.5 1.8 0.9 2.3 2.3 2.1 2.4 2.6 2.5
Net income 1.2 1.3 1.3 1.2 1.3 1.2 0.7 1.0 1.1 0.3 1.2 0.9 2.1 1.8 1.5 1.7 1.7 0.9
Diluted EPS $4.87 $5.49 $5.62 $5.59 $6.49 $5.99 $3.35 $4.49 $4.60 $0.60 $3.94 $2.71 $6.85 $5.88 $4.94 $5.86 $5.82 $3.33
Growth (year on year)
Revenue +1.3% +2.0% +6.5% +1.6% +4.5% +4.9% +21.7% +21.4% −3.1% +32.2% +8.2% −7.0% +19.0% −1.4% +2.7% +4.2% +8.2% +17.4%
EBITDA +4.8% +0.9% +4.2% −4.2% −13.0% +20.4% −9.4% +29.5% +2.6% +33.6% +15.1% −24.6% +48.0% +0.7% −2.5% +6.5% +7.6% +9.9%
Operating income +6.8% −0.5% +5.3% −6.5% −19.5% +28.1% −33.1% +33.1% +6.4% −0.9% +16.6% −48.2% +146.7% +1.4% −7.5% +13.5% +7.6% +13.0%
Net income +9.3% +7.0% −3.5% −7.9% +10.5% −8.4% −41.4% +40.4% +12.7% −71.7% — −29.1% +139.4% −15.0% −16.6% +14.9% −1.6% −40.6%
Diluted EPS +11.9% +12.8% +2.4% −0.5% +16.1% −7.7% −44.1% +34.0% +2.4% −87.0% — −31.2% +152.8% −14.2% −16.0% +18.6% −0.7% −39.2%
Margins
Gross margin 52.6% 51.9% 52.2% 51.3% 51.8% 50.9% 45.7% 48.0% 49.1% 45.5% 47.9% 47.1% 45.1% 44.9% 42.2% 45.2% 45.4% 46.9%
EBITDA margin 29.4% 29.1% 28.5% 26.8% 22.3% 25.7% 19.1% 20.4% 21.6% 21.8% 23.2% 18.8% 23.4% 23.9% 22.7% 23.2% 23.1% 21.4%
Operating margin 22.8% 22.2% 22.0% 20.2% 15.6% 19.0% 10.4% 11.5% 12.6% 9.4% 10.2% 5.7% 11.8% 12.1% 10.9% 11.9% 11.8% 10.7%
Net margin 17.6% 18.5% 16.8% 15.2% 16.1% 14.0% 6.8% 7.8% 9.1% 1.9% 7.1% 5.4% 10.9% 9.4% 7.7% 8.4% 7.7% 4.0%
Free-cash-flow margin 15.4% 14.8% 14.9% 15.6% 14.8% 13.7% 11.0% 14.9% 15.1% 12.3% 13.7% 17.2% 18.0% 7.9% 10.9% 15.5% 12.2% 13.8%
Cash flow
Cash from operations 1.7 1.6 1.6 1.7 1.7 1.7 1.7 2.6 2.6 2.9 3.3 3.5 4.6 2.5 3.0 3.8 3.4 4.0
Capital spending 0.6 0.5 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.9 1.0 0.8 1.2 1.0 0.9 0.7 0.8 0.8
Free cash flow 1.1 1.1 1.1 1.2 1.2 1.2 1.1 1.9 1.8 2.0 2.4 2.8 3.5 1.5 2.1 3.1 2.7 3.2
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.3 0.3 0.2 0.2 0.2 0.3 0.2 0.3 0.3
Free cash flow after stock pay 1.0 1.0 1.1 1.1 1.1 1.0 1.0 1.7 1.6 1.6 2.1 2.5 3.2 1.3 1.9 2.9 2.4 2.9
Balance sheet
Cash 1.4 1.2 1.2 1.7 1.9 1.9 1.4 1.5 14.2 1.1 0.5 2.8 2.3 1.0 1.4 1.7 0.6 0.7
Total debt 1.9 1.7 2.7 4.2 4.0 4.0 12.8 11.6 18.9 21.5 19.4 17.9 17.6 16.1 15.9 20.1 19.2 16.8
Net debt (negative = net cash) 0.5 0.5 1.5 2.5 2.1 2.1 11.4 10.0 4.7 20.4 18.9 15.1 15.3 15.1 14.5 18.4 18.6 16.1
Diluted shares 253m 246m 232m 214m 204m 203m 213m 223m 229m 271m 282m 282m 292m 287m 288m 291m 289m 283m
Returned to shareholders
Dividends 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.6 0.7 0.9 1.0 1.0 1.0 1.1 1.1 1.1 1.2 1.2
Buybacks 0.6 0.8 1.5 1.5 0.5 0.4 0.0 0.0 0.2 0.0 0.0 0.0 1.8 0.5 0.0 0.5 1.0 2.5
Total returned 0.9 1.1 1.9 1.9 0.8 0.8 0.5 0.6 0.9 0.9 1.0 1.0 2.8 1.6 1.1 1.6 2.2 3.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $50.7bn
Short-term assets $8.1bnLonger-term assets $42.6bn
What it owes, and who funded it · $33.8bn
Short-term liabilities $9.4bnShareholders' equity $24.4bn
  • Short-term assets cover short-term liabilities $8.1bn of assets due within a year against $9.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $708m of cash against $16.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 69% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 68% to 69% over five years.
  • A year's operating cash flow covers at least 20% of debt $4.0bn of operating cash flow against $16.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.5bn against $589m of interest.

From Becton Dickinson's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2.5B
Dividends (TTM)
$1.2B
Returned to shareholders
115%
of free cash flow
Buybacks, last 3 fiscal years
$1.5B
Diluted share count
−2.3%
year over year
Total shareholder yield
6.7%
dividends 2.1% + buybacks 4.6% of market value
Dividend payout ratio
125%
of net income paid out
R&D spending
5.9%
of revenue
Sales & admin spending
24.6%
of revenue
Days sales outstanding
37 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated BDX GEHC BSX SYK PHG MDT Median
Revenue, last 12 months $23.3bn $21.6bn $21.1bn $26.3bn $20.2bn $37.5bn $102m
Revenue growth, last 12 months 17.4% 6.9% 8.9% 7.9% 3.4% 9.8% 9.3%
Revenue growth, 3-year average 6.9% 3.9% 15.3% 9.8% — 6.0% 13.0%
Revenue growth, latest quarter 5.4% 7.2% 1.4% 7.6% — 13.7% 9.9%
Gross margin 46.9% 39.9% 69.1% 65.3% 45.2% 65.0% 61.1%
Operating margin 10.7% 13.3% 18.7% 20.7% 8.0% 18.1% −8.3%
Operating margin, 3-year average 10.8% 13.2% 17.4% 18.5% 6.6% 17.3% −17.9%
Net margin 4.0% 10.0% 16.6% 13.8% 5.0% 13.9% −11.7%
Cash from operations / revenue 17.0% 11.2% 20.1% 20.7% — 21.4% −1.7%
Free-cash-flow margin 13.8% 8.7% 15.8% 17.4% — 16.3% −3.9%
Free-cash-flow margin, 3-year average 13.6% 8.1% 16.4% 16.2% — 15.9% −6.2%
Stock pay / revenue 1.2% 0.7% 1.5% 1.0% 0.8% 1.3% 6.1%
Change in share count −2.3% −0.6% −0.9% −0.1% 3.1% 0.0% 3.9%

Median of all 135 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to September 30, 2025
Geography
Region Revenue Share YoY
United States $12.8B 58.6% ▲ 9.7%
Outside the US $9B 41.4% ▲ 6.3%
EMEA $4.7B 52.3% ▲ 7.4%
Asia $3.1B 34.2% ▲ 6.4%
Others Country $1.2B 13.6% ▲ 1.7%

From Becton Dickinson's 10-K filed November 25, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$41.9B
Institutions reporting
1,431
Shares held vs prior quarter
▲ 5.9%
Positions opened / closed
116 / 149

Top buyers and sellers, Q2 2026: 660 institutions bought and 695 sold ; the biggest buyer was First Eagle Investment Management, LLC (+15.7M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−6.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
First Eagle Investment Management, LLC $4.2B 27.6M 10.0% ▲ 131.6%
Blackrock, Inc. $3.7B 24.6M 8.9% ▼ 6.0%
Vanguard Capital Management LLC $2.7B 18.0M 6.5% ▼ 2.7%
State Street Corp $2.3B 15.0M 5.4% ▲ 8.5%
Vanguard Portfolio Management LLC $2.3B 15.0M 5.4% ▼ 2.2%
Invesco Ltd. $1.3B 8.9M 3.2% ▼ 12.5%
Geode Capital Management, LLC $1.2B 8.1M 2.9% ▲ 14.6%
Massachusetts Financial Services Co $1.2B 7.5M 2.8% ▼ 2.3%
Franklin Resources Inc $1.1B 7.0M 2.5% ▲ 30.7%
Wellington Management Group LLP $962M 6.4M 2.3% ▼ 3.9%
Greenhaven Associates Inc $860M 5.7M 2.0% New
Norges Bank $631M 4.2M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Becton Dickinson's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.8M 22 trades by 5 insiders · 77% under pre-set plans
Net ▼ $2.8M net selling
Insider Date Trade Shares Price Value
Feld Michael EVP, Chief Revenue Officer October 26, 2026 Sell pre-set plan 76 $198.13 $15,058
Feld Michael EVP, Chief Revenue Officer September 28, 2026 Sell pre-set plan 76 $183.70 $13,961
Feld Michael EVP, Chief Revenue Officer August 26, 2026 Sell pre-set plan 165 $188.49 $31,101
Polen Thomas E Jr Chairman, CEO and President August 13, 2026 Sell pre-set plan 4,152 $185.00 $768,120
Goette Roland EVP and President, EMEA August 11, 2026 Sell 2,438 $180.84 $440,888
Feld Michael EVP, Chief Revenue Officer July 27, 2026 Sell pre-set plan 75 $157.13 $11,785
Feld Michael EVP, Chief Revenue Officer June 26, 2026 Sell pre-set plan 75 $152.80 $11,460
Garrison Michael David EVP & Pres Med.Essntl&BioPharm June 24, 2026 Sell pre-set plan 1,100 $145.66 $160,226
Garrison Michael David EVP & Pres Med.Essntl&BioPharm June 10, 2026 Sell pre-set plan 1,100 $151.48 $166,628
Polen Thomas E Jr Chairman, CEO and President June 1, 2026 Sell pre-set plan 2,764 $146.35 $404,511
Feld Michael EVP, Chief Revenue Officer May 26, 2026 Sell pre-set plan 75 $147.35 $11,051
Feld Michael EVP, Chief Revenue Officer April 27, 2026 Sell pre-set plan 74 $151.94 $11,244

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 63 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of Becton Dickinson shares.

  • Thomas H. Kean, Jr.(R-NJ 7):Sale (full), $1,001 - $15,000, traded May 21, 2026, filed June 18, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded March 17, 2026, filed April 3, 2026
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded June 24, 2025, filed August 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 22, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • April 2, 2026
  • February 9, 2026
  • November 6, 2025
  • October 15, 2025

Recent SEC filings

Data status

When each part of this page on Becton Dickinson was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Becton Dickinson in brief

What does Becton Dickinson do?
Becton Dickinson is a US-listed company in the health care equipment industry. Its financial year ends in September.
What is Becton Dickinson's stock ticker?
Becton Dickinson trades under the ticker BDX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Becton Dickinson's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Becton Dickinson reported revenue of $23.3B, 17.4% higher than a year earlier, according to its SEC filings.
What is Becton Dickinson's free cash flow?
Becton Dickinson's free-cash-flow margin is 13.8% of revenue over the trailing twelve months.
Who are Becton Dickinson's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are First Eagle Investment Management, LLC, Blackrock, Inc. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Becton Dickinson buying back stock, and does it pay a dividend?
Becton Dickinson spent $2.5B on share repurchases over the trailing twelve months, and its diluted share count fell 2.3% over the year.
What is Becton Dickinson's market cap?
On November 2, 2026, Becton Dickinson's market capitalisation was about $56.1B, with a price-to-earnings ratio of 59.6 and net debt of $16.1B. Market figures come from third-party market data and may be delayed.
Does Becton Dickinson pay a dividend?
Yes: Becton Dickinson paid $1.2B in dividends over the trailing twelve months, a dividend yield of 2.14% and a payout ratio of 124.5%.
How much debt does Becton Dickinson have?
Becton Dickinson's debt-to-equity ratio is 68.8%, from its latest balance sheet (67.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are Becton Dickinson's competitors?
In our Health Care Equipment peer group, the companies closest to Becton Dickinson are GE HealthCare, Boston Scientific, Stryker Corporation, Koninklijke Philips NV and Medtronic. The side-by-side comparison below sets their revenue, margins and growth against Becton Dickinson's.
Are insiders buying or selling Becton Dickinson stock?
Over the last 12 months, Becton Dickinson's directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Becton Dickinson's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Becton Dickinson announces its own schedule.