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Global medical technology company making injection/infusion devices, diagnostic systems and specimen management products.
Global medical technology company making injection/infusion devices, diagnostic systems and specimen management products.
Sells mostly disposable products, such as syringes, needles and catheters, through hospital purchasing contracts and distributors, so revenue follows procedure and patient volumes; instruments and test kits are sold alongside the consumables needed to run them. It spun off Embecta in 2022 and agreed in 2025 to combine its biosciences and diagnostics business with Waters.
Moat: narrow (scale, installed base, switching costs). Ubiquitous installed base of needles/syringes and diagnostic instruments across global healthcare systems.
Headquarters: Franklin Lakes, New Jersey, USA · Founded: 1897 · Employees: 72,000
Size Becton Dickinson (BDX) is a United States Health Care company (Medical Specialties) with a market value of $57.7B, the 224th largest of 3,117 United States companies the cockpit tracks. Shares closed at $211.88 on 6 Nov 2026.
Performance Over six months the shares gained 42.8%, against +25.2% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue fell 2.6% over the last twelve months (peer median +8.7%); the operating margin is 14.5% (peer median 22.2%).
Valuation It trades at 16.0× forward earnings against a peer median of 26.7× (3rd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +3 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 0.2 points below its cost of capital (6.1% WACC).
Credit Becton Dickinson has 14 bonds outstanding ($10.3B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 84 bp.
Short interest Short interest is 3.3% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.8B | $21.8B | $20.2B | $19.4B | $18.9B |
| Revenue growth | — | +8% | +4% | +3% | — |
| Gross profit | $9.68B | $9.93B | $9.12B | $8.17B | $8.48B |
| EBITDA | $5.25B | $5.69B | $5.23B | $4.36B | $4.62B |
| Net income | $941M | $1.68B | $1.71B | $1.48B | $1.78B |
| Free cash flow | $2.53B | $2.67B | $3.07B | $2.12B | $1.66B |
| Capital expenditure | $728M | $760M | $725M | $874M | $973M |
| Total debt | $16.8B | $20.0B | $20.9B | $16.4B | $16.6B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
| Abbott Laboratories ABT | $190B | +30% | +10% | 14% | 18.8× | 5.6% |
| Terumo 4543.T | $23.4B | +25% | +14% | 17% | 24.6× | 8.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BDX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.9% | +11.8% | 10th highest of 21 |
| 6-month return | +42.8% | +25.2% | 4th highest of 21 |
| Distance from 52-week high | -1.4% | -11.2% | highest of 21 |
| Revenue growth (TTM) | -2.6% | +8.7% | lowest of 21 |
| Operating margin | 14.5% | 22.2% | 6th lowest of 21 |
| Forward P/E | 16.0× | 26.7× | 3rd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.6% | 17.2% | 7th least demanding of 21 |
| Growth delivered (Del g) | +6.3% | +9.4% | 8th lowest of 21 |
| Hurdle (Req g minus delivered) | +3.2 pp | +5.8 pp | 9th least demanding of 21 |
| ROIC minus cost of capital | -0.2 pp | +5.0 pp | 6th lowest of 21 |
| EV / EBITDA | 14.0× | 19.5× | 4th cheapest of 20 |
| Net debt / EBITDA | 3.0× | 1.6× | 3rd most indebted of 20 |
| Bond spread | 84 bp | 64 bp | widest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Becton Dickinson BDX | United States | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% | +6.3% |
| Edwards Lifesciences EW | United States | $58.9B | +28% | +15% | 29% | 31.4× | 17.2% | +6.7% |
| Siemens Healthineers SHL.DE | Germany | $55.9B | +31% | -1% | 15% | 18.9× | 9.0% | +10.1% |
| Boston Scientific BSX | United States | $62.0B | -21% | +9% | 21% | 13.8× | 5.0% | +15.2% |
| Idexx Laboratories IDXX | United States | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% | +9.7% |
| Medline MDLN | United States | $52.1B | 0% | +12% | 6% | 26.1× | 17.1% | +9.9% |
| Agilent Technologies A | United States | $49.3B | +51% | +9% | 24% | 26.6× | 22.6% | +5.4% |
| Hoya 7741.T | Japan | $47.4B | -23% | +13% | 31% | 26.7× | 13.3% | +11.6% |
| Waters WAT | United States | $45.0B | +29% | +81% | 10% | 28.6× | 46.2% | +6.0% |
| Alcon ALC.SW | Switzerland | $37.5B | +22% | -1% | 11% | 21.4× | 12.9% | +6.1% |
| GE HealthCare GEHC | United States | $37.2B | +30% | +7% | 14% | 15.4× | 4.3% | +3.7% |
| Mettler Toledo MTD | United States | $34.5B | +53% | +7% | 28% | 33.9× | 20.3% | +5.5% |
| Shenzhen Mindray Bio-Medical Electronics 300760.SZ | China | $33.4B | +9% | +5% | 28% | 27.1× | 0.9% | +9.7% |
| ResMed RMD | United States | $33.1B | +14% | +9% | 34% | 19.1× | 4.9% | +12.1% |
| EssilorLuxottica EL.PA | France | $101B | +12% | +8% | 12% | 26.6× | 19.4% | +14.6% |
| Illumina ILMN | United States | $32.2B | +50% | +6% | 21% | 35.7× | 27.1% | +6.0% |
| Dexcom DXCM | United States | $29.6B | +31% | +13% | 24% | 27.0× | 18.5% | +19.3% |
| West Pharmaceutical Services WST | United States | $27.9B | +23% | +13% | 23% | 39.8× | 25.2% | +7.5% |
| Stryker SYK | United States | $124B | +14% | +8% | 25% | 20.4× | 10.6% | +11.8% |
| Medtronic MDT | United States | $130B | +35% | +10% | 20% | 16.9× | 8.6% | +3.8% |
| Sartorius Stedim Biotech DIM.PA | France | $24.7B | +38% | +4% | 19% | 45.5× | 33.1% | +9.2% |
Becton Dickinson has 14 bonds outstanding with $10.3B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 5.18%, a spread of 84 bp over government bonds.