NYSE · Healthcare

Becton, Dickinson and Company

BDX · Medical Instruments & Supplies

$146.81

▼ -2.47 (-1.65%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Becton, Dickinson and Company at $146.81.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 45.4%

Operating Margin 13.7%

Net Income Margin 7.7%

Fin. Health D

Years to Pay Off Debt 11.4 yrs

Working Capital vs Long-Term Debt -$16.7B

Working Capital $942M

Valuation F

Margin of Safety 0.0%

Price-to-Book 1.64x

Cash Flow C

Free Cash Flow $2.7B

CapEx % of Net Income 45.3%

Owner Earnings $4.9B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $41.8B

Enterprise Value $61.3B

P/E (TTM) 23.99

Dividend Yield 2.79%

Exchange NYSE

Key Margins

Gross Profit 45.4%

Operating Margin 13.7%

Net Margin 7.7%

Company Info

Sector Healthcare

Industry Medical Instruments & Supplies

Employees 70000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Becton, Dickinson and Company at $146.81.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $146.81, the stock trades at a 36% premium to its Graham Number of $108.11. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Becton, Dickinson and Company

Becton, Dickinson and Company develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products for healthcare institutions, physicians, life science researchers, clinical laboratories, pharmaceutical industry, and the general public worldwide. It operates through Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences segments. It provides peripheral intravenous (IV) and advanced peripheral catheters, central lines, acute dialysis catheters, vascular access technology, vascular care and preparation products, needle-free IV connectors and extensions sets, closed-system drug transfer devices, hazardous drug detections, hypodermic syringes and needles, anesthesia needles and trays, enteral syringes, and sharps disposal systems; IV medication safety and infusion therapy delivery systems, medication compounding workflow system, automated medication dispensing and supply management systems, informatics and analytics and pharmacy automation system, and medication inventory optimization and tracking system; hemodynamic monitoring system; and prefillable drug delivery systems. It also offers specimen and blood collection products; automated blood and tuberculosis culturing, molecular testing, and microorganism identification and drug susceptibility, as well as rapid diagnostic assays, microbiology laboratory automation products, and plated media products; and fluorescence-activated cell sorters and analyzers, antibodies and kits, reagent system, and solution for single-cell gene expression analysis, as well as clinical oncology, immunological, and transplantation diagnostic/monitoring reagents and analyzers. It provides hernia and soft tissue repair, biological and bioresorbable graft, biosurgery, and other surgical products; surgical infection prevention, peripheral intervention, and urology and critical care products. The company has a strategic collaboration with ChemoGLO for the advancement of hazardous drug contamination testing in health care settings to improve the safety of health care workers. The company was founded in 1897 and is headquartered in Franklin Lakes, New Jersey.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	45.4% ▲	45.2%	42.2%	44.9%	N/A
Operating Margin %	13.7% ▼	14.2%	12.5%	13.1%	N/A
Net Income %	7.7% ▼	8.4%	7.7%	9.4%	N/A
Diluted EPS	5.82 ▼	5.93	4.94	5.88	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$55.3B	$57.3B	$52.8B	$52.9B	N/A
Total Debt	$19.2B ↓	$20.1B	$15.9B	$16.1B	N/A
Working Capital	$942M ▼	$1.5B	$2.0B	$330M	N/A
Years to Pay Debt	11.43	11.79	10.70	9.03	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.7B ▼	$3.1B	$2.1B	$1.7B	N/A
Owner Earnings	$4.9B	$4.7B	$4.6B	$5.0B	N/A
CapEx % of Net Income	45.3%	42.5%	58.9%	54.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-49,680	-75,000	-27,808	-23,157
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	5,416,000	5,319,000	4,754,000	4,689,000
Total Unusual Items	-460,000	-500,000	-352,000	-279,000
Total Unusual Items Excluding Goodwill	-460,000	-500,000	-352,000	-279,000
Net Income From Continuing Operation Net Minority Interest	1,678,000	1,705,000	1,530,000	1,635,000
Reconciled Depreciation	2,462,000	2,286,000	2,288,000	2,229,000
Reconciled Cost Of Revenue	11,915,000	11,053,000	11,202,000	10,393,000
EBITDA	4,956,000	4,819,000	4,402,000	4,410,000
EBIT	2,494,000	2,533,000	2,114,000	2,181,000
Net Interest Income	-575,000	-365,000	-403,000	-382,000
Interest Expense	613,000	528,000	452,000	398,000
Interest Income	38,000	163,000	49,000	16,000
Normalized Income	2,088,320	2,130,000	1,854,192	1,890,843
Net Income From Continuing And Discontinued Operation	1,678,000	1,705,000	1,484,000	1,779,000
Total Expenses	18,854,000	17,322,000	16,948,000	16,395,000
Total Operating Income As Reported	2,579,000	2,397,000	2,111,000	2,282,000
Diluted Average Shares	288,509	291,009	288,392	287,364
Basic Average Shares	287,648	289,763	286,282	285,005
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,678,000	1,705,000	1,424,000	1,689,000
Net Income Common Stockholders	1,678,000	1,705,000	1,424,000	1,689,000
Preferred Stock Dividends			60,000	90,000	90,000
Net Income	1,678,000	1,705,000	1,484,000	1,779,000
Net Income Including Noncontrolling Interests	1,678,000	1,705,000	1,484,000	1,779,000
Net Income Discontinuous Operations	0	0	-46,000	144,000
Net Income Continuous Operations	1,678,000	1,705,000	1,530,000	1,635,000
Tax Provision	203,000	300,000	132,000	148,000
Pretax Income	1,881,000	2,005,000	1,662,000	1,783,000
Other Income Expense	-531,000	-486,000	-359,000	-308,000
Other Non Operating Income Expenses	-71,000	14,000	-7,000	-29,000
Special Income Charges	-408,000	-458,000	-313,000	-216,000
Other Special Charges				24,000	178,000
Restructuring And Mergern Acquisition	408,000	458,000	313,000	192,000
Gain On Sale Of Security	-52,000	-42,000	-39,000	-63,000
Net Non Operating Interest Income Expense	-575,000	-365,000	-403,000	-382,000
Interest Expense Non Operating	613,000	528,000	452,000	398,000
Interest Income Non Operating	38,000	163,000	49,000	16,000
Operating Income	2,986,000	2,856,000	2,424,000	2,475,000
Operating Expense	6,939,000	6,269,000	5,746,000	6,002,000
Other Operating Expenses	396,000	222,000	-210,000	37,000
Research And Development	1,265,000	1,190,000	1,237,000	1,256,000
Selling General And Administration	5,278,000	4,857,000	4,719,000	4,709,000
Selling And Marketing Expense					4,867,000
General And Administrative Expense					1,000
Salaries And Wages					1,000
Gross Profit	9,925,000	9,125,000	8,170,000	8,477,000
Cost Of Revenue	11,915,000	11,053,000	11,202,000	10,393,000
Total Revenue	21,840,000	20,178,000	19,372,000	18,870,000
Operating Revenue	21,840,000	20,178,000	19,372,000	18,870,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	85,192	81,493	80,203	81,283
Ordinary Shares Number	285,402	289,101	290,392	283,357
Share Issued	370,594	370,594	370,594	364,640
Net Debt	18,540,000	18,393,000	14,463,000	15,059,000
Total Debt	19,181,000	20,110,000	15,879,000	16,065,000
Tangible Book Value	-10,626,000	-11,493,000	-9,672,000	-11,650,000
Invested Capital	44,571,000	45,999,000	41,676,000	41,345,000
Working Capital	942,000	1,512,000	2,035,000	330,000
Net Tangible Assets	-10,626,000	-11,493,000	-9,672,000	-11,648,000
Common Stock Equity	25,390,000	25,889,000	25,797,000	25,280,000
Preferred Stock Equity				2,000	2,000
Total Capitalization	43,011,000	43,829,000	40,535,000	39,168,000
Total Equity Gross Minority Interest	25,390,000	25,889,000	25,797,000	25,282,000
Stockholders Equity	25,390,000	25,889,000	25,797,000	25,282,000
Other Equity Interest	25,000	25,000	24,000	23,000
Gains Losses Not Affecting Retained Earnings	-1,895,000	-1,732,000	-1,548,000	-1,488,000
Other Equity Adjustments	-1,895,000	-1,732,000	-1,548,000	-1,488,000
Treasury Stock	9,808,000	8,807,000	8,305,000	8,330,000
Retained Earnings	16,622,000	16,139,000	15,535,000	15,157,000
Additional Paid In Capital	20,075,000	19,893,000	19,720,000	19,553,000
Capital Stock	371,000	371,000	371,000	367,000
Common Stock	371,000	371,000	371,000	365,000
Preferred Stock			0	2,000	2,000
Total Liabilities Net Minority Interest	29,935,000	31,397,000	26,983,000	27,652,000
Total Non Current Liabilities Net Minority Interest	21,622,000	22,441,000	20,342,000	19,841,000
Other Non Current Liabilities	2,932,000	3,559,000	4,581,000	5,053,000
Liabilities Heldfor Sale Non Current				0	17,000
Employee Benefits	1,069,000	942,000	1,023,000	902,000
Non Current Deferred Liabilities				5,052,000	5,209,000
Non Current Deferred Taxes Liabilities				5,052,000	5,209,000
Long Term Debt And Capital Lease Obligation	17,621,000	17,940,000	14,738,000	13,886,000
Long Term Debt	17,621,000	17,940,000	14,738,000	13,886,000
Current Liabilities	8,313,000	8,956,000	6,641,000	7,811,000
Other Current Liabilities	1,000		1,000		156,000
Current Debt And Capital Lease Obligation	1,560,000	2,170,000	1,141,000	2,179,000
Current Debt	1,560,000	2,170,000	1,141,000	2,179,000
Other Current Borrowings	705,000	1,770,000	1,141,000	1,949,000
Commercial Paper	855,000	400,000	0	230,000
Payables And Accrued Expenses	6,752,000	6,786,000	5,499,000	5,632,000
Current Accrued Expenses	4,449,000	4,722,000	3,719,000	3,776,000
Payables	2,303,000	2,064,000	1,780,000	1,856,000
Total Tax Payable	329,000	168,000	139,000	157,000
Income Tax Payable	329,000	168,000	139,000	157,000
Accounts Payable	1,974,000	1,896,000	1,641,000	1,699,000
Total Assets	55,325,000	57,286,000	52,780,000	52,934,000
Total Non Current Assets	46,069,000	46,818,000	44,104,000	44,790,000
Other Non Current Assets	3,056,000	2,615,000	2,078,000	1,848,000
Goodwill And Other Intangible Assets	36,016,000	37,382,000	35,469,000	36,930,000
Other Intangible Assets	9,404,000	10,917,000	10,947,000	12,309,000
Goodwill	26,612,000	26,465,000	24,522,000	24,621,000
Net PPE	6,997,000	6,821,000	6,557,000	6,012,000
Accumulated Depreciation	-8,116,000	-7,557,000	-7,021,000	-6,402,000
Gross PPE	15,113,000	14,378,000	13,578,000	12,414,000
Leases	331,000	320,000	301,000	266,000
Other Properties		-1,000		1,000	1,000
Machinery Furniture Equipment	10,759,000	10,197,000	9,609,000	8,769,000
Buildings And Improvements	3,895,000	3,733,000	3,537,000	3,252,000
Land And Improvements	128,000	129,000	131,000	127,000
Current Assets	9,255,000	10,468,000	8,676,000	8,141,000
Other Current Assets	1,508,000	1,291,000	1,380,000	1,559,000
Assets Held For Sale Current				0	293,000
Restricted Cash	210,000	139,000	65,000	153,000
Prepaid Assets				1,559,000	1,048,000
Inventory	3,894,000	3,843,000	3,273,000	3,224,000
Finished Goods	2,544,000	2,597,000	2,178,000	2,120,000
Work In Process	490,000	443,000	381,000	397,000
Raw Materials	860,000	803,000	714,000	707,000
Receivables	2,994,000	3,033,000	2,534,000	2,191,000
Accounts Receivable	2,994,000	3,033,000	2,534,000	2,191,000
Allowance For Doubtful Accounts Receivable	-94,000	-79,000	-81,000
Gross Accounts Receivable	3,088,000	3,112,000	2,615,000
Cash Cash Equivalents And Short Term Investments	649,000	2,162,000	1,424,000	1,014,000
Other Short Term Investments	8,000	445,000	8,000	8,000
Cash And Cash Equivalents	641,000	1,717,000	1,416,000	1,006,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,671,000	3,072,000	2,115,000	1,660,000
Repurchase Of Capital Stock				-500,000	-1,750,000
Repayment Of Debt	-1,789,000	-1,142,000	-2,155,000	-805,000
Issuance Of Debt	0	4,517,000	1,662,000	497,000
Capital Expenditure	-760,000	-725,000	-874,000	-973,000
End Cash Position	851,000	1,856,000	1,481,000	1,159,000
Beginning Cash Position	1,856,000	1,481,000	1,159,000	2,392,000
Effect Of Exchange Rate Changes	0	4,000	5,000	-45,000
Changes In Cash	-1,005,000	371,000	317,000	-1,188,000
Financing Cash Flow	-3,617,000	2,086,000	-1,957,000	-591,000
Cash From Discontinued Financing Activities		0	0	145,000	0
Cash Flow From Continuing Financing Activities	-3,617,000	2,086,000	-1,957,000	-736,000
Net Other Financing Charges	-87,000	-89,000	-120,000	924,000
Cash Dividends Paid	-1,196,000	-1,100,000	-1,114,000	-1,082,000
Common Stock Dividend Paid	-1,196,000	-1,100,000	-1,114,000	-1,082,000
Net Common Stock Issuance	-1,000,000	-500,000	0	-500,000
Common Stock Payments				-500,000	-1,750,000
Net Issuance Payments Of Debt	-1,334,000	3,775,000	-723,000	-78,000
Net Short Term Debt Issuance	455,000	400,000	-230,000	230,000
Net Long Term Debt Issuance	-1,789,000	3,375,000	-493,000	-308,000
Long Term Debt Payments	-1,789,000	-1,142,000	-2,155,000	-805,000
Long Term Debt Issuance	0	4,517,000	1,662,000	497,000
Investing Cash Flow	-818,000	-5,514,000	-716,000	-3,231,000
Cash From Discontinued Investing Activities		0	0	-11,000	-37,000
Cash Flow From Continuing Investing Activities	-818,000	-5,514,000	-716,000	-3,220,000
Net Other Investing Changes	-480,000	-444,000	-382,000	-177,000
Net Investment Purchase And Sale	422,000	-421,000	0	0
Purchase Of Investment		-421,000	0	0
Net Business Purchase And Sale	0	-3,924,000	540,000	-2,070,000
Sale Of Business	0	0	540,000	0
Purchase Of Business	0	-3,924,000	0	-2,070,000
Capital Expenditure Reported	-760,000	-725,000	-874,000	-973,000
Operating Cash Flow	3,431,000	3,797,000	2,989,000	2,633,000
Cash From Discontinued Operating Activities	0	-46,000	-1,000	163,000
Cash Flow From Continuing Operating Activities	3,431,000	3,843,000	2,990,000	2,470,000
Change In Working Capital	-800,000	293,000	-630,000	-1,508,000
Change In Payables And Accrued Expense	-185,000	625,000	-517,000	-473,000
Change In Payable	-185,000	625,000	-517,000	-473,000
Change In Account Payable	-185,000	625,000	-517,000	-473,000
Change In Prepaid Assets	-276,000	23,000	192,000	-436,000
Change In Inventory	-410,000	98,000	-15,000	-631,000
Change In Receivables	71,000	-453,000	-290,000	32,000
Changes In Account Receivables	71,000	-453,000	-290,000	32,000
Other Non Cash Items	284,000	-407,000	321,000	56,000
Excess Tax Benefit From Stock Based Compensation			19,000	32,000	15,000
Stock Based Compensation	258,000	247,000	259,000	233,000
Deferred Tax	-474,000	-211,000	-622,000	-120,000
Deferred Income Tax	-474,000	-211,000	-622,000	-120,000
Depreciation Amortization Depletion	2,462,000	2,286,000	2,288,000	2,229,000
Depreciation And Amortization	2,462,000	2,286,000	2,288,000	2,229,000
Operating Gains Losses	23,000	-70,000	-156,000	-55,000
Pension And Employee Benefit Expense	23,000	-70,000	112,000	-55,000
Gain Loss On Sale Of Business	0	0	-268,000	0
Net Income From Continuing Operations	1,678,000	1,705,000	1,530,000	1,635,000

These metrics estimate what Becton, Dickinson and Company is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$108.11

Margin of Safety

Market Cap ÷ Company Value

1.69

P/B Ratio

1.64

Warren's Owner Earnings

$4.9B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$21.8B

vs > $1.5B revenue

❌ Strong Financial Condition

1.11x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.79%

vs Uninterrupted dividends

❌ Earnings Growth

-1.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

24.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

1.64x P/B (P/E×P/B: 39.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-72.70

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$116.63

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	45.3%	42.5%	58.9%	54.7%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	-$500M	-$1.8B
Free Cash Flow	$2.7B ▼	$3.1B ▲	$2.1B ▲	$1.7B •	N/A •
Warren's Owner Earnings	$4.9B	$4.7B	$4.6B	$5.0B	N/A

Peers & Industry

No auto-detected peers for Medical Instruments & Supplies. You can manually compare BDX against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.40%

Low — management has little skin in the game

Return on Equity (ROE)

6.6%

Weak — poor returns on equity

Return on Assets (ROA)

3.0%

Fair — average asset utilization

Debt Trend YoY

-4.6% YoY

Debt is declining — management is deleveraging

Leadership Team

Thomas Polen Jr.

President, CEO & Chairman

Age 52

Pay: $3,588,724

0.214% of net income

Michael Garrison

Executive VP & President of Medical Segment and BioPharma Systems Segments

Age 56

Pay: $1,360,526

0.081% of net income

Richard Byrd

Executive VP & President of Interventional Segment

Age 57

Pay: $1,406,554

0.084% of net income

Vitor Roque

Senior VP of Business Finance & Interim CFO

Age 42

Shawn Bevec

Senior Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.88%	36,678,939
Blackrock Inc.	9.71%	27,648,705
T. Rowe Price Investment Management, Inc.	5.05%	14,378,219
State Street Corporation	4.91%	13,989,132
First Eagle Investment Management, LLC	4.09%	11,646,000
Massachusetts Financial Services Co.	3.33%	9,486,694
Geode Capital Management, LLC	2.42%	6,885,361
Wellington Management Group, LLP	1.86%	5,299,030

Risk Analysis

Beta (Market Risk)

0.28

Low volatility — more stable than the market

Short Interest

2.9% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.77x

Conservative balance sheet — low financial risk

Current Ratio

1.05x

Adequate liquidity

52-Week Price Range

Low: $127.59 Current: $146.81 High: $187.35

Currently at 32% of 52-week range

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