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BDXBecton Dickinson

Health care · Medical Instruments · NYSE
BDX quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 8.2%, free cash flow down to $2.7B

XBRL, from each 10-K
RevenueStatements ↓
$21.8B
from $20.2B in FY2024
FY2016FY2025
Net incomeStatements ↓
$1.7B
from $1.7B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.7B
from $3.1B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$5.82
from $5.86 in FY2024
FY2016FY2025
Operating marginStatements ↓
11.8%
from 11.9% in FY2024
FY2016FY2025
Total debtStatements ↓
$19.2B
from $20.1B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (40, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)3.31Sales (ttm)22.5BNet income (ttm)942.0MSales growth+8.2%EPS growth-0.7%Sales Q/Q+5.4%
Free cash flow3.2BGross margin46.9%Oper. margin10.7%Net margin4.2%FCF margin14.2%ROE3.9%
ROA1.9%R&D / sales5.8%Dividend4.16Debt/Eq0.69Curr. ratio0.87Cash708.0M
Op. cash flow (ttm)4.0BEBITDA5.0BEBITDA margin23.1%Net debt16.1BQuick ratio0.53Interest cover4.21
ROIC5.6%Payout ratio71.5%Tax rate10.8%Stock pay / sales1.2%Shares out.272.4MShares Y/Y-0.9%
Book / share89.64Cash / share2.60Sales / share82.54Asset turnover0.44Inventory turns3.78Days sales out.40
Sales 3Y CAGR+5.0%Sales 5Y CAGR+6.3%EPS 3Y CAGR-0.3%EPS 5Y CAGR+16.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

BDX against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
BDXPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+8.2%27th of 60 · median +7.1%
Net margin
4.2%41st of 60 · median 9.6%
Return on equity
3.9%45th of 54 · median 13.1%
Free cash flow margin
14.2%32nd of 56 · median 15.5%
Debt / equity (less is better)
0.6928th of 49 · median 0.66
BDX and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
BDX Becton Dickinson$22.5B +8.2%46.9%4.2%3.9%14.2%0.69
SYK Stryker Corporation$26.3B +11.2%65.3%13.8%15.4%17.4%0.61
DHR Danaher Corporation$25.6B +2.9%58.6%16.9%8.1%22.4%0.53
GEHC GE HealthCare$21.6B +4.8%39.9%10.0%18.5%8.7%0.86
BSX Boston Scientific$21.1B +19.9%69.1%16.6%13.7%15.8%0.47
UHS Universal Health Services$18.4B +9.7%-8.0%19.2%6.1%0.75
Where each dollar goes

From $19.1B of sales to $2.1B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $8.6BRevenue to Cost of revenue: $10.5BGross profit to Operating profit: $2.2BGross profit to Operating expenses: $6.4BOperating profit to Net profit: $2.1BOperating profit to Tax & other: $158.0MOperating expenses to R&D: $1.3BOperating expenses to Sales, admin & other: $5.1B Revenue: $19.1B Revenue$19.1B +19% Y/Y Gross profit: $8.6B · 45% margin Gross profit$8.6B45% margin Cost of revenue: $10.5B · 55% of revenue Cost of revenue$10.5B55% of revenue Operating profit: $2.2B · 12% margin Operating profit$2.2B12% margin +147% Y/Y Operating expenses: $6.4B · 33% of revenue Operating expenses$6.4B33% of revenue Net profit: $2.1B · 11% margin Net profit$2.1B11% margin +139% Y/Y Tax & other: $158.0M · 1% of revenue Tax & other$158.0M1% of revenue R&D: $1.3B · 7% of revenue R&D$1.3B7% of revenue Sales, admin & other: $5.1B · 27% of revenue Sales, admin & other$5.1B27% of revenue

Swipe sideways for the whole flow →

From $18.9B of sales to $1.8B of profit

FY2022, from the 10-K income statement and revenue by segment
Medical to Revenue: $8.8BInterventional to Revenue: $4.5BLife Sciences to Revenue: $5.6BRevenue to Gross profit: $8.5BRevenue to Cost of revenue: $10.4BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $6.2BOperating profit to Net profit: $1.8BOperating profit to Tax & other: $503.0MOperating expenses to R&D: $1.3BOperating expenses to Sales, admin & other: $4.9B Medical: $8.8B · 47% Medical$8.8B47% Interventional: $4.5B · 24% Interventional$4.5B24% Life Sciences: $5.6B · 29% Life Sciences$5.6B29% Revenue: $18.9B Revenue$18.9B −1% Y/Y Gross profit: $8.5B · 45% margin Gross profit$8.5B45% margin Cost of revenue: $10.4B · 55% of revenue Cost of revenue$10.4B55% of revenue Operating profit: $2.3B · 12% margin Operating profit$2.3B12% margin +1% Y/Y Operating expenses: $6.2B · 33% of revenue Operating expenses$6.2B33% of revenue Net profit: $1.8B · 9% margin Net profit$1.8B9% margin −15% Y/Y Tax & other: $503.0M · 3% of revenue Tax & other$503.0M3% of revenue R&D: $1.3B · 7% of revenue R&D$1.3B7% of revenue Sales, admin & other: $4.9B · 26% of revenue Sales, admin & other$4.9B26% of revenue

Swipe sideways for the whole flow →

From $19.4B of sales to $1.5B of profit

FY2023, from the 10-K income statement and revenue by segment
Medical to Revenue: $9.5BInterventional to Revenue: $4.7BLife Sciences to Revenue: $5.1BRevenue to Gross profit: $8.2BRevenue to Cost of revenue: $11.2BGross profit to Operating profit: $2.1BGross profit to Operating expenses: $6.1BOperating profit to Net profit: $1.5BOperating profit to Tax & other: $627.0MOperating expenses to R&D: $1.2BOperating expenses to SG&A: $4.8B Medical: $9.5B · 49% Medical$9.5B49% Interventional: $4.7B · 24% Interventional$4.7B24% Life Sciences: $5.1B · 26% Life Sciences$5.1B26% Revenue: $19.4B Revenue$19.4B +3% Y/Y Gross profit: $8.2B · 42% margin Gross profit$8.2B42% margin Cost of revenue: $11.2B · 58% of revenue Cost of revenue$11.2B58% of revenue Operating profit: $2.1B · 11% margin Operating profit$2.1B11% margin −7% Y/Y Operating expenses: $6.1B · 31% of revenue Operating expenses$6.1B31% of revenue Net profit: $1.5B · 8% margin Net profit$1.5B8% margin −17% Y/Y Tax & other: $627.0M · 3% of revenue Tax & other$627.0M3% of revenue R&D: $1.2B · 6% of revenue R&D$1.2B6% of revenue SG&A: $4.8B · 25% of revenue SG&A$4.8B25% of revenue

Swipe sideways for the whole flow →

From $20.2B of sales to $1.7B of profit

FY2024, from the 10-K income statement and revenue by segment
Medical to Revenue: $10.1BInterventional to Revenue: $5.0BLife Sciences to Revenue: $5.2BRevenue to Gross profit: $9.1BRevenue to Cost of revenue: $11.1BGross profit to Operating profit: $2.4BGross profit to Operating expenses: $6.7BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $692.0MOperating expenses to R&D: $1.2BOperating expenses to Sales, admin & other: $5.5B Medical: $10.1B · 50% Medical$10.1B50% Interventional: $5.0B · 25% Interventional$5.0B25% Life Sciences: $5.2B · 26% Life Sciences$5.2B26% Revenue: $20.2B Revenue$20.2B +4% Y/Y Gross profit: $9.1B · 45% margin Gross profit$9.1B45% margin Cost of revenue: $11.1B · 55% of revenue Cost of revenue$11.1B55% of revenue Operating profit: $2.4B · 12% margin Operating profit$2.4B12% margin +14% Y/Y Operating expenses: $6.7B · 33% of revenue Operating expenses$6.7B33% of revenue Net profit: $1.7B · 8% margin Net profit$1.7B8% margin +15% Y/Y Tax & other: $692.0M · 3% of revenue Tax & other$692.0M3% of revenue R&D: $1.2B · 6% of revenue R&D$1.2B6% of revenue Sales, admin & other: $5.5B · 27% of revenue Sales, admin & other$5.5B27% of revenue

Swipe sideways for the whole flow →

From $21.8B of sales to $1.7B of profit

FY2025, from the 10-K income statement and revenue by segment
Medical to Revenue: $11.5BInterventional to Revenue: $5.2BLife Sciences to Revenue: $5.2BRevenue to Gross profit: $9.9BRevenue to Cost of revenue: $11.9BGross profit to Operating profit: $2.6BGross profit to Operating expenses: $7.3BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $901.0MOperating expenses to R&D: $1.3BOperating expenses to Sales, admin & other: $6.1B Medical: $11.5B · 52% Medical$11.5B52% Interventional: $5.2B · 24% Interventional$5.2B24% Life Sciences: $5.2B · 24% Life Sciences$5.2B24% Revenue: $21.8B Revenue$21.8B +8% Y/Y Gross profit: $9.9B · 45% margin Gross profit$9.9B45% margin Cost of revenue: $11.9B · 55% of revenue Cost of revenue$11.9B55% of revenue Operating profit: $2.6B · 12% margin Operating profit$2.6B12% margin +8% Y/Y Operating expenses: $7.3B · 34% of revenue Operating expenses$7.3B34% of revenue Net profit: $1.7B · 8% margin Net profit$1.7B8% margin −2% Y/Y Tax & other: $901.0M · 4% of revenue Tax & other$901.0M4% of revenue R&D: $1.3B · 6% of revenue R&D$1.3B6% of revenue Sales, admin & other: $6.1B · 28% of revenue Sales, admin & other$6.1B28% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

1 of 3
  • !
    Net margin below the peer median4.2% vs 9.6%
  • !
    Return on equity below 15%3.9%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 7.8% → 7.7%

Balance sheet

1 of 4
  • !
    Interest covered less than 5 timesOperating income is 4.2× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.69 on the latest balance sheet (peer median 0.66)
  • !
    Current ratio below 1Current ratio 0.87
  • !
    Net debt over 3 years of free cash flow$16.1B net debt, 5.0 years
Debt / equity at each year end, FY2016 to FY2025: 1.51 → 0.76
What the debt is made of ↓

Cash and shareholders

3 of 4
  • ✓
    Free cash flow positive in every one of 10 years$2.7B last year
  • !
    Share count up over 5 years+2.2%
  • ✓
    Dividend per share up over 5 years$3.16 → $4.16
  • ✓
    Cash from operations above net income$3.4B vs $1.7B
Free cash flow, FY2016 to FY2025: 1.9B → 2.7B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$11.7B of principal due, schedule of Sep 30, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 21.8B Net income 1.7B
FY2016 revenue 12.5B · Revenues, 0000010795-18-000036 FY2016 net income 976.0M · NetIncomeLoss, 0000010795-18-000036 12.5B FY2016 FY2017 revenue 12.1B · Revenues, 0000010795-19-000044 FY2017 net income 1.1B · NetIncomeLoss, 0000010795-19-000044 12.1B FY2017 FY2018 revenue 16.0B · Revenues, 0000010795-20-000055 FY2018 net income 311.0M · NetIncomeLoss, 0000010795-20-000055 16.0B FY2018 FY2019 revenue 17.3B · Revenues, 0000010795-21-000091 FY2019 net income 1.2B · NetIncomeLoss, 0000010795-21-000091 17.3B FY2019 FY2020 revenue 16.1B · Revenues, 0001628280-22-030686 FY2020 net income 874.0M · NetIncomeLoss, 0001628280-22-030686 16.1B FY2020 FY2021 revenue 19.1B · Revenues, 0000010795-23-000098 FY2021 net income 2.1B · NetIncomeLoss, 0000010795-23-000098 19.1B FY2021 FY2022 revenue 18.9B · Revenues, 0000010795-24-000084 FY2022 net income 1.8B · NetIncomeLoss, 0000010795-24-000084 18.9B FY2022 FY2023 revenue 19.4B · Revenues, 0000010795-25-000099 FY2023 net income 1.5B · NetIncomeLoss, 0000010795-25-000099 19.4B FY2023 FY2024 revenue 20.2B · Revenues, 0000010795-25-000099 FY2024 net income 1.7B · NetIncomeLoss, 0000010795-25-000099 20.2B FY2024 FY2025 revenue 21.8B · Revenues, 0000010795-25-000099 FY2025 net income 1.7B · NetIncomeLoss, 0000010795-25-000099 21.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

BDX's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue21.8B
FY2016: 12.5BFY2017: 12.1BFY2018: 16.0BFY2019: 17.3BFY2020: 16.1BFY2021: 19.1BFY2022: 18.9BFY2023: 19.4BFY2024: 20.2BFY2025: 21.8B FY2017FY2019FY2021FY2023FY2025
Net income1.7B
FY2016: 976.0MFY2017: 1.1BFY2018: 311.0MFY2019: 1.2BFY2020: 874.0MFY2021: 2.1BFY2022: 1.8BFY2023: 1.5BFY2024: 1.7BFY2025: 1.7B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.7B
FY2016: 1.9BFY2017: 1.8BFY2018: 2.0BFY2019: 2.4BFY2020: 2.8BFY2021: 3.5BFY2022: 1.5BFY2023: 2.1BFY2024: 3.1BFY2025: 2.7B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)5.82
FY2016: 4.49FY2017: 4.60FY2018: 0.60FY2019: 3.94FY2020: 2.71FY2021: 6.85FY2022: 5.88FY2023: 4.94FY2024: 5.86FY2025: 5.82 FY2017FY2019FY2021FY2023FY2025
Dividend per share4.16
FY2016: 2.64FY2017: 2.92FY2018: 3.00FY2019: 3.08FY2020: 3.16FY2021: 3.32FY2022: 3.48FY2023: 3.64FY2024: 3.80FY2025: 4.16 FY2017FY2019FY2021FY2023FY2025
Diluted shares288.5M
FY2016: 217.5MFY2017: 223.6MFY2018: 264.6MFY2019: 274.8MFY2020: 282.4MFY2021: 292.1MFY2022: 287.4MFY2023: 288.4MFY2024: 291.0MFY2025: 288.5M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Sep 30, 2025
RevenueSharevs year before
Medical 11.5B52.5% +13.7%
Interventional 5.2B23.9% +4.8%
Life Sciences 5.2B23.7% -0.5%

10-K 0000010795-25-000099, segment and revenue notes (XBRL).

Revenue by region

year to Sep 30, 2025
RevenueSharevs year before
United States 12.8B58.6% +9.7%
International 9.0B41.4% +6.3%
EMEA 4.7B21.7% +7.4%
Greater Asia 3.1B14.2% +6.4%
Other 1.2B5.6% +1.7%

10-K 0000010795-25-000099, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue12.5B12.1B16.0B17.3B16.1B19.1B18.9B19.4B20.2B21.8B
Cost of revenue6.5B6.1B8.7B9.0B9.3B10.5B10.4B11.2B11.1B11.9B
Gross profit6.0B5.9B7.3B8.3B7.6B-----
R&D828.0M770.0M1.0B1.1B1.0B1.3B1.3B1.2B1.2B1.3B
SG&A3.0B2.9B4.0B4.3B4.2B4.7B4.7B4.7B4.9B5.3B
Operating income1.4B1.5B1.5B1.8B912.0M2.2B2.3B2.1B2.4B2.6B
Interest expense388.0M521.0M706.0M639.0M528.0M469.0M398.0M452.0M528.0M613.0M
Pretax income1.1B976.0M1.2B1.2B414.0M1.7B1.8B1.7B2.0B1.9B
Income tax97.0M-124.0M862.0M-57.0M62.0M88.0M148.0M132.0M300.0M203.0M
Net income976.0M1.1B311.0M1.2B874.0M2.1B1.8B1.5B1.7B1.7B
EPS (diluted)4.494.600.603.942.716.855.884.945.865.82
Diluted shares217.5M223.6M264.6M274.8M282.4M292.1M287.4M288.4M291.0M288.5M
Depreciation & amortization1.1B1.1B2.0B2.3B2.1B2.2B2.2B2.3B2.3B2.5B
EBITDA2.5B2.6B3.5B4.0B3.0B4.5B4.5B4.4B4.7B5.0B
Gross margin48.0%49.1%45.5%47.9%47.1%-----
Operating margin11.5%12.6%9.4%10.2%5.7%11.8%12.1%10.9%11.9%11.8%
Net margin7.8%9.1%1.9%7.1%5.4%10.9%9.4%7.7%8.4%7.7%
Revenue growth--3.1%+32.2%+8.2%-7.0%+19.0%-1.4%+2.7%+4.2%+8.2%
EPS growth-+2.4%-87.0%+557%-31.2%+153%-14.2%-16.0%+18.6%-0.7%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.5B14.2B1.1B536.0M2.8B2.3B1.0B1.4B1.7B567.0M
Receivables1.6B1.7B2.3B2.3B2.4B2.4B2.2B2.5B3.0B2.4B
Inventory1.7B1.8B2.5B2.6B2.7B2.7B3.2B3.3B3.8B3.1B
Current assets6.4B18.6B7.4B6.7B9.0B8.8B8.1B8.7B10.5B9.3B
Property & equipment3.9B4.6B5.4B5.7B5.9B6.0B6.0B6.6B6.8B6.4B
Goodwill7.4B7.6B23.6B23.4B23.6B23.9B24.6B24.5B26.5B26.0B
Total assets25.6B37.7B53.9B51.8B54.0B53.9B52.9B52.8B57.3B55.3B
Accounts payable665.0M797.0M1.1B1.1B1.4B1.7B1.7B1.6B1.9B2.0B
Current liabilities4.4B3.3B7.2B5.7B5.8B6.6B7.8B6.6B9.0B8.3B
Total debt11.6B18.9B21.5B19.4B17.9B17.6B16.1B15.9B20.1B19.2B
Shareholders' equity7.6B12.9B21.0B21.1B23.8B23.7B25.3B25.8B25.9B25.4B
Retained earnings12.7B13.1B12.6B12.9B12.8B13.8B15.2B15.5B16.1B16.6B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow2.6B2.5B2.9B3.3B3.5B4.6B2.5B3.0B3.8B3.4B
Capital spending693.0M727.0M895.0M957.0M769.0M1.2B973.0M874.0M725.0M760.0M
Free cash flow1.9B1.8B2.0B2.4B2.8B3.5B1.5B2.1B3.1B2.7B
Stock-based pay (added back)196.0M174.0M322.0M261.0M236.0M229.0M233.0M259.0M247.0M258.0M
Dividends paid562.0M677.0M927.0M984.0M1.0B1.0B1.1B1.1B1.1B1.2B
Buybacks0220.0M0001.8B500.0M0500.0M1.0B
Acquisitions0174.0M15.2B0164.0M508.0M2.1B03.9B0
Debt raised011.5B5.1B2.2B3.4B4.9B497.0M1.7B4.5B0
Debt repaid752.0M4.0B4.0B4.7B4.7B5.1B805.0M2.2B1.1B1.8B
Investing cash flow-669.0M-883.0M-15.7B-741.0M-1.2B-1.9B-3.2B-716.0M-5.5B-818.0M
Financing cash flow-1.8B11.0B-58.0M-3.2B22.0M-3.3B-736.0M-2.0B2.1B-3.6B
Dividend per share2.642.923.003.083.163.323.483.643.804.16

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)196.0M174.0M322.0M261.0M236.0M229.0M233.0M259.0M247.0M258.0M
Stock-based pay / revenue1.6%1.4%2.0%1.5%1.5%1.2%1.2%1.3%1.2%1.2%
Operating lease cost----131.0M132.0M138.0M145.0M190.0M196.0M
Right-of-use assets----418.0M446.0M482.0M517.0M876.0M885.0M
Operating lease liabilities----442.0M470.0M502.0M531.0M809.0M839.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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