FirmAtlas
Company handbook · BDX · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
BDX · CIK 10795 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
BECTON, DICKINSON AND COMPANY
$191.75
−2.01 (−1.04%)
Close, Oct 16, 2026 · 52-week $140–213
Last fiscal year
BECTON, DICKINSON AND COMPANY reported revenue of $21.8B for the year ended Sep 30, 2025 (FY25), up 8.2% from FY24. Net income was $1.7B, operating cash flow $3.4B and free cash flow $2.7B. Source: 10-K filed Nov 25, 2025.
Market cap
$55.3B
P/E
58.8
EV/EBITDA
14.3x
P/B
2.3
Div yield
2.19%
ROIC
5.5%
Revenue 1Y
8.2%/yr
EPS 1Y
−0.7%/yr
Shares 1Y
−0.9%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOThomas E. Polen
HQFranklin Lakes, NJ
AuditorErnst & Young LLP
Employees72,000
Year endsSeptember
Revenue by segment · FY25
Medical52%
Interventional24%
Life Sciences24%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
1.1%
−4.5%
−9.6%
3.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$9.2B deployed
Capex
$1.5B
16.1%
Acquisitions
$3.9B
42.6%
Dividends
$2.3B
24.9%
Buybacks
$1.5B
16.3%
Operating cash flow over the period: $7.3B. Total debt changed by −$319M. R&D of $2.5B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Sep 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
20,178
21,840+8.2%
22,415
YoY
+8.2%
Operating income
2,397
2,579+7.6%
2,312
Operating margin
11.9%
11.8%−0.1 pp
—
EBITDA
4,683
5,041+7.6%
—
EBITDA margin
23.2%
23.1%−0.1 pp
—
Interest expense
528
613+16.1%
—
Interest coverage
8.87x
8.22x−0.65x
—
Net income
1,705
1,678−1.6%
941
YoY
−1.6%
Net margin
8.4%
7.7%−0.8 pp
—
EPS (diluted, $)
5.86
5.82−0.7%
3.31
YoY
−0.7%
Balance sheet
Total assets
57,286
55,325−3.4%
50,731
Cash & short-term investments
1,856
851−54.1%
—
Accounts receivable
3,033
2,994−1.3%
—
Inventory
3,843
3,894+1.3%
—
Net PP&E
6,821
6,997+2.6%
—
Other assets
41,733
40,589−2.7%
—
Total liabilities
31,396
29,935−4.7%
26,315
Accounts payable
1,896
1,974+4.1%
—
Total debt
17,940
17,621−1.8%
13,511
Other liabilities
11,560
10,340−10.6%
—
Shareholders’ equity
25,890
25,390−1.9%
24,416
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
3,844
3,430−10.8%
3,956
Net income
1,705
1,678−1.6%
—
Depreciation & amortization
2,286
2,462+7.7%
—
Stock-based compensation
247
258+4.5%
—
Working capital & other
(394)
(968)n/m
—
Cash from investing
(5,514)
(818)n/m
—
Capex
(725)
(760)n/m
—
Acquisitions
(3,924)
0n/m
—
Investments bought
(421)
—
—
Other investing
(444)
(58)n/m
—
Cash from financing
2,087
(3,617)−273.3%
—
Debt raised
4,517
0−100.0%
—
Debt repaid
(1,142)
(1,789)n/m
—
Dividends
(1,100)
(1,196)n/m
—
Buybacks
(500)
(1,000)n/m
—
Other financing
312
368+17.9%
—
Net change in cash
375
(1,005)−368.0%
—
Free cash flow (OCF − capex)
3,119
2,670−14.4%
3,203
Where the cash went
Operating cash flow
3,844
3,430−10.8%
3,956
Reinvested in the business
4,649
760−83.7%
—
% of operating cash flow
120.9%
22.2%
Capex
725
760+4.8%
753
Acquisitions
3,924
0−100.0%
—
R&D (memo, already in costs)
1,190
1,265+6.3%
—
Free cash flow
3,119
2,670−14.4%
3,203
YoY
−14.4%
Returned to shareholders
1,600
2,196+37.3%
—
% of free cash flow
51.3%
82.2%
Dividends
1,100
1,196+8.7%
—
Buybacks
500
1,000+100.0%
—
Change in total debt
—
(319)
—
Cash left over
—
155
—
FCF conversion (FCF ÷ net income)
182.9%
159.1%−23.8 pp
—
Owner earnings
—
3,446
—
Owner earnings margin
—
15.8%
—
Buyback yield
0.7%
1.9%+1.1 pp
—
Returns & ratios
ROIC (all capital)
4.9%
5.5%+0.6 pp
—
ROIC (operating)
17.3%
19.4%+2.1 pp
—
Net debt / EBITDA
3.43x
3.33x−0.11x
—
Debt / equity
0.69x
0.69x+0.00x
—
Cash conversion cycle (days)
90
82−8 d
—
ROE
6.6%
6.6%+0.0 pp
—
ROA
3.0%
3.0%+0.1 pp
—
ROCE
5.0%
5.5%+0.5 pp
—
NOPAT
2,038
2,301+12.9%
—
Invested capital (operating)
11,801
11,911+0.9%
—
Invested capital (all)
41,974
42,160+0.4%
—
Reinvestment rate
—
4.8%
—
Debtor days
55
50−5 d
—
Inventory days
70
65−4 d
—
Days payable
34
33−1 d
—
Net debt is 3.3x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
7,466
5,252
4,714
4,983
vs year-ago quarter
Gross profit
3,594
2,411
2,154
2,315
Gross margin
48.1%
45.9%
45.7%
46.5%
Operating income
1,004
552
93
663
Net income
493
382
(311)
377
vs year-ago quarter
Net margin
6.6%
7.3%
−6.6%
7.6%
EPS (diluted, $)
1.71
1.34
−1.11
1.37
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
55,325
54,841
50,832
50,731
Cash & equivalents
851
1,025
1,015
863
Total debt
17,621
16,916
14,706
13,511
Shareholders’ equity
25,390
25,282
24,133
24,416
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,852
657
671
776
Capex
377
108
125
143
Free cash flow
1,475
549
546
633
vs year-ago quarter