Detailed financial statements for Becton, Dickinson and Company (BDX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating globally, Becton, Dickinson and Company (BD) is a prominent enterprise focused on the development, manufacturing, and distribution of a broad spectrum of medical technology. This includes essential medical supplies, sophisticated devices, advanced laboratory equipment, and critical diagnostic products.
Analysis Summary
Becton, Dickinson and Company reported revenue of $21.84B in the most recent fiscal year, growing at a 5-year CAGR of 6.3%. Net income reached $1.68B, with a 13.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 46.1%, operating margin 9.8%, net margin 4.5%. Free cash flow grew at -0.4% CAGR over 5 years.
At $197.88 (closing price, October 30, 2026), BDX trades at a P/E of 59.60 and an ROE of 3.79%. Market capitalisation stands at $53.9B, placing it among large-cap names.
Balance sheet quality for BDX: current ratio of 1.1, net debt of $18.32B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $2.67B represents 159% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.48B | $12.09B | $15.98B | $17.29B | $16.07B | $19.13B | $18.87B | $19.37B | $20.18B | $21.84B |
| Cost of Revenue | $6.49B | $6.13B | $8.71B | $9.00B | $9.28B | $10.50B | $10.39B | $11.20B | $11.05B | $11.91B |
| Gross Profit | $5.99B | $5.96B | $7.27B | $8.29B | $6.80B | $8.63B | $8.48B | $8.17B | $9.12B | $9.92B |
| Research & Development | $828.0M | $770.0M | $1.00B | $1.06B | $1.04B | $1.28B | $1.26B | $1.24B | $1.19B | $1.26B |
| Selling, General & Admin | $3.00B | $2.91B | $4.02B | $4.33B | $4.18B | $4.72B | $4.71B | $4.72B | $4.86B | $5.28B |
| Operating Expenses | $4.56B | $4.44B | $5.76B | $6.53B | $5.89B | $6.38B | $6.20B | $6.06B | $6.73B | $7.35B |
| Operating Income | $1.43B | $1.52B | $1.51B | $1.76B | $912.0M | $2.25B | $2.28B | $2.11B | $2.40B | $2.58B |
| EBITDA | $2.58B | $2.58B | $3.86B | $4.07B | $3.06B | $4.39B | $4.41B | $4.40B | $4.82B | $4.96B |
| Interest Expense | $388.0M | $521.0M | $706.0M | $639.0M | $528.0M | $469.0M | $398.0M | $452.0M | $528.0M | $613.0M |
| Pre-tax Income | $1.07B | $976.0M | $1.17B | $1.18B | $414.0M | $1.69B | $1.78B | $1.66B | $2.00B | $1.88B |
| Income Tax | $98.0M | -$124.0M | $862.0M | -$57.0M | $62.0M | $88.0M | $148.0M | $132.0M | $300.0M | $204.0M |
| Net Income | $976.0M | $1.10B | $311.0M | $1.23B | $874.0M | $2.09B | $1.78B | $1.48B | $1.71B | $1.68B |
| EPS | $4.59 | $4.70 | $0.62 | $3.96 | $2.75 | $6.92 | $5.93 | $4.97 | $5.88 | $5.84 |
| EPS (Diluted) | $4.49 | $4.60 | $0.60 | $3.89 | $2.71 | $6.85 | $5.88 | $4.94 | $5.86 | $5.83 |
| Shares Outstanding (Diluted) | 217.5 M | 223.6 M | 264.6 M | 274.8 M | 282.4 M | 292.1 M | 287.4 M | 288.4 M | 291.0 M | 287.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.89B | $5.25B | $4.71B | $4.98B |
| Gross Profit | $2.80B | $2.34B | $2.15B | $2.31B |
| Operating Income | $697.0M | $594.0M | $94.0M | $663.0M |
| EBITDA | $1.29B | $1.21B | $709.0M | $1.25B |
| Net Income | $493.0M | $382.0M | -$311.0M | $377.0M |
| EPS | $1.72 | $1.34 | $-1.11 | $1.37 |
| EPS (Diluted) | $1.72 | $1.34 | $-1.11 | $1.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.54B | $14.18B | $1.14B | $536.0M | $2.83B | $2.39B | $1.16B | $1.42B | $1.86B | $851.0M |
| Short-term Investments | $366.0M | $37.0M | $17.0M | $30.0M | $20.0M | $12.0M | $8.0M | $8.0M | $445.0M | $8.0M |
| Receivables | $1.62B | $1.74B | $2.32B | $2.35B | $2.40B | $2.35B | $2.19B | $2.53B | $3.03B | $2.99B |
| Inventory | $1.72B | $1.82B | $2.45B | $2.58B | $2.74B | $2.74B | $3.22B | $3.27B | $3.84B | $3.89B |
| Total Current Assets | $6.37B | $18.63B | $7.41B | $6.64B | $8.97B | $8.84B | $8.14B | $8.68B | $10.47B | $9.26B |
| Property, Plant & Equipment | $3.90B | $4.64B | $5.38B | $5.66B | $5.92B | $6.00B | $6.01B | $6.56B | $6.82B | $7.00B |
| Goodwill | $7.42B | $7.56B | $23.60B | $23.38B | $23.62B | $23.89B | $24.62B | $24.52B | $26.46B | $33.02B |
| Intangible Assets | $6.35B | $5.89B | $16.44B | $14.98B | $13.81B | $12.78B | $12.31B | $10.95B | $10.92B | $2.99B |
| Total Assets | $25.59B | $37.73B | $53.90B | $51.84B | $54.01B | $53.88B | $52.93B | $52.78B | $57.29B | $55.33B |
| Accounts Payable | $665.0M | $797.0M | $1.11B | $1.09B | $1.35B | $1.74B | $1.70B | $1.64B | $1.90B | $1.97B |
| Short-term Debt | $1.00B | $203.0M | $2.60B | $1.31B | $706.0M | $626.0M | $2.30B | $1.26B | $2.31B | $1.56B |
| Total Current Liabilities | $4.40B | $3.34B | $7.22B | $5.66B | $5.84B | $6.63B | $7.81B | $6.64B | $8.96B | $8.31B |
| Long-term Debt | $10.55B | $18.67B | $18.89B | $18.08B | $17.22B | $17.45B | $14.27B | $15.15B | $18.61B | $17.62B |
| Total Liabilities | $17.95B | $24.79B | $32.91B | $30.68B | $30.25B | $30.20B | $27.65B | $26.98B | $31.40B | $29.94B |
| Retained Earnings | $12.73B | $13.11B | $12.59B | $12.91B | $12.79B | $13.83B | $15.16B | $15.54B | $16.14B | $16.62B |
| Total Equity | $7.63B | $12.95B | $20.99B | $21.08B | $23.77B | $23.68B | $25.28B | $25.80B | $25.89B | $25.39B |
| Total Debt | $11.55B | $18.87B | $21.50B | $19.39B | $17.93B | $18.42B | $16.95B | $16.82B | $21.59B | $19.18B |
| Net Debt | $9.64B | $4.65B | $20.34B | $18.82B | $15.09B | $16.02B | $15.78B | $15.40B | $19.29B | $18.32B |
| Working Capital | $1.97B | $15.29B | $195.0M | $989.0M | $3.13B | $2.21B | $330.0M | $2.04B | $1.51B | $942.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $851.0M | $1.02B | $813.0M | $708.0M |
| Total Assets | $55.33B | $54.84B | $50.83B | $50.73B |
| Total Liabilities | $29.94B | $29.56B | $26.70B | $26.31B |
| Total Equity | $25.39B | $25.28B | $24.13B | $24.42B |
| Total Debt | $19.18B | $19.54B | $17.28B | $16.81B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $976.0M | $1.10B | $311.0M | $1.22B | $874.0M | $2.09B | $1.78B | $1.53B | $1.71B | $1.68B |
| Depreciation & Amortization | $1.11B | $1.09B | $1.98B | $2.25B | $2.12B | $2.23B | $2.23B | $2.29B | $2.29B | $2.46B |
| Stock-based Compensation | $196.0M | $174.0M | $322.0M | $261.0M | $236.0M | $229.0M | $233.0M | $259.0M | $247.0M | $258.0M |
| Change in Working Capital | $399.0M | -$371.0M | $897.0M | -$143.0M | $512.0M | $282.0M | -$1.39B | -$630.0M | $293.0M | -$800.0M |
| Operating Cash Flow | $2.56B | $2.55B | $2.87B | $3.33B | $3.54B | $4.65B | $2.63B | $2.99B | $3.80B | $3.43B |
| Capital Expenditure | -$718.0M | -$727.0M | -$895.0M | -$957.0M | -$810.0M | -$1.23B | -$973.0M | -$874.0M | -$725.0M | -$760.0M |
| Acquisitions | $158.0M | -$9.0M | -$14.75B | $477.0M | -$164.0M | -$508.0M | -$2.07B | $540.0M | -$3.92B | 0 |
| Stock Repurchased | -$32.0M | -$220.0M | 0 | 0 | 0 | -$1.75B | -$500.0M | 0 | -$500.0M | -$1.00B |
| Dividends Paid | -$562.0M | -$677.0M | -$927.0M | -$984.0M | -$1.03B | -$1.05B | -$1.08B | -$1.11B | -$1.10B | -$1.20B |
| Free Cash Flow | $1.84B | $1.82B | $1.97B | $2.37B | $2.73B | $3.42B | $1.66B | $2.12B | $3.07B | $2.67B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.35B | $657.0M | $671.0M | $652.0M |
| Capital Expenditure | -$352.0M | -$108.0M | -$125.0M | -$143.0M |
| Free Cash Flow | $1.00B | $549.0M | $546.0M | $509.0M |
| Dividends Paid | -$297.0M | -$299.0M | -$290.0M | -$875.0M |
| Stock-based Compensation | $55.0M | 0 | 0 | $204.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -3.1% | +32.2% | +8.2% | -7.0% | +19.0% | -1.4% | +2.7% | +4.2% | +8.2% | |
| Net Income Growth (YoY) | +12.7% | -71.7% | +296.5% | -29.1% | +139.4% | -15.0% | -16.6% | +14.9% | -1.6% | |
| EPS Growth (YoY) | +2.4% | -86.8% | +538.7% | -30.6% | +151.6% | -14.3% | -16.2% | +18.3% | -0.7% | |
| Shares Change (YoY) | +2.8% | +18.4% | +3.8% | +2.8% | +3.4% | -1.6% | +0.4% | +0.9% | -1.3% | |
| FCF Growth (YoY) | -1.0% | +8.1% | +20.5% | +15.0% | +25.2% | -51.4% | +27.4% | +45.2% | -13.1% | |
| Gross Margin | 48.0% | 49.3% | 45.5% | 47.9% | 42.3% | 45.1% | 44.9% | 42.2% | 45.2% | 45.4% |
| Operating Margin | 11.5% | 12.6% | 9.4% | 10.2% | 5.7% | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% |
| EBITDA Margin | 20.6% | 21.4% | 24.1% | 23.5% | 19.0% | 23.0% | 23.4% | 22.7% | 23.9% | 22.7% |
| Net Margin | 7.8% | 9.1% | 1.9% | 7.1% | 5.4% | 10.9% | 9.4% | 7.7% | 8.4% | 7.7% |
| FCF Margin | 14.7% | 15.1% | 12.3% | 13.7% | 17.0% | 17.9% | 8.8% | 10.9% | 15.2% | 12.2% |
| Effective Tax Rate | 9.1% | -12.7% | 73.5% | -4.8% | 15.0% | 5.2% | 8.3% | 7.9% | 15.0% | 10.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $8.46 | $8.15 | $7.44 | $8.64 | $9.66 | $11.70 | $5.78 | $7.33 | $10.56 | $9.30 |
| Dividends Per Share | $2.58 | $3.03 | $3.50 | $3.58 | $3.63 | $3.59 | $3.77 | $3.86 | $3.78 | $4.17 |
| Shares Outstanding (Basic) | 212.7 M | 218.9 M | 258.4 M | 269.9 M | 279.0 M | 289.3 M | 285.0 M | 286.3 M | 289.8 M | 286.6 M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | 3.79% |
| Return on Invested Capital | 3.72% |
| Return on Assets | 1.85% |
| Gross Margin | 46.12% |
| Operating Margin | 9.83% |
| Net Margin | 4.52% |
Financial Health
| Debt / Equity | 0.69 |
| Current Ratio | 0.87 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 1.83 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 30.03 | 31.98 | 327.06 | 48.99 | 64.89 | 27.25 | 29.54 | 40.90 | 32.23 | 25.20 |
| P/B | 3.84 | 2.54 | 2.50 | 2.48 | 2.09 | 2.30 | 1.97 | 2.26 | 2.12 | 1.66 |
| P/S | 2.35 | 2.72 | 3.28 | 3.03 | 3.10 | 2.85 | 2.65 | 3.00 | 2.72 | 1.93 |
| Gross Margin | 48.0% | 49.3% | 45.5% | 47.9% | 42.3% | 45.1% | 44.9% | 42.2% | 45.2% | 45.4% |
| Operating Margin | 11.5% | 12.6% | 9.4% | 10.2% | 5.7% | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% |
| Net Margin | 7.8% | 9.1% | 1.9% | 7.1% | 5.4% | 10.9% | 9.4% | 7.7% | 8.4% | 7.7% |
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