Becton, Dickinson and Co (BDX)
NYSE:BDX
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Becton Dickinson
(NYSE:BDX)
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Rating:68Neutral
Price Target:
$169.00
▲(9.06% Upside)
Action:ReiteratedDate:02/26/26
The score reflects solid but not standout fundamentals: steady growth and resilient operating margins are offset by leverage and softer recent cash-flow trends. Technicals are a key positive with a strong uptrend, while valuation is a notable headwind due to a high P/E and modest yield. Earnings guidance was prudent amid tariff/China/Alaris pressures, partially balanced by improving cash conversion and shareholder-friendly capital deployment.
Positive Factors
Installed base & consumables
BD’s business is anchored by a large installed base of devices and instruments that create recurring demand for single‑use consumables. That durable consumables revenue supports predictable top‑line streams, fosters customer lock‑in, and underpins long‑term cash generation and margin stability.
Negative Factors
Elevated net leverage
Net leverage around 2.9x, above the stated 2.5x target, constrains financial flexibility. Higher leverage increases interest‑cost sensitivity and limits optionality for tuck‑in M&A or incremental buybacks, making the company more vulnerable to cash‑flow swings or rising rates over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Installed base & consumables
BD’s business is anchored by a large installed base of devices and instruments that create recurring demand for single‑use consumables. That durable consumables revenue supports predictable top‑line streams, fosters customer lock‑in, and underpins long‑term cash generation and margin stability.
Read all positive factors
Becton Dickinson (BDX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$44.12B
Dividend Yield2.13%
Average Volume (3M)2.44M
Price to Earnings (P/E)28.5
Beta (1Y)0.39
Revenue Growth8.23%
EPS Growth-2.04%
CountryUS
Employees70,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)2.29
Shares Outstanding284,741,820
10 Day Avg. Volume1,858,847
30 Day Avg. Volume2,444,987
Financial Highlights & Ratios
PEG Ratio-29.05
Price to Book (P/B)1.31
Price to Sales (P/S)1.52
P/FCF Ratio12.42
Enterprise Value/Market Cap1.69
Enterprise Value/Revenue3.41
Enterprise Value/Gross Profit7.44
Enterprise Value/Ebitda14.65
Forecast
1Y Price Target
$187.70Price Target Upside21.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)12.53
Revenue Forecast (FY)$19.24B
Becton Dickinson Business Overview & Revenue Model
Company Description
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 indus...
How the Company Makes Money
BD primarily makes money by selling medical technology products and related solutions to healthcare providers, laboratories, and other customers worldwide, recognizing revenue largely from product sales across its three operating segments. (1) BD ...
Becton Dickinson Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where Becton Dickinson is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where Becton Dickinson is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyBecton Dickinson Earnings Call Summary
Earnings Call Date:Feb 09, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call balances strong strategic and operational progress — closing the Waters RMT, $4 billion cash distribution, targeted share repurchases and debt paydown, solid commercial momentum across key growth platforms (double-digit growth in multiple areas), improved free cash flow conversion, and meaningful productivity gains — against notable near-term financial headwinds including tariff-driven margin pressure, China price dynamics, vaccine demand softness, and Alaris remediation-related revenue impacts. Management provided prudent guidance (low single-digit revenue growth and EPS range) while emphasizing investments in high-growth, higher-margin areas, tuck-in M&A focus, and continued margin improvement actions.Positive Updates
Revenue and New Company Growth
Total Q1 revenue of $5.3 billion, up 0.4% year-over-year; New Becton, Dickinson and Company (post-Life Sciences transaction) grew 2.5% YoY, with mid-single-digit growth across ~90% of the NewCo portfolio.
Negative Updates
Earnings and Margin Pressure from Tariffs
Adjusted EPS declined 15.2% YoY to $2.91; adjusted gross margin down 140 basis points YoY (driven by ~170 bps of tariffs) and adjusted operating margin down 240 basis points YoY, with tariffs cited as a material headwind to profitability.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue and New Company Growth
Total Q1 revenue of $5.3 billion, up 0.4% year-over-year; New Becton, Dickinson and Company (post-Life Sciences transaction) grew 2.5% YoY, with mid-single-digit growth across ~90% of the NewCo portfolio.
Read all positive updates
Company Guidance
Management guided New Becton, Dickinson and Company for FY‑2026 to low single‑digit revenue growth (Q2 ~2%, and an FX tailwind of ~120 bps), with adjusted EPS of $12.35–$12.65 (midpoint ≈ $12.50, ~6% growth at midpoint, including a ~370‑bp tariff headwind) and adjusted operating margin of about 25% (inclusive of tariffs); they expect interest & other, net of $600–$620M, an adjusted tax rate of 16–17%, and ~282M weighted average shares. The Waters separation yields a $4B cash distribution (to be deployed ~$2B to an ASR and ~$2B to debt paydown) with a net estimated EPS impact of ~ $2.4, leaving operational guidance unchanged. Q2 adjusted EPS was guided to $2.72–$2.82; Q1 free cash flow was $548M (66% conversion vs 59% prior), the company returned ~ $550M to shareholders in the quarter (including $250M buybacks), and ended the quarter at 2.9x net leverage (versus a 2.5x long‑term target).Becton Dickinson Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.92B | 21.84B | 20.18B | 19.37B | 18.87B | 19.13B |
| Gross Profit | 10.03B | 9.92B | 9.13B | 8.17B | 8.48B | 8.63B |
| EBITDA | 5.10B | 4.96B | 4.82B | 4.40B | 4.41B | 4.39B |
| Net Income | 1.76B | 1.68B | 1.71B | 1.48B | 1.78B | 2.09B |
Balance Sheet | ||||||
| Total Assets | 54.84B | 55.33B | 57.29B | 52.78B | 52.93B | 53.88B |
| Cash, Cash Equivalents and Short-Term Investments | 1.03B | 859.00M | 2.30B | 1.42B | 1.17B | 2.40B |
| Total Debt | 19.54B | 19.18B | 21.59B | 16.82B | 16.95B | 18.42B |
| Total Liabilities | 29.56B | 29.94B | 31.40B | 26.98B | 27.65B | 30.20B |
| Stockholders Equity | 25.28B | 25.39B | 25.89B | 25.80B | 25.28B | 23.68B |
Cash Flow | ||||||
| Free Cash Flow | 2.63B | 2.67B | 3.07B | 2.12B | 1.66B | 3.42B |
| Operating Cash Flow | 3.39B | 3.43B | 3.80B | 2.99B | 2.63B | 4.65B |
| Investing Cash Flow | -1.21B | -818.00M | -5.51B | -716.00M | -3.23B | -1.88B |
| Financing Cash Flow | -1.99B | -3.62B | 2.09B | -1.96B | -591.00M | -3.31B |
Becton Dickinson Technical Analysis
Negative
154.96
Price Trends
165.05
Negative
159.10
Negative
151.02
Positive
Market Momentum
-3.21
Positive
38.87
Neutral
32.15
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDX, the sentiment is Negative. The current price of 154.96 is below the 20-day moving average (MA) of 158.07, below the 50-day MA of 165.05, and above the 200-day MA of 151.02, indicating a neutral trend. The MACD of -3.21 indicates Positive momentum. The RSI at 38.87 is Neutral, neither overbought nor oversold. The STOCH value of 32.15 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDX.
Becton Dickinson Risk Analysis
Becton Dickinson disclosed 25 risk factors in its most recent earnings report. Becton Dickinson reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Becton Dickinson Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $32.93B | 22.47 | 24.81% | 0.92% | 9.36% | 29.56% | |
75 Outperform | $160.86B | 70.78 | 16.39% | ― | 22.18% | 21.37% | |
72 Outperform | $18.68B | 40.29 | 16.68% | 0.32% | 4.90% | -0.26% | |
68 Neutral | $44.12B | 28.46 | 6.93% | 2.13% | 8.23% | -2.04% | |
67 Neutral | $16.97B | 23.34 | 11.01% | ― | 1.74% | -25.29% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $8.55B | -10.24 | -13.78% | 2.75% | -21.20% | -325.40% |
* Healthcare Sector Average
BDX
Becton Dickinson
154.96
0.76
0.49%
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Becton Dickinson Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Becton Dickinson Expands Debt Tender Offers Amid Strong Demand
Positive
Feb 25, 2026
On February 25, 2026, BD announced early tender results for its cash tender offers to repurchase multiple series of outstanding senior notes and debentures, alongside the pricing of these offers. The company increased the aggregate offer cap from ...
Business Operations and StrategyPrivate Placements and Financing
Becton Dickinson Launches $1.6 Billion Debt Tender Offers
Positive
Feb 10, 2026
On February 10, 2026, BD launched a series of cash tender offers for up to $1.6 billion in aggregate purchase price of 15 tranches of outstanding senior notes and debentures, ranging in maturity from 2026 to 2050. The offers apply prioritized acce...
Business Operations and StrategyExecutive/Board ChangesStock BuybackM&A Transactions
BD Completes Biosciences Spin-Off and Waters Combination
Positive
Feb 9, 2026
On February 9, 2026, BD announced it had completed the spin-off of its Biosciences Diagnostic Solutions business and its combination with Waters Corporation, valuing the divested unit at $18.8 billion and giving BD shareholders a 39.2% stake in t...
Business Operations and StrategyFinancial DisclosuresM&A Transactions
BD Reorganizes into Five Global Business Segments
Neutral
Feb 5, 2026
Effective October 1, 2025, BD reorganized its operations into five global business segments—BD Medical Essentials, BD Connected Care, BD BioPharma Systems, BD Interventional and BD Life Sciences—aligning distinct product and service li...
Business Operations and StrategyM&A TransactionsRegulatory Filings and Compliance
Becton Dickinson Creates New Preferred Stock for Spin-Off
Neutral
Feb 5, 2026
On January 30, 2026, Becton, Dickinson and Company filed a Certificate of Designation in New Jersey to create a new Series D Junior Participating Redeemable Preferred Stock, and on February 2, 2026, it entered into exchange agreements with two int...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Becton Dickinson adopts executive severance plan, equity increase
Positive
Jan 30, 2026
On January 27, 2026, BD’s board adopted a new Executive Severance Plan that standardizes severance benefits for senior management, including the CEO, executive leadership team, business unit presidents and other eligible executives who are t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.