Becton, Dickinson and Company (BDX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+275.6%

$747.76

vs $199.08 price

Levered DCF

$558.48

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.24

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	25.2×	32.23×	40.9×	29.54×	27.25×	64.89×	48.99×	327.06×
P/B	1.66×	2.12×	2.26×	1.97×	2.3×	2.09×	2.48×	2.5×
P/S	1.93×	2.72×	3×	2.65×	2.85×	3.1×	3.03×	3.28×
EV / EBITDA	12.21×	15.49×	16.72×	14.9×	16.07×	21.23×	17.51×	18.86×
Gross margin	45.4%	45.2%	42.2%	44.9%	45.1%	42.3%	47.9%	45.5%
Operating margin	11.8%	11.9%	10.9%	12.1%	11.8%	5.7%	10.2%	9.4%
Net margin	7.7%	8.4%	7.7%	9.4%	10.9%	5.4%	7.1%	1.9%
Current ratio	1.11×	1.17×	1.31×	1.04×	1.33×	1.54×	1.17×	1.03×
Debt / equity	0.76×	0.83×	0.65×	0.67×	0.78×	0.75×	0.92×	1.02×
Interest coverage	4.21×	4.54×	4.67×	5.73×	4.8×	1.73×	2.75×	2.14×
Dividend yield	2.8%	2.0%	1.9%	2.2%	1.9%	2.1%	1.9%	1.8%
Payout ratio	71.3%	64.5%	75.1%	60.8%	50.1%	117.4%	79.8%	298.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	6.6%	5.8%	7.0%	8.8%	3.7%	5.8%	1.5%
Return on invested capital	4.7%	4.0%	4.1%	4.4%	4.5%	1.6%	3.7%	0.8%
Return on assets	3.0%	3.0%	2.8%	3.4%	3.9%	1.6%	2.4%	0.6%
Free cash flow yield	6.3%	5.6%	3.6%	3.3%	6.3%	5.5%	4.5%	3.8%
Earnings yield	4.0%	3.1%	2.6%	3.6%	3.8%	1.8%	2.4%	0.6%
Enterprise value	$60.5B	$74.7B	$73.6B	$65.7B	$70.6B	$64.9B	$71.2B	$72.7B
Net debt / EBITDA	3.7×	4.09×	3.5×	3.58×	3.65×	4.94×	4.63×	5.28×
Cash conversion cycle (days)	109	119	101	96	80	109	110	109