Becton, Dickinson BDX
NYSE · Surgical & Medical Instruments & Apparatus · $57.0B$213.55+2.08%Nov 5 close · Databento
BDX Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing
Nov 5, 2026CLOSE $213.551D +2.08%3M +18.88%SMA20 $195.75SMA50 $187.73RSI(14) 78.2
213.55
RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 78.2
Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.
The numbers
fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via DatabentoMarket cap$57.0B
EV / True FCF31.3x
Revenue$21.8B +8.2%
True FCF (ex-SBC)$2.4B −14.4%
Rule of 4020.4%
ROIC5.3%
True FCF Yield4.2%
EPS, diluted$5.82 −0.7%
Modern Valuation (EOD)
Market Cap$57.0B
Enterprise Value$75.4B
EV / True FCF31.25
EV / FCF28.23
EV / Gross Profit—
EV / EBIT29.23
EV / Sales3.45
P / E (GAAP)33.96
P / FCF21.34
P / Oper. CF16.61
P / Book2.24
Owner & Cash Yields
True FCF Yield4.2%
FCF Yield4.7%
Owner Earn. Yield5.5%
Earnings Yield2.9%
Shareholder Yield+3.4%
Buyback Yield1.8%
Dividend Yield1.95%
Dividend / sh$4.16
Payout Ratio71%
FCF / sh$9.80
EPS (diluted)$5.82
Compounder & Returns
Rule of 4020.4%
ROIC5.3%
Cash ROIC (CROIC)6.1%
GP / Assets—
ROE6.6%
ROA3.0%
Gross Margin—
Oper. Margin11.8%
Net Margin7.7%
FCF Margin12.2%
True FCF Margin11.0%
Quality & Dilution
Cash Conversion159%
Accrual Ratio−3.2%
SBC % of FCF9.7%
SBC % of Rev1.2%
Reinvest. Rate59%
Sales Growth Y/Y+8.2%
Sales 3Y CAGR+5.0%
EPS Growth Y/Y−0.7%
FCF Growth Y/Y−14.4%
FCF 3Y CAGR+21.2%
Share Change Y/Y−0.9%
Balance Sheet & Scale
Revenue (FY)$21.8B
Gross Profit (FY)—
Oper. Income (FY)$2.6B
GAAP Net Income$1.7B
True FCF (ex-SBC)$2.4B
Cash & Equiv$777.0M
Total Debt$19.2B
Net Cash (Debt)$-18.4B
Net Cash % MCap−32.3%
Debt / FCF (yrs)7.2y
Current Ratio1.11272.39M sh
Price & Technicals (EOD)
Perf Week+7.67%
Perf Month+18.53%
Perf Quarter+20.75%
Perf Half Y+39.34%
Perf YTD+34.61%
SMA 20 Dist+9.10%$195.75
SMA 50 Dist+13.75%$187.73
SMA 100 Dist+21.41%$175.89
Window High0.00%$213.55
Window Low+51.77%$140.71
RSI (14) · Vol78.227%v
Income Distribution & Cash Flow ConversionHow every dollar of BDX revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow
Where Every $100 of Revenue Goes (FY2025)
Cost of Revenue (COGS)$11.9B ($54.6 / $100)
R&D Reinvestment$1.3B ($5.8 / $100)
SG&A & Other OpEx$6.1B ($27.8 / $100)
Tax & Non-Operating$901.0M ($4.1 / $100)
Net Profit Kept$1.7B ($7.7 / $100)
Earnings Quality: GAAP Profit → True Owner Cash (FY2025)
GAAP Net Income$1.7B (7.7% margin)
Operating Cash Flow (OCF)$3.4B(15.7% of rev)
Less: Capital Expenditures−$760.0M(3.5% of rev)
Standard Free Cash Flow (FCF)$2.7B(12.2% margin)
Less: Stock-Based Comp (SBC)−$258.0M(9.7% of FCF)
True FCF (Owner Cash ex-SBC)$2.4B(11.0% of rev)
Revenue by fiscal year
Operating leverage — margins
GrossOperatingNet
| Line Item (USD) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY Δ | 4Y CAGR | Trend |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | $19.1B | $18.9B | $19.4B | $20.2B | $21.8B | +8.2% | +3.4% | |
| Cost of Revenue (COGS) | $10.5B | $10.4B | $11.2B | $11.1B | $11.9B | +7.8% | +3.2% | |
| Research & Development (R&D) | $1.3B | $1.3B | $1.2B | $1.2B | $1.3B | +6.3% | −0.3% | |
| Selling, General & Admin (SG&A) | $4.7B | $4.7B | $4.7B | $4.9B | $5.3B | +8.7% | +2.8% | |
| Operating Income (EBIT) | $2.3B | $2.3B | $2.1B | $2.4B | $2.6B | +7.6% | +3.5% | |
| Interest Expense | $469.0M | $398.0M | $452.0M | $528.0M | $613.0M | +16.1% | +6.9% | |
| Income Tax Expense | $88.0M | $148.0M | $132.0M | $300.0M | $203.0M | −32.3% | +23.2% | |
| GAAP Net Income | $2.1B | $1.8B | $1.5B | $1.7B | $1.7B | −1.6% | −5.4% | |
| Diluted EPS | $6.85 | $5.88 | $4.94 | $5.86 | $5.82 | −0.7% | −4.0% | |
| Diluted Shares | 292.1M | 287.4M | 288.4M | 291.0M | 288.5M | −0.9% | −0.3% | |
| Balance Sheet | ||||||||
| Cash & Equivalents | $2.4B | $1.2B | $1.5B | $1.8B | $777.0M | −56.6% | −24.5% | |
| Inventory | $2.7B | $3.2B | $3.3B | $3.8B | $3.1B | −18.1% | +3.5% | |
| Total Current Assets | $8.8B | $8.1B | $8.7B | $10.5B | $9.3B | −11.6% | +1.2% | |
| Total Assets | $53.9B | $52.9B | $52.8B | $57.3B | $55.3B | −3.4% | +0.7% | |
| Total Current Liabilities | $6.6B | $7.8B | $6.6B | $9.0B | $8.3B | −7.2% | +5.8% | |
| Total Debt (Short + Long Term) | $17.6B | $16.1B | $15.9B | $20.1B | $19.2B | −4.6% | +2.2% | |
| Stockholders' Equity | $23.7B | $25.3B | $25.8B | $25.9B | $25.4B | −1.9% | +1.8% | |
| Net Cash / (Net Debt) | $-15.2B | $-14.9B | $-14.4B | $-18.3B | $-18.4B | −0.5% | — | |
| Invested Capital | $38.9B | $40.2B | $40.2B | $44.2B | $43.8B | −0.9% | +3.0% | |
| Cash Flow & Capital Allocation | ||||||||
| Operating Cash Flow (OCF) | $4.6B | $2.5B | $3.0B | $3.8B | $3.4B | −10.8% | −7.3% | |
| Depreciation & Amortization (D&A) | $2.2B | $2.2B | $2.3B | $2.3B | $2.5B | +7.7% | +2.5% | |
| Stock-Based Compensation (SBC) | $229.0M | $233.0M | $259.0M | $247.0M | $258.0M | +4.5% | +3.0% | |
| Capital Expenditures (CapEx) | $1.2B | $973.0M | $874.0M | $725.0M | $760.0M | +4.8% | −10.7% | |
| Free Cash Flow (FCF) | $3.5B | $1.5B | $2.1B | $3.1B | $2.7B | −14.4% | −6.2% | |
| True FCF (ex-SBC Owner Cash) | $3.2B | $1.3B | $1.9B | $2.9B | $2.4B | −16.0% | −7.0% | |
| Share Repurchases (Buybacks) | $1.8B | $500.0M | $0 | $500.0M | $1.0B | +100.0% | −13.1% | |
| Dividends Paid | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B | +8.7% | +3.4% | |
Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.
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