# Becton, Dickinson and Co. (BDX) — Stock CV

Becton, Dickinson and Co. is a $50.0B healthcare company. Revenue shrank 6.1% over the last year, it keeps 5¢ of every dollar of sales as profit, and its net debt equals ~6.8 years of free cash flow. It trades at 53.1× earnings — in the most expensive third of its own history.

> Becton Dickinson operates in four business units. Medical essentials (35% of total sales) includes the legacy medical surgical unit, which sells catheters, syringes, and infection prevention products.

## Identity

- **Ticker**: BDX
- **Sector**: Healthcare
- **Industry**: Surgical & Medical Instruments & Apparatus
- **Headquarters**: FRANKLIN LAKES, NJ
- **Employees**: 72 000
- **Website**: https://www.bd.com
- **Market cap**: $50.0B
- **Last price**: $183.75
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $20.1B
- **Net income**: $942M
- **Free cash flow**: $2.73B
- **Net debt**: $18.5B
- **P/E**: 53.1
- **Revenue growth (YoY)**: -6.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 57 |
| Growth | 51 |
| Profitability | 28 |
| Health | 31 |
| Quality | 100 |
| Moat | 57 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [ ] Revenue growing — -6.1% YoY
- [x] Profitable — $942M TTM
- [ ] Profit growing — -2.1% YoY
- [x] Generates cash — $2.73B TTM
- [ ] Debt under control — ~6.8y of cash flow to repay
- [x] Established company — $50.0B market cap
- [x] Not printing shares — +4.1% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 2.0 — grey
- [x] Pays a dividend — yield 2.34%
- [ ] Valuation not extreme — P/E 53.1

## Experience (career milestones)

- **2026** — BD Life Sciences was spun out and combined with the businesses of Waters Corporation
- **2024** — BD announced it would acquire Edwards Lifesciences' critical care unit for $4.2 billion
- **Apr 1, 2022** — The spinoff was completed on April 1, 2022, to form Embecta Corporation
- **FY2021** — Best year on record: $2.09B net income
- **2017** — Becton, Dickinson and Company announced it would acquire C
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $10B: $12.5B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — The company agreed to acquire CareFusion for a price of US$12.2 billion in cash and stock
- **1897** — The company was founded in 1897 in New York City by Maxwell Becton and Fairleigh S

## Strengths

- High gross margin (46.7%)
- Piotroski F-Score 8/9 — fundamentally strong checklist

## Watch-outs

- Revenue shrinking 6.1% year over year
- Net debt would take ~5.9 years of free cash flow to repay
- Net debt equals ~6.8 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $20.2B | $2.09B | $3.42B |
| FY2022 | $18.9B | $1.78B | $1.50B |
| FY2023 | $19.4B | $1.48B | $2.12B |
| FY2024 | $20.2B | $1.71B | $3.12B |
| FY2025 | $21.8B | $1.68B | $2.67B |

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Source: https://stockcv.com/BDX — derived from company filings; may be delayed or incomplete. Information, not investment advice.