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Becton Dickinson and Company (BDX) Fair Value & Analysis

Healthcare · US · Market cap $41.5B · ISIN US0758871091

What is Becton Dickinson and Company really worth?

BD Becton Dickinson and Company logo Becton Dickinson and Company BDX · US
Price$187.62
Fair Value$100.46
Upside−46.5%
Quality63/100

A solid business, but trading 87% above our fair value of $100.46.

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Strengths

Healthy Growth (revenue 5y +6.3 %/yr)
Moderate debt · generates free cash flow
Ranks above peers (9/15)

Risks

!Thin margins · 5.1% net margin
!Moderate moat 55/100
!Weak on future: 26 out of 100
!Weak on past: 27 out of 100

For context

·2.23% dividend yield
Evidence: High Range $76.67 – $132.29

Fair value as of: Sep 3, 2026

From 26 valuation models · updated 2 days ago

Share price +10.3% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case ($132.29). The favourable scenario is already priced in.
  • Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

$210.15 $125.97 Fair Value $100.46 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range $125.97 – $210.15 · fair‑value band $76.67 – $132.29 · the $187.62 price screens above the $100.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

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Analysis

Becton Dickinson and Company (BDX) currently trades at $187.62, while our model-based Fair Value estimate is $100.46, implying the stock looks roughly 86.8% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Healthcare sector. Bull case: the Growth Earnings group reads highest at a median of $119.52 per share, and 2 of the 26 models we run sit above the $187.62 price. Bear case: the Economic Profit group reads lowest at $32.70, and 24 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Becton Dickinson and Company generated revenue of $22.2B at a net margin of 5.1%. Revenue grew 5.2% year over year. It earns a return on equity of 6.7%. Net debt stands at $18.3B. Fundamentals as of Sep 3, 2026

Our scenario range runs from $76.67 (bear case) to $132.29 (bull case); at $187.62, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades near its 52-week high and 49% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at −46%, BDX screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly $1.44 per share, which is 1.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF $50.15 $113.87 $212.04 76
Residual Income $74.56 $78.35 $82.24 76
Growth DCF $51.87 $107.92 $188.79 75
All 26 models by family
DCF Models
FCF DCF $50.15 $113.87 $212.04 76
Owner Earnings $79.68 $160.33 $284.61 73
5Y Revenue Exit $30.79 $82.59 $148.36 68
5Y EBITDA Exit $89.60 $193.40 $315.42 72
5Y P/E Exit $36.19 $92.77 $152.06 68
10Y Revenue Exit $34.11 $83.25 $148.87 63
10Y EBITDA Exit $74.32 $160.49 $277.24 65
10Y P/E Exit $40.18 $90.35 $151.71 61
Earnings-Based
Graham-Dodd $41.41 $133.38 $177.99 64
Lynch FV $29.63 $42.32 $55.02 61
PEG = 1.0 $29.63 $42.32 $55.02 57
EPV $19.33 $32.70 $44.39 72
Dividend Discount
Gordon GGM $39.85 $82.87 $131.46 66
DDM Multi-Stage $39.85 $66.93 $86.97 66
Multiples
P/E Multiple $100.48 $133.98 $167.47 63
P/S Multiple $77.65 $103.53 $129.41 58
P/B Multiple $77.65 $103.53 $129.41 55
EV/EBIT $58.43 $98.19 $137.96 64
EV/EBITDA $131.20 $195.22 $259.24 66
EV/Revenue $24.28 $60.77 $97.26 50
Asset-Based
NCAV (Graham) $46.07 $61.74 $92.15 54
Growth DCF
Growth DCF $51.87 $107.92 $188.79 75
Rev-Margin DCF $30.79 $83.02 $143.79 69
Economic Profit
Residual Income $74.56 $78.35 $82.24 76
ROIC Compounder $19.33 $32.70 $44.39 70
Growth Earnings
Growth-Adj P/E $83.66 $119.52 $155.37 67

Widest divergence: Growth Earnings ($119.52) versus Economic Profit ($32.70). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 32.8
P/S ratio 2.52 P/E × margin
EPS (TTM) $5.72 price ÷ EPS = P/E 32.8
Dividend yield 2.2% payout 73.1%
Net margin 7.7% FY2025
Return on equity 6.7% TTM
More key figures
Profitability
Return on assets (EBIT) 4.3% avg 5y
Operating margin 14.7% TTM
Growth
Revenue (TTM) $22.2B TTM
Revenue growth (YoY) +5.2% 3y avg +5.0%
EPS growth (YoY) +28.6%
Balance sheet & cash flow
Free cash flow $2.7B FY2025
Net debt $18.3B FY2025 · ≈ 6.9 yrs of FCF

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 59 · Market factors (momentum, volatility) 76

Profitability 32
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 72
Earnings quality: real cash, not paper profit
Fin. Strength 41
Balance sheet, leverage, solvency risk
Investment 95
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 63
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 89
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

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 industry, and the general public worldwide.

Full 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 industry, and the general public worldwide. It operates through Medical Essentials, Connected Care, BioPharma Systems, Interventional and Life Sciences segments. It provides peripheral intravenous (IV) and advanced peripheral catheters, central lines, acute dialysis catheters, vascular access technology, vascular care and preparation products, needle-free IV connectors and extensions sets, closed-system drug transfer devices, hazardous drug detections, hypodermic syringes and needles, anesthesia needles and trays, enteral syringes, and sharps disposal systems; IV medication safety and infusion therapy delivery systems, medication compounding workflow system, automated medication dispensing and supply management systems, informatics and analytics and pharmacy automation system, and medication inventory optimization and tracking system; hemodynamic monitoring system; and prefillable drug delivery systems. It also offers specimen and blood collection products; automated blood and tuberculosis culturing, molecular testing, and microorganism identification and drug susceptibility, as well as rapid diagnostic assays, microbiology laboratory automation products, and plated media products; and fluorescence-activated cell sorters and analyzers, antibodies and kits, reagent system, and solution for single-cell gene expression analysis, as well as clinical oncology, immunological, and transplantation diagnostic/monitoring reagents and analyzers. It provides hernia and soft tissue repair, biological and bioresorbable graft, biosurgery, and other surgical products; surgical infection prevention, peripheral intervention, and urology and critical care products. The company has a strategic collaboration with ChemoGLO for the advancement of hazardous drug contamination testing in health care

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Becton Dickinson and Company reported revenue of $21.8B in FY2025 versus $19.1B in FY2021, a compound +3.4%/yr. Reported net income was $1.7B in FY2025, compounding −5.4%/yr from FY2021.

Growth Quality 72/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$21.8B
Latest YoY
+8.2%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.0%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+6.3%
Avg. revenue growth/yr (40Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.7%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+7.6% (5.4 + 2.2)
Revenue +3.4%/yr
FY21 $19.1B
FY22 $18.9B
FY23 $19.4B
FY24 $20.2B
FY25 $21.8B
Net income −5.4%/yr
FY21 $2.1B
FY22 $1.8B
FY23 $1.5B
FY24 $1.7B
FY25 $1.7B
Character of growth · EPS growth decomposed (2014-2025) +2.3 % p.a.
Revenue per share +3.9 %

of which total revenue +7.8 % · buybacks/dilution −3.6 %

EBIT margin −1.5 %
Tax rate +0.4 %
Residual (interest, one-offs) −0.5 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

BDX screens 87% overvalued. Compare with Intuitive Surgical, Inc →

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Cite: Fair Value Calculator (2026). "Becton Dickinson and Company Fair Value". https://www.fairvalue-calculator.com/stock/BDX

Peer Group

Medical Instruments & Supplies · 194 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Above median
Fair Value upside −47% · Below median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 5% · Below median
Operating margin (TTM) 15% · Above median
Revenue growth 5% · Below median
Dividend yield (TTM) 2.2% · Above median
Debt / equity 0.69× · Higher than 75% of peers

Valuation Multiples vs Medical Instruments & Supplies median · lower = cheaper

P/E (TTM) 32.8× · Pricier than median
P/B 1.63× · Cheaper than median
P/S (TTM) 1.87× · Cheaper than median
P/FCF 15.5× · Pricier than median
EV/EBITDA 9.5× · Cheaper than median
PEG 1.11× · Cheaper than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE26 · sector 29
PAST27 · sector 26
HEALTH65 · sector 96
DIVIDEND45 · sector 30

VALUE 0: the price sits above our fair-value range.

Insider activity: 46/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Medical Instruments & Supplies stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Intuitive Surgical, Inc ISRG $367.07 $150.04 −59%
EssilorLuxottica Société anonyme EL €160.35 €94.93 −41%
Medline Inc MDLN $36.59 $30.15 −18%
Alcon Inc ALC $72.23 $39.78 −45%
ResMed Inc RMD A$33.19 A$26.23 −21%
West Pharmaceutical Services, Inc WST $337.47 $141.58 −58%
Sartorius Stedim Biotech S.A DIM €197.70 €48.88 −75%
Straumann Holding STMN CHF 97.38 CHF 47.31 −51%
Sartorius Aktiengesellschaft SRT3 €253.50 €63.30 −75%
Coloplast A/S COLOB kr 435.80 kr 382.22 −12%

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Frequently asked questions

Is Becton Dickinson and Company (BDX) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of $100.46 versus a price of $187.62, about −46% upside (overvalued).
What is the fair value of BDX?
Our model-based fair value for Becton Dickinson and Company is $100.46 (as of Sep 3, 2026), built from audited fundamentals. The current price: $187.62.
What is the quality score of BDX?
Becton Dickinson and Company has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Becton Dickinson and Company (BDX)?
Becton Dickinson and Company reported trailing-twelve-month revenue of about $22.2B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of BDX?
The net profit margin of Becton Dickinson and Company is about 5.1%, meaning it keeps roughly 5.1% of revenue as net income. Based on the latest reported figures.
Does Becton Dickinson and Company pay a dividend?
Becton Dickinson and Company currently shows a dividend yield of about 2.23% relative to its recent price (as of Sep 3, 2026).
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