# Becton, Dickinson and Company (BDX)

> Source: Nexqual · https://nexqual.com/BDX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Becton, Dickinson and Company (BDX), nexqual.com/BDX" · informational, not investment advice.

**Price:** USD 200.42 (+3.13% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 194.34 · day 194.91–200.44 · 52w 127.59–200.47 · market cap $54.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $23.3B, net income $941M (4.0% margin), free cash flow $3.20B (SEC filings).
- Valuation: P/E 58.0x (avg 41.2x at the last 3 fiscal year-ends), EV/EBITDA 14.2x, net debt $16.1B.
- 7 of 80 tracked superinvestors hold BDX (13F, Q2 2026): 1 new, 4 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 11 Form 4 filings, $2.0M; 1 not under a Rule 10b5-1 plan ($441K); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.56 on a 1–5 scale) (16 analysts), mean target USD 195.57 (range 165–225).
- Total return with dividends: 1Y +40.1% vs S&P 500 +14.9%; 5Y +15.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 4.07, revenue estimate $5.10B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $19.1B | $18.9B | $19.4B | $20.2B | $21.8B | $23.3B |
| Gross profit | $8.63B | $8.48B | $8.17B | $9.13B | $9.93B | — |
| Operating income | $2.25B | $2.28B | $2.11B | $2.40B | $2.58B | $2.48B |
| Net income | $2.09B | $1.78B | $1.48B | $1.71B | $1.68B | $941M |
| EPS (diluted) | $5.39 | $4.62 | $3.88 | $4.61 | $4.58 | — |
| Free cash flow | $3.45B | $1.50B | $2.12B | $3.12B | $2.67B | $3.20B |
| Gross margin | 45.1% | 44.9% | 42.2% | 45.2% | 45.4% | — |
| Operating margin | 11.8% | 12.1% | 10.9% | 11.9% | 11.8% | 10.7% |
| Net margin | 10.9% | 9.4% | 7.7% | 8.4% | 7.7% | 4.0% |
| Revenue growth | +19.0% | -1.4% | +2.7% | +4.2% | +8.2% | — |
| Cash + short-term investments | $2.28B | $1.01B | $1.42B | $1.72B | $567M | — |
| Total debt | $17.6B | $16.1B | $15.9B | $20.1B | $19.2B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 58.0x · P/S 2.4x · EV/EBITDA 14.2x · EV/Sales 3.0x · P/FCF 17.0x · P/B 2.2x · FCF yield 5.87% · Earnings yield 1.72% · Dividend yield (paid, TTM) 2.15% · Buyback yield (TTM) 4.58% · Net debt $16.1B · EV $70.7B
P/E at fiscal year-ends: Sep 2025 32.2x, Sep 2024 41.2x, Sep 2023 50.2x.

## Superinvestors (SEC 13F-HR, Q2 2026)
7 of 80 tracked investors hold BDX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Greenhaven Associates |  | 9.93% | $860M | New position |
| First Pacific Advisors |  | 4.01% | $319M | Added +6.6% |
| First Eagle Investment | First Eagle Investment Management | 3.49% | $2.09B | Added +15.8% |
| Hillman Capital | Hillman Capital Management | 1.67% | $2.3M | Added +7.2% |
| Bill Nygren | Oakmark Funds | 0.47% | $356M | Added +5.8% |
| Jensen Investment Management |  | 0.01% | $309K | Reduced -4.7% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $1.1M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 11 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-28 | Feld Michael | EVP, Chief Revenue Officer | 76 | $14K | 0.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-26 | Feld Michael | EVP, Chief Revenue Officer | 165 | $31K | 0.8% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-13 | Polen Thomas E Jr | Chairman, CEO and President | 4,152 | $768K | 3.6% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Goette Roland | EVP and President, EMEA | 2,438 | $441K | 12.8% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-27 | Feld Michael | EVP, Chief Revenue Officer | 75 | $12K | 0.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-26 | Feld Michael | EVP, Chief Revenue Officer | 75 | $11K | 0.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-24 | Garrison Michael David | EVP & Pres Med.Essntl&BioPharm | 1,100 | $160K | 7.7% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-10 | Garrison Michael David | EVP & Pres Med.Essntl&BioPharm | 1,100 | $167K | 7.2% | Yes | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-01 | Polen Thomas E Jr | Chairman, CEO and President | 2,764 | $405K | 2.4% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-05-26 | Feld Michael | EVP, Chief Revenue Officer | 75 | $11K | 0.4% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-27 | Feld Michael | EVP, Chief Revenue Officer | 74 | $11K | 0.3% | Yes | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.56 on a 1–5 scale), 16 analysts; mean target USD 195.57 (low 165, high 225).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Barclays | Initiated | Underweight | $165 |
| 2026-08-31 | B of A Securities | Target raised | Neutral | $185 → $200 |
| 2026-08-13 | RBC Capital | Target raised | Sector Perform | $180 → $190 |
| 2026-08-07 | Citigroup | Target raised | Buy | $198 → $204 |
| 2026-08-07 | RBC Capital | Target raised | Sector Perform | $175 → $180 |
| 2026-08-07 | Piper Sandler | Target raised | Neutral | $161 → $175 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $161 → $170 |
| 2026-08-05 | TD Cowen | Target raised | Hold | $163 → $182 |
| 2026-07-28 | UBS | Initiated | Buy | $190 |
| 2026-07-06 | Evercore ISI Group | Target lowered | Outperform | $190 → $180 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +40.1% | +15.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +40.3% | +3.0% |
| Volatility (annualized) | 26.0% | 23.6% |
| Max drawdown | -23.1% (Feb 2026→Jun 2026) | -39.0% (Aug 2023→May 2025) |

## Peers (Medical Instruments & Supplies)
MDLN (Medline Inc.) USD 34.88 -1.22% · RMD (ResMed Inc.) USD 253.06 +2.79% · ALC (Alcon Inc.) USD 70.63 +4.75% · WST (West Pharmaceutical Services, I) USD 394.03 +0.14% · ISRG (Intuitive Surgical, Inc.) USD 443.85 +3.67% · SOLV (Solventum Corporation) USD 87.45 +0.90%

## More
Full page: https://nexqual.com/BDX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BDX's own 10-K filed 2025-11-25 (https://www.sec.gov/Archives/edgar/data/10795/000001079525000099/bdx-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Waters | "The completion of the separation of our Biosciences and Diagnostic Solutions business and combination of the business with Waters will require significant amounts of time and effort, which could divert management attenti…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Medical Essentials | $1.68B | 33.6% | +4.6% | $617.0M | 36.8% |
| Interventional | $1.41B | 28.4% | +6.5% | $565.0M | 40.0% |
| Connected Care | $1.22B | 24.6% | +5.0% | $395.0M | 32.3% |
| BioPharma Systems | $670.0M | 13.4% | +6.5% | $259.0M | 38.7% |
| Total revenue | $4.98B | 100% | — | $1.83B | 36.8% |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| UNITED STATES | $3.08B | 61.8% | +6.9% |
| International | $1.90B | 38.2% | +3.1% |
| Total revenue | $4.98B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $4.07 | $4.09 | -0.6% | $5.10B | 14 |
| Next quarter (ends 2026-12-31) | $2.73 | $2.80 | -2.5% | $4.58B | 11 |
| Current fiscal year (ends 2026-09-30) | $12.63 | $12.56 | +0.6% | $19.28B | 16 |
| Next fiscal year (ends 2027-09-30) | $13.30 | $13.42 | -0.9% | $19.73B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±7.2%; last 8 reports averaged ±5.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 32.2% | ±7.2% |
| 2026-12-18 | 56 | 30.2% | ±9.6% |
| 2027-01-15 | 84 | 29.0% | ±11.2% |
| 2027-03-19 | 147 | 28.2% | ±14.2% |
| 2027-06-17 | 237 | 28.0% | ±17.8% |
| 2027-09-17 | 329 | 27.8% | ±20.7% |