# Becton Dickinson (BDX)

Sector: Medical technology

| Field | Value |
|---|---|
| Price | $212.61 |
| Market cap | $58B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-11 |
| Next earnings | 2027-02-05 (estimate) |

Analysts: Bullish

Picks: Research only

Discount category: Close to intrinsic value

## In short

BD trades close to its intrinsic value because investors weigh stable demand and cash flow against slow growth and quality problems, and faster growth with lower debt can lift the value.

## Themes and gap

- Themes: Weight-loss drugs (weight-loss-drugs), Tariffs and trade (trade-tariffs), Regulation and courts (regulation-legal)
- Gap type: Can close (closable)
- Why: The Investor Day on December 10, 2026 and the fiscal 2027 results show whether the growth platforms and lower debt can lift the value.

## About

BD (Becton, Dickinson and Company) makes medical products such as needles, syringes, catheters, blood collection tubes, infusion pumps, medication dispensing systems, prefillable syringes and injection pens for drug makers, and devices for surgery, urology and vascular care. On February 9, 2026, BD spun off its Biosciences and Diagnostic Solutions business and combined it with Waters, so it now reports four segments. In Q4 fiscal 2026, revenue was $5,274 million: Medical Essentials $1,786 million, Interventional $1,472 million, Connected Care $1,269 million and BioPharma Systems $748 million. The U.S. gave $3,204 million. Revenue was $19,457 million in fiscal 2026, the year to September 30, 2026. Its products include the Pyxis dispensing systems and the Alaris infusion system. BD has more than 60,000 employees. Its shares trade on the New York Stock Exchange. The head office is in Franklin Lakes, New Jersey. Tom Polen is Chairman, Chief Executive Officer and President.

## Thesis

BD trades close to its intrinsic value because investors weigh its stable demand and cash flow against slow growth, quality problems and tariffs. After the separation of its Biosciences and Diagnostic Solutions business in February 2026, BD is a medical technology company with revenue growth in the low single digits. In fiscal 2026, adjusted diluted EPS from continuing operations was $12.70, and free cash flow rose 42.5% to $2.9 billion. BD expects adjusted diluted EPS of $13.10 to $13.30 for fiscal 2027. For the value to rise, three things must be true. Growth platforms such as BioPharma Systems and Interventional must lift total growth above the low single digits. BD must resolve its FDA warning letters, including the April 2026 letter for its El Paso plant. Debt must keep falling, after BD used $2 billion of the $4 billion payment from the Waters transaction to repay debt. The Investor Day on December 10, 2026 and the Q1 fiscal 2027 report, expected in early February 2027, are the next tests. If BD meets its fiscal 2027 guidance and debt falls, the value can rise in one to two years.

## Checkpoints

- Nov 5, 2026: Fiscal 2026 results and fiscal 2027 guidance. Status: Passed. Watch: Adjusted diluted EPS within the guidance of $12.62 to $12.72 and guidance for higher EPS in fiscal 2027 pass; lower EPS fails. Outcome: Adjusted diluted EPS was $12.70, and BD guided to $13.10 to $13.30 for fiscal 2027.
- Dec 10, 2026: Investor Day. Status: Pending. Watch: Long-term targets for revenue growth above the low single digits and higher margins pass; lower targets fail.
- Feb 5, 2027 (estimate): Q1 fiscal 2027 results. Status: Pending. Watch: Results on track for the fiscal 2027 EPS guidance pass; lower guidance fails.

## Balance sheet

- Cash: $733M
- Debt: $16.3B
- Net debt: $15.6B
- Debt due within 12 months: $2.9B

At September 30, 2026, cash and equivalents were $725 million, restricted cash $284 million and short-term investments $8 million. Debt was $16,345 million: current debt obligations of $2,923 million and long-term debt of $13,422 million, against $19,179 million at September 30, 2025. In fiscal 2026, BD received a net $3,916 million from the spin-off entity, paid $2,696 million of debt and repurchased common stock for $2,433 million, mostly through a $2.0 billion accelerated share repurchase. Net cash provided by continuing operating activities was $3,605 million and capital expenditures $672 million, so free cash flow was $2,933 million. BD paid dividends of $1,161 million. There were 272,386,800 shares at June 30, 2026. The quarterly dividend is $1.05 per share.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/10795/000162828026070511/ex9919302026.htm
- https://www.sec.gov/Archives/edgar/data/10795/000001079526000035/bdx-20260630.htm

## Dividends

- Dividend yield: 1.9% (last 12 months, at the current price)
- Paid per share, last 12 months: $3.9755 (4 payments)
- Current annual rate: $4.20 ($1.05 x 4 a year)
- Latest ex-dividend date: 2026-09-09, $1.05 per share
- Growth from 2020 to 2025: 6.0% a year
- Growth from 2015 to 2025: 5.7% a year

Dividends per share by year: 2016: $2.0785, 2017: $2.2549, 2018: $2.3163, 2019: $2.3777, 2020: $2.4544, 2021: $2.5771, 2022: $2.7506, 2023: $2.8931, 2024: $3.0582, 2025: $3.2783.

Source: company filings and market data, read on 2026-11-11.

## Recent events

- 2026-11-05: BD reported Q4 fiscal 2026 results. Revenue rose 5.4% to $5,274 million, diluted EPS from continuing operations was $2.52, and adjusted diluted EPS rose 27.3% to $4.15. For fiscal 2026, revenue rose 4.9% to $19,457 million, adjusted diluted EPS was $12.70, and free cash flow rose 42.5% to $2,933 million. BD expects fiscal 2027 revenue growth in the low single digits and adjusted diluted EPS of $13.10 to $13.30. It also announced a partnership with the U.S. Government: BD intends to invest $19 billion in the U.S. over several years, and the agreement gives relief from future Section 232 tariffs on covered products, subject to agreed milestones.
- 2026-08-06: BD reported Q3 fiscal 2026 results. Revenue rose 5.4% to $5.0 billion, diluted EPS from continuing operations was $1.64, and adjusted diluted EPS was $3.23. BD raised the midpoint of its fiscal 2026 adjusted EPS guidance to $12.62 to $12.72.
- 2026-05-29: BD resumed U.S. shipments of ChloraPrep after additional release testing. It had stopped shipments of ChloraPrep and PurPrep on May 6, 2026, after the FDA sent a warning letter on April 30, 2026 about its El Paso plant.
- 2026-05-07: BD reported Q2 fiscal 2026 results. Revenue rose 5.2% to $4.7 billion, diluted EPS from continuing operations was a loss of $0.13, and adjusted diluted EPS was $2.90. BD carried out a $2.0 billion accelerated share repurchase and retired $2.1 billion of debt in the quarter.
- 2026-02-09: BD completed the spin-off of its Biosciences and Diagnostic Solutions business and its combination with Waters. BD shareholders of record on February 5, 2026 received about 0.135 Waters shares for each BD share, and BD received $4 billion in cash. The same day, BD reported Q1 fiscal 2026 revenue of $5.3 billion and adjusted diluted EPS of $2.91.

## Latest news and filings

- Last earnings: 2026-11-05 (8-K: https://www.sec.gov/Archives/edgar/data/10795/000162828026070511/)
- Next earnings: 2027-02-05 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-11-05 | 8-K | Earnings release |  | bdx-20261105 | https://www.sec.gov/Archives/edgar/data/10795/000162828026070511/ |
| 2026-08-06 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | bdx-20260630 | https://www.sec.gov/Archives/edgar/data/10795/000001079526000035/bdx-20260630.htm |
| 2026-08-06 | 8-K | Earnings release |  | bdx-20260806 | https://www.sec.gov/Archives/edgar/data/10795/000162828026053790/ |
| 2026-07-22 | 8-K | Change of directors or officers and Investor disclosure |  | bdx-20260719 | https://www.sec.gov/Archives/edgar/data/10795/000162828026049103/bdx-20260719.htm |
| 2026-05-29 | 8-K | Investor disclosure |  | bdx-20260529 | https://www.sec.gov/Archives/edgar/data/10795/000162828026039005/bdx-20260529.htm |
| 2026-05-20 | 8-K | New material agreement and New debt or financial obligation |  |  | https://www.sec.gov/Archives/edgar/data/10795/000114036126022270/ef20074240_8k.htm |
| 2026-05-12 | 8-K | Other company news |  |  | https://www.sec.gov/Archives/edgar/data/10795/000114036126020828/ny20072670x4_8k.htm |
| 2026-05-07 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | bdx-20260331 | https://www.sec.gov/Archives/edgar/data/10795/000001079526000026/bdx-20260331.htm |
| 2026-05-07 | 8-K | Earnings release |  | bdx-20260507 | https://www.sec.gov/Archives/edgar/data/10795/000162828026031638/ |
| 2026-04-29 | 8-K | Change to shareholder rights or bylaws |  | bdx-20260428 | https://www.sec.gov/Archives/edgar/data/10795/000001079526000012/bdx-20260428.htm |

Every filing on SEC EDGAR (CIK 10795): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000010795&type=&dateb=&owner=include&count=40

## Risks

- Medium: The FDA sent warning letters about quality problems at the San Diego Dispensing site in November 2024 and at the El Paso plant in April 2026. More problems can stop shipments, delay new products and raise costs.
- Medium: BD defends about 7,090 product liability claims for hernia repair devices and about 435 lawsuits about ethylene oxide sterilization in Covington, Georgia, at June 30, 2026. The Department of Justice also investigates some contracts. Large payments are possible.
- Medium: Tariffs can raise costs. The relief from future Section 232 tariffs depends on the final scope of these tariffs and on BD meeting the milestones of its agreement with the U.S. Government.
- Low: Hospitals and their buying groups push prices down, and competitors make similar needles, syringes and catheters. This can keep growth in the low single digits.
- Low: BD has debt of $16,345 million. Higher interest rates on new debt can reduce earnings, and debt limits the money for buybacks and purchases.

## Links

- Page: https://picks.utilarium.app/company/BDX/
- History of changes: https://picks.utilarium.app/company/BDX/history/
- JSON with full history: https://picks.utilarium.app/data/company/BDX.json

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