Latest Ratios: P/E Ratio 26.8x · EV/EBITDA 14.9x · ROE 6.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $56.6B | $33.2B | $43.4B | $46.1B | $39.6B | $43.3B | $39.6B | $41.9B | $41.6B | $26.4B | $23.6B |
| Enterprise Value | $75.0B | $51.5B | $63.1B | $61.4B | $55.4B | $59.3B | $54.7B | $60.7B | $62.0B | $31.1B | $33.6B |
| P/E Ratio → | 26.81 | 19.84 | 25.43 | 32.35 | 23.42 | 21.62 | 51.73 | 39.18 | 262.12 | 25.67 | 24.12 |
| P/S Ratio | 2.59 | 1.52 | 2.15 | 2.38 | 2.10 | 2.26 | 2.46 | 2.42 | 2.60 | 2.18 | 1.89 |
| P/B Ratio | 1.77 | 1.31 | 1.67 | 1.79 | 1.57 | 1.83 | 1.67 | 1.99 | 1.98 | 2.04 | 3.09 |
| P/FCF | 21.21 | 12.44 | 14.12 | 21.79 | 23.84 | 12.67 | 14.51 | 17.65 | 21.13 | 14.48 | 12.80 |
| P/OCF | 16.51 | 9.68 | 11.42 | 15.42 | 15.03 | 9.31 | 11.19 | 12.58 | 14.53 | 10.35 | 9.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.36 | 3.13 | 3.17 | 2.93 | 3.10 | 3.40 | 3.51 | 3.88 | 2.57 | 2.69 |
| EV / EBITDA | 14.87 | 10.23 | 13.47 | 13.96 | 12.27 | 13.24 | 18.07 | 15.13 | 17.77 | 11.91 | 13.20 |
| EV / EBIT | 29.08 | 20.66 | 24.91 | 29.06 | 25.39 | 27.44 | 58.07 | 33.46 | 32.98 | 20.77 | 22.96 |
| EV / FCF | — | 19.30 | 20.54 | 29.04 | 33.35 | 17.36 | 20.04 | 25.59 | 31.46 | 17.05 | 18.23 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.4% | 45.4% | 45.2% | 42.2% | 44.9% | 45.1% | 42.3% | 47.9% | 45.5% | 49.3% | 48.0% |
| Operating Margin | 11.8% | 11.8% | 11.9% | 10.9% | 12.1% | 11.8% | 5.7% | 10.2% | 9.4% | 12.6% | 11.5% |
| Net Profit Margin | 7.7% | 7.7% | 8.4% | 7.7% | 9.4% | 10.9% | 5.4% | 7.1% | 1.9% | 9.1% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 6.6% | 5.8% | 7.3% | 8.8% | 3.9% | 5.9% | 1.8% | 10.7% | 13.2% |
| ROA | 3.0% | 3.0% | 3.1% | 2.8% | 3.3% | 3.9% | 1.7% | 2.3% | 0.7% | 3.5% | 3.7% |
| ROIC | 4.3% | 4.3% | 4.1% | 3.8% | 4.2% | 4.3% | 1.7% | 3.2% | 3.8% | 6.5% | 5.9% |
| ROCE | 5.4% | 5.4% | 5.1% | 4.6% | 4.9% | 4.7% | 1.9% | 3.8% | 3.7% | 5.5% | 6.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.76 | 0.76 | 0.83 | 0.65 | 0.67 | 0.78 | 0.75 | 0.92 | 1.02 | 1.46 | 1.51 |
| Debt / EBITDA | 3.81 | 3.81 | 4.61 | 3.82 | 3.76 | 4.11 | 5.92 | 4.83 | 6.16 | 7.23 | 4.54 |
| Net Debt / Equity | — | 0.72 | 0.76 | 0.59 | 0.62 | 0.68 | 0.64 | 0.89 | 0.97 | 0.36 | 1.31 |
| Net Debt / EBITDA | 3.64 | 3.64 | 4.21 | 3.49 | 3.50 | 3.58 | 4.99 | 4.70 | 5.84 | 1.80 | 3.93 |
| Debt / FCF | — | 6.87 | 6.42 | 7.25 | 9.51 | 4.69 | 5.53 | 7.95 | 10.33 | 2.57 | 5.44 |
| Interest Coverage | 4.07 | 4.07 | 4.80 | 4.68 | 5.48 | 4.61 | 1.78 | 2.84 | 2.66 | 2.87 | 3.77 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.17 | 1.31 | 1.04 | 1.33 | 1.54 | 1.17 | 1.03 | 5.58 | 1.45 |
| Quick Ratio | 0.64 | 0.64 | 0.74 | 0.81 | 0.63 | 0.92 | 1.07 | 0.72 | 0.69 | 5.03 | 1.06 |
| Cash Ratio | 0.10 | 0.10 | 0.26 | 0.21 | 0.15 | 0.36 | 0.49 | 0.10 | 0.16 | 4.25 | 0.43 |
| Asset Turnover | — | 0.39 | 0.35 | 0.37 | 0.36 | 0.36 | 0.30 | 0.33 | 0.30 | 0.32 | 0.49 |
| Inventory Turnover | 3.06 | 3.06 | 2.88 | 3.42 | 3.22 | 3.83 | 3.38 | 3.49 | 3.56 | 3.37 | 3.78 |
| Days Sales Outstanding | — | 50.04 | 54.86 | 47.74 | 42.38 | 44.84 | 54.45 | 49.50 | 52.96 | 52.64 | 47.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.6% | 2.5% | 2.4% | 2.7% | 2.4% | 2.6% | 2.3% | 2.2% | 2.6% | 2.4% |
| Payout Ratio | 71.3% | 71.3% | 64.5% | 75.1% | 60.8% | 50.1% | 117.4% | 79.8% | 298.1% | 61.5% | 57.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 5.0% | 3.9% | 3.1% | 4.3% | 4.6% | 1.9% | 2.6% | 0.4% | 3.9% | 4.1% |
| FCF Yield | 4.7% | 8.0% | 7.1% | 4.6% | 4.2% | 7.9% | 6.9% | 5.7% | 4.7% | 6.9% | 7.8% |
| Buyback Yield | 1.8% | 3.0% | 1.2% | 0.0% | 1.3% | 4.0% | 0.0% | 0.0% | 0.0% | 0.8% | 0.1% |
| Total Shareholder Yield | 4.4% | 6.6% | 3.7% | 2.4% | 4.0% | 6.5% | 2.6% | 2.3% | 2.2% | 3.4% | 2.5% |
| Shares Outstanding | — | $287M | $291M | $288M | $287M | $292M | $282M | $275M | $265M | $224M | $218M |
Regulatory and compliance remediation
According to current market data, BDX trades at a trailing P/E of 26.74, which appears disconnected from the recent 10.6% revenue contraction and the negative net margins observed in 2026Q2, suggesting that investors may be overestimating the company's ability to pivot toward higher-margin diagnostic growth.
The forward P/E of 12.40 implies a significant expectation of earnings recovery that may not be supported by the current trajectory of operating margins. This valuation gap suggests the market is pricing BDX as a defensive utility while ignoring the idiosyncratic risks associated with its ongoing regulatory remediation and product mix transition.
Based on reported financial statements, BDX's ROIC has plummeted to a negligible 0.2% in 2026Q2 from a peak of 1.5% in 2025Q3, indicating that the company is struggling to generate meaningful returns on its massive invested capital base during this period of operational volatility.
The consistent decline in ROIC suggests that the company's historical strategy of horizontal M&A is currently failing to deliver the expected synergies. Investors should monitor whether this decay is a temporary byproduct of integration costs or a structural issue stemming from the diminishing returns of its legacy product portfolio.
As reported in recent quarterly filings, BDX's inventory days have surged to 131 days in 2026Q2, up from 111 days in 2024Q4, which highlights a growing inefficiency in managing stock levels relative to the current contraction in clinical procedure volumes and overall market demand.
The rising inventory days, coupled with the erratic nature of the cash conversion cycle, suggest that the company is struggling to align its manufacturing output with actual hospital utilization. This inefficiency ties up critical liquidity and increases the risk of future inventory write-downs if product demand does not stabilize.
According to the latest balance sheet data, BDX's current ratio has fallen to 0.94 in 2026Q2, marking a breach of the 1.0 threshold and indicating that the firm's short-term assets may no longer be sufficient to cover its immediate liabilities in the current environment.
The deterioration in the quick ratio to 0.55 further underscores a reliance on inventory liquidation to meet short-term obligations, which is problematic given the current inventory buildup. This liquidity profile warrants close monitoring, as it limits the company's financial flexibility to navigate further regulatory or operational shocks.
As noted in industry research, the P/E ratio is frequently misapplied to BDX because it fails to account for the significant non-cash charges and restructuring costs that consistently distort GAAP earnings, thereby obscuring the company's true underlying cash-generating capacity and operational health.
Analysts should instead prioritize EV/EBITDA or free cash flow yield to better assess the company's performance, as these metrics are less sensitive to the accounting noise generated by M&A integration and regulatory remediation. Relying on P/E in this context risks underestimating the impact of the company's high fixed-cost structure on its bottom line.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying BDX stock.
Becton, Dickinson and Company's current P/E ratio is 26.8x. The historical average is 18.1x. This places it at the 86th percentile of its historical range.
Becton, Dickinson and Company's current EV/EBITDA is 14.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.4x.
Becton, Dickinson and Company's return on equity (ROE) is 6.5%. The historical average is 16.5%.
Based on historical data, Becton, Dickinson and Company is trading at a P/E of 26.8x. This is at the 86th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Becton, Dickinson and Company's current dividend yield is 2.67% with a payout ratio of 71.3%.
Becton, Dickinson and Company has 45.4% gross margin and 11.8% operating margin. Operating margin between 10-20% is typical for established companies.
Becton, Dickinson and Company's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.