BDX
Becton, Dickinson and Company
BDX's fundamentals are mixed: it turned 13% of its revenue into free cash flow, but earnings per share fell 40%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
BDX Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Healthy | |
| Under pressure |
BDX's cash flow is currently healthy, and its profitability is stable, but its revenue and balance sheet are under pressure.
BDX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 16x | $216 | — |
| Cheap | 36x | $119 | -45% |
| Fair | 46x | $152 | -30% |
| Current | 52x | $216 | — |
| Expensive | 62x | $204 | -5.3% |
Historical ranges are pointers, not guarantees.
BDX's PE is 52x, but its earnings don't support one, so it isn't a reliable read right now.
BDX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect BDX's earnings to grow and its profitability to improve, with its revenue holding steady.
BDX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $13.22 | +300% |
| Q2 2026 | $3.31 | -40% |
| Q1 2026 | $3.94 | -24% |
| Q4 2025 | $6.12 | +3% |
| Q3 2025 | $5.82 | -0.7% |
| Q2 2025 | $5.48 | +13% |
| Q1 2025 | $5.16 | +14% |
| Q4 2024 | $5.94 | +41% |
| Q3 2024 | $5.86 | +19% |
BDX's earnings per share have fallen from their peak: $3.31 over the past year, against $6.68 in late 2021.
BDX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $5B | -9.5% |
| Q1 2026 | $4.7B | -11% |
| Q4 2025 | $5.3B | +1.6% |
| Q3 2025 | $5.9B | +8.4% |
| Q2 2025 | $5.5B | +10% |
| Q1 2025 | $5.3B | +4.5% |
| Q4 2024 | $5.2B | +9.8% |
| Q3 2024 | $5.4B | +6.9% |
BDX's revenue grew through 2023 and has held roughly level since: $5B last quarter, down 9.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 13% | -2.7 points |
| Q1 2026 | 2% | -8.4 points |
| Q4 2025 | 11% | +1.7 points |
| Q3 2025 | 12% | +0.4 points |
| Q2 2025 | 16% | +4 points |
| Q1 2025 | 10% | -4.2 points |
| Q4 2024 | 8.8% | -0.6 points |
| Q3 2024 | 11% | +4.6 points |
BDX's operating margin was 13% last quarter, down 2.7 points from the same quarter a year ago.
BDX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $633M | -39% |
| Q1 2026 | $546M | +1460% |
| Q4 2025 | $549M | -6.6% |
| Q3 2025 | $1B | +14% |
| Q2 2025 | $1B | -6.5% |
| Q1 2025 | $35M | -91% |
| Q4 2024 | $588M | -20% |
| Q3 2024 | $882M | -14% |
BDX's free cash flow has been positive every quarter for seven years: $2.7B over the past year, up 7.1% from the year before.
BDX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2% | -5.5M shares |
| 1 year | -4.2% | -12.1M shares |
| 3 years | -4.4% | -12.8M shares |
| 5 years | -8% | -24M shares |
| Available history | -2.3% | -6.5M shares |
BDX has 275M diluted shares, down 4.2% from a year ago, with $2.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | $2B |
| Q4 2025 | $250M |
| Q3 2025 | $250M |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $750M |
| Q3 2024 | — |
BDX spent $2.5B buying back its own shares over the past year, about three times what it spent the year before.
BDX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.7x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.7x | Elevated |
| Q3 2025 | 3.7x | Elevated |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 4.1x | High |
| Q4 2024 | 3.8x | Elevated |
| Q3 2024 | 3.9x | Elevated |
BDX's net debt is about 3.7 years of its operating earnings (EBITDA), about the same as a year ago.
BDX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 73.7 | Overbought |
| Stochastic | 95.0 | Overbought |
BDX's weekly RSI is 74 (overbought) and its Stochastic is 95 (overbought).
BDX PE vs Healthcare Sector
| Metric | BDX | Sector median | Relative |
|---|---|---|---|
| PE | 52x | 26x | 102% above |
| PE % | 74 | 29 | 45 pts above |
BDX is trading at 52x earnings, a 102% premium to the Healthcare sector's median of 26x, though its earnings don't support one.
BDX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $195.1 | 11% above |
| 20 week MA | $181.8 | 19% above |
| 50 week MA | $166.8 | 29% above |
| 100 week MA | $161.5 | 34% above |
| 200 week MA | $176.9 | 22% above |
BDX has climbed back above all five of its weekly moving averages, and it's now 22% above its 200-week average.
BDX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $209.3 | $190.2 | -9.1% |
| 2021 | $190.2 | $190.9 | +0.4% |
| 2022 | $190.9 | $200.1 | +4.8% |
| 2023 | $200.1 | $191.7 | -4.2% |
| 2024 | $191.7 | $179.6 | -6.3% |
| 2025 | $179.6 | $154.4 | -14% |
| 2026 YTD | $154.4 | $215.7 | +40% |
BDX has finished three years in a row lower, and it's up 40% so far in 2026.