Becton Dickinson

Health Care Health Care Equipment Franklin Lakes, New Jersey Last filing Nov 25, 2025 · FY2025

                    Revenue
                    FY2025
                
$21.8B
                    3y CAGR +5.0%
                    
                    P49
                    
                    +8.2%
                    
                    Net income
                    FY2025
                
$1.7B
                    Net margin +7.7%
                    
                    P27
                    
                    -1.6%
                    
                    Total assets
                    FY2025
                
$55.3B
                    ROA +3.0%
                    
                    P21
                    
                    -3.4%
                    
                    Operating cash flow
                    FY2025
                
$3.4B
                    FCF margin +12.2%
                    
                    P33
                    
                    -10.8%

19 yrs · FY2007–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

26 accounts · 3 years

Total assets $55.3B

Total liabilities ~$29.9B

Shareholders equity $25.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	2.9%	8.5%	7.3%
Short Term Investments	0.0%	2.2%	0.0%
Accounts Receivable	13.7%	15.0%	13.1%
Inventory	17.8%	19.0%	16.9%
Prepaid Expenses	6.9%	6.4%	7.1%
Other Current Assets	1.0%	0.7%	0.3%
Total Current Assets	42.4%	51.9%	44.8%
Property,Plant and Equipment	32.0%	33.8%	33.8%
Goodwill	121.8%	131.2%	126.6%
Intangible Assets	43.1%	54.1%	56.5%
Other Noncurrent Assets	14.0%	13.0%	10.7%
Total Assets	253.3%	283.9%	272.5%
Liabilities
Accounts Payable	9.0%	9.4%	8.5%
Accrued Liabilities	21.9%	24.2%	19.9%
Current Portion of Long Term Debt	7.1%	10.8%	5.9%
Total Current Liabilities	38.1%	44.4%	34.3%
Long Term Debt	80.7%	88.9%	76.1%
Other Noncurrent Liabilities	18.3%	22.3%	28.9%
Equity
Common Stock	1.7%	1.8%	1.9%
Additional Paid In Capital	91.9%	98.6%	101.8%
Retained Earnings	76.1%	80.0%	80.2%
Treasury Stock	44.9%	43.6%	42.9%
Accumulated Other Comprehensive Income	-8.7%	-8.6%	-8.0%
Other Equity	0.1%	0.1%	0.1%
Total Stockholders Equity	116.3%	128.3%	133.2%
Total Liabilitiesand Equity	253.3%	283.9%	272.5%

Income Statement

Revenue, expense, and profitability

16 accounts · 3 years

Revenue $21.8B

Operating income $2.6B

Net income $1.7B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Cost of Revenue	54.6%	54.8%	57.8%
Expenses Research and Development	5.8%	5.9%	6.4%
Expenses Selling,General and Administrative	24.2%	24.1%	24.4%
Expenses Other Operating Expenses	1.8%	1.1%	-1.1%
Other Income Expense Operating Income	11.8%	11.9%	10.9%
Other Income Expense Interest Income	0.2%	0.8%	0.3%
Other Income Expense Interest Expense	2.8%	2.6%	2.3%
Other Income Expense Other Income/expense	-2.4%	-2.4%	-1.9%
Other Income Expense Income Before Tax	8.6%	9.9%	8.6%
Income Tax Income Tax Expense	0.9%	1.5%	0.7%
net Income Other Items Below Tax	0.0%	0.0%	-0.5%
net Income net Income	7.7%	8.4%	7.7%
net Income Comprehensive Income	6.9%	7.5%	7.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $3.4B

Investing cash flow $-818.0M

Financing cash flow $-3.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	7.7%	8.4%	7.7%
Operating Activities Depreciation and Amortization	11.3%	11.3%	11.8%
Operating Activities Stock Based Compensation	1.2%	1.2%	1.3%
Operating Activities Deferred Income Taxes	-2.2%	-1.0%	-3.2%
Operating Activities Changes In Operating Assets and Liabilities	-2.8%	-0.8%	-5.0%
Operating Activities Other Non Cash Items	0.6%	-0.2%	2.6%
Operating Activities net Cash From Operating Activities	15.7%	19.1%	15.4%
Investing Activities Capital Expenditures	-3.5%	-3.6%	-4.5%
Investing Activities Business Acquisitions	0.0%	-19.4%	0.0%
Investing Activities Other Investing Activities	-0.3%	-4.3%	0.8%
Investing Activities net Cash From Investing Activities	-3.7%	-27.3%	-3.7%
Financing Activities Proceeds From Debt	0.0%	22.4%	8.6%
Financing Activities Repayment of Debt	-8.2%	-5.7%	-11.1%
Financing Activities Repurchase of Common Stock	-4.6%	-2.5%	0.0%
Financing Activities Dividends Paid	-5.5%	-5.5%	-5.8%
Financing Activities Other Financing Activities	1.7%	1.5%	-1.8%
Financing Activities net Cash From Financing Activities	-16.6%	10.3%	-10.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.0%	0.0%	0.0%
Cash Reconciliation Other Changes In Cash	0.0%	-0.2%	-0.0%
Cash Reconciliation net Change In Cash	-4.6%	1.9%	1.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+45.4%	+45.2%	+42.2%
Operating margin	+11.8%	+11.9%	+10.9%
Net margin	+7.7%	+8.4%	+7.7%
FCF margin	+12.2%	+15.5%	+10.9%
Growth
Revenue CAGR (3y)	+5.0%	+1.8%	+6.4%
Returns
ROE	+6.6%	+6.6%	+5.8%
ROA	+3.0%	+3.0%	+2.8%
ROIC	+5.2%	+4.6%	+4.8%
Liquidity
Current ratio	1.11x	1.17x	1.31x
Quick ratio	0.44x	0.53x	0.59x
Leverage
D/E	1.18x	1.21x	1.05x
Interest coverage	4.21x	4.54x	4.67x
Efficiency
Asset turnover	0.39x	0.35x	0.37x
Cash conversion cycle	+109d	+119d	+101d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Becton Dickinson

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