Becton, Dickinson and Company (BDX) Valuation Ratios - Annual

Trailing Valuation

Trailing Valuation	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Stock Price	189.2	189.2	241.1	258.5	222.8	239.7	226.9	246.6	254.5	191	175.2
Total Shares Outstanding	285.4	285.4	289.1	290.4	283.4	284.5	290	270.4	268.2	227.9	213.3
Market Cap	54,006.9	54,006.9	69,702.3	75,075	63,140.3	68,177.5	65,790.4	66,692.8	68,252.3	43,546.1	37,375
Total Enterprise Value (TEV)	72,538.9	72,538.9	87,650.3	89,530	78,193.3	83,494.5	80,878.4	85,518.8	88,592.3	48,218.1	47,358
Dividend Yield	2.2%	2.2%	1.6%	1.5%	1.7%	1.5%	1.6%	1.5%	1.4%	1.6%	1.5%
Buyback Yield	1.9%	1.9%	0.7%	—	0.8%	2.6%	-4.4%	—	—	-10.6%	—
Debt Paydown Yield	3.3%	3.3%	-4.8%	0.7%	0.5%	0.4%	1.9%	3.8%	-1.6%	-17.2%	2%
Shareholder Yield	5.2%	5.2%	-4.1%	0.7%	1.3%	2.9%	-2.5%	3.8%	-1.6%	-27.8%	2%
P/S	2.5	2.5	3.5	3.9	3.3	3.6	4.1	3.9	4.3	3.6	3
P/Gross Profit	5.4	5.4	7.6	9.2	7.4	7.9	9.7	8	9.4	7.3	6.2
P/E	32.5	32.5	41.1	52.3	41.4	35	260.7	62.6	424.1	41.5	39
Earnings Yield	3.1%	3.1%	2.4%	1.9%	2.4%	2.9%	0.4%	1.6%	0.2%	2.4%	2.6%
P/OCF	15.7	15.7	18.4	25.1	24	14.7	18.6	20	23.8	17.1	14.6
P/FCF	20.2	20.2	22.7	35.5	38	19.7	23.8	28.1	34.6	23.9	20
FCF Yield	4.9%	4.9%	4.4%	2.8%	2.6%	5.1%	4.2%	3.6%	2.9%	4.2%	5%
P/B	2.1	2.1	2.7	2.9	2.5	2.9	2.8	3.2	3.3	3.4	4.9
EV/Sales	3.3	3.3	4.3	4.6	4.1	4.4	5	4.9	5.5	4	3.8
EV/Gross Profit	7.3	7.3	9.6	11	9.2	9.7	11.9	10.3	12.2	8.1	7.9
EV/EBITDA	14.4	14.4	18.7	20.4	17.3	18.6	26.7	21.3	25.4	18.5	18.6
EV/EBIT	28.1	28.1	36.6	42.4	34.3	37.1	88.7	48.6	58.7	31.7	33.1
EV/OCF	21.1	21.1	23.1	30	29.7	18	22.9	25.7	30.9	18.9	18.5
EV/FCF	27.2	27.2	28.5	42.3	47.1	24.2	29.2	36	45	26.4	25.4

Dividends

Dividends	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Dividend Yield	2.2%	2.2%	1.6%	1.5%	1.7%	1.5%	1.6%	1.5%	1.4%	1.6%	1.5%
DPS	4.2	4.2	3.8	3.9	3.8	3.6	3.7	3.6	3.6	3.1	2.6
Payout Ratio	71.3%	71.3%	64.5%	78.2%	64.1%	52.3%	133.8%	90.9%	583%	65.7%	57.6%

Margins

Margins	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Gross Profit Margin	45.4%	45.4%	45.2%	42.2%	44.9%	45.1%	42.3%	47.9%	45.5%	49.3%	48%
Operating Margin	11.8%	11.8%	11.9%	10.9%	12.1%	11.8%	5.7%	10.2%	9.4%	12.6%	11.5%
EBITDA Margin	23.1%	23.1%	23.2%	22.7%	23.9%	23.4%	18.8%	23.2%	21.8%	21.6%	20.4%
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%
Effective Tax Rate	10.8%	10.8%	15%	7.9%	8.3%	5.2%	15%	-4.8%	73.5%	-12.7%	9%
Pre-Tax Profit Margin	8.6%	8.6%	9.9%	8.6%	9.4%	8.8%	2.6%	6.8%	7.3%	8.1%	8.6%
Free Cash Flow Margin	12.2%	12.2%	15.2%	10.9%	8.8%	18%	17.2%	13.7%	12.3%	15.1%	14.9%
OCF / Sales	15.7%	15.7%	18.8%	15.4%	14%	24.3%	22%	19.3%	17.9%	21.1%	20.5%
OCF / Net Income	204.4%	204.4%	222.8%	201.4%	148.1%	222.1%	404.9%	270.1%	921.2%	231.8%	262.2%
FCF / OCF	77.8%	77.8%	80.9%	70.8%	63.1%	74.3%	78.3%	71.3%	68.8%	71.5%	72.9%
FCF / Net Income	159.1%	159.1%	180.2%	142.5%	93.4%	165.1%	316.9%	192.5%	633.4%	165.7%	191.2%
FCF / EBITDA	53%	53%	65.6%	48.1%	36.8%	77.1%	91.5%	59.1%	56.5%	69.8%	73.3%

Capital Efficiency

Capital Efficiency	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Return on Invested Capital	4.8%	4.8%	4.3%	4.2%	4.5%	4.7%	1.7%	3.8%	1.2%	8.3%	6%
Return on Assets	4.2%	4.2%	3.7%	3.7%	3.9%	4%	1.5%	3.5%	0.9%	5.4%	5%
Return on Equity	6.6%	6.6%	6.6%	5.8%	7.3%	8.8%	3.9%	5.9%	1.8%	10.7%	13.2%
Return on Total Capital	11.8%	11.8%	11.1%	11.9%	12.2%	11.8%	4.1%	8.9%	1.9%	11%	10.4%
Return on Capital Employed	5.5%	5.5%	5.1%	4.6%	4.9%	4.7%	1.9%	3.8%	3.7%	5.5%	6.6%
Return on Tangible Assets	8.7%	8.7%	9.2%	8.9%	10.7%	12.4%	5.8%	9%	1.6%	6.1%	8.3%
Receivables Turnover	7.8	7.8	7.2	8.2	8.3	8.1	6.8	7.4	7.9	6.5	6.8
Days Sales Outstanding	47.1	47.1	50.4	44.5	43.9	45.3	53.9	49.2	46.4	55.9	53.4
Payables Turnover	2.9	2.9	6.2	6.7	6	6.8	7.6	8.2	9.2	8.4	10
Days Payables Outstanding	127.5	127.5	58.4	54.4	60.4	53.8	48.1	44.6	39.9	43.5	36.4
Inventory Turnover	3.1	3.1	3.1	3.4	3.5	3.8	3.5	3.6	4.1	3.5	3.5
Days Inventory Outstanding	118.8	118.8	117.5	105.8	104.8	95.4	104.7	102	89.4	105.3	103.4
Cash Conversion Cycle	38.4	38.4	109.4	95.9	88.3	86.9	110.4	106.6	95.9	117.6	120.3
Asset Turnover	0.4	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.4	0.5
Fixed Asset Turnover	3.2	3.2	3	3.1	3.1	3.2	2.8	3.1	3.2	2.8	3.1
Operating Cycle	165.8	165.8	167.8	150.4	148.7	140.6	158.6	151.2	135.8	161.2	156.8
CapEx to OCF	0.2	0.2	0.2	0.3	0.4	0.3	0.2	0.3	0.3	0.3	0.3
CapEx to Revenue	0	0	0	0	0.1	0.1	0	0.1	0.1	0.1	0.1
CapEx to Depreciation	0.3	0.3	0.3	0.4	0.4	0.5	0.4	0.4	0.5	0.7	0.6

Financial Health

Financial Health	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Total Debt	19,181	19,181	20,110	15,879	16,065	17,610	17,931	19,390	21,495	18,870	11,551
Net Debt	18,532	18,532	17,948	14,455	15,051	15,315	15,086	18,824	20,338	4,670	9,983
Current Ratio	1.1	1.1	1.2	1.3	1	1.3	1.5	1.2	1	5.6	1.4
Quick Ratio	0.4	0.4	0.6	0.6	0.4	0.7	0.9	0.5	0.5	4.8	0.8
Cash Ratio	0.1	0.1	0.2	0.2	0.1	0.3	0.5	0.1	0.2	4.2	0.4
Debt Ratio	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.4	0.4	0.5	0.5
Assets to Equity	2.2	2.2	2.2	2	2.1	2.3	2.3	2.5	2.6	2.9	3.4
Cash Flow to Debt Ratio	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.1	0.1	0.2
Long-term Debt to Assets	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.5	0.4
Intangibles to Total Assets	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.4	0.5
Net Current Asset Value	-20,681	-20,681	-20,928	-18,308	-19,512	-21,354	-21,281	-24,022	-25,500	-6,155	-11,586
Goodwill / Assets	0.5	0.5	0.5	0.5	0.5	0.4	0.4	0.5	0.4	0.2	0.3
Debt / Equity	0.8	0.8	0.8	0.6	0.6	0.7	0.8	0.9	1	1.5	1.5
Total Debt / Capitalization	1	1	1	1	1	1	1	1	1	1	1
Long Term Debt / Capitalization	0.9	0.9	0.9	0.9	0.8	1	0.9	0.9	0.9	1	0.9
Long-Term Debt / Equity	0.7	0.7	0.7	0.6	0.5	0.7	0.7	0.9	0.9	1.4	1.4
Net Debt / EBITDA	3.7	3.7	3.8	3.3	3.3	3.4	5	4.7	5.8	1.8	3.9
EBIT / Interest Expense	4.2	4.2	4.5	4.7	5.7	4.8	1.7	2.8	2.1	2.9	3.7
EBITDA / Interest Expense	8.2	8.2	8.9	9.7	11.3	9.6	5.7	6.3	4.9	5	6.6
(EBITDA - Capex) / Interest Expense	7	7	7.5	7.8	8.9	7	4.3	4.8	3.7	3.6	4.8

Per Share	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Revenue per Share	75.7	75.7	69.3	67.2	65.7	65.5	56.9	62.9	60.4	54.1	57.4
Basic EPS	5.8	5.8	5.9	5	5.4	6.9	0.9	4	0.6	4.7	4.6
Diluted EPS	5.8	5.8	5.9	4.9	5.4	6.9	0.9	3.9	0.6	4.6	4.5
Book Value per Share	88	88	89	89.5	88	81.1	84.2	76.7	79.3	57.9	35.1
Tangible Book Value per Share	-36.8	-36.8	-39.5	-33.5	-40.5	-44.4	-48.4	-62.9	-72	-2.3	-27.9
Cash per Share	2.2	2.2	7.4	4.9	3.5	7.9	10.1	2.1	4.4	63.5	7.2
Operating Cash Flow per Share	11.9	11.9	13.1	10.4	9.2	15.9	12.5	12.1	10.8	11.4	11.8
Free Cash Flow per Share	9.3	9.3	10.6	7.3	5.8	11.8	9.8	8.6	7.4	8.2	8.6
CapEx per Share	2.6	2.6	2.5	3	3.4	4.1	2.7	3.5	3.4	3.3	3.2
Weighted Avg. Shares Outstanding	287.6	287.6	289.8	286.3	285	289.3	279	269.9	258.4	218.9	212.7
Weighted Avg. Shares Outstanding Diluted	288.5	288.5	291	288.4	287.4	292.1	282.4	274.8	264.6	223.6	217.5

Common Size

Common Size	LTM	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
R&D to Revenue	5.8%	5.8%	5.9%	6.4%	6.7%	6.7%	6.5%	6.1%	6.3%	6.4%	6.6%
SG&A to Revenue	24.2%	24.2%	24.1%	24.4%	25%	24.7%	26%	25.1%	25.1%	24.1%	24.1%
Stock-based Comp to Revenue	1.2%	1.2%	1.2%	1.3%	1.2%	1.2%	1.5%	1.5%	2%	1.4%	1.6%