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Becton, Dickinson and Company — Intrinsic Value & Fair Price

BDX
NYSEHealthcareMedical - Instruments & SuppliesCIK 0000010795bd.comAbout BDX
Last close · Oct 16, 2026191.75−2.01 (−1.04%)
Market cap$52.2B
Model value · DCF · Perpetuity growth · 5y
221.78
Becton Dickinson closed at $191.75 — undervalued by 14% vs model.
108.28the model's range672.12

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models
48.99 – 316.81
Wall St. target
190.00 1% above
Below model, 1y
16 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.07%
Past 2 years
low 1.55%high 2.74%
Dividends per share, a year at a time
$2.55Sep ’21$2.70Sep ’22$2.86Sep ’23$3.19Sep ’24$3.49Sep ’25$3.98TTM
Dividends / free cash flow, FY2025
44.8%
Raised
42 years in a row
Growth, 5 yrs
9.3% a year
Last change
+27.2% · Mar 2026
Every payment, with ex-dates · latest $1.05, paid Sep 30, 2026

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How it is valued

Valued asMature & stable
Low/slowing growth (~6% recent)Moderate margins (8% net margin)Pays dividendsHighly cyclical earningsStrong FCF yield (5.1%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
32.9×
EV / EBITDA
14.3×
FCF yield
4.9%
Dividend yield, TTM
2.07%
Beta
0.28
Cost of capital (WACC)
6.50%
Full financials

Analyst actions

third-party, quoted
10-07Barclays · target165.00
08-13RBC Capital · target190.00
08-07Stifel Nicolaus · target195.00
05-22Citigroup · “Neutral” from “Buy”downgrade
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just BDX. No account.

About Becton Dickinson

Operating globally, Becton, Dickinson and Company (BD) is a prominent enterprise focused on the development, manufacturing, and distribution of a broad spectrum of medical technology. This includes essential medical supplies, sophisticated devices, advanced laboratory equipment, and critical diagnostic products. Its extensive customer base comprises healthcare providers, clinical institutions, medical researchers, pharmaceutical firms, and the general public around the world. The BD Medical division delivers a comprehensive suite of products primarily focused on medication management and drug delivery. This encompasses a variety of intravenous (IV) access solutions, such as peripheral and advanced catheters, central lines, acute dialysis catheters, and related vascular care items including needle-free connectors and closed-system drug transfer devices. It also provides essential injection equipment like hypodermic syringes, needles, anesthesia trays, enteral syringes, and sharps disposal systems. Additionally, this segment develops integrated systems for IV medication and infusion therapy, medication compounding workflow, automated dispensing, and supply chain optimization. Specialized products for diabetes management, including pen needles, along with prefillable drug delivery systems, are also key offerings. BD Life Sciences focuses on diagnostic and research tools, offering products for specimen and blood collection. This segment supplies automated systems for culturing blood and tuberculosis, molecular testing, microorganism identification, and drug susceptibility analysis. It also provides liquid-based cytology systems, rapid diagnostic assays, microbiology laboratory automation, and plated media. Furthermore, it offers advanced solutions for cell analysis, including fluorescence-activated cell sorters and analyzers, antibodies, kits, and reagent systems. These are crucial for single-cell gene expression analysis, as well as for clinical oncology, immunological, and transplantation diagnostics and monitoring. Finally, the BD Interventional segment delivers specialized products for surgical and interventional procedures. Its portfolio includes solutions for hernia and soft tissue repair, biological and bioresorbable grafts, and biosurgery, alongside other surgical products. This segment also addresses surgical infection prevention, provides a range of surgical and laparoscopic instrumentation, offers peripheral intervention products, and supplies urology and critical care devices. Established in 1897, the company maintains its headquarters in Franklin Lakes, New Jersey.

CEO
Thomas E. Polen Jr.
Headquarters
Franklin Lakes, NJ
Employees
72,000
IPO
1973-02-21
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.