---
title: Becton Dickinson (BDX) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/bdx
ticker: BDX
as_of: 2026-10-17
sector: Healthcare
industry: Medical - Instruments & Supplies
---
# Becton Dickinson (BDX)

Becton Dickinson (BDX) closed at $191.75 on Oct 16, 2026, undervalued by 14% vs its model value of $221.78 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $191.75 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $221.78 |
| Price vs model | undervalued by 14% vs model |
| Range of that model | $108.28 – $672.12 |
| Market value | $52.2B |
| P/E (fiscal 2025) | 32.9 |
| Net margin (fiscal 2025) | 7.7% |
| Free cash flow (fiscal 2025) | $2.7B |
| Dividend yield (trailing twelve months) | 2.07% |
| Beta | 0.28 |
| Cost of capital (WACC) | 6.50% |
| Business classification | Dividend Payer (Low/slowing growth (~6% recent), Moderate margins (8% net margin), Pays dividends, Highly cyclical earnings, Strong FCF yield (5.1%)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Near 52-week highs | #36 | −1.0% | https://sweetvaluelab.com/lists/near-52-week-highs |
| Dividend growth streaks | #17 | 42 years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.07% |
| Dividends per share, last 12 months | $3.98 |
| Dividends / free cash flow (fiscal 2025) | 44.8% |
| Raised | 42 years in a row |
| Growth over 5 years | 9.3% a year |
| Latest payment | $1.05, ex-date Sep 9, 2026, paid Sep 30, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 8, 2021 | $2.55 |
| To Sep 8, 2022 | $2.70 |
| To Sep 7, 2023 | $2.86 |
| To Sep 9, 2024 | $3.19 |
| To Sep 8, 2025 | $3.49 |
| Trailing twelve months (to Sep 9, 2026) | $3.98 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $221.78 | $108.28 | $672.12 |
| DCF · Perpetuity growth · 10y | cross check | $229.83 | $118.33 | $677.20 |
| DCF · EBITDA exit · 5y | cross check | $195.57 | $127.54 | $275.78 |
| DCF · EBITDA exit · 10y | cross check | $207.27 | $133.08 | $306.18 |
| P/E · peers | cross check | $185.30 | $126.19 | $202.21 |
| P/E · own history | cross check | $282.14 | $253.18 | $321.35 |
| PEG | sanity check | $316.81 | $316.81 | $316.81 |
| EV/EBITDA · peers | cross check | $188.17 | $179.28 | $309.96 |
| EV/Revenue · peers | cross check | $172.56 | $54.36 | $223.64 |
| Earnings power value | cross check | $48.99 | $27.76 | $82.96 |
| Dividend discount | cross check | $90.94 | $58.35 | $173.52 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 5 open-market sales ($1.3M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 28, 2026 | Feld Michael | EVP, Chief Revenue Officer | Open-market sell (10b5-1 plan) | 76 | $13,961.2 |
| Sep 2, 2026 | Roque Vitor | EVP & Chief Financial Officer | Tax withholding | 190 | $0 |
| Aug 26, 2026 | Feld Michael | EVP, Chief Revenue Officer | Open-market sell (10b5-1 plan) | 165 | $31,100.9 |
| Aug 20, 2026 | Feld Michael | EVP, Chief Revenue Officer | Tax withholding | 1,049 | $0 |
| Aug 13, 2026 | Polen Thomas E Jr | Chairman, CEO and President | Option/RSU exercise (10b5-1 plan) | 43,278 | $7.2M |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 6, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/10795/000162828026053790/bdx-20260806.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/10795/000001079526000035/bdx-20260630.htm |
| Jul 22, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/10795/000162828026049103/bdx-20260719.htm |
| May 29, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/10795/000162828026039005/bdx-20260529.htm |
| May 20, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/10795/000114036126022270/ef20074240_8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Eagle | 2026-06-30 | 13,815,335 | $2.1B |
| Greenhaven | 2026-06-30 | 5,681,708 | $859.8M |
| Bill Nygren | 2026-06-30 | 2,350,963 | $355.8M |
| First Pacific Advisors | 2026-06-30 | 2,110,794 | $319.4M |

9 tracked managers in all.

## About

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 injectio…

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Source: https://sweetvaluelab.com/stocks/bdx (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.