Becton Dickinson & Co. (BDX) intrinsic value & 10-year financials
Becton Dickinson & Co. (BDX) has a Graham intrinsic value of $72.00 per share. At $190.74 on Oct 20, 2026, the stock trades 165% above that value. Over the last 10 fiscal years revenue grew 6.4% a year to $21.8B, with an average return on invested capital of 5.5%.
- Graham intrinsic value
- $72.00
- Share price (Oct 20, 2026)
- $190.74
- Price vs Graham value
- 165% above
- Market cap
- $55.0B
- Revenue (FY2025)
- $21.8B
- Revenue growth (10-yr CAGR)
- 6.4%
- ROIC (10-yr avg)
- 5.5%
- Free cash flow (FY2025)
- $2.7B
BDX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $21.8B | $1.7B | $5.82 | $2.7B | 11.8% | 5.4% |
| FY2024 | $20.2B | $1.7B | $5.86 | $3.1B | 11.9% | 5.0% |
| FY2023 | $19.4B | $1.5B | $4.94 | $2.1B | 10.9% | 5.0% |
| FY2022 | $18.9B | $1.8B | $5.88 | $1.5B | 12.1% | 5.4% |
| FY2021 | $20.2B | $2.1B | $6.85 | $3.4B | 13.8% | 6.8% |
| FY2020 | $17.1B | $874.0M | $2.71 | $2.7B | 8.7% | 3.4% |
| FY2019 | $17.3B | $1.2B | $3.94 | $2.4B | 10.2% | 4.5% |
| FY2018 | $16.0B | $311.0M | $0.60 | $2.0B | 9.4% | 2.7% |
| FY2017 | $12.1B | $1.1B | $4.60 | $1.8B | 12.2% | 8.7% |
| FY2016 | $12.5B | $976.0M | $4.49 | $1.9B | 11.5% | 7.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Becton Dickinson has demonstrated mature, steady growth, with revenue compounding at 6.4% annually over the past decade.
Becton Dickinson has historically struggled to out-earn its cost of capital, averaging just 5.5% ROIC.
Over the decade, Becton Dickinson shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Becton Dickinson is modeled at 2.9% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $72.00 per share.