Is the business good?
How good a business is BDX?
Becton Dickinson earns 4.8% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
4.8%
Return on invested capital · cost of capital 9.0% · 4.2 points below what the capital costs: growth destroys value
- Operating margin
- 11%
Operating margin · Medical Instruments & Supplies median 5.8% · 12 months to Q3 2026
- Share count, year on year
- −4.2%
Share count, year on year · bought back, each share owns more of the company
- R&D as % of revenue
- 5.9%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 5.7% |
| FY2021 | 12% |
| FY2022 | 12% |
| FY2023 | 11% |
| FY2024 | 12% |
| FY2025 | 12% |
Details›
- Gross margin12 months to Q3 2026
- 47%
- Operating margin12 months to Q3 2026
- 11%
- Net margin12 months to Q3 2026
- 4.0%
- R&D as % of revenue
- 5.9%
- Revenue, trailing twelve months
- $23.3B
- Net income, trailing twelve months
- $941M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.8%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Medical Instruments & Supplies
Ranks #17 of 27 by Smart Score