BDXBecton Dickinson
Is the business good?
The checks split: nothing decisive, though margins compressing.
Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.
A balanced mix of margins, efficiency, and leverage. ROE 6% = margin × turnover × leverage.
All from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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 6.6% · 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 is operating cash flow over operating profit after tax.
Medical Instruments & Supplies
The closest names by size in the same industry