Recent News
On June 6, 2026 BD issued a voluntary nationwide recall for specific ChloraPrep™ Clear and FREPP™ Clear applicator lots due to microbial contamination. On June 23, 2026 BD won a Vizient Innovative Technology contract for the CentroVena One™ insertion system. On July 1, 2026 BD appointed Matthew Sassone as Worldwide President of Pharmacy Automation. On July 9, 2026 BD earned placement on TIME’s 2026 list of America’s Best Companies. On July 22, 2026 the BD board declared a dividend. On July 28, 2026 BD and EMS expanded access to GLP‑1 therapies in Brazil with a semaglutide launch.
Technical Analysis
ADX at 50.53 indicates very strong trend strength; such strength raises the risk of a larger directional move that could amplify either follow-through or a pullback relative to the current valuation bias.
DI+ at 35.91 is decreasing while DI‑ at 10.14 is increasing, which denotes directional weakness; that bias contrasts with the firm valuation and suggests near-term downside pressure on the stock price unless DI+ stabilizes.
MACD at 6.44 is decreasing and sits below its signal line at 6.97, a bearish momentum configuration that supports a short-term cooling of upside momentum despite longer-term valuation support.
MRO at 39.58 with a peak-and-reversal pattern signals the price sits above model target and faces downward pressure; this amplifies the near-term pullback probability even while the company’s valuation reads as under-valued.
RSI at 64.54 with a peak-and-reversal pattern increases the likelihood of a corrective move from recent highs; the indicator aligns with MACD and MRO in favoring a consolidation phase before further advance.
Price sits at $187.12, above the 200‑day average of $158.03 and roughly level with the 20‑day average of $187.08; the 12‑day EMA is increasing at $186.71, which preserves a medium-term bullish slope even as short-term momentum cools. SuperTrend lower support lies at $181.71; Bollinger upper near $191.10 and the 52‑week high at $193.07 mark nearby resistance.
Fundamental Analysis
Total revenue reached $4,983,000,000 with YoY revenue growth of 26.94% and QoQ revenue growth of -155.70% (as reported). Net income from continuing operations totaled $451,000,000 and reported EPS of $3.23 exceeded the estimate of $3.14 by $0.09, an EPS surprise ratio of 2.87%.
EBIT of $686,000,000 delivers an EBIT margin of 13.77%, which sits below the industry peer mean EBIT margin of 24.26% and below the industry peer median of 25.88% but above the peer low. Operating margin at 15.09% similarly falls short of the industry peer mean and median, indicating margin expansion remains the primary path to meaningful valuation re-rating.
Balance-sheet and liquidity metrics remain constrained: current ratio at 0.87 and quick ratio at 0.51 both sit below the industry peer low, signaling limited short‑term liquidity. Cash and short‑term investments total $709,000,000 while net debt stands at $16,100,000,000, producing a debt‑to‑EBITDA multiple of 13.46x and an interest coverage ratio of 5.20; interest costs remain manageable but leverage on an EBITDA basis appears elevated versus typical peer dynamics.
Free cash flow totaled $508,000,000 with a free cash flow yield of 1.20% and free cash to net income of 1.35x. Free cash flow growth shows mixed signals: year-over-year reads negative while sequential metrics improved. Return on equity at 1.54% and return on assets at 0.74% remain low, reflecting heavy invested capital and the balance of legacy intangibles and spin‑off impacts.
Valuation metrics present a mixed profile: P/E of 48.03 sits below the industry peer mean P/E of 97.55; price‑to‑book at 1.73 lies well below the industry peer mean of 5.74. WMDST values the stock as under-valued, driven by resilient revenue growth, an EPS beat, and positive free cash generation, but constrained liquidity and elevated debt‑to‑EBITDA temper the margin of safety.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-06 |
| NEXT REPORT DATE: | 2026-11-05 |
| CASH FLOW | Begin Period Cash Flow | $ 1.0 B |
| Operating Cash Flow | $ 651.0 M | |
| Capital Expenditures | $ -143.00 M | |
| Change In Working Capital | $ -125.00 M | |
| Dividends Paid | $ -286.00 M | |
| Cash Flow Delta | $ -152.00 M | |
| End Period Cash Flow | $ 863.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.0 B | |
| Forward Revenue | $ 3.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 2.7 B | |
| Depreciation | $ 563.0 M | |
| Depreciation and Amortization | $ 563.0 M | |
| Research and Development | $ 258.0 M | |
| Total Operating Expenses | $ 4.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.3 B | |
| EBITDA | $ 1.2 B | |
| EBIT | $ 686.0 M | |
| Operating Income | $ 752.0 M | |
| Interest Income | $ 4.0 M | |
| Interest Expense | $ 132.0 M | |
| Net Interest Income | $ -128.00 M | |
| Income Before Tax | $ 554.0 M | |
| Tax Provision | $ 102.0 M | |
| Tax Rate | 18.412 % | |
| Net Income | $ 377.0 M | |
| Net Income From Continuing Operations | $ 451.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 3.14 | |
| EPS Actual | $ 3.23 | |
| EPS Difference | $ 0.09 | |
| EPS Surprise | 2.866 % | |
| Forward EPS | $ 3.32 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 50.7 B | |
| Intangible Assets | $ 34.0 B | |
| Net Tangible Assets | $ -9.55 B | |
| Total Current Assets | $ 8.1 B | |
| Cash and Short-Term Investments | $ 709.0 M | |
| Cash | $ 708.0 M | |
| Net Receivables | $ 2.4 B | |
| Inventory | $ 3.3 B | |
| Long-Term Investments | $ 2.5 B | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | $ 3.3 B | |
| Total Current Liabilities | $ 9.4 B | |
| Net Debt | $ 16.1 B | |
| Total Debt | $ 16.8 B | |
| Total Liabilities | $ 26.3 B | |
| EQUITY | ||
| Total Equity | $ 24.4 B | |
| Retained Earnings | $ 17.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 89.64 | |
| Shares Outstanding | 272.387 M | |
| Revenue Per-Share | $ 18.29 | |
| VALUATION | Market Capitalization | $ 42.3 B |
| Enterprise Value | $ 58.4 B | |
| Enterprise Multiple | 46.72 | |
| Enterprise Multiple QoQ | -46.128 % | |
| Enterprise Multiple YoY | -4.543 % | |
| Enterprise Multiple IPRWA | high: 278.103 median: 55.811 mean: 54.022 BDX: 46.72 low: -259.758 |
|
| EV/R | 11.711 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.078 | |
| Asset To Liability | 1.928 | |
| Debt To Capital | 0.408 | |
| Debt To Assets | 0.331 | |
| Debt To Assets QoQ | -2.53 % | |
| Debt To Assets YoY | -5.95 % | |
| Debt To Assets IPRWA | high: 0.737 BDX: 0.331 median: 0.294 mean: 0.281 low: 0.006 |
|
| Debt To Equity | 0.688 | |
| Debt To Equity QoQ | -3.857 % | |
| Debt To Equity YoY | -9.334 % | |
| Debt To Equity IPRWA | high: 4.153 BDX: 0.688 mean: 0.637 median: 0.623 low: 0.007 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.731 | |
| Price To Book QoQ | -7.065 % | |
| Price To Book YoY | -17.615 % | |
| Price To Book IPRWA | high: 20.783 mean: 5.74 median: 5.142 BDX: 1.731 low: 0.846 |
|
| Price To Earnings (P/E) | 48.027 | |
| Price To Earnings QoQ | -14.601 % | |
| Price To Earnings YoY | -2.195 % | |
| Price To Earnings IPRWA | high: 352.627 mean: 97.55 median: 87.141 BDX: 48.027 low: -276.694 |
|
| PE/G Ratio | 4.221 | |
| Price To Sales (P/S) | 8.48 | |
| Price To Sales QoQ | -11.048 % | |
| Price To Sales YoY | -12.699 % | |
| Price To Sales IPRWA | high: 58.856 mean: 26.514 median: 18.719 BDX: 8.48 low: 1.832 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 45.104 | |
| Forward PE/G | 3.964 | |
| Forward P/S | 14.091 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 46.42 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.098 | |
| Asset Turnover Ratio QoQ | 9.987 % | |
| Asset Turnover Ratio YoY | -2.591 % | |
| Asset Turnover Ratio IPRWA | high: 0.333 mean: 0.142 median: 0.141 BDX: 0.098 low: 0.004 |
|
| Receivables Turnover | 2.181 | |
| Receivables Turnover Ratio QoQ | 9.038 % | |
| Receivables Turnover Ratio YoY | 18.227 % | |
| Receivables Turnover Ratio IPRWA | high: 3.111 BDX: 2.181 median: 1.802 mean: 1.762 low: 0.926 |
|
| Inventory Turnover | 0.8 | |
| Inventory Turnover Ratio QoQ | 16.228 % | |
| Inventory Turnover Ratio YoY | 6.693 % | |
| Inventory Turnover Ratio IPRWA | high: 1.932 BDX: 0.8 mean: 0.547 median: 0.469 low: 0.156 |
|
| Days Sales Outstanding (DSO) | 41.834 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 160.762 | |
| Cash Conversion Cycle Days QoQ | -2.645 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 502.252 median: 207.768 mean: 190.615 BDX: 160.762 low: -156.01 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.939 | |
| CapEx To Revenue | -0.029 | |
| CapEx To Depreciation | -0.254 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 37.9 B | |
| Net Invested Capital | $ 41.2 B | |
| Invested Capital | $ 41.2 B | |
| Net Tangible Assets | $ -9.55 B | |
| Net Working Capital | $ -1.26 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.075 | |
| Current Ratio | 0.865 | |
| Current Ratio QoQ | -8.105 % | |
| Current Ratio YoY | -21.503 % | |
| Current Ratio IPRWA | high: 16.312 mean: 3.069 median: 2.157 low: 1.24 BDX: 0.865 |
|
| Quick Ratio | 0.513 | |
| Quick Ratio QoQ | -6.274 % | |
| Quick Ratio YoY | -17.096 % | |
| Quick Ratio IPRWA | high: 14.376 mean: 2.282 median: 1.331 low: 0.693 BDX: 0.513 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.457 | |
| Cost Of Debt | 0.632 % | |
| Interest Coverage Ratio | 5.197 | |
| Interest Coverage Ratio QoQ | 311.889 % | |
| Interest Coverage Ratio YoY | -7.609 % | |
| Interest Coverage Ratio IPRWA | high: 33.864 mean: 17.827 median: 12.092 BDX: 5.197 low: -44.78 |
|
| Operating Cash Flow Ratio | 0.087 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.318 | |
| Dividend Payout Ratio | 0.759 | |
| Dividend Rate | $ 1.05 | |
| Dividend Yield | 0.007 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.199 % | |
| Revenue Growth | 5.706 % | |
| Revenue Growth QoQ | -155.701 % | |
| Revenue Growth YoY | 26.941 % | |
| Revenue Growth IPRWA | high: 23.67 % mean: 6.022 % BDX: 5.706 % median: 4.594 % low: -10.29 % |
|
| Earnings Growth | 11.379 % | |
| Earnings Growth QoQ | -3407.849 % | |
| Earnings Growth YoY | 15.511 % | |
| Earnings Growth IPRWA | high: 92.593 % mean: 19.246 % median: 12.0 % BDX: 11.379 % low: -163.636 % |
|
| MARGINS | ||
| Gross Margin | 46.458 % | |
| Gross Margin QoQ | 1.672 % | |
| Gross Margin YoY | -2.834 % | |
| Gross Margin IPRWA | high: 91.389 % median: 68.265 % mean: 66.114 % BDX: 46.458 % low: 24.335 % |
|
| EBIT Margin | 13.767 % | |
| EBIT Margin QoQ | 245.211 % | |
| EBIT Margin YoY | -11.295 % | |
| EBIT Margin IPRWA | high: 33.603 % median: 25.876 % mean: 24.257 % BDX: 13.767 % low: -91.563 % |
|
| Return On Sales (ROS) | 15.091 % | |
| Return On Sales QoQ | 13.637 % | |
| Return On Sales YoY | -15.081 % | |
| Return On Sales IPRWA | high: 33.603 % median: 25.194 % mean: 24.351 % BDX: 15.091 % low: -94.154 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 508.0 M | |
| Free Cash Flow Yield | 1.202 % | |
| Free Cash Flow Yield QoQ | 13.718 % | |
| Free Cash Flow Yield YoY | -38.454 % | |
| Free Cash Flow Yield IPRWA | high: 3.41 % BDX: 1.202 % median: 0.626 % mean: 0.55 % low: -10.142 % |
|
| Free Cash Growth | 6.947 % | |
| Free Cash Growth QoQ | -152.151 % | |
| Free Cash Growth YoY | -99.759 % | |
| Free Cash Growth IPRWA | high: 462.658 % median: 17.289 % BDX: 6.947 % mean: -19.897 % low: -558.333 % |
|
| Free Cash To Net Income | 1.347 | |
| Cash Flow Margin | 16.496 % | |
| Cash Flow To Earnings | 2.18 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.742 % | |
| Return On Assets QoQ | -225.976 % | |
| Return On Assets YoY | -29.333 % | |
| Return On Assets IPRWA | high: 4.55 % median: 2.709 % mean: 2.535 % BDX: 0.742 % low: -26.247 % |
|
| Return On Capital Employed (ROCE) | 1.66 % | |
| Return On Equity (ROE) | 0.015 | |
| Return On Equity QoQ | -219.783 % | |
| Return On Equity YoY | -31.469 % | |
| Return On Equity IPRWA | high: 0.095 median: 0.045 mean: 0.042 BDX: 0.015 low: -0.704 |
|
| DuPont ROE | 1.553 % | |
| Return On Invested Capital (ROIC) | 1.358 % | |
| Return On Invested Capital QoQ | 399.265 % | |
| Return On Invested Capital YoY | -12.837 % | |
| Return On Invested Capital IPRWA | high: 6.507 % median: 3.573 % mean: 3.43 % BDX: 1.358 % low: -11.638 % |
|