BDX
Becton Dickinson
Dividend / Cash flow
★ Quality 19/100Price today
$184.74
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See what it is worthcharlieapp.co
What this business is made of
The business
The needle every hospital re-orders every week.
Becton Dickinson makes the boring, essential stuff of medicine: syringes, catheters, infusion systems, and diagnostics. It sells $21.8B a year, mostly single-use consumables the hospital re-orders every week. Gross margin is 45% and it generates $2.7B in free cash flow.
The moat lives in switching costs and regulation. A hospital won't redesign its protocols or recertify suppliers to save pennies on a needle. Scale and the distribution network help, but it's not a monopoly: it competes against capable players.
Revenue history
From $20.2B to $21.8B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $21.8B · FY2025
Of every $100 in sales, $92 goes to costs and operations; $8 is left as net profit (8% margin).
Catalysts and risks
Spin-off of the Biosciences and Diagnostics business announced for late 2026, aiming to unlock value.
Paying down the $17.6B in debt with the $2.7B annual FCF improves the multiple.
Over 50 consecutive years raising the dividend — a Dividend King that keeps lifting the payout.
$17.6B in debt against only $0.6B in cash: little room for mistakes.
Revenue growth of 3%: this horse doesn't run, it trots.
Hospital pricing pressure and exposure to FDA regulatory recalls.
Charlie's note
“Paying 10.69x for a medical-consumables business that gets re-ordered every week, with a 45% gross margin and a real switching-cost moat, is buying quality at a sensible price; the 3% growth calls for patience, not euphoria.”
Analysis · June 2026
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