Becton Dickinson & Co.
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Earnings Call Q4 2026
November 5, 2026 - AI Summary
Strong FY2026 performance; “New BD” transformation delivered
- Q4: Revenue $5.3B (+5.6% YoY); Adjusted EPS $4.15 (+27.3%).
- FY2026: Revenue $19.5B (+3.9%); Adjusted EPS $12.70 (+6.7%).
- Growth described as broad-based, led by key platforms: Advanced Patient Monitoring (APM), PureWick, advanced tissue regeneration, biologic drug delivery, and Rowa pharmacy automation, each noted as double-digit growth with accretive margins.
- Management frames FY2026 as completion of the life sciences separation → BD becomes a pure-play medtech with improved growth/earnings/cash expectations.
Investment vs margins: growth platforms are expected to be margin-accretive over time
- Tom emphasized targeted investment behind growth levers (e.g., APM sales force, PI sales force expansion, prior capacity investments in biologics/Pharma Systems) plus BD Excellence (operational and commercial flywheel).
- Bottom line: investments drove share/uptake and were able to offset tariff pressure and expand margins (i.e., not “investment at any cost”).
- CFO (Vitor) reiterated that the FY2026 investments show results both top-line and bottom-line, and margin expansion should continue despite inflation.
Cash flow improved materially; capital returns continued
- FY2026 Free Cash Flow: $2.9B (+42% YoY).
- Free cash flow conversion (incl. separation costs): rose from ~57% to 74%; management expects another meaningful step up in FY2027.
- Shareholder returns FY2026: $3.6B returned
- $2.4B share repurchases (includes $183M in Q4 funded by tariff refunds)
- $1.2B dividends; announced 55th consecutive year of dividend increases
- Debt reduction: $2.4B paid down; ended with 2.7x net leverage
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$449.05
105.9% upside
Current Fair Value
105.9% upsideUndervalued by 105.9% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $59.53 Billion |
|---|---|
| Enterprise Value | $73.17 Billion |
| Annual dividend | $3.98 |
| Dividend yield | 1.82% |
| Earnings per Share | $4.11 |
| Beta | 0.28 |
| Outstanding Shares | 272,944,000 |
Return
| Return on Equity | 2.25% |
|---|---|
| Return on Assets | 2.25% |
| Return on Invested Capital | 5.02% |
Valuation & Multiples
| P/E Ratio | 52.54 |
|---|---|
| PEG | 127.59 |
| Price to Sales | 2.95 |
| Price to Book Ratio | 1.74 |
| Enterprise Value to Revenue | 3.62 |
| Enterprise Value to EBIT | 29.27 |
| Enterprise Value to Net Income | 63 |
| Total Debt to Enterprise | 0.2 |
| Debt to Equity | 0.28 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$4.15
Est. $4.07Revenue
$5.27 B
Est. $5.11 BNext Earnings Call
Expected Date
February 8, 2027
EPS Estimate
$2.35
Consensus analyst estimateRevenue Estimate
$4.50 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.29, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.2880▼ 29.55% |
|---|---|
| Total Calls | 214,900▼ 72.35% |
| Total Puts | 61,900▼ 86.35% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 75.46%▼ 20.03% |
|---|---|
| Total Invested | $38.35B▼ 7.98% |
| Investors Holding | 1,301▼ 177.00% |
About Becton, Dickinson And Co.
72,000 employees
CEO: Thomas Polen
BD is one of the largest global medical technology companies in the world and is advancing the world of health by improving medical discovery, diagnostics and the delivery of care. The company supports the heroes on the frontlines of hea...