Becton Dickinson & Co. Deposit Repr 1/20th Cum Conv Pfd Registered Series A
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Earnings Call Q4 2026
November 5, 2026 - AI Summary
FY2026 performance was strong and “broad-based,” validating BD’s New BD transformation
- Q4: Revenue $5.3B (+5.6%); adjusted EPS $4.15 (+27.3%).
- Full year: Revenue $19.5B (+3.9%); adjusted EPS $12.70 (+6.7%).
- Momentum across platforms; leadership highlighted double-digit growth in key investment areas such as Advanced Patient Monitoring (APM), PureWick, advanced tissue regeneration, biologic drug delivery, and Rowa pharmacy automation (and accretive margins in Q4/FY).
Profitability improved, driven by BD Excellence + mix; but tariffs were a real headwind
- Q4 margins: Adjusted gross margin 56.8%; adjusted operating margin 28.6% (up ~180 bps gross and ~280 bps operating YoY).
- FY2026 margins: Adjusted gross margin 55.1%; adjusted operating margin 25% (down slightly vs prior year); explicitly attributed to ~90 bps tariff impact, partially offset by productivity/mix benefits.
- Management framed continuing investment as disciplined/targeted and expected to remain accretive, especially as growth platforms scale.
Cash flow improved sharply; capital return and leverage stayed in focus
- Free cash flow (FCF): $2.9B (+42% YoY); FCF conversion increased ~57% to 74% (including separation costs).
- Capital returns: $3.6B returned to shareholders in FY2026:
- ~$2.4B share repurchases (including $183M in Q4 financed by tariff refunds),
- $1.2B dividends, plus announcement of 55th consecutive year of dividend increases.
- Deleveraging: $2.4B debt reduction; ended at ~2.7x net leverage.
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Share Statistics
| Market cap | $16.17 Billion |
|---|---|
| Enterprise Value | $29.81 Billion |
| Annual dividend | $3.06 |
| Dividend yield | 1.88% |
| Earnings per Share | $4.11 |
| Beta | 0 |
| 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 | 51.06 |
|---|---|
| PEG | 123.99 |
| Price to Sales | 0.8 |
| Price to Book Ratio | 0.47 |
| Enterprise Value to Revenue | 1.47 |
| Enterprise Value to EBIT | 11.92 |
| Enterprise Value to Net Income | 26 |
| Total Debt to Enterprise | 0.48 |
| Debt to Equity | 0.28 |
Revenue Sources
No data
Institutional Sentiment (Put/Call)
No data available for the latest quarter.
Institutional Ownership
No data available for the latest quarter.
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...