Stock Analysis on Net
Stock Analysis on Net

Becton, Dickinson & Co. (NYSE:BDX)

This company has been moved to the archive! The financial data has not been updated since May 5, 2022.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Becton, Dickinson & Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Mar 31, 2022 7.83% = 3.51% × 2.23
Dec 31, 2021 7.31% = 3.31% × 2.21
Sep 30, 2021 8.84% = 3.88% × 2.28
Jun 30, 2021 8.10% = 3.60% × 2.25
Mar 31, 2021 6.91% = 3.12% × 2.21
Dec 31, 2020 6.48% = 2.92% × 2.22
Sep 30, 2020 3.68% = 1.62% × 2.27
Jun 30, 2020 3.79% = 1.69% × 2.25
Mar 31, 2020 5.13% = 2.01% × 2.55
Dec 31, 2019 4.30% = 1.76% × 2.45
Sep 30, 2019 5.85% = 2.38% × 2.46
Jun 30, 2019 4.35% = 1.79% × 2.43
Mar 31, 2019 5.06% = 2.05% × 2.47
Dec 31, 2018 4.89% = 1.98% × 2.47
Sep 30, 2018 1.48% = 0.58% × 2.57
Jun 30, 2018 3.61% = 1.43% × 2.53
Mar 31, 2018 0.22% = 0.08% × 2.58
Dec 31, 2017 1.89% = 0.73% × 2.61
Sep 30, 2017 8.50% = 2.92% × 2.91
Jun 30, 2017 6.30% = 2.13% × 2.95
Mar 31, 2017 16.51% = 5.45% × 3.03
Dec 31, 2016 17.26% = 5.38% × 3.21
Sep 30, 2016 12.79% = 3.81% × 3.35
Jun 30, 2016 — = — × 3.24
Mar 31, 2016 — = — × 3.42
Dec 31, 2015 — = — × 3.61

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2022 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

Becton, Dickinson & Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Mar 31, 2022 7.83% = 9.59% × 0.37 × 2.23
Dec 31, 2021 7.31% = 8.86% × 0.37 × 2.21
Sep 30, 2021 8.84% = 10.33% × 0.38 × 2.28
Jun 30, 2021 8.10% = 9.82% × 0.37 × 2.25
Mar 31, 2021 6.91% = 9.09% × 0.34 × 2.21
Dec 31, 2020 6.48% = 8.78% × 0.33 × 2.22
Sep 30, 2020 3.68% = 5.11% × 0.32 × 2.27
Jun 30, 2020 3.79% = 5.38% × 0.31 × 2.25
Mar 31, 2020 5.13% = 6.17% × 0.33 × 2.55
Dec 31, 2019 4.30% = 5.25% × 0.33 × 2.45
Sep 30, 2019 5.85% = 7.13% × 0.33 × 2.46
Jun 30, 2019 4.35% = 5.47% × 0.33 × 2.43
Mar 31, 2019 5.06% = 6.33% × 0.32 × 2.47
Dec 31, 2018 4.89% = 6.13% × 0.32 × 2.47
Sep 30, 2018 1.48% = 1.95% × 0.30 × 2.57
Jun 30, 2018 3.61% = 5.23% × 0.27 × 2.53
Mar 31, 2018 0.22% = 0.34% × 0.25 × 2.58
Dec 31, 2017 1.89% = 3.28% × 0.22 × 2.61
Sep 30, 2017 8.50% = 9.10% × 0.32 × 2.91
Jun 30, 2017 6.30% = 6.52% × 0.33 × 2.95
Mar 31, 2017 16.51% = 10.67% × 0.51 × 3.03
Dec 31, 2016 17.26% = 10.54% × 0.51 × 3.21
Sep 30, 2016 12.79% = 7.82% × 0.49 × 3.35
Jun 30, 2016 — = — × — × 3.24
Mar 31, 2016 — = — × — × 3.42
Dec 31, 2015 — = — × — × 3.61

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2022 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

Becton, Dickinson & Co., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Mar 31, 2022 7.83% = 0.95 × 0.83 × 12.25% × 0.37 × 2.23
Dec 31, 2021 7.31% = 0.98 × 0.80 × 11.33% × 0.37 × 2.21
Sep 30, 2021 8.84% = 0.93 × 0.83 × 13.39% × 0.38 × 2.28
Jun 30, 2021 8.10% = 0.92 × 0.82 × 13.06% × 0.37 × 2.25
Mar 31, 2021 6.91% = 0.93 × 0.79 × 12.48% × 0.34 × 2.21
Dec 31, 2020 6.48% = 0.91 × 0.77 × 12.40% × 0.33 × 2.22
Sep 30, 2020 3.68% = 0.89 × 0.65 × 8.84% × 0.32 × 2.27
Jun 30, 2020 3.79% = 1.08 × 0.61 × 8.20% × 0.31 × 2.25
Mar 31, 2020 5.13% = 1.02 × 0.65 × 9.30% × 0.33 × 2.55
Dec 31, 2019 4.30% = 1.07 × 0.59 × 8.41% × 0.33 × 2.45
Sep 30, 2019 5.85% = 1.05 × 0.65 × 10.50% × 0.33 × 2.46
Jun 30, 2019 4.35% = 0.59 × 0.70 × 13.27% × 0.33 × 2.43
Mar 31, 2019 5.06% = 0.61 × 0.72 × 14.58% × 0.32 × 2.47
Dec 31, 2018 4.89% = 0.59 × 0.71 × 14.66% × 0.32 × 2.47
Sep 30, 2018 1.48% = 0.27 × 0.62 × 11.76% × 0.30 × 2.57
Jun 30, 2018 3.61% = 0.71 × 0.61 × 11.97% × 0.27 × 2.53
Mar 31, 2018 0.22% = 1.39 × 0.05 × 5.30% × 0.25 × 2.58
Dec 31, 2017 1.89% = 1.03 × 0.40 × 7.94% × 0.22 × 2.61
Sep 30, 2017 8.50% = 1.13 × 0.65 × 12.38% × 0.32 × 2.91
Jun 30, 2017 6.30% = 1.20 × 0.59 × 9.21% × 0.33 × 2.95
Mar 31, 2017 16.51% = 0.88 × 0.80 × 15.09% × 0.51 × 3.03
Dec 31, 2016 17.26% = 0.87 × 0.80 × 15.19% × 0.51 × 3.21
Sep 30, 2016 12.79% = 0.91 × 0.73 × 11.71% × 0.49 × 3.35
Jun 30, 2016 — = — × — × — × — × 3.24
Mar 31, 2016 — = — × — × — × — × 3.42
Dec 31, 2015 — = — × — × — × — × 3.61

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2022 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

Becton, Dickinson & Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Mar 31, 2022 3.51% = 9.59% × 0.37
Dec 31, 2021 3.31% = 8.86% × 0.37
Sep 30, 2021 3.88% = 10.33% × 0.38
Jun 30, 2021 3.60% = 9.82% × 0.37
Mar 31, 2021 3.12% = 9.09% × 0.34
Dec 31, 2020 2.92% = 8.78% × 0.33
Sep 30, 2020 1.62% = 5.11% × 0.32
Jun 30, 2020 1.69% = 5.38% × 0.31
Mar 31, 2020 2.01% = 6.17% × 0.33
Dec 31, 2019 1.76% = 5.25% × 0.33
Sep 30, 2019 2.38% = 7.13% × 0.33
Jun 30, 2019 1.79% = 5.47% × 0.33
Mar 31, 2019 2.05% = 6.33% × 0.32
Dec 31, 2018 1.98% = 6.13% × 0.32
Sep 30, 2018 0.58% = 1.95% × 0.30
Jun 30, 2018 1.43% = 5.23% × 0.27
Mar 31, 2018 0.08% = 0.34% × 0.25
Dec 31, 2017 0.73% = 3.28% × 0.22
Sep 30, 2017 2.92% = 9.10% × 0.32
Jun 30, 2017 2.13% = 6.52% × 0.33
Mar 31, 2017 5.45% = 10.67% × 0.51
Dec 31, 2016 5.38% = 10.54% × 0.51
Sep 30, 2016 3.81% = 7.82% × 0.49
Jun 30, 2016 — = — × —
Mar 31, 2016 — = — × —
Dec 31, 2015 — = — × —

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2022 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Becton, Dickinson & Co., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Mar 31, 2022 3.51% = 0.95 × 0.83 × 12.25% × 0.37
Dec 31, 2021 3.31% = 0.98 × 0.80 × 11.33% × 0.37
Sep 30, 2021 3.88% = 0.93 × 0.83 × 13.39% × 0.38
Jun 30, 2021 3.60% = 0.92 × 0.82 × 13.06% × 0.37
Mar 31, 2021 3.12% = 0.93 × 0.79 × 12.48% × 0.34
Dec 31, 2020 2.92% = 0.91 × 0.77 × 12.40% × 0.33
Sep 30, 2020 1.62% = 0.89 × 0.65 × 8.84% × 0.32
Jun 30, 2020 1.69% = 1.08 × 0.61 × 8.20% × 0.31
Mar 31, 2020 2.01% = 1.02 × 0.65 × 9.30% × 0.33
Dec 31, 2019 1.76% = 1.07 × 0.59 × 8.41% × 0.33
Sep 30, 2019 2.38% = 1.05 × 0.65 × 10.50% × 0.33
Jun 30, 2019 1.79% = 0.59 × 0.70 × 13.27% × 0.33
Mar 31, 2019 2.05% = 0.61 × 0.72 × 14.58% × 0.32
Dec 31, 2018 1.98% = 0.59 × 0.71 × 14.66% × 0.32
Sep 30, 2018 0.58% = 0.27 × 0.62 × 11.76% × 0.30
Jun 30, 2018 1.43% = 0.71 × 0.61 × 11.97% × 0.27
Mar 31, 2018 0.08% = 1.39 × 0.05 × 5.30% × 0.25
Dec 31, 2017 0.73% = 1.03 × 0.40 × 7.94% × 0.22
Sep 30, 2017 2.92% = 1.13 × 0.65 × 12.38% × 0.32
Jun 30, 2017 2.13% = 1.20 × 0.59 × 9.21% × 0.33
Mar 31, 2017 5.45% = 0.88 × 0.80 × 15.09% × 0.51
Dec 31, 2016 5.38% = 0.87 × 0.80 × 15.19% × 0.51
Sep 30, 2016 3.81% = 0.91 × 0.73 × 11.71% × 0.49
Jun 30, 2016 — = — × — × — × —
Mar 31, 2016 — = — × — × — × —
Dec 31, 2015 — = — × — × — × —

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2022 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Becton, Dickinson & Co., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Mar 31, 2022 9.59% = 0.95 × 0.83 × 12.25%
Dec 31, 2021 8.86% = 0.98 × 0.80 × 11.33%
Sep 30, 2021 10.33% = 0.93 × 0.83 × 13.39%
Jun 30, 2021 9.82% = 0.92 × 0.82 × 13.06%
Mar 31, 2021 9.09% = 0.93 × 0.79 × 12.48%
Dec 31, 2020 8.78% = 0.91 × 0.77 × 12.40%
Sep 30, 2020 5.11% = 0.89 × 0.65 × 8.84%
Jun 30, 2020 5.38% = 1.08 × 0.61 × 8.20%
Mar 31, 2020 6.17% = 1.02 × 0.65 × 9.30%
Dec 31, 2019 5.25% = 1.07 × 0.59 × 8.41%
Sep 30, 2019 7.13% = 1.05 × 0.65 × 10.50%
Jun 30, 2019 5.47% = 0.59 × 0.70 × 13.27%
Mar 31, 2019 6.33% = 0.61 × 0.72 × 14.58%
Dec 31, 2018 6.13% = 0.59 × 0.71 × 14.66%
Sep 30, 2018 1.95% = 0.27 × 0.62 × 11.76%
Jun 30, 2018 5.23% = 0.71 × 0.61 × 11.97%
Mar 31, 2018 0.34% = 1.39 × 0.05 × 5.30%
Dec 31, 2017 3.28% = 1.03 × 0.40 × 7.94%
Sep 30, 2017 9.10% = 1.13 × 0.65 × 12.38%
Jun 30, 2017 6.52% = 1.20 × 0.59 × 9.21%
Mar 31, 2017 10.67% = 0.88 × 0.80 × 15.09%
Dec 31, 2016 10.54% = 0.87 × 0.80 × 15.19%
Sep 30, 2016 7.82% = 0.91 × 0.73 × 11.71%
Jun 30, 2016 — = — × — × —
Mar 31, 2016 — = — × — × —
Dec 31, 2015 — = — × — × —

Based on: 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31).

The primary reason for the increase in net profit margin ratio over Q2 2022 is the increase in operating profitability measured by EBIT margin ratio.