Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Becton, Dickinson & Co., EBITDA calculation

US$ in millions

12 months ended:	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Net income	2,092)	874)	1,233)	311)	1,100)	976)
Add: Income tax expense	150)	111)	(57)	862)	(124)	98)
Earnings before tax (EBT)	2,242)	985)	1,176)	1,173)	976)	1,074)
Add: Interest expense	469)	528)	639)	706)	521)	388)
Earnings before interest and tax (EBIT)	2,711)	1,513)	1,815)	1,879)	1,497)	1,462)
Add: Depreciation and amortization	2,273)	2,154)	2,253)	1,978)	1,088)	1,114)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,984)	3,667)	4,068)	3,857)	2,585)	2,576)

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Becton, Dickinson & Co. EBITDA decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.

Becton, Dickinson & Co., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	89,222)
Earnings before interest, tax, depreciation and amortization (EBITDA)	4,984)
Valuation Ratio
EV/EBITDA	17.90
Benchmarks
EV/EBITDA, Competitors¹
Abbott Laboratories	21.76
Cigna Group	10.71
CVS Health Corp.	6.70
Elevance Health Inc.	7.79
Intuitive Surgical Inc.	83.53
Medtronic PLC	16.39
UnitedHealth Group Inc.	14.59
EV/EBITDA, Sector
Health Care Equipment & Services	15.87
EV/EBITDA, Industry
Health Care	16.01

Based on: 10-K (reporting date: 2021-09-30).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Becton, Dickinson & Co., historical EV/EBITDA calculation, comparison to benchmarks

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	84,640)	80,969)	89,200)	85,173)	55,792)	45,755)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	4,984)	3,667)	4,068)	3,857)	2,585)	2,576)
Valuation Ratio
EV/EBITDA³	16.98	22.08	21.93	22.08	21.58	17.76
Benchmarks
EV/EBITDA, Competitors⁴
Abbott Laboratories	17.42	25.99	21.70	—	—	—
Cigna Group	9.06	6.31	8.42	—	—	—
CVS Health Corp.	10.41	8.56	9.43	—	—	—
Elevance Health Inc.	10.05	7.57	9.05	—	—	—
Intuitive Surgical Inc.	44.54	59.12	37.53	—	—	—
Medtronic PLC	24.41	17.92	16.01	—	—	—
UnitedHealth Group Inc.	17.39	13.39	13.82	—	—	—
EV/EBITDA, Sector
Health Care Equipment & Services	15.40	13.12	—	—	—	—
EV/EBITDA, Industry
Health Care	13.87	16.50	—	—	—	—

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

¹ See details »

² See details »

³ 2021 Calculation
EV/EBITDA = EV ÷ EBITDA
= 84,640 ÷ 4,984 = 16.98

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Becton, Dickinson & Co. EV/EBITDA ratio increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Becton, Dickinson & Co. (NYSE:BDX)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical