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.

Enterprise Value to FCFF (EV/FCFF)

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Free Cash Flow to The Firm (FCFF)

Becton, Dickinson & Co., FCFF calculation

US$ in millions

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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
Net noncash charges 2,253 2,552 2,468 1,657 1,821 1,184
Change in operating assets and liabilities 302 113 (371) 897 (371) 399
Net cash provided by operating activities 4,647 3,539 3,330 2,865 2,550 2,559
Interest paid, net of amounts capitalized, net of tax1 442 457 520 547 283 356
Capitalized interest, net of tax2 40 38 35 34 21 27
Capital expenditures (1,231) (810) (957) (895) (727) (693)
Free cash flow to the firm (FCFF) 3,898 3,224 2,928 2,551 2,127 2,250

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).

Item Description The company
FCFF Free cash flow to the firm is the cash flow available to the Becton, Dickinson & Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. Becton, Dickinson & Co. FCFF increased from 2019 to 2020 and from 2020 to 2021.

Interest Paid, Net of Tax

Becton, Dickinson & Co., interest paid, net of tax calculation

US$ in millions

Microsoft Excel
12 months ended: Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016
Effective Income Tax Rate (EITR)
EITR1 6.70% 11.30% 21.00% 18.90% 35.00% 9.10%
Interest Paid, Net of Tax
Interest paid, net of amounts capitalized, before tax 474 515 658 674 435 392
Less: Interest paid, net of amounts capitalized, tax2 32 58 138 127 152 36
Interest paid, net of amounts capitalized, net of tax 442 457 520 547 283 356
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax 43 43 44 42 32 30
Less: Capitalized interest, tax3 3 5 9 8 11 3
Capitalized interest, net of tax 40 38 35 34 21 27

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 2021 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= 474 × 6.70% = 32

3 2021 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 43 × 6.70% = 3


Enterprise Value to FCFF Ratio, Current

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

Microsoft Excel
Selected Financial Data (US$ in millions)
Enterprise value (EV) 89,222
Free cash flow to the firm (FCFF) 3,898
Valuation Ratio
EV/FCFF 22.89
Benchmarks
EV/FCFF, Competitors1
Abbott Laboratories 37.49
Cigna Group 9.88
CVS Health Corp. 10.01
Elevance Health Inc. 10.90
Humana Inc. 7.57
Intuitive Surgical Inc. 254.78
Medtronic PLC 21.59
UnitedHealth Group Inc. 20.81
EV/FCFF, Sector
Health Care Equipment & Services 20.32
EV/FCFF, Industry
Health Care 18.27

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

1 Click competitor name to see calculations.

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


Enterprise Value to FCFF Ratio, Historical

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

Microsoft Excel
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
Free cash flow to the firm (FCFF)2 3,898 3,224 2,928 2,551 2,127 2,250
Valuation Ratio
EV/FCFF3 21.71 25.12 30.47 33.39 26.24 20.34
Benchmarks
EV/FCFF, Competitors4
Abbott Laboratories 23.47 36.94 33.05
Cigna Group 14.17 9.16 10.24
CVS Health Corp. 10.30 9.42 12.30
Elevance Health Inc. 12.74 6.04 12.73
Humana Inc. 42.03 7.92 8.46
Intuitive Surgical Inc. 56.01 76.70 54.58
Medtronic PLC 33.84 21.43 22.07
UnitedHealth Group Inc. 22.21 15.82 17.51
EV/FCFF, Sector
Health Care Equipment & Services 19.60 14.85 16.66
EV/FCFF, Industry
Health Care 16.41 17.93 18.26

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/FCFF = EV ÷ FCFF
= 84,640 ÷ 3,898 = 21.71

4 Click competitor name to see calculations.

Valuation ratio Description The company
EV/FCFF Enterprise value to free cash flow to the firm is whole company valuation indicator. Becton, Dickinson & Co. EV/FCFF ratio decreased from 2019 to 2020 and from 2020 to 2021.