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Arphra AIPlain-English read on Becton, Dickinson and Company’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $19.13B | $18.87B | $19.37B | $20.18B | $21.84B | $19.2B | $19.67B | $20.37B | $21.09B |
| Cost of revenue | $10.5B | $10.39B | $11.2B | $11.05B | $11.92B | $10.43B | $10.98B | $11.19B | $11.41B |
| Gross profit | $8.63B | $8.48B | $8.17B | $9.13B | $9.92B | $8.68B | $8.55B | $9.27B | $9.28B |
| Gross margin | +45.12% | +44.92% | +42.17% | +45.22% | +45.44% | +45.20% | +43.48% | +45.52% | +43.98% |
| Operating | |||||||||
| Research & development | $1.28B | $1.26B | $1.24B | $1.19B | $1.26B | $1.18B | $1.21B | $1.22B | $1.29B |
| Selling, general & administrative | $4.72B | $4.71B | $4.72B | $4.86B | $5.28B | $4.76B | $4.78B | $4.87B | $5.17B |
| Total operating expenses | $6.38B | $6.2B | $6.06B | $6.73B | $7.35B | $6.46B | $6.63B | $6.85B | $6.83B |
| Operating income | $2.25B | $2.28B | $2.11B | $2.4B | $2.58B | $2.23B | $2.33B | $2.41B | $2.48B |
| Operating margin | +11.76% | +12.09% | +10.90% | +11.88% | +11.80% | +11.62% | +11.84% | +11.83% | +11.77% |
| EBITDA | $4.39B | $4.41B | $4.4B | $4.82B | $4.96B | $4.54B | $4.43B | $4.83B | $4.75B |
| EBIT | $2.16B | $2.18B | $2.11B | $2.53B | $2.5B | $2.25B | $2.34B | $2.37B | $2.39B |
| Below the line | |||||||||
| Interest expense | $469M | $398M | $452M | $528M | $613M | $497.04M | $512.74M | $511.12M | $535.34M |
| Interest income | $9M | $16M | $49M | $163M | $38M | $79.86M | $80.63M | $83.66M | $84.3M |
| Other income / expense | -$558M | -$499M | -$449M | -$392M | -$696M | — | — | — | — |
| Pre-tax income | $1.69B | $1.78B | $1.66B | $2.01B | $1.88B | $1.78B | $1.75B | $1.87B | $1.85B |
| Income tax expense | $88M | $148M | $132M | $300M | $204M | $195.09M | $196.57M | $201.07M | $212.72M |
| Earnings | |||||||||
| Net income | $2.09B | $1.78B | $1.48B | $1.71B | $1.68B | $1.52B | $1.53B | $1.62B | $1.65B |
| Net income · continuing ops | $1.6B | $1.64B | $1.53B | $1.71B | $1.68B | $1.58B | $1.6B | $1.63B | $1.69B |
| Net margin | +10.94% | +9.43% | +7.66% | +8.45% | +7.68% | +7.93% | +7.80% | +7.93% | +7.83% |
| EPS · basic | $6.92 | $5.93 | $4.97 | $5.88 | $5.84 | $12.62 | $13.50 | $14.39 | $15.42 |
| EPS · diluted | $6.85 | $5.88 | $4.94 | $5.86 | $5.83 | $12.58 | $13.41 | $14.29 | $15.41 |
| EPS · low estimate | — | — | — | — | — | $12.25 | $12.70 | $14.17 | $15.28 |
| EPS · high estimate | — | — | — | — | — | $12.89 | $15.49 | $14.54 | $15.67 |
| Shares · basic | 289.29M | 285.01M | 286.28M | 289.76M | 286.61M | 288.61M | 284.39M | 288.88M | 288.16M |
| Shares · diluted | 292.09M | 287.36M | 288.39M | 291.01M | 287.12M | 285.93M | 288.72M | 286.83M | 284.85M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 9 | 9 | 8 | 4 |
| Analysts (EPS) | — | — | — | — | — | 8 | 8 | 1 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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