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.

Common-Size Balance Sheet: Assets

Becton, Dickinson & Co., common-size consolidated balance sheet: assets

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Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016
Cash and equivalents 4.24 5.23 1.04 2.11 37.58 6.02
Restricted cash 0.20 0.17 0.10 0.18 0.00 0.00
Short-term investments 0.02 0.04 0.06 0.03 0.06 0.11
Trade receivables, net 4.64 4.44 4.53 4.30 4.62 6.32
Inventories 5.32 5.08 4.98 4.55 4.82 6.72
Assets held for sale 0.00 0.00 0.00 0.25 0.00 2.51
Prepaid expenses and other 1.99 1.65 2.16 2.32 2.31 3.20
Current assets 16.41% 16.61% 12.87% 13.75% 49.38% 24.88%
Property, plant and equipment, net 11.87 10.97 10.93 9.97 12.29 15.25
Goodwill 44.37 43.73 45.16 43.78 20.04 29.00
Developed technology, net 17.48 18.78 21.35 22.60 6.57 10.38
Customer relationships, net 5.23 5.75 6.61 6.91 7.50 11.81
Other intangibles, net 1.02 1.04 0.97 0.99 1.55 2.36
Intangible assets, net 23.73% 25.57% 28.93% 30.50% 15.62% 24.55%
Other assets 3.62 3.12 2.10 2.00 2.67 6.32
Noncurrent assets 83.59% 83.39% 87.13% 86.25% 50.62% 75.12%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition of the balance sheet exhibits a significant structural shift between 2016 and 2021, characterized by a transition from a relatively balanced asset distribution toward a heavy concentration in noncurrent assets, specifically intangible assets and goodwill. A notable volatility event occurred between 2017 and 2018, suggesting a major capital reallocation, likely associated with a large-scale acquisition.

Liquidity and Current Asset Trends
Current assets experienced extreme fluctuations, peaking at 49.38% of total assets in 2017 before dropping sharply to 13.75% in 2018 and stabilizing near 16.41% by 2021. This volatility is primarily driven by cash and equivalents, which surged to 37.58% in 2017 before collapsing to 1.04% in 2019. In contrast, trade receivables and inventories remained remarkably stable, with receivables fluctuating between 4.30% and 6.32% and inventories between 4.55% and 6.72%, indicating consistent operational working capital management despite broader balance sheet changes.
Intangible Assets and Goodwill
The most prominent trend is the expansion of acquired assets. Goodwill rose from 29.00% in 2016 to 20.04% in 2017, then jumped dramatically to 43.78% in 2018, remaining elevated at 44.37% by 2021. Similarly, developed technology saw a significant increase from 10.38% in 2016 to a peak of 22.60% in 2018, before tapering slightly to 17.48% in 2021. Combined, goodwill and net intangible assets became the dominant components of the balance sheet, representing a substantial portion of total assets from 2018 onward.
Fixed and Noncurrent Asset Evolution
Noncurrent assets, as a percentage of the total, increased from 75.12% in 2016 to 83.59% in 2021, with a temporary dip to 50.62% in 2017. While intangible assets grew, property, plant, and equipment (PP&E) showed a gradual relative decline, moving from 15.25% in 2016 to 11.87% in 2021. This indicates a shift in the company's asset intensity, moving away from physical infrastructure toward intellectual property and acquired synergies.

Overall, the data reveals a strategic pivot toward an asset base dominated by intangibles. The correlation between the 2017 cash spike and the 2018 surge in goodwill and developed technology suggests a cycle of cash accumulation followed by aggressive inorganic growth, resulting in a more leveraged intangible asset profile by the end of the period.

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