Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Becton, Dickinson & Co., common-size consolidated income statement (quarterly data)
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 analysis of the financial data reveals multiple notable trends and fluctuations over the observed periods.
- Gross Profit Margin
- Gross profit as a percentage of revenues generally fluctuates between approximately 37.99% and 51.4%. A significant decline is observed around March 31, 2018, with the gross profit margin dropping to 37.99%, followed by a recovery. This suggests variations in cost efficiency or possibly changes in product mix and pricing strategies over time. Towards the end of the period, gross profit stabilizes around the high 40s percentile.
- Cost of Products Sold
- The cost of products sold tends to oscillate mainly between about 48.6% and 62.01% of revenues. A noteworthy spike to 62.01% occurs in December 31, 2017, coinciding with the drop in gross profit margin, indicating increased direct costs impacting profitability. The trend after this spike shows volatility but an overall gradual improvement toward end of the data set.
- Selling and Administrative Expenses
- This expense category remains relatively stable, generally falling between 21.62% and 26.53% of revenues, with a slight downward trend noted towards later quarters. The consistency suggests a controlled management of operating expenses relative to revenue levels.
- Research and Development Expense
- R&D expenses maintain a consistent range between approximately 5.48% and 7.8% of revenues. There is a marginal decline in the expense ratio during some quarters near 2020-2021, possibly reflecting strategic shifts or cost control measures in R&D activities.
- Acquisition-Related Integration and Restructuring Expense
- These expenses demonstrate significant variability, with spikes at -12.59% and -11.49% during September 2016 and December 2017 respectively, possibly reflecting periods of active restructuring or integration efforts. After these peaks, a downward trend is observed, dropping below -1% in most recent quarters, indicating reduced restructuring activities.
- Operating Income
- Operating income as a percentage of revenues fluctuates notably, ranging from lows near 2.4% to highs above 23%. Several sharp decreases, including a notable negative value of -7.35% in June 2017, suggest episodic impacts on operating profitability. Despite volatility, operating income recovers and trends upward toward the later periods, with notable improvement in December 2020 and December 2021.
- Interest Expense and Interest Income
- Interest expense shows a decreasing trend over time from about -6.06% in June 2017 to roughly -1.96% by December 2021, indicating effective management of debt or refinancing strategies that reduce interest burdens. Interest income remains minor and relatively stable, hovering close to zero throughout most quarters.
- Net Income
- Net income exhibits considerable volatility, ranging from negative values such as -5.65% to highs near 18.87%. There are repeated instances of negative net income applicable to common shareholders, notably in the periods around September 2016, December 2017, and other scattered quarters. The data shows some recovery and positive trends through the end of the period, with net income rising above 13% towards December 2021 and March 2022.
- Preferred Stock Dividends
- The preferred stock dividends as a percentage of revenues remain relatively consistent between approximately -1.23% and -0.23%, showing no significant variability across the periods.
- Other Operating Income and Other Income (Expense), Net
- These line items exhibit sporadic and erratic values, including substantial positive and negative spikes, indicating irregular gains or losses from non-core operations or one-time events that affect overall profitability in certain periods.
In summary, the company's financial performance shows cyclical fluctuations with significant episodic costs related to acquisitions and restructuring. The gross margin and operating income recoveries following these periods signify operational resilience. Improvements in interest expense ratios and stabilization of operating expenses suggest effective management controls. However, the volatility in net income highlights ongoing challenges in achieving consistent profitability growth.