Debt to Equity
since 2005
Calculation
Becton, Dickinson & Co., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Sep 30, 2021 | 0.74 | = | 17,610) | ÷ | 23,677) |
| Sep 30, 2020 | 0.75 | = | 17,931) | ÷ | 23,765) |
| Sep 30, 2019 | 0.92 | = | 19,390) | ÷ | 21,081) |
| Sep 30, 2018 | 1.02 | = | 21,495) | ÷ | 20,994) |
| Sep 30, 2017 | 1.46 | = | 18,870) | ÷ | 12,948) |
| Sep 30, 2016 | 1.51 | = | 11,551) | ÷ | 7,633) |
| Sep 30, 2015 | 1.79 | = | 12,822) | ÷ | 7,164) |
| Sep 30, 2014 | 0.79 | = | 3,971) | ÷ | 5,053) |
| Sep 30, 2013 | 0.79 | = | 3,970) | ÷ | 5,043) |
| Sep 30, 2012 | 1.01 | = | 4,166) | ÷ | 4,136) |
| Sep 30, 2011 | 0.56 | = | 2,720) | ÷ | 4,828) |
| Sep 30, 2010 | 0.31 | = | 1,698) | ÷ | 5,435) |
| Sep 30, 2009 | 0.37 | = | 1,891) | ÷ | 5,143) |
| Sep 30, 2008 | 0.23 | = | 1,155) | ÷ | 4,936) |
| Sep 30, 2007 | 0.27 | = | 1,163) | ÷ | 4,362) |
| Sep 30, 2006 | 0.36 | = | 1,384) | ÷ | 3,836) |
| Sep 30, 2005 | 0.39 | = | 1,267) | ÷ | 3,284) |
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), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$ in millions
The financial trajectory from 2005 to 2021 reveals a cyclical pattern of leverage, characterized by an initial period of deleveraging, a phase of aggressive debt accumulation, and a subsequent return toward a more balanced capital structure.
- Debt Accumulation and Volatility
- Total debt remained relatively stable between 2005 and 2011, fluctuating between 1.1 and 2.7 billion USD. A significant shift occurred in 2015, where debt rose sharply from 3.97 billion USD in 2014 to 12.82 billion USD. Debt levels peaked in 2018 at 21.50 billion USD before entering a gradual decline to 17.61 billion USD by 2021.
- Equity Growth Trends
- Shareholders' equity exhibited a consistent long-term upward trend, growing from 3.28 billion USD in 2005 to 23.68 billion USD in 2021. While growth was steady through 2011, a more accelerated expansion of equity is observed between 2014 and 2020, where the value increased from 5.05 billion USD to a peak of 23.77 billion USD.
- Debt to Equity Ratio Dynamics
- The debt to equity ratio reflects three distinct phases. From 2005 to 2008, leverage decreased from 0.39 to a low of 0.23. A period of increasing leverage followed, culminating in a peak ratio of 1.79 in 2015, marking the highest point of financial leverage in the observed period. From 2016 onward, the ratio entered a sustained decline, returning to 0.74 by 2021, indicating a strategic reduction in reliance on debt relative to equity.
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Comparison to Competitors
Becton, Dickinson & Co., debt to equity, long-term trends, comparison to competitors
| Becton, Dickinson & Co. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Sep 30, 2021 | 0.74 | 0.50 | 0.64 | 0.00 | 0.51 | 0.64 |
| Sep 30, 2020 | 0.75 | 0.57 | 0.60 | 0.00 | 0.49 | 0.66 |
| Sep 30, 2019 | 0.92 | 0.58 | 0.63 | 0.00 | 0.51 | 0.71 |
| Sep 30, 2018 | 1.02 | 0.64 | 0.67 | 0.00 | 0.51 | 0.71 |
| Sep 30, 2017 | 1.46 | 0.90 | 0.75 | 0.00 | 0.66 | 0.66 |
| Sep 30, 2016 | 1.51 | 1.07 | 0.63 | 0.00 | 0.60 | 0.86 |
| Sep 30, 2015 | 1.79 | 0.42 | 0.69 | 0.00 | 0.68 | 0.95 |
| Sep 30, 2014 | 0.79 | 0.36 | 0.62 | 0.00 | 0.61 | 0.54 |
| Sep 30, 2013 | 0.79 | 0.26 | 0.59 | 0.00 | 0.57 | 0.52 |
| Sep 30, 2012 | 1.01 | 0.77 | 0.63 | 0.00 | 0.62 | 0.54 |
| Sep 30, 2011 | 0.56 | 0.63 | 0.42 | 0.00 | 0.62 | 0.41 |
| Sep 30, 2010 | 0.31 | 0.85 | 0.38 | 0.00 | 0.65 | 0.43 |
| Sep 30, 2009 | 0.37 | 0.72 | 0.34 | 0.00 | 0.57 | 0.47 |
| Sep 30, 2008 | 0.23 | 0.65 | 0.41 | 0.00 | 0.60 | 0.62 |
| Sep 30, 2007 | 0.27 | 0.69 | 0.39 | 0.00 | 0.55 | 0.55 |
| Sep 30, 2006 | 0.36 | 0.88 | 0.29 | 0.00 | 0.84 | 0.36 |
| Sep 30, 2005 | 0.39 | 0.46 | 0.27 | 0.00 | 0.23 | 0.40 |
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), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Health Care Equipment & Services)
Becton, Dickinson & Co., debt to equity, long-term trends, comparison to sector (health care equipment & services)
| Becton, Dickinson & Co. | Health Care Equipment & Services | |
|---|---|---|
| Sep 30, 2021 | 0.74 | 0.55 |
| Sep 30, 2020 | 0.75 | 0.56 |
| Sep 30, 2019 | 0.92 | 0.58 |
| Sep 30, 2018 | 1.02 | 0.60 |
| Sep 30, 2017 | 1.46 | 0.71 |
| Sep 30, 2016 | 1.51 | 0.72 |
| Sep 30, 2015 | 1.79 | 0.69 |
| Sep 30, 2014 | 0.79 | 0.52 |
| Sep 30, 2013 | 0.79 | 0.47 |
| Sep 30, 2012 | 1.01 | 0.61 |
| Sep 30, 2011 | 0.56 | 0.49 |
| Sep 30, 2010 | 0.31 | 0.55 |
| Sep 30, 2009 | 0.37 | 0.51 |
| Sep 30, 2008 | 0.23 | 0.55 |
| Sep 30, 2007 | 0.27 | 0.53 |
| Sep 30, 2006 | 0.36 | 0.50 |
| Sep 30, 2005 | 0.39 | 0.34 |
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), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Health Care)
Becton, Dickinson & Co., debt to equity, long-term trends, comparison to industry (health care)
| Becton, Dickinson & Co. | Health Care | |
|---|---|---|
| Sep 30, 2021 | 0.74 | 0.80 |
| Sep 30, 2020 | 0.75 | 0.92 |
| Sep 30, 2019 | 0.92 | 0.90 |
| Sep 30, 2018 | 1.02 | 0.80 |
| Sep 30, 2017 | 1.46 | 0.82 |
| Sep 30, 2016 | 1.51 | 0.77 |
| Sep 30, 2015 | 1.79 | 0.69 |
| Sep 30, 2014 | 0.79 | 0.54 |
| Sep 30, 2013 | 0.79 | 0.50 |
| Sep 30, 2012 | 1.01 | 0.54 |
| Sep 30, 2011 | 0.56 | 0.47 |
| Sep 30, 2010 | 0.31 | 0.43 |
| Sep 30, 2009 | 0.37 | 0.42 |
| Sep 30, 2008 | 0.23 | 0.42 |
| Sep 30, 2007 | 0.27 | 0.36 |
| Sep 30, 2006 | 0.36 | 0.32 |
| Sep 30, 2005 | 0.39 | 0.30 |
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), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).