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 data exhibits notable fluctuations in the company's capital structure over the period analyzed. The trends reveal significant changes in total debt, shareholders’ equity, and the relation between these two metrics as expressed by the debt-to-equity ratio.
- Total Debt
- Total debt started at $1,267 million in 2005 and showed a general increase with some fluctuations, notably rising sharply from 2010 onwards. The figure peaked around 2015, reaching $12,822 million, then experienced some volatility but remained high compared to earlier years, ending at $17,610 million in 2021. This indicates a strong increase in leverage, especially in the second half of the period examined.
- Shareholders’ Equity
- Shareholders’ equity steadily increased from $3,284 million in 2005 to $23,677 million in 2021, with some periods of more pronounced growth, particularly from 2016 onward. The equity aggregates reflect consistent accumulation of value, suggesting retained earnings growth or capital inflows that supported the company’s net asset base.
- Debt to Equity Ratio
- The debt-to-equity ratio demonstrates an interesting pattern over time. Initially, the ratio was relatively low, ranging from 0.23 to 0.39 during 2005–2009, suggesting a conservative leverage position. However, from 2010, the ratio increased significantly, peaking at 1.79 in 2015, implying that debt levels exceeded equity by a substantial margin during that period. Subsequently, the ratio declined steadily, reaching 0.74 by 2021, which indicates a deleveraging trend or improved equity base relative to debt after 2015.
- Overall Analysis
- The data suggests a strategic shift or capital restructuring occurring around the early-to-mid 2010s, where the company substantially increased its debt load, possibly to finance expansion, acquisitions, or other investments. The rising equity base over the full period reflects ongoing value creation despite the higher leverage. The decreasing debt-to-equity ratio after 2015 might indicate active debt management or equity strengthening initiatives aimed at improving financial stability. The capital structure remains leveraged but shows signs of moderation towards more balanced risk by 2021.
Comparison to Competitors
Becton, Dickinson & Co., debt to equity, long-term trends, comparison to competitors
| Becton, Dickinson & Co. | Abbott Laboratories | CVS Health Corp. | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|---|
| Sep 30, 2021 | 0.74 | 0.50 | 0.75 | 0.64 | 0.00 | 0.51 | 0.64 |
| Sep 30, 2020 | 0.75 | 0.57 | 0.93 | 0.60 | 0.00 | 0.49 | 0.66 |
| Sep 30, 2019 | 0.92 | 0.58 | 1.07 | 0.63 | 0.00 | 0.51 | 0.71 |
| Sep 30, 2018 | 1.02 | 0.64 | 1.26 | 0.67 | 0.00 | 0.51 | 0.71 |
| Sep 30, 2017 | 1.46 | 0.90 | 0.72 | 0.75 | 0.00 | 0.66 | 0.66 |
| Sep 30, 2016 | 1.51 | 1.07 | 0.75 | 0.63 | 0.00 | 0.60 | 0.86 |
| Sep 30, 2015 | 1.79 | 0.42 | 0.74 | 0.69 | 0.00 | 0.68 | 0.95 |
| Sep 30, 2014 | 0.79 | 0.36 | 0.34 | 0.62 | 0.00 | 0.61 | 0.54 |
| Sep 30, 2013 | 0.79 | 0.26 | 0.35 | 0.59 | 0.00 | 0.57 | 0.52 |
| Sep 30, 2012 | 1.01 | 0.77 | 0.26 | 0.63 | 0.00 | 0.62 | 0.54 |
| Sep 30, 2011 | 0.56 | 0.63 | 0.26 | 0.42 | 0.00 | 0.62 | 0.41 |
| Sep 30, 2010 | 0.31 | 0.85 | 0.27 | 0.38 | 0.00 | 0.65 | 0.43 |
| Sep 30, 2009 | 0.37 | 0.72 | 0.31 | 0.34 | 0.00 | 0.57 | 0.47 |
| Sep 30, 2008 | 0.23 | 0.65 | 0.34 | 0.41 | 0.00 | 0.60 | 0.62 |
| Sep 30, 2007 | 0.27 | 0.69 | 0.33 | 0.39 | 0.00 | 0.55 | 0.55 |
| Sep 30, 2006 | 0.36 | 0.88 | 0.51 | 0.29 | 0.00 | 0.84 | 0.36 |
| Sep 30, 2005 | 0.39 | 0.46 | 0.26 | 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 | 0.60 |
| Sep 30, 2020 | 0.75 | 0.66 |
| Sep 30, 2019 | 0.92 | 0.71 |
| Sep 30, 2018 | 1.02 | 0.77 |
| Sep 30, 2017 | 1.46 | 0.71 |
| Sep 30, 2016 | 1.51 | 0.73 |
| Sep 30, 2015 | 1.79 | 0.70 |
| Sep 30, 2014 | 0.79 | 0.47 |
| Sep 30, 2013 | 0.79 | 0.44 |
| Sep 30, 2012 | 1.01 | 0.52 |
| Sep 30, 2011 | 0.56 | 0.43 |
| Sep 30, 2010 | 0.31 | 0.46 |
| Sep 30, 2009 | 0.37 | 0.45 |
| Sep 30, 2008 | 0.23 | 0.48 |
| Sep 30, 2007 | 0.27 | 0.47 |
| Sep 30, 2006 | 0.36 | 0.50 |
| Sep 30, 2005 | 0.39 | 0.33 |
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 | 0.79 |
| Sep 30, 2020 | 0.75 | 0.92 |
| Sep 30, 2019 | 0.92 | 0.92 |
| Sep 30, 2018 | 1.02 | 0.86 |
| Sep 30, 2017 | 1.46 | 0.81 |
| Sep 30, 2016 | 1.51 | 0.76 |
| Sep 30, 2015 | 1.79 | 0.69 |
| Sep 30, 2014 | 0.79 | 0.52 |
| Sep 30, 2013 | 0.79 | 0.49 |
| Sep 30, 2012 | 1.01 | 0.51 |
| Sep 30, 2011 | 0.56 | 0.45 |
| Sep 30, 2010 | 0.31 | 0.42 |
| Sep 30, 2009 | 0.37 | 0.41 |
| Sep 30, 2008 | 0.23 | 0.41 |
| Sep 30, 2007 | 0.27 | 0.36 |
| Sep 30, 2006 | 0.36 | 0.33 |
| 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).