Price to Book Value (P/BV)
since 2005
Calculation
Becton, Dickinson & Co., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 24, 2021 | 2.93 | = | 244.46 | ÷ | 83.36 | 83.36 | = | 23,677 | ÷ | 284,023,582 | |
| Nov 25, 2020 | 2.78 | = | 227.47 | ÷ | 81.94 | 81.94 | = | 23,765 | ÷ | 290,031,363 | |
| Nov 27, 2019 | 3.34 | = | 260.40 | ÷ | 77.95 | 77.95 | = | 21,081 | ÷ | 270,459,892 | |
| Nov 21, 2018 | 3.09 | = | 242.04 | ÷ | 78.26 | 78.26 | = | 20,994 | ÷ | 268,257,940 | |
| Nov 22, 2017 | 3.95 | = | 224.23 | ÷ | 56.79 | 56.79 | = | 12,948 | ÷ | 227,978,328 | |
| Nov 23, 2016 | 4.69 | = | 168.48 | ÷ | 35.95 | 35.95 | = | 7,633 | ÷ | 212,319,588 | |
| Nov 25, 2015 | 4.42 | = | 150.12 | ÷ | 34.00 | 34.00 | = | 7,164 | ÷ | 210,736,542 | |
| Nov 26, 2014 | 5.37 | = | 141.26 | ÷ | 26.32 | 26.32 | = | 5,053 | ÷ | 191,977,449 | |
| Nov 27, 2013 | 4.19 | = | 108.94 | ÷ | 25.98 | 25.98 | = | 5,043 | ÷ | 194,094,466 | |
| Nov 21, 2012 | 3.66 | = | 76.82 | ÷ | 21.00 | 21.00 | = | 4,136 | ÷ | 196,957,804 | |
| Nov 23, 2011 | 3.15 | = | 70.77 | ÷ | 22.47 | 22.47 | = | 4,828 | ÷ | 214,890,631 | |
| Nov 24, 2010 | 3.31 | = | 78.12 | ÷ | 23.63 | 23.63 | = | 5,435 | ÷ | 229,961,230 | |
| Nov 25, 2009 | 3.48 | = | 75.53 | ÷ | 21.69 | 21.69 | = | 5,143 | ÷ | 237,118,874 | |
| Nov 26, 2008 | 3.13 | = | 63.59 | ÷ | 20.30 | 20.30 | = | 4,936 | ÷ | 243,115,261 | |
| Nov 23, 2007 | 4.67 | = | 83.52 | ÷ | 17.88 | 17.88 | = | 4,362 | ÷ | 243,899,512 | |
| Nov 30, 2006 | 4.61 | = | 71.72 | ÷ | 15.55 | 15.55 | = | 3,836 | ÷ | 246,637,424 | |
| Dec 9, 2005 | 4.46 | = | 58.13 | ÷ | 13.03 | 13.03 | = | 3,284 | ÷ | 252,043,008 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Becton, Dickinson & Co. Annual Report.
Analysis of the financial metrics from 2005 to 2021 reveals a long-term expansion in both share price and book value per share, although the market valuation relative to book value has experienced significant volatility and an eventual downward trend.
- Share Price and Book Value Trajectories
- The share price exhibited a general upward trend, rising from 58.13 in 2005 to a peak of 260.40 in 2019 before settling at 244.46 in 2021. Simultaneously, the book value per share (BVPS) demonstrated consistent growth, increasing from 13.03 in 2005 to 83.36 in 2021. A notable acceleration in BVPS growth occurred between 2016 and 2018, where values rose from 35.95 to 78.26.
- P/BV Ratio Fluctuations
- The Price to Book Value (P/BV) ratio transitioned through three distinct phases. Between 2005 and 2007, the ratio remained elevated between 4.46 and 4.67, followed by a sharp correction to 3.13 in 2008. A subsequent recovery and period of growth led to a valuation peak of 5.37 in 2014, marking the highest premium paid relative to book value during the period.
- Valuation Compression
- From 2015 to 2021, a steady decline in the P/BV ratio is observable, reaching a low of 2.78 in 2020 and ending at 2.93 in 2021. This compression is attributed to the fact that BVPS grew more rapidly than the share price in the final years of the analysis; specifically, the book value more than doubled between 2016 and 2021, while the share price growth plateaued, resulting in a lower valuation multiple.
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Comparison to Competitors
Becton, Dickinson & Co., P/BV, long-term trends, comparison to competitors
| Becton, Dickinson & Co. | Abbott Laboratories | Elevance Health Inc. | Intuitive Surgical Inc. | Medtronic PLC | UnitedHealth Group Inc. | |
|---|---|---|---|---|---|---|
| Nov 24, 2021 | 2.93 | 5.75 | 3.07 | 8.59 | 3.26 | 6.27 |
| Nov 25, 2020 | 2.78 | 6.65 | 2.19 | 9.53 | 2.48 | 4.83 |
| Nov 27, 2019 | 3.34 | 4.96 | 2.42 | 8.13 | 2.66 | 4.92 |
| Nov 21, 2018 | 3.09 | 4.38 | 2.82 | 8.96 | 2.31 | 4.89 |
| Nov 22, 2017 | 3.95 | 3.40 | 2.24 | 9.91 | 2.40 | 4.59 |
| Nov 23, 2016 | 4.69 | 3.76 | 1.72 | 4.73 | 2.25 | 3.98 |
| Nov 25, 2015 | 4.42 | 2.68 | 1.44 | 4.67 | 2.04 | 3.12 |
| Nov 26, 2014 | 5.37 | 3.32 | 1.62 | 5.55 | 3.27 | 3.20 |
| Nov 27, 2013 | 4.19 | 2.38 | 1.00 | 4.37 | 2.78 | 2.16 |
| Nov 21, 2012 | 3.66 | 2.06 | 0.79 | 6.43 | 2.23 | 1.88 |
| Nov 23, 2011 | 3.15 | 3.61 | 0.95 | 7.31 | 2.59 | 1.96 |
| Nov 24, 2010 | 3.31 | 3.24 | 1.06 | 6.34 | 2.68 | 1.80 |
| Nov 25, 2009 | 3.48 | 3.69 | 1.06 | 8.22 | 2.89 | 1.60 |
| Nov 26, 2008 | 3.13 | 4.78 | 0.96 | 3.55 | 5.03 | 1.67 |
| Nov 23, 2007 | 4.67 | 4.83 | 1.75 | 12.99 | 5.31 | 2.98 |
| Nov 30, 2006 | 4.61 | 5.88 | 2.02 | 7.10 | 5.78 | 3.51 |
| Dec 9, 2005 | 4.46 | 4.69 | 2.04 | 7.80 | 6.06 | 4.50 |
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., P/BV, long-term trends, comparison to sector (health care equipment & services)
| Becton, Dickinson & Co. | Health Care Equipment & Services | |
|---|---|---|
| Nov 24, 2021 | 2.93 | 5.01 |
| Nov 25, 2020 | 2.78 | 4.30 |
| Nov 27, 2019 | 3.34 | 4.00 |
| Nov 21, 2018 | 3.09 | 3.83 |
| Nov 22, 2017 | 3.95 | 3.44 |
| Nov 23, 2016 | 4.69 | 2.95 |
| Nov 25, 2015 | 4.42 | 2.39 |
| Nov 26, 2014 | 5.37 | 2.94 |
| Nov 27, 2013 | 4.19 | 2.12 |
| Nov 21, 2012 | 3.66 | 1.89 |
| Nov 23, 2011 | 3.15 | 2.39 |
| Nov 24, 2010 | 3.31 | 2.21 |
| Nov 25, 2009 | 3.48 | 2.31 |
| Nov 26, 2008 | 3.13 | 2.78 |
| Nov 23, 2007 | 4.67 | 3.52 |
| Nov 30, 2006 | 4.61 | 3.80 |
| Dec 9, 2005 | 4.46 | 3.90 |
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., P/BV, long-term trends, comparison to industry (health care)
| Becton, Dickinson & Co. | Health Care | |
|---|---|---|
| Nov 24, 2021 | 2.93 | 5.48 |
| Nov 25, 2020 | 2.78 | 5.37 |
| Nov 27, 2019 | 3.34 | 5.14 |
| Nov 21, 2018 | 3.09 | 5.17 |
| Nov 22, 2017 | 3.95 | 4.55 |
| Nov 23, 2016 | 4.69 | 4.06 |
| Nov 25, 2015 | 4.42 | 3.62 |
| Nov 26, 2014 | 5.37 | 4.10 |
| Nov 27, 2013 | 4.19 | 3.51 |
| Nov 21, 2012 | 3.66 | 2.87 |
| Nov 23, 2011 | 3.15 | 2.51 |
| Nov 24, 2010 | 3.31 | 2.24 |
| Nov 25, 2009 | 3.48 | 2.36 |
| Nov 26, 2008 | 3.13 | 2.65 |
| Nov 23, 2007 | 4.67 | 3.45 |
| Nov 30, 2006 | 4.61 | 3.81 |
| Dec 9, 2005 | 4.46 | 3.97 |
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).