Price to Sales (P/S)
since 2005
Calculation
Becton, Dickinson & Co., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 24, 2021 | 3.43 | = | 244.46 | ÷ | 71.29 | 71.29 | = | 20,248 | ÷ | 284,023,582 | |
| Nov 25, 2020 | 3.85 | = | 227.47 | ÷ | 59.02 | 59.02 | = | 17,117 | ÷ | 290,031,363 | |
| Nov 27, 2019 | 4.07 | = | 260.40 | ÷ | 63.93 | 63.93 | = | 17,290 | ÷ | 270,459,892 | |
| Nov 21, 2018 | 4.06 | = | 242.04 | ÷ | 59.58 | 59.58 | = | 15,983 | ÷ | 268,257,940 | |
| Nov 22, 2017 | 4.23 | = | 224.23 | ÷ | 53.04 | 53.04 | = | 12,093 | ÷ | 227,978,328 | |
| Nov 23, 2016 | 2.87 | = | 168.48 | ÷ | 58.79 | 58.79 | = | 12,483 | ÷ | 212,319,588 | |
| Nov 25, 2015 | 3.08 | = | 150.12 | ÷ | 48.79 | 48.79 | = | 10,282 | ÷ | 210,736,542 | |
| Nov 26, 2014 | 3.21 | = | 141.26 | ÷ | 43.99 | 43.99 | = | 8,446 | ÷ | 191,977,449 | |
| Nov 27, 2013 | 2.63 | = | 108.94 | ÷ | 41.50 | 41.50 | = | 8,054 | ÷ | 194,094,466 | |
| Nov 21, 2012 | 1.96 | = | 76.82 | ÷ | 39.14 | 39.14 | = | 7,708 | ÷ | 196,957,804 | |
| Nov 23, 2011 | 1.94 | = | 70.77 | ÷ | 36.43 | 36.43 | = | 7,829 | ÷ | 214,890,631 | |
| Nov 24, 2010 | 2.44 | = | 78.12 | ÷ | 32.06 | 32.06 | = | 7,372 | ÷ | 229,961,230 | |
| Nov 25, 2009 | 2.50 | = | 75.53 | ÷ | 30.20 | 30.20 | = | 7,161 | ÷ | 237,118,874 | |
| Nov 26, 2008 | 2.16 | = | 63.59 | ÷ | 29.43 | 29.43 | = | 7,156 | ÷ | 243,115,261 | |
| Nov 23, 2007 | 3.20 | = | 83.52 | ÷ | 26.08 | 26.08 | = | 6,360 | ÷ | 243,899,512 | |
| Nov 30, 2006 | 3.03 | = | 71.72 | ÷ | 23.66 | 23.66 | = | 5,835 | ÷ | 246,637,424 | |
| Dec 9, 2005 | 2.71 | = | 58.13 | ÷ | 21.48 | 21.48 | = | 5,415 | ÷ | 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.
The financial trajectory from 2005 to 2021 is characterized by a sustained increase in both nominal share price and revenue per share, although the valuation multiple relative to sales exhibited distinct cyclical phases.
- Revenue Performance per Share
- A consistent upward trend in sales per share is evident, growing from 21.48 USD in 2005 to 71.29 USD in 2021. This growth remained largely linear, with only minor contractions observed in 2017 and 2020, indicating a robust capacity for revenue expansion over the sixteen-year period.
- Price-to-Sales (P/S) Ratio Volatility
- The P/S ratio experienced three primary phases. An initial period of moderate valuation (ranging from 2.71 to 3.20) was followed by a contraction period between 2008 and 2012, where the ratio reached its lowest point of 1.94 in 2011. This suggests a period where the market valuation declined more rapidly than the underlying sales growth.
- Valuation Expansion and Normalization
- A significant expansion phase occurred from 2013 to 2017, during which the P/S multiple climbed from 2.63 to a peak of 4.23. Following this peak, the ratio remained elevated above 4.00 through 2019 before experiencing a gradual decline to 3.43 by November 2021, suggesting a normalization of the market's valuation of sales growth in the final years of the period.
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Comparison to Competitors
Becton, Dickinson & Co., P/S, 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 | 3.43 | 4.78 | 0.81 | 17.89 | 5.57 | 1.58 |
| Nov 25, 2020 | 3.85 | 6.30 | 0.60 | 21.29 | 4.36 | 1.24 |
| Nov 27, 2019 | 4.07 | 4.83 | 0.74 | 15.01 | 4.36 | 1.18 |
| Nov 21, 2018 | 4.06 | 4.37 | 0.88 | 16.06 | 3.92 | 1.12 |
| Nov 22, 2017 | 4.23 | 3.84 | 0.67 | 14.97 | 4.06 | 1.10 |
| Nov 23, 2016 | 2.87 | 3.70 | 0.51 | 10.11 | 4.07 | 0.83 |
| Nov 25, 2015 | 3.08 | 2.78 | 0.42 | 8.46 | 5.36 | 0.68 |
| Nov 26, 2014 | 3.21 | 3.53 | 0.54 | 8.80 | 3.74 | 0.80 |
| Nov 27, 2013 | 2.63 | 2.74 | 0.35 | 6.76 | 3.13 | 0.57 |
| Nov 21, 2012 | 1.96 | 1.38 | 0.31 | 10.56 | 2.36 | 0.53 |
| Nov 23, 2011 | 1.94 | 2.27 | 0.37 | 11.00 | 2.60 | 0.55 |
| Nov 24, 2010 | 2.44 | 2.06 | 0.44 | 9.15 | 2.48 | 0.50 |
| Nov 25, 2009 | 2.50 | 2.74 | 0.43 | 12.01 | 2.54 | 0.44 |
| Nov 26, 2008 | 2.16 | 2.83 | 0.33 | 5.14 | 4.30 | 0.43 |
| Nov 23, 2007 | 3.20 | 3.31 | 0.67 | 19.21 | 4.74 | 0.81 |
| Nov 30, 2006 | 3.03 | 3.68 | 0.89 | 11.23 | 4.81 | 1.03 |
| Dec 9, 2005 | 2.71 | 3.02 | 1.14 | 15.19 | 6.30 | 1.78 |
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/S, long-term trends, comparison to sector (health care equipment & services)
| Becton, Dickinson & Co. | Health Care Equipment & Services | |
|---|---|---|
| Nov 24, 2021 | 3.43 | 2.07 |
| Nov 25, 2020 | 3.85 | 1.86 |
| Nov 27, 2019 | 4.07 | 1.74 |
| Nov 21, 2018 | 4.06 | 1.69 |
| Nov 22, 2017 | 4.23 | 1.58 |
| Nov 23, 2016 | 2.87 | 1.30 |
| Nov 25, 2015 | 3.08 | 1.17 |
| Nov 26, 2014 | 3.21 | 1.23 |
| Nov 27, 2013 | 2.63 | 0.95 |
| Nov 21, 2012 | 1.96 | 0.85 |
| Nov 23, 2011 | 1.94 | 1.04 |
| Nov 24, 2010 | 2.44 | 0.96 |
| Nov 25, 2009 | 2.50 | 1.02 |
| Nov 26, 2008 | 2.16 | 1.08 |
| Nov 23, 2007 | 3.20 | 1.48 |
| Nov 30, 2006 | 3.03 | 1.64 |
| Dec 9, 2005 | 2.71 | 2.17 |
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/S, long-term trends, comparison to industry (health care)
| Becton, Dickinson & Co. | Health Care | |
|---|---|---|
| Nov 24, 2021 | 3.43 | 3.28 |
| Nov 25, 2020 | 3.85 | 3.31 |
| Nov 27, 2019 | 4.07 | 3.21 |
| Nov 21, 2018 | 4.06 | 3.07 |
| Nov 22, 2017 | 4.23 | 3.06 |
| Nov 23, 2016 | 2.87 | 2.80 |
| Nov 25, 2015 | 3.08 | 2.72 |
| Nov 26, 2014 | 3.21 | 3.08 |
| Nov 27, 2013 | 2.63 | 2.81 |
| Nov 21, 2012 | 1.96 | 2.20 |
| Nov 23, 2011 | 1.94 | 1.90 |
| Nov 24, 2010 | 2.44 | 1.80 |
| Nov 25, 2009 | 2.50 | 2.08 |
| Nov 26, 2008 | 2.16 | 1.70 |
| Nov 23, 2007 | 3.20 | 2.42 |
| Nov 30, 2006 | 3.03 | 2.85 |
| Dec 9, 2005 | 2.71 | 3.17 |
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).