Selected Financial Data
since 2005
Income Statement
Becton, Dickinson & Co., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income | Net income |
|---|---|---|---|
| Sep 30, 2021 | 20,248) | 2,799) | 2,092) |
| Sep 30, 2020 | 17,117) | 1,484) | 874) |
| Sep 30, 2019 | 17,290) | 1,760) | 1,233) |
| Sep 30, 2018 | 15,983) | 1,497) | 311) |
| Sep 30, 2017 | 12,093) | 1,478) | 1,100) |
| Sep 30, 2016 | 12,483) | 1,430) | 976) |
| Sep 30, 2015 | 10,282) | 1,074) | 695) |
| Sep 30, 2014 | 8,446) | 1,606) | 1,185) |
| Sep 30, 2013 | 8,054) | 1,254) | 1,293) |
| Sep 30, 2012 | 7,708) | 1,558) | 1,170) |
| Sep 30, 2011 | 7,829) | 1,763) | 1,271) |
| Sep 30, 2010 | 7,372) | 1,677) | 1,318) |
| Sep 30, 2009 | 7,161) | 1,650) | 1,232) |
| Sep 30, 2008 | 7,156) | 1,552) | 1,127) |
| Sep 30, 2007 | 6,360) | 1,203) | 890) |
| Sep 30, 2006 | 5,835) | 1,050) | 752) |
| Sep 30, 2005 | 5,415) | 1,031) | 722) |
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).
The financial performance from 2005 to 2021 is characterized by substantial top-line growth accompanied by periodic volatility in operating and net profitability.
- Revenue Growth Trajectory
- Revenues exhibited a consistent and strong upward trend, increasing from 5,415 million USD in 2005 to 20,248 million USD by 2021. Significant growth accelerations are observed between 2014 and 2016, where revenues rose from 8,446 million USD to 12,483 million USD, and between 2017 and 2018, when revenues jumped from 12,093 million USD to 15,983 million USD.
- Operating Income and Efficiency
- Operating income demonstrated a less linear progression compared to revenue. While it increased from 1,031 million USD in 2005 to 2,799 million USD in 2021, a period of relative stagnation and margin compression occurred between 2012 and 2020. During this interval, operating income fluctuated between 1,074 million USD and 1,760 million USD, despite the rapid expansion of the revenue base. A substantial increase in operational profitability is evident in the final year of the period, with operating income reaching its peak.
- Net Income Volatility
- Net income patterns reveal significant instability, particularly in the latter half of the period. Despite a steady climb to 1,318 million USD by 2010, subsequent years showed sharp declines, most notably in 2015 (695 million USD) and 2018 (311 million USD). The 2018 decline is particularly striking as it occurred during a period of high revenue (15,983 million USD), suggesting the impact of significant non-operating expenses or one-time charges. A strong rebound occurred thereafter, resulting in a period high of 2,092 million USD in 2021.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Balance Sheet: Assets
Becton, Dickinson & Co., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Sep 30, 2021 | 8,838) | 53,866) |
| Sep 30, 2020 | 8,969) | 54,012) |
| Sep 30, 2019 | 6,664) | 51,765) |
| Sep 30, 2018 | 7,411) | 53,904) |
| Sep 30, 2017 | 18,633) | 37,734) |
| Sep 30, 2016 | 6,367) | 25,586) |
| Sep 30, 2015 | 6,045) | 26,820) |
| Sep 30, 2014 | 6,131) | 12,447) |
| Sep 30, 2013 | 5,873) | 12,149) |
| Sep 30, 2012 | 5,322) | 11,361) |
| Sep 30, 2011 | 4,668) | 10,430) |
| Sep 30, 2010 | 4,505) | 9,651) |
| Sep 30, 2009 | 4,647) | 9,305) |
| Sep 30, 2008 | 3,615) | 7,913) |
| Sep 30, 2007 | 3,131) | 7,329) |
| Sep 30, 2006 | 3,185) | 6,825) |
| Sep 30, 2005 | 2,975) | 6,072) |
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).
The asset base of the organization exhibited substantial long-term expansion between 2005 and 2021, characterized by a shift from organic growth to significant structural increases, likely driven by strategic acquisitions and capital investments.
- Total Asset Trajectory
- Total assets grew from 6,072 million US dollars in 2005 to 53,866 million US dollars in 2021. This growth occurred in distinct phases: a period of steady incremental growth from 2005 to 2014, followed by a series of rapid escalations. A notable surge occurred in 2015, where total assets more than doubled to 26,820 million US dollars. Further aggressive expansion continued through 2018, peaking at 53,904 million US dollars before stabilizing between 51,765 million and 54,012 million US dollars from 2019 to 2021.
- Current Asset Volatility and Anomalies
- Current assets maintained a gradual upward trend from 2,975 million US dollars in 2005 to 6,367 million US dollars in 2016. An extraordinary spike is observed in 2017, with current assets increasing to 18,633 million US dollars. This peak was short-lived, as values reverted to 7,411 million US dollars in 2018, suggesting a temporary liquidity event or a significant short-term influx of capital that was subsequently deployed.
- Asset Composition and Structural Shift
- A significant divergence is observed between the growth rates of current assets and total assets. In 2005, current assets represented approximately 49% of total assets. By 2021, this proportion decreased to approximately 16%. This trend indicates a strategic shift toward non-current assets, such as property, plant, equipment, or intangible assets and goodwill, suggesting that the bulk of the balance sheet expansion was driven by long-term capital investments rather than operational liquidity.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Becton, Dickinson & Co., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Shareholders’ equity | |
|---|---|---|---|
| Sep 30, 2021 | 6,626) | 17,610) | 23,677) |
| Sep 30, 2020 | 5,836) | 17,931) | 23,765) |
| Sep 30, 2019 | 5,655) | 19,390) | 21,081) |
| Sep 30, 2018 | 7,216) | 21,495) | 20,994) |
| Sep 30, 2017 | 3,342) | 18,870) | 12,948) |
| Sep 30, 2016 | 4,400) | 11,551) | 7,633) |
| Sep 30, 2015 | 4,386) | 12,822) | 7,164) |
| Sep 30, 2014 | 2,235) | 3,971) | 5,053) |
| Sep 30, 2013 | 2,130) | 3,970) | 5,043) |
| Sep 30, 2012 | 1,978) | 4,166) | 4,136) |
| Sep 30, 2011 | 1,823) | 2,720) | 4,828) |
| Sep 30, 2010 | 1,672) | 1,698) | 5,435) |
| Sep 30, 2009 | 1,777) | 1,891) | 5,143) |
| Sep 30, 2008 | 1,417) | 1,155) | 4,936) |
| Sep 30, 2007 | 1,479) | 1,163) | 4,362) |
| Sep 30, 2006 | 1,576) | 1,384) | 3,836) |
| Sep 30, 2005 | 1,299) | 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).
Between 2005 and 2021, the capital structure underwent a significant transformation, transitioning from a low-leverage profile to a substantially expanded balance sheet characterized by marked increases in both total debt and shareholders' equity.
- Liability and Debt Trends
- Current liabilities exhibited relative stability from 2005 through 2014, increasing from 1,299 million to 2,235 million. A sharp escalation occurred in 2015, with obligations nearly doubling to 4,386 million, eventually reaching a peak of 7,216 million in 2018 before stabilizing between 5,655 million and 6,626 million through 2021. Total debt followed a more aggressive growth trajectory; after remaining below 5,000 million until 2014, it surged to 12,822 million in 2015. Debt peaked in 2018 at 21,495 million, representing a nearly 17-fold increase from 2005 levels, before moderating to 17,610 million by 2021.
- Shareholders' Equity Expansion
- Equity growth was steady during the first decade, rising from 3,284 million in 2005 to 5,053 million in 2014. A period of rapid acceleration began in 2015, with equity increasing from 7,164 million to 23,765 million by 2020. The most pronounced growth occurred between 2017 and 2018, when equity increased from 12,948 million to 20,994 million, indicating a substantial strengthening of the net asset base.
- Capital Structure and Leverage Dynamics
- The relationship between debt and equity shifted significantly over the analyzed period. In the early years, shareholders' equity consistently exceeded total debt, maintaining a conservative leverage position. The period from 2015 to 2018 saw a simultaneous surge in both debt and equity, suggesting a phase of aggressive strategic expansion funded by both borrowed capital and internal equity growth. By 2021, although total debt remained high at 17,610 million, the expanded equity base of 23,677 million provided a more robust capital cushion than was present during the high-growth volatility of the mid-2010s.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Cash Flow Statement
Becton, Dickinson & Co., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used for investing activities | Net cash provided by (used for) financing activities |
|---|---|---|---|
| Sep 30, 2021 | 4,647) | (1,880) | (3,306) |
| Sep 30, 2020 | 3,539) | (1,232) | 22) |
| Sep 30, 2019 | 3,330) | (741) | (3,223) |
| Sep 30, 2018 | 2,865) | (15,829) | (58) |
| Sep 30, 2017 | 2,550) | (883) | 10,977) |
| Sep 30, 2016 | 2,559) | (669) | (1,761) |
| Sep 30, 2015 | 1,730) | (8,318) | 6,190) |
| Sep 30, 2014 | 1,746) | (948) | (807) |
| Sep 30, 2013 | 1,717) | (311) | (968) |
| Sep 30, 2012 | 1,693) | (894) | (370) |
| Sep 30, 2011 | 1,713) | (1,039) | (714) |
| Sep 30, 2010 | 1,659) | (700) | (1,223) |
| Sep 30, 2009 | 1,692) | (1,073) | (80) |
| Sep 30, 2008 | 1,688) | (783) | (586) |
| Sep 30, 2007 | 1,236) | (1,018) | (726) |
| Sep 30, 2006 | 1,076) | (787) | (342) |
| Sep 30, 2005 | 1,224) | (382) | (525) |
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).
Analysis of the cash flow patterns from 2005 to 2021 reveals a consistent expansion in operational efficiency and a strategic approach to capital allocation. The company transitioned from a period of stable growth to one characterized by aggressive investment and scaled operational cash generation.
- Operating Cash Flow Trends
- Cash provided by operating activities demonstrated a long-term upward trajectory, increasing from 1,224 million in 2005 to 4,647 million by 2021. While growth remained relatively plateaued between 2008 and 2015, fluctuating around the 1,700 million mark, a significant acceleration occurred after 2016. The substantial increase to 4,647 million in 2021 indicates a marked improvement in the company's ability to generate cash from its core business operations.
- Investment Activity and Capital Allocation
- Investing activities remained consistently negative throughout the period, reflecting ongoing capital deployment. Two major outliers indicate large-scale strategic acquisitions or significant capital expenditures: a disbursement of 8,318 million in 2015 and a peak outflow of 15,829 million in 2018. Outside of these two events, annual investment outflows typically ranged between 300 million and 1,200 million, suggesting a baseline of steady maintenance and organic growth investment.
- Financing Dynamics and Funding Strategy
- Financing activities were predominantly negative, suggesting a general trend of debt repayment, dividend distributions, or share repurchases. This pattern was interrupted by substantial cash inflows in 2015 (6,190 million) and 2017 (10,977 million). These inflows correlate with the periods of heavy investment spending, indicating that the company utilized external financing—likely through debt issuance or equity—to fund its major strategic expansions. Following these funding events, financing activities returned to negative territory, with a significant outflow of 3,306 million recorded in 2021.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Per Share Data
Becton, Dickinson & Co., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Sep 30, 2021 | 6.92 | 6.85 | 3.32 |
| Sep 30, 2020 | 2.75 | 2.71 | 3.16 |
| Sep 30, 2019 | 4.01 | 3.94 | 3.08 |
| Sep 30, 2018 | 0.62 | 0.60 | 3.00 |
| Sep 30, 2017 | 4.70 | 4.60 | 2.92 |
| Sep 30, 2016 | 4.59 | 4.49 | 2.64 |
| Sep 30, 2015 | 3.43 | 3.35 | 2.40 |
| Sep 30, 2014 | 6.13 | 5.99 | 2.18 |
| Sep 30, 2013 | 6.63 | 6.49 | 1.98 |
| Sep 30, 2012 | 5.69 | 5.59 | 1.80 |
| Sep 30, 2011 | 5.75 | 5.62 | 1.64 |
| Sep 30, 2010 | 5.62 | 5.49 | 1.48 |
| Sep 30, 2009 | 5.12 | 4.99 | 1.32 |
| Sep 30, 2008 | 4.61 | 4.46 | 1.14 |
| Sep 30, 2007 | 3.63 | 3.49 | 0.98 |
| Sep 30, 2006 | 3.04 | 2.93 | 0.86 |
| Sep 30, 2005 | 2.87 | 2.77 | 0.72 |
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, 2, 3 Data adjusted for splits and stock dividends.
Analysis of the per-share financial metrics from 2005 to 2021 reveals a distinct divergence between earnings volatility and dividend consistency. While earnings experienced significant fluctuations over the period, the dividend policy remained characterized by steady, uninterrupted growth.
- Earnings Per Share (EPS) Trends
- Both basic and diluted earnings per share followed a similar trajectory, characterized by an initial growth phase from 2005 to 2013, where basic EPS rose from 2.87 to a peak of 6.63. A period of instability followed, marked by a sharp decline in 2015 to 3.43. Although a moderate recovery occurred in 2016 and 2017, basic EPS plummeted to 0.62 in 2018, representing the lowest earning level in the analyzed timeframe. A strong subsequent recovery is evident, with basic EPS reaching its historical peak of 6.92 by 2021.
- Dividend Distribution Patterns
- Dividends per share exhibited a linear and consistent upward trend throughout the entire duration of the data. Starting at 0.72 in 2005, the dividend was increased annually without exception, reaching 3.32 by 2021. This growth persisted regardless of the volatility observed in the earnings per share, indicating a highly stable payout policy.
- Analysis of Earnings-to-Dividend Correlation
- A lack of correlation is observed between annual earnings fluctuations and dividend payments. During the significant earnings contractions of 2015 and 2018, the dividend per share continued to increase. This suggests that the dividend policy is decoupled from short-term earnings performance, likely supported by accumulated retained earnings or a strategic commitment to maintain shareholder returns during periods of operational or financial volatility.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?