Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Becton, Dickinson & Co. (NYSE:BDX)

Market Value Added (MVA)

Advanced level

Market value added (MVA) is the difference between a firms’s fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

Becton, Dickinson & Co., MVA calculation

US$ in millions

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Fair value of debt1 20,509  21,413  19,409  12,299  13,052  4,303 
Operating lease liability 489  456  250  250  225  173 
Market value of common equity 70,428  64,929  51,120  35,772  31,636  27,119 
Preferred stock —  —  — 
Less: Short-term investments 30  17  21  27  20  884 
Market (fair) value of BD 91,398  86,783  70,760  48,294  44,893  30,710 
Less: Invested capital2 45,180  47,282  34,655  22,258  23,472  9,029 
MVA 46,218  39,501  36,105  26,036  21,421  21,682 

Based on: 10-K (filing date: 2019-11-27), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-26).

1 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA Becton, Dickinson & Co.’s market (fair) value less invested capital. Becton, Dickinson & Co.’s MVA increased from 2017 to 2018 and from 2018 to 2019.

MVA Spread Ratio

Becton, Dickinson & Co., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Selected Financial Data (US$ in millions)
Market value added (MVA)1 46,218  39,501  36,105  26,036  21,421  21,682 
Invested capital2 45,180  47,282  34,655  22,258  23,472  9,029 
Performance Ratio
MVA spread ratio3 102.30% 83.54% 104.18% 116.97% 91.26% 240.14%
Benchmarks
MVA Spread Ratio, Competitors4
Boston Scientific Corp. 229.03% 291.30% 233.81% 224.27% 140.52%
Danaher Corp. 134.86% 100.14% 85.75% 69.39% 69.43%
Intuitive Surgical Inc. 1,771.34% 2,073.86% 2,462.88% 1,037.27% 906.46%
Medtronic PLC 115.43% 93.78% 85.71% 83.75% 68.84%
Stryker Corp. 303.17% 272.41% 259.64% 210.02% 221.37%
Thermo Fisher Scientific Inc. 170.63% 137.09% 105.23% 80.43% 67.32%
UnitedHealth Group Inc. 286.12% 273.30% 265.08% 189.76% 112.63%

Based on: 10-K (filing date: 2019-11-27), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-26).

1 MVA. See details »

2 Invested capital. See details »

3 2019 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 46,218 ÷ 45,180 = 102.30%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. Becton, Dickinson & Co.’s MVA spread ratio deteriorated from 2017 to 2018 but then improved from 2018 to 2019 not reaching 2017 level.

MVA Margin

Becton, Dickinson & Co., MVA margin calculation, comparison to benchmarks

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Selected Financial Data (US$ in millions)
Market value added (MVA)1 46,218  39,501  36,105  26,036  21,421  21,682 
Revenues 17,290  15,983  12,093  12,483  10,282  8,446 
Performance Ratio
MVA margin2 267.31% 247.14% 298.56% 208.57% 208.33% 256.71%
Benchmarks
MVA Margin, Competitors3
Boston Scientific Corp. 433.90% 475.87% 333.72% 324.69% 230.14%
Danaher Corp. 437.77% 225.39% 199.13% 173.86% 146.35%
Intuitive Surgical Inc. 1,312.50% 1,410.73% 1,322.65% 790.83% 660.74%
Medtronic PLC 271.71% 219.67% 228.89% 223.81% 267.53%
Stryker Corp. 474.06% 415.93% 365.18% 317.37% 272.53%
Thermo Fisher Scientific Inc. 352.26% 292.33% 260.23% 193.16% 154.14%
UnitedHealth Group Inc. 91.49% 85.46% 82.97% 58.66% 41.21%

Based on: 10-K (filing date: 2019-11-27), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-26).

1 MVA. See details »

2 2019 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × 46,218 ÷ 17,290 = 267.31%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. Becton, Dickinson & Co.’s MVA margin ratio deteriorated from 2017 to 2018 but then slightly improved from 2018 to 2019.