Becton, Dickinson & Co., FCFF calculation

US$ in millions

12 months ended:	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Net income	2,092)	874)	1,233)	311)	1,100)	976)
Net noncash charges	2,253)	2,552)	2,468)	1,657)	1,821)	1,184)
Change in operating assets and liabilities	302)	113)	(371)	897)	(371)	399)
Net cash provided by operating activities	4,647)	3,539)	3,330)	2,865)	2,550)	2,559)
Interest paid, net of amounts capitalized, net of tax¹	442)	457)	520)	547)	283)	356)
Capitalized interest, net of tax²	40)	38)	35)	34)	21)	27)
Capital expenditures	(1,231)	(810)	(957)	(895)	(727)	(693)
Free cash flow to the firm (FCFF)	3,898)	3,224)	2,928)	2,551)	2,127)	2,250)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Becton, Dickinson & Co. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Becton, Dickinson & Co. FCFF increased from 2019 to 2020 and from 2020 to 2021.

Becton, Dickinson & Co., interest paid, net of tax calculation

US$ in millions

12 months ended:	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Effective Income Tax Rate (EITR)
EITR¹	6.70%	11.30%	21.00%	18.90%	35.00%	9.10%
Interest Paid, Net of Tax
Interest paid, net of amounts capitalized, before tax	474)	515)	658)	674)	435)	392)
Less: Interest paid, net of amounts capitalized, tax²	32)	58)	138)	127)	152)	36)
Interest paid, net of amounts capitalized, net of tax	442)	457)	520)	547)	283)	356)
Interest Costs Capitalized, Net of Tax
Capitalized interest, before tax	43)	43)	44)	42)	32)	30)
Less: Capitalized interest, tax³	3)	5)	9)	8)	11)	3)
Capitalized interest, net of tax	40)	38)	35)	34)	21)	27)

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).

¹ See details »

² 2021 Calculation
Interest paid, net of amounts capitalized, tax = Interest paid, net of amounts capitalized × EITR
= 474 × 6.70% = 32

³ 2021 Calculation
Capitalized interest, tax = Capitalized interest × EITR
= 43 × 6.70% = 3

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Becton, Dickinson & Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	89,222)
Free cash flow to the firm (FCFF)	3,898)
Valuation Ratio
EV/FCFF	22.89
Benchmarks
EV/FCFF, Competitors¹
Abbott Laboratories	34.51
Cigna Group	10.91
CVS Health Corp.	11.05
Elevance Health Inc.	15.03
Humana Inc.	7.93
Intuitive Surgical Inc.	170.76
Medtronic PLC	24.46
Shockwave Medical Inc.	72.81
UnitedHealth Group Inc.	17.49
EV/FCFF, Sector
Health Care Equipment & Services	18.82
EV/FCFF, Industry
Health Care	19.04

Based on: 10-K (reporting date: 2021-09-30).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Becton, Dickinson & Co., historical EV/FCFF calculation, comparison to benchmarks

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	84,640)	80,969)	89,200)	85,173)	55,792)	45,755)
Free cash flow to the firm (FCFF)²	3,898)	3,224)	2,928)	2,551)	2,127)	2,250)
Valuation Ratio
EV/FCFF³	21.71	25.12	30.47	33.39	26.24	20.34
Benchmarks
EV/FCFF, Competitors⁴
Abbott Laboratories	23.47	36.94	33.05	—	—	—
Cigna Group	14.17	9.16	10.24	—	—	—
CVS Health Corp.	10.30	9.42	12.30	—	—	—
Elevance Health Inc.	12.74	6.04	12.73	—	—	—
Humana Inc.	42.03	7.92	8.46	—	—	—
Intuitive Surgical Inc.	56.01	76.70	54.58	—	—	—
Medtronic PLC	33.84	21.43	22.07	27.88	—	—
Shockwave Medical Inc.	1,985.84	—	—	—	—	—
UnitedHealth Group Inc.	22.21	15.82	17.51	—	—	—
EV/FCFF, Sector
Health Care Equipment & Services	19.69	14.92	16.68	—	—	—
EV/FCFF, Industry
Health Care	17.46	18.09	18.44	—	—	—

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).

¹ See details »

² See details »

³ 2021 Calculation
EV/FCFF = EV ÷ FCFF
= 84,640 ÷ 3,898 = 21.71

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Becton, Dickinson & Co. EV/FCFF ratio decreased from 2019 to 2020 and from 2020 to 2021.

Becton, Dickinson & Co. (NYSE:BDX)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical