Current EV
Historical EV

Becton, Dickinson & Co., current enterprise value calculation

Current share price (P)	$259.64
No. shares of common stock outstanding	285,064,629
US$ in millions
Common equity (market value)¹	74,014)
Add: Preferred stock (per books)	2)
Total equity	74,016)
Add: Short-term debt (per books)	500)
Add: Long-term debt, excluding current portion (per books)	17,110)
Total equity and debt	91,626)
Less: Cash and equivalents	2,283)
Less: Restricted cash	109)
Less: Short-term investments	12)
Enterprise value (EV)	89,222)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 259.64 × 285,064,629

Becton, Dickinson & Co., EV calculation

	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016
Share price^1, 2	$244.46	$227.47	$260.40	$242.04	$224.23	$168.48
No. shares of common stock outstanding¹	284,023,582	290,031,363	270,459,892	268,257,940	227,978,328	212,319,588
US$ in millions
Common equity (market value)³	69,432)	65,973)	70,428)	64,929)	51,120)	35,772)
Add: Preferred stock (book value)	2)	2)	2)	2)	2)	—)
Total equity	69,434)	65,975)	70,430)	64,931)	51,122)	35,772)
Add: Short-term debt (book value)	500)	707)	1,309)	2,601)	203)	1,001)
Add: Long-term debt, excluding current portion (book value)	17,110)	17,224)	18,081)	18,894)	18,667)	10,550)
Total equity and debt	87,044)	83,906)	89,820)	86,426)	69,992)	47,323)
Less: Cash and equivalents	2,283)	2,825)	536)	1,140)	14,179)	1,541)
Less: Restricted cash	109)	92)	54)	96)	—)	—)
Less: Short-term investments	12)	20)	30)	17)	21)	27)
Enterprise value (EV)	84,640)	80,969)	89,200)	85,173)	55,792)	45,755)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Becton, Dickinson & Co. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 244.46 × 284,023,582

Common equity (market value) and Total equity trends: Both common equity (market value) and total equity exhibit a general upward trend from 2016 through 2019, increasing from approximately 35.8 billion US dollars in 2016 to around 70.4 billion US dollars in 2019. However, in 2020, both figures decline noticeably, falling to approximately 66.0 billion US dollars. In 2021, a moderate recovery is observed, with values rising again to about 69.4 billion US dollars. The close alignment of common equity market value and total equity across all years suggests a strong correlation between market perceptions and accounting measures of equity.
Total equity and debt and Enterprise value (EV) trends: Total equity and debt show significant growth from 47.3 billion US dollars in 2016 to a peak of 89.8 billion US dollars in 2019, followed by a decline to approximately 83.9 billion US dollars in 2020, and a partial rebound to roughly 87.0 billion US dollars in 2021. Enterprise value (EV) also follows a similar pattern, increasing from 45.8 billion US dollars in 2016 to 89.2 billion US dollars in 2019 before dropping to 81.0 billion US dollars in 2020 and recovering to 84.6 billion US dollars in 2021. This parallel movement indicates that changes in the capital structure are likely influential factors behind the fluctuations observed in enterprise value.
Overall observations: The data indicate that the company experienced consistent growth in equity and valuation from 2016 to 2019, suggesting a positive operating environment and increased investor confidence during this period. The decline in 2020 across multiple metrics may reflect external challenges or market disruptions impacting financial performance or investor sentiment. The partial recovery in 2021 points to gradual stabilization or improvement, although values had not fully returned to their 2019 peaks by the end of the period analyzed.

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Becton, Dickinson & Co. (NYSE:BDX)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)