Becton, Dickinson & Co., FCFE calculation

USD $ in millions

	12 months ended	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015	Sep 30, 2014	Sep 30, 2013
	Net income
	Net noncash charges
	Change in operating assets and liabilities
	Net cash provided by operating activities
	Capital expenditures
	Change in credit facility borrowings
	Proceeds from long-term debt and term loans
	Payments of debt and term loans
	Free cash flow to equity (FCFE)

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Becton, Dickinson & Co.’s equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Becton, Dickinson & Co.’s FCFE increased from 2016 to 2017 but then slightly declined from 2017 to 2018 not reaching 2016 level.

Becton, Dickinson & Co., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Intuitive Surgical Inc.
Medtronic PLC
Stryker Corp.
Thermo Fisher Scientific Inc.
UnitedHealth Group Inc.
P/FCFE, Sector
Health Care Equipment & Services
P/FCFE, Industry
Health Care

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Becton, Dickinson & Co., historical P/FCFE calculation, comparison to benchmarks

		Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015	Sep 30, 2014	Sep 30, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Intuitive Surgical Inc.
	Medtronic PLC
	Stryker Corp.
	Thermo Fisher Scientific Inc.
	UnitedHealth Group Inc.
	P/FCFE, Sector
	Health Care Equipment & Services
	P/FCFE, Industry
	Health Care

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Becton, Dickinson & Co.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
= hidden ÷ hidden = hidden

⁵ P/FCFE = Share price ÷ FCFE per share
= hidden ÷ hidden = hidden

Ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Becton, Dickinson & Co.’s P/FCFE ratio declined from 2016 to 2017 but then slightly increased from 2017 to 2018.

	Becton, Dickinson & Co.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Becton, Dickinson & Co. (BDX)

Price to FCFE (P/FCFE)