Does BECTON DICKINSON & CO have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores BECTON DICKINSON & CO (BDX) 35.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 76, returns on capital 0, balance-sheet safety 10, capital discipline 54.

Is BDX stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $155.58 per share versus a recent price of $158.17 — around fair value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has BDX's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 35.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

BECTON DICKINSON & CO

BDX · Healthcare · $45.1B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power76

Median gross margin 45.5% over 10y, very stable.

Returns on capital0

Median ROIC 5.0%, above the 9% hurdle in 0% of years.

Balance-sheet safety10

Net debt/EBITDA 3.7x, interest coverage 4x.

Capital discipline54

Owner earnings +10.3%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale

Around fair value

Owner earnings (normalized): $3.1B
Est. intrinsic value / share: $155.58
Recent price: $158.17
Discount to value: Around fair value

Conservative model: 9% discount rate, 2% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

BECTON DICKINSON & CO booked $21.8B of revenue in FY2025 in the Healthcare sector and kept 45.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 7.7% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $6.3B (FY2007) to $21.8B (FY2025) — about 7.2% a year compounded over 18 years.

It earned 5.2% on invested capital in FY2025, with a median of 6.4% across 18 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $19.2B of total debt in FY2025 against $3.4B of owner earnings — roughly 5.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 10/100.

The share count rose 20.4% between FY2009 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 54/100.

Put together: Pricing Power is the strongest of the four filters (76/100) and Returns on Capital the weakest (0/100), which is how BDX lands at 36/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$21.8B FY2025

Gross marginRevenue kept after cost of goods45.4% FY2025

Return on invested capitalOperating profit on the capital employed5.2% FY2025

Owner earningsCash an owner could take out$3.4B FY2025

Gaps in a line mean that item isn’t in BDX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale35.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BDX has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#294 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#292TELA TELA Bio, Inc.35.8 out of 100, No moatNo moat
#293STEX STREAMEX CORP.35.7 out of 100, No moatNo moat
#295CERS CERUS CORPORATION35.5 out of 100, No moatNo moat
#296INIS RADNOSTIX INC.35.5 out of 100, No moatNo moat

Compare BDX with its nearest peers →All Healthcare companies on the Index →

Common questions about BDX

Does BECTON DICKINSON & CO have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores BECTON DICKINSON & CO (BDX) 35.6 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 76, returns on capital 0, balance-sheet safety 10, capital discipline 54.
Is BDX stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 2% assumed growth, capped at 4%), estimated intrinsic value is $155.58 per share versus a recent price of $158.17 — around fair value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has BDX's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 35.6 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BDX. See the disclaimer.