Becton Dickinson And Co
BDXAbove valueHeld by 8 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-09-30Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +8.2%
- Net margin
- 7.7%
- ROE
- 6.6%
- FCF margin
- 12.2%
Valuation · value band
Above fair value
Zero-growth floor
$62
Central IV
$79
Optimistic top
$91
Becton Dickinson And Co (BDX): A conservative value band $62–$91 / sh (zero-growth floor to growth-capped optimistic top); central read about $79. Today’s price sits above that band (price $190 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
- Recent earnings are below the multi-year average, so the band uses the lower run-rate.
Revenue growth 0% (history declining, capped at zero) · moat 10 yr · discount 12.1% · Zero-growth downside $62
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $70.77 – $89.53 · Greenwald zero-growth $90.89 · zero-growth base $90.89 · reproduction $36.45
Moat Franchise (moat) · terminal value 32% of present value · owner-earnings yield 5% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)$61.90 – $88.66 / sh
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Maintenance-capex methods diverge by 318% (> 50%); estimate is degraded. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).
Buffett owner-earnings value$76.41 – $90.89 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 10.6–12.6% band (9–11% base + 1.6pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Maintenance-capex methods diverge by 318% (> 50%); estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 1.6pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 6.1 years of owner earnings, adding 1.6pp of cost-of-equity risk premium.
Reproduction value = tangible net assets $-9.55B + capitalized R&D $2.60B（FY 2026, 2024, 2023, 2022） = $36.45 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Assumes a narrow moat · competitive-advantage period ≈ 10 years.
Growth value not assessable — No positive growth reinvestment in the matured window, so ROIIC cannot be computed.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 10% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Baseline 9%–11%, net debt ≈ 6.1 years of owner earnings → +1.6pp cost-of-equity premium → effective 10.6%–12.6%.
Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 10.71%–13.55% (DGS10 +4.5% to a 12% strict end, each +1.55pp for leverage premium, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 17.5% a year in owner-earnings for the next few years. Revenue actually grew 3.6% a year.
The market wants it well ahead of its own track record.
Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.
SEC 13F · holders
Superinvestors Holding This Security
8 holders · $1.67B combined · this quarter +1 opened / -0 exited
- Value$859.8MWeight (prev→now)New · 9.9%
- Value$355.8MWeight (prev→now)0.5% → 0.5% ▲
- Value$319.4MWeight (prev→now)4.4% → 4.0% ▼
- Value$124.8MWeight (prev→now)1.2% → 1.2% ▲
- Value$6.9MWeight (prev→now)1.7% → 1.5% ▼
- Value$2.3MWeight (prev→now)1.6% → 1.7% ▲
- Value$1.9MWeight (prev→now)0.0% → 0.0% ▲
- Value$1.4MWeight (prev→now)0.0% → 0.0% ▼
SEC 13F · notes
Written summary
Written summary
Becton Dickinson And Co (BDX) is held by 8 of the superinvestors tracked on Compounder, with a combined $1.67B in reported 13F value. The largest position belongs to Edgar Wachenheim, where it makes up 9.9% of the portfolio.
Other notable holders by value include Bill Nygren (0.5% of its book), Steven Romick (4.0% of its book) and Jim Cullen (1.2% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in BDX, 5 added to existing ones, 1 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
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Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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