Discounted Cash Flow

Becton Dickinson & Co.

BDX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $12.5b $976.0m $1.9b 7.8% $4.59
2017 $12.1b (-3.1%) $1.1b (12.7%) $1.8b (-2.3%) 9.1% (16.3%) $4.70 (2.4%)
2018 $16.0b (32.2%) $311.0m (-71.7%) $2.0b (8.1%) 1.9% (-78.6%) $0.62 (-86.8%)
2019 $17.3b (8.2%) $1.2b (296.5%) $2.4b (20.5%) 7.1% (266.5%) $4.01 (546.8%)
2020 $17.1b (-1.0%) $874.0m (-29.1%) $2.7b (15.0%) 5.1% (-28.4%) $2.75 (-31.4%)
2021 $20.2b (18.3%) $2.1b (139.4%) $3.4b (25.2%) 10.3% (102.3%) $6.92 (151.6%)
2022 $18.9b (-6.8%) $1.8b (-15.0%) $-810.0m (-123.7%) 9.4% (-8.8%) $5.93 (-14.3%)
2023 $19.4b (2.7%) $1.5b (-16.6%) $-875.0m (-8.0%) 7.7% (-18.7%) $4.97 (-16.2%)
2024 $20.2b (4.2%) $1.7b (14.9%) $-467.0m (46.6%) 8.4% (10.3%) $5.88 (18.3%)
2025 $21.8b (8.2%) $1.7b (-1.6%) $-760.0m (-62.7%) 7.7% (-9.1%) $5.83 (-0.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model