Becton, Dickinson and Company (BDX) Stock Analysis

Becton, Dickinson and Company is now a focused pure-play medical technology company following the February 9, 2026 completion of its Biosciences and Diagnostic Solutions spin-off and combination with Waters Corporation in an $18.8 billion Reverse Morris Trust transaction. BD received $4 billion of cash, allocated equally to share repurchases and debt reduction. Its four segments—Medical Essentials, Connected Care, BioPharma Systems, and Interventional—serve hospitals, laboratories, pharmaceutical companies, and home healthcare providers with clinically necessary products. **The recurring consumables base, representing more than 70% of revenue, provides defensive demand and strong cash-flow visibility**, while GLP-1 delivery, Advanced Patient Monitoring, PureWick, and the recovering Alaris franchise provide upside. Q2 FY2026 revenue rose 5.2% reported and 2.6% currency-neutral to $4.714 billion, while adjusted EPS increased 3.9% to $2.90 and exceeded consensus. FY2026 adjusted EPS guidance was raised to $12.52–$12.72. At $165.62, BD trades at 13.2x FY2026 and 12.3x FY2027 adjusted EPS versus a five-year historical average of 24.0x. The near-term catalyst is Q3 FY2026 earnings on August 6, 2026, particularly evidence of margin stabilization and Alaris momentum.