BECTON DICKINSON & CO（BDX）の決算・業績分析
BECTON DICKINSON & COの2025年有価証券報告書をAI分析。売上高$21.8B(+8.2%)。営業利益$2.6B。Health Care。
目次
BECTON DICKINSON & COの2025年度 業績サマリー
BECTON DICKINSON & CO（証券コード: BDX）の2025年度決算・業績分析。売上高は$21.8B（前年比+8.2%）。営業利益は$2.6B（前年比+7.6%）。純利益は$1.7B（前年比-1.6%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
BECTON DICKINSON & COの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue declined 1.4% YoY to $18.9B, but operating income rose 1.4% to $2.3B (XBRL).
- Net income fell 15.0% YoY to $1.8B, despite a 12.1% operating margin (XBRL).
- Free cash flow (FCF) reached $1.5B, driven by $2.5B operating cash flow and $973M CapEx (XBRL).
- Net debt stood at $13.3B (3.0x EBITDA), with $14.7B in long-term debt (XBRL).
- R&D investment totaled $1.3B, reflecting continued focus on innovation (XBRL).
BECTON DICKINSON & COの売上高変化の要因
- •Total revenue declined 1.4% YoY to $18.9B, with no segment-specific revenue breakdowns available in the XBRL data or 10-K text (N/A). The acquisition of Edwards Lifesciences’ Critical Care product group is highlighted as a growth driver, though segment-level performance details are not disclosed (10-K). Historical revenue trends show a 5-year CAGR of +3.9%, peaking at $19.1B in FY2023 before declining slightly in FY2024 (XBRL).
BECTON DICKINSON & COの営業利益変化の要因
- •Operating income increased 1.4% YoY to $2.3B, with an operating margin of 12.1% (XBRL). Net income fell 15.0% YoY to $1.8B, though the company maintained a 9.4% net margin (XBRL). Gross profit and gross margin data are not available in the XBRL or 10-K text (N/A). The BD Excellence program is cited as a factor in margin expansion (10-K).
BECTON DICKINSON & COの事業リスクと対応
Global economic downturns and inflation may reduce demand, disrupt supply chains, and increase costs (10-K).
International operations face political instability, currency volatility, and regulatory hurdles (10-K).
Supply chain disruptions and material shortages could impact production and pricing (10-K).
Compliance risks under anti-corruption laws and economic sanctions may lead to penalties (10-K).
Regulatory requirements in foreign markets, including product authorization and export controls, affect market access (10-K).
International competition from local companies and evolving healthcare payment systems threaten market position (10-K).
BECTON DICKINSON & COの今後の見通し・業績予想
BECTON DICKINSON & COの事業内容
Becton Dickinson & Co (BDX) is a global medical technology company that develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products (10-K). It operates through three segments: BD Medical (medication delivery, patient monitoring, surgical solutions), BD Life Sciences (diagnostic systems, biosciences tools), and BD Interventional (interventional devices). In FY2024, the company acquired BD Advanced Patient Monitoring, expanding its capabilities in critical care (10-K). Key customers include hospitals, clinics, physicians, pharmaceutical companies, and research institutions, with no significant customer concentration reported (N/A).
BECTON DICKINSON & COのAI業績分析レポート（2024年度）
Becton Dickinson & Co (BDX) FY2024 Annual Report Analysis
Highlights
Business Overview
Becton Dickinson & Co (BDX) is a global medical technology company that develops, manufactures, and sells medical supplies, devices, laboratory equipment, and diagnostic products (10-K). It operates through three segments: BD Medical (medication delivery, patient monitoring, surgical solutions), BD Life Sciences (diagnostic systems, biosciences tools), and BD Interventional (interventional devices). In FY2024, the company acquired BD Advanced Patient Monitoring, expanding its capabilities in critical care (10-K). Key customers include hospitals, clinics, physicians, pharmaceutical companies, and research institutions, with no significant customer concentration reported (N/A).
Revenue Analysis
Total revenue declined 1.4% YoY to $18.9B, with no segment-specific revenue breakdowns available in the XBRL data or 10-K text (N/A). The acquisition of Edwards Lifesciences’ Critical Care product group is highlighted as a growth driver, though segment-level performance details are not disclosed (10-K). Historical revenue trends show a 5-year CAGR of +3.9%, peaking at $19.1B in FY2023 before declining slightly in FY2024 (XBRL).
Profitability Analysis
Operating income increased 1.4% YoY to $2.3B, with an operating margin of 12.1% (XBRL). Net income fell 15.0% YoY to $1.8B, though the company maintained a 9.4% net margin (XBRL). Gross profit and gross margin data are not available in the XBRL or 10-K text (N/A). The BD Excellence program is cited as a factor in margin expansion (10-K).
Balance Sheet Analysis
Equity ratio was 48.9%, with total equity of $25.8B as of FY2024 (XBRL). Current ratio stood at 1.31x, and cash reserves totaled $1.4B (XBRL). Long-term debt reached $14.7B, resulting in net debt of $13.3B (3.0x EBITDA) (XBRL). Asset quality and structure details are not disclosed in the XBRL or 10-K text (N/A).
Cash Flow Analysis
Operating cash flow was $2.5B, with free cash flow (FCF) of $1.5B after $973M in CapEx (XBRL). The company returned $1.6B to shareholders via $1.1B in dividends and $500M in share repurchases (XBRL). Investing activities included a $3.911B acquisition of Edwards Lifesciences’ Critical Care product group (10-K).
Working Capital Analysis
Cash conversion cycle (CCC) was 106 days, with receivables days at 49, inventory days at 115, and payables days at 58 (XBRL).
Risks
Outlook
Management expects the acquisition of BD Advanced Patient Monitoring, the BD Excellence program for margin expansion, R&D investment, and a focus on emerging markets to drive future results (10-K). No specific financial guidance is provided in the XBRL or 10-K text (N/A).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 16.0B | 17.3B | 16.1B | 19.1B | 18.9B | 19.4B |
| Operating Income | 1.5B | 1.8B | 912M | 2.2B | 2.3B | 2.1B |
| Net Income | 311M | 1.2B | 874M | 2.1B | 1.8B | 1.5B |
| Total Assets | 53.9B | 54.0B | 53.9B | 52.9B | 52.8B | 57.3B |
| Total Equity | 21.1B | 23.8B | 23.7B | 25.3B | 25.8B | 25.9B |
| Operating Cash Flow | 2.9B | 3.3B | 2.9B | 4.1B | 2.5B | 3.0B |
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