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The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Becton Dickinson has an F-score of 5 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Becton Dickinson's Piotroski F-Score or its related term are showing as below:
During the past 13 years, the highest Piotroski F-Score of Becton Dickinson was 8. The lowest was 4. And the median was 6.
The historical data trend for Becton Dickinson's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Becton Dickinson Annual Data | |||||||||||||||||||||
Trend | Sep14 | Sep15 | Sep16 | Sep17 | Sep18 | Sep19 | Sep20 | Sep21 | Sep22 | Sep23 | |||||||||||
Piotroski F-Score | Get a 7-Day Free Trial | 8.00 | 5.00 | 8.00 | 5.00 | 5.00 |
Becton Dickinson Quarterly Data | ||||||||||||||||||||
Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | |
Piotroski F-Score | Get a 7-Day Free Trial | 5.00 | 5.00 | 6.00 | 5.00 | 5.00 |
For the Medical Instruments & Supplies subindustry, Becton Dickinson's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Medical Devices & Instruments industry and Healthcare sector, Becton Dickinson's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Becton Dickinson's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun24) TTM: | Last Year (Jun23) TTM: |
Net Income was 108 + 281 + 537 + 487 = $1,413 Mil. Cash Flow from Operations was 1325 + 841 + 515 + 1263 = $3,944 Mil. Revenue was 5087 + 4706 + 5045 + 4990 = $19,828 Mil. Gross Profit was 1701 + 2027 + 2304 + 2307 = $8,339 Mil. Average Total Assets from the begining of this year (Jun23) to the end of this year (Jun24) was (53017 + 52780 + 52274 + 54157 + 55582) / 5 = $53562 Mil. Total Assets at the begining of this year (Jun23) was $53,017 Mil. Long-Term Debt & Capital Lease Obligation was $18,131 Mil. Total Current Assets was $12,207 Mil. Total Current Liabilities was $6,605 Mil. |
Net Income was 288 + 509 + 460 + 407 = $1,664 Mil. Revenue was 4761 + 4586 + 4821 + 4878 = $19,046 Mil. Gross Profit was 2077 + 2133 + 2235 + 2100 = $8,545 Mil. Average Total Assets from the begining of last year (Jun22) to the end of last year (Jun23) was (53199 + 52934 + 53129 + 54394 + 53017) / 5 = $53334.6 Mil. Total Assets at the begining of last year (Jun22) was $53,199 Mil. Long-Term Debt & Capital Lease Obligation was $14,926 Mil. Total Current Assets was $8,588 Mil. Total Current Liabilities was $6,878 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Becton Dickinson's current Net Income (TTM) was 1,413.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Becton Dickinson's current Cash Flow from Operations (TTM) was 3,944.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Jun23) |
= | 1413 | / | 53017 | |
= | 0.02665183 |
ROA (Last Year) | = | Net Income | / | Total Assets (Jun22) |
= | 1664 | / | 53199 | |
= | 0.03127878 |
Becton Dickinson's return on assets of this year was 0.02665183. Becton Dickinson's return on assets of last year was 0.03127878.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Becton Dickinson's current Net Income (TTM) was 1,413. Becton Dickinson's current Cash Flow from Operations (TTM) was 3,944.
==> 3,944 > 1,413 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Jun24) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun23 to Jun24 |
= | 18131 | / | 53562 | |
= | 0.33850491 |
Gearing (Last Year: Jun23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Jun22 to Jun23 |
= | 14926 | / | 53334.6 | |
= | 0.27985585 |
Becton Dickinson's gearing of this year was 0.33850491. Becton Dickinson's gearing of last year was 0.27985585.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Jun24) | = | Total Current Assets | / | Total Current Liabilities |
= | 12207 | / | 6605 | |
= | 1.84814534 |
Current Ratio (Last Year: Jun23) | = | Total Current Assets | / | Total Current Liabilities |
= | 8588 | / | 6878 | |
= | 1.24861878 |
Becton Dickinson's current ratio of this year was 1.84814534. Becton Dickinson's current ratio of last year was 1.24861878.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Becton Dickinson's number of shares in issue this year was 290.253. Becton Dickinson's number of shares in issue last year was 287.944.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 8339 | / | 19828 | |
= | 0.42056688 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 8545 | / | 19046 | |
= | 0.44865064 |
Becton Dickinson's gross margin of this year was 0.42056688. Becton Dickinson's gross margin of last year was 0.44865064.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Jun23) |
= | 19828 | / | 53017 | |
= | 0.37399325 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Jun22) |
= | 19046 | / | 53199 | |
= | 0.35801425 |
Becton Dickinson's asset turnover of this year was 0.37399325. Becton Dickinson's asset turnover of last year was 0.35801425.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 1 | |
= | 5 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Becton Dickinson has an F-score of 5 indicating the company's financial situation is typical for a stable company.
Becton Dickinson (NYSE:BDX) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Becton Dickinson's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Thomas J Spoerel | officer: VP Controller & Chief Acct Off | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Roland Goette | officer: EVP and President, EMEA | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Michael David Garrison | officer: EVP and President Medical | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Richard Byrd | officer: EVP & President Interventional | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Claire Fraser | director | C/O BECTON, DICKINSON AND COMPANY, FRANKLIN LAKES NJ 07465 |
David Hickey | officer: EVP & President, Life Sciences | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Joanne Waldstreicher | director | C/O STRUCTURE THERAPEUTICS INC., 611 GATEWAY BLVD, SUITE 223, SOUTH SAN FRANCISCO CA 94080 |
Michelle Quinn | officer: EVP and Acting General Counsel | 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
David Shan | officer: EVP, Integrated Supply Chain | 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Christopher Delorefice | officer: EVP & CFO | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Polen Thomas E Jr | officer: Executive Vice President | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Samrat S. Khichi | officer: EVP and General Counsel | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
Rishi Grover | officer: EVP and Chief ISC Officer | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Pavan Kumar Mocherla | officer: EVP and President Greater Asia | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
James C Lim | officer: Executive Vice President | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
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