Becton, Dickinson and Company DCF Stock Analysis

Here’s my assumptions:

Risk Free Rate (10 Years Interest Rate Swap): 3.89%

Risk Premium (Taken from the Aswath Damodaran equity premium spreadsheet): 4.33%

Interest Rate Spread on The Risk free rate ( For the cost of debt calculation): 3.5%

Historical Data

Revenue growth in the last 10 years (CAGR): 6.97%

Earnings growth in the last 10 years (CAGR): 9.39%

Unlevered Free Cash Flow growth in the last 10 years (CAGR): 8.65%

Future Assumptions

End of Year FCF growth: 4%

Growth until end of 2026: 8%

Growth until end of 2034: 6%

Perpetual growth: 3%

Net Debt: 18.584B

Stock Appreciation Rights Present Value Assumption: ~$0B (Weighted Average Strike Price is below the current stock price)

Restricted Stock Units + Performance Stock Units Present Value Assumption: $0.501B

Stock Valuation based on these assumptions: $349

Last update 09/21/2025

All the content in this newsletter should be taken as informational content only. THIS IS NOT FINANCIAL ADVICE! Do your own Due Diligence before investing or contact a professional financial advisor.

I don’t have a position in Becton, Dickinson & Company (BDX) and I don’t plan to add a position in the coming days.