Becton Dickinson vs Medtronic
Medtronic reported revenue of $36.4 billion in fiscal 2026, 1.7 times Becton Dickinson's $21.8 billion in fiscal 2025. Becton Dickinson's revenue grew 8.2% in its latest year, and Medtronic's grew 8.4%. Becton Dickinson had an operating margin of 11.8%, against 17.8% at Medtronic. Free cash flow was $2.7 billion at Becton Dickinson and $5.4 billion at Medtronic. Their fiscal years end in different months (September 30 and April 24), so the periods don't line up exactly.
Side by side
| Becton Dickinson | Medtronic | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2026, Apr 24, 2026 |
| Revenue | $21.8B | $36.4B |
| Revenue growth | 8.2% | 8.4% |
| Revenue growth a year, last 5 years | 6.3% | 3.8% |
| Gross margin | 45.4% | 65.0% |
| Operating margin | 11.8% | 17.8% |
| Net margin | 7.7% | 13.2% |
| Free cash flow | $2.7B | $5.4B |
| Free cash flow margin | 12.2% | 14.9% |
| Return on capital | 5.5% | 7.7% |
| Net debt to EBITDA | 3.4x | 1.8x |
| Dividends and buybacks | $2.2B | $4.7B |
| Change in diluted share count | −0.9% | −0.1% |
| Last close | $196.39 | $94.79 |
| P/E at the last close | 59.2× | 23.3× |
| Insider trades, last 12 months | sold $2.8 million | sold $14.7 million |
| Piotroski F-score | 6 of 9 | 7 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Becton DickinsonMedtronic
Operating margin
Percent of revenue
Becton DickinsonMedtronic
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Becton DickinsonMedtronic
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Becton Dickinson and Medtronic pages.