Becton, Dickinson and Company

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF on the post-separation continuing-operations business: $2.3B normalized FCF base (annualized from 9-month FY2026 continuing-ops FCF of $1.7B, excluding the divested Biosciences/Diagnostics business sold to Waters in the Feb 2026 Reverse Morris Trust split); 6% annual FCF growth years 1-5 (blend of ~5% revenue growth and margin/buyback-driven EPS acceleration); 4% growth years 6-10; 7.5% discount rate; 3% terminal growth; $16.1B net debt; 272.4M diluted shares outstanding

Reasoning: BD's reported blended TTM financials mix in the divested Biosciences/Diagnostics unit, so the DCF is built on the smaller, continuing-operations base analysts now use (~$19.3B revenue run-rate) to avoid overstating both the size and growth trend of the go-forward company