BECTON, DICKINSON AND COMPANY

Red flags

• BD had approximately 6,905 outstanding hernia product liability claims at September 30, 2025; settlements are paid over multiple years and future charges could exceed accruals.
• The company reported $1.751 billion of purchase commitments, largely due within one year, while holding only $859 million of cash, equivalents and short-term investments including restricted cash.
• Fiscal 2025 shareholder returns included $1.196 billion of dividends and approximately $1 billion of buybacks despite substantial debt and legal uncertainty.