BECTON DICKINSON & CO vs STRYKER CORP, two Medical Devices stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both prices assume the med-tech cycle keeps paying, but they assume it differently: Stryker at 38.5 times earnings is priced for continued compounding from a franchise earning a 15.6% operating margin, while Becton Dickinson at 39.6 times is priced for a restructuring to lift its 2% operating margin back toward its history. Same multiple, opposite burdens of proof. Stryker's economics answer today, 13.2% net margin, 14.5% return on equity; BD's answer is a 2.7% dividend and the argument that separation costs are temporary. Stryker converts 3.6% of its price into free cash; BD runs slightly negative. Paying the same for demonstrated and promised earnings is the market calling BD's promise credible; the cash flows have not co-signed yet.
Comparison updated 2026-07-10.
| Metric | BDX | SYK |
|---|---|---|
| Price | $155.94 | $332.30 |
| Market cap | $43.8B | $128.4B |
| Sector | Medical Devices | Medical Devices |
| Stage | Mature | Mature |
| Implied growth (priced in) | +10.4% | +23.7% |
| P/E | 39.6 | 38.5 |
| P/B | 1.81 | 5.59 |
| P/S | 1.98 | 5.08 |
| EV/EBITDA | 16.9 | 21.3 |
| Revenue growth | +10.0% | +8.8% |
| Gross margin | — | 63.3% |
| Operating margin | 2.0% | 15.6% |
| Net margin | 5.1% | 13.2% |
| Return on equity | 4.7% | 14.5% |
| Return on assets | 2.2% | 7.2% |
| Return on invested capital | 4.6% | 11.6% |
| FCF yield | -0.3% | 3.6% |
| Dividend yield | 2.7% | 0.5% |
| Debt / equity | 0.72 | 0.64 |
| Current ratio | 0.94 | 2.11 |
| Altman Z (solvency) | 6.91 | 4.73 |
| Piotroski F (quality) | 5 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.