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E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.
Becton Dickinson's adjusted free cash flow per share for the three months ended in Dec. 2024 was $2.025. Add all the adjusted free cash flow per share for the past 10 years together and divide the count will get our Cyclically Adjusted FCF per Share, which is $9.99 for the trailing ten years ended in Dec. 2024.
During the past 12 months, Becton Dickinson's average Cyclically Adjusted FCF Growth Rate was 6.30% per year. During the past 3 years, the average Cyclically Adjusted FCF Growth Rate was 5.20% per year. During the past 5 years, the average Cyclically Adjusted FCF Growth Rate was 7.40% per year. During the past 10 years, the average Cyclically Adjusted FCF Growth Rate was 8.20% per year. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Cyclically Adjusted FCF Growth Rate using Cyclically Adjusted FCF per Share data.
During the past 13 years, the highest 3-Year average Cyclically Adjusted FCF Growth Rate of Becton Dickinson was 29.30% per year. The lowest was -18.80% per year. And the median was 9.50% per year.
As of today (2025-04-28), Becton Dickinson's current stock price is $204.63. Becton Dickinson's Cyclically Adjusted FCF per Share for the quarter that ended in Dec. 2024 was $9.99. Becton Dickinson's Cyclically Adjusted Price-to-FCF of today is 20.48.
During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Becton Dickinson was 41.05. The lowest was 19.89. And the median was 30.43.
The historical data trend for Becton Dickinson's Cyclically Adjusted FCF per Share can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Becton Dickinson Quarterly Data | ||||||||||||||||||||
Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | Jun24 | Sep24 | Dec24 | |
Cyclically Adjusted FCF per Share | Get a 7-Day Free Trial |
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9.40 | 9.51 | 9.73 | 9.89 | 9.99 |
For the Medical Instruments & Supplies subindustry, Becton Dickinson's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Medical Devices & Instruments industry and Healthcare sector, Becton Dickinson's Cyclically Adjusted Price-to-FCF distribution charts can be found below:
* The bar in red indicates where Becton Dickinson's Cyclically Adjusted Price-to-FCF falls into.
E10 is a concept invented by Prof. Robert Shiller, who uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted FCF per Share and the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years.
What is Cyclically Adjusted FCF per Share? How do we calculate Cyclically Adjusted FCF per Share?
Cyclically Adjusted FCF per Share is the average of the inflation adjusted Free Cash Flow per Share of a company over the past 10 years. Let's use an example to explain.
If we want to calculate the Cyclically Adjusted FCF per Share of Wal-Mart (WMT) for Dec. 31, 2010, we need to have the inflation data and the free cash flow per share from 2001 through 2010.
We adjusted the 2001 free cash flow per share data with the total inflation from 2001 through 2010 to the equivalent free cash flow in 2010. If the total inflation from 2001 to 2010 is 40%, and Wal-Mart's free cash flow is $1 a share in 2001, then the 2001's equivalent free cash flow in 2010 is $1.4 a share. If Wal-Mart's free cash flow is $1 again in 2002, and the total inflation from 2002 through 2010 is 35%, then the equivalent 2002 free cash flow in 2010 is $1.35. So on and so forth, you get the equivalent free cash flow per share of past 10 years. Then you add them together and divided the sum by the count to get Cyclically Adjusted FCF per Share.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
For example, Becton Dickinson's adjusted Free Cash Flow per Share data for the three months ended in Dec. 2024 was:
Adj_FreeCashFlowPerShare | = | Free Cash Flow per Share | / | CPI of Dec. 2024 (Change) | * | Current CPI (Dec. 2024) |
= | 2.025 | / | 133.1571 | * | 133.1571 | |
= | 2.025 |
Current CPI (Dec. 2024) = 133.1571.
Becton Dickinson Quarterly Data
Free Cash Flow per Share | CPI | Adj_FreeCashFlowPerShare | |
201503 | 0.360 | 99.621 | 0.481 |
201506 | 1.838 | 100.684 | 2.431 |
201509 | 2.273 | 100.392 | 3.015 |
201512 | 1.521 | 99.792 | 2.030 |
201603 | 1.995 | 100.470 | 2.644 |
201606 | 3.170 | 101.688 | 4.151 |
201609 | 1.902 | 101.861 | 2.486 |
201612 | 0.937 | 101.863 | 1.225 |
201703 | 2.584 | 102.862 | 3.345 |
201706 | 0.860 | 103.349 | 1.108 |
201709 | 3.715 | 104.136 | 4.750 |
201712 | 0.622 | 104.011 | 0.796 |
201803 | 1.807 | 105.290 | 2.285 |
201806 | 1.259 | 106.317 | 1.577 |
201809 | 3.621 | 106.507 | 4.527 |
201812 | 0.288 | 105.998 | 0.362 |
201903 | 2.168 | 107.251 | 2.692 |
201906 | 2.537 | 108.070 | 3.126 |
201909 | 3.676 | 108.329 | 4.518 |
201912 | 1.964 | 108.420 | 2.412 |
202003 | 0.949 | 108.902 | 1.160 |
202006 | 2.315 | 108.767 | 2.834 |
202009 | 4.454 | 109.815 | 5.401 |
202012 | 4.391 | 109.897 | 5.320 |
202103 | 3.185 | 111.754 | 3.795 |
202106 | 2.508 | 114.631 | 2.913 |
202109 | 1.730 | 115.734 | 1.990 |
202112 | 1.712 | 117.630 | 1.938 |
202203 | 0.773 | 121.301 | 0.849 |
202206 | 1.013 | 125.017 | 1.079 |
202209 | 2.284 | 125.227 | 2.429 |
202212 | 0.673 | 125.222 | 0.716 |
202303 | 0.011 | 127.348 | 0.012 |
202306 | 3.087 | 128.729 | 3.193 |
202309 | 3.501 | 129.860 | 3.590 |
202312 | 2.488 | 129.419 | 2.560 |
202403 | 1.312 | 131.776 | 1.326 |
202406 | 3.735 | 132.554 | 3.752 |
202409 | 3.026 | 133.029 | 3.029 |
202412 | 2.025 | 133.157 | 2.025 |
Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.
If a company grows much fast than inflation, Cyclically Adjusted FCF per Share may underestimate the company's free cash flow. Cyclically Adjusted Price-to-FCF can seem to be too high even the actual Price-to-Free-Cash-Flow is low.
For the Cyclically Adjusted Price-to-FCF, the free cash flow per share of the past 10 years are inflation-adjusted and averaged. The result is used for P/FCF calculation. Since it looks at the average over the last 10 years, the Cyclically Adjusted Price-to-FCF is also called CAPFCF Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.
Becton Dickinson's Cyclically Adjusted Price-to-FCF of today is calculated as
Cyclically Adjusted Price-to-FCF | = | Share Price | / | Cyclically Adjusted FCF per Share |
= | 204.63 | / | 9.99 | |
= | 20.48 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
During the past 13 years, the highest Cyclically Adjusted Price-to-FCF of Becton Dickinson was 41.05. The lowest was 19.89. And the median was 30.43.
Cyclically Adjusted Price-to-FCF works better for cyclical companies. It gives you a better idea on the company's real free cash flow value.
Thank you for viewing the detailed overview of Becton Dickinson's Cyclically Adjusted FCF per Share provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael David Garrison | officer: EVP and President Medical | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Richard Byrd | officer: EVP & President Interventional | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Bertram L Scott | director | C/O BECTON DICKERSON & CO, 1 BECTON DR, FRANKLIN LAKES NJ 07417 |
Jeffrey William Henderson | director | 7000 CARDINAL PLACE, DUBLIN OH 43017 |
David Shan | officer: EVP, Integrated Supply Chain | 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Shana Carol Neal | officer: Chief People Officer | 9120 LOCKWOOD BOULEVARD, MECHANICSVILLE VA 23116 |
Roland Goette | officer: EVP and President, EMEA | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Thomas J Spoerel | officer: VP Controller & Chief Acct Off | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Claire Fraser | director | C/O BECTON, DICKINSON AND COMPANY, FRANKLIN LAKES NJ 07465 |
David Hickey | officer: EVP & President, Life Sciences | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Joanne Waldstreicher | director | C/O STRUCTURE THERAPEUTICS INC., 611 GATEWAY BLVD, SUITE 223, SOUTH SAN FRANCISCO CA 94080 |
Michelle Quinn | officer: EVP and Acting General Counsel | 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Christopher Delorefice | officer: EVP & CFO | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Polen Thomas E Jr | officer: Executive Vice President | BECTON, DICKINSON AND COMPANY, 1 BECTON DRIVE, FRANKLIN LAKES NJ 07417 |
Samrat S. Khichi | officer: EVP and General Counsel | C/O CATALENT, INC., 14 SCHOOLHOUSE ROAD, SOMERSET NJ 08873 |
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