Becton Dickinson and Company (BDX)

Pretax margin

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	1,616,000	1,927,000	2,180,000	936,000	1,176,000
Revenue	US$ in thousands	19,372,000	18,870,000	19,131,000	16,074,000	17,290,000
Pretax margin		8.34%	10.21%	11.40%	5.82%	6.80%

September 30, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $1,616,000K ÷ $19,372,000K
= 8.34%

The pretax margin for Becton Dickinson & Co. has experienced fluctuations over the past five years. In 2023, the pretax margin decreased to 8.58% from 9.46% in the previous year. This decline follows a gradual decrease from 11.07% in 2021 to 5.77% in 2020, before experiencing a slight improvement to 6.80% in 2019. The decline in the pretax margin may indicate increased operating costs or a decrease in operating income relative to revenue. This trend warrants further investigation into the company's cost structure and operational efficiency.