Baxter International Inc
BAX
23.97
-0.39
-1.60%
Baxter International Inc
US · BAX
#1293 by market cap
Listed 2015
23.97
-0.39
-1.60%
Live - 5344 symbols - heartbeat 109s ago
· 2026-10-08 04:03
Pre-market
23.95
-0.08%
After-hours
23.97
0.00%
Overnight
23.95
-0.08%
- Market cap
- 12.39B
- P/E (TTM)i
- -11.52
- P/Bi
- 2.00
- EPSi
- -1.87
- Div yieldi
- 0.83%
- 52W posi
- 58%
Reader sentiment
Are you bullish or bearish on BAX?
Anonymous reader poll. Unscientific, not investment advice.
✦ Quant Financial Health how this is computed
Fair
- Altman Z-Score is 2.31, in the 1.8-3.0 "grey zone".
- Most reliable for industrial/manufacturing companies; less meaningful for banks, insurers and other financials.
Revenue annual, last 8 years
Latest year +5.72% YoY
Margins
- Gross margin
- 30.05%
- Operating margin
- 1.57%
- Net margin
- -8.51%
Key ratios & quality
- Enterprise valuei
- 19.98B
- Altman Z-Scorei
- 2.31
Altman Z-Score below ~1.8 suggests financial distress risk, above ~3.0 suggests low risk; the model is most reliable for industrial/manufacturing companies and less meaningful for banks and other financial firms.
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.10B | 11.36B | 11.67B | 12.15B | 10.06B | 10.36B | 10.64B | 11.24B |
| Gross profit | 4.76B | 4.76B | 4.59B | 4.72B | 3.55B | 4.15B | 3.98B | 3.38B |
| Selling & admin expenses | 2.62B | 2.54B | 2.47B | 2.85B | 3.10B | 2.95B | 2.97B | 2.89B |
| Research & development | 654.00M | 595.00M | 521.00M | 531.00M | 450.00M | 518.00M | 590.00M | 518.00M |
| Operating profit | 1.58B | 1.77B | 1.60B | 1.34B | -33.00M | 707.00M | 439.00M | 177.00M |
| Pretax profit | 1.62B | 970.00M | 1.29B | 1.12B | -3.25B | 242.00M | -289.00M | -505.00M |
| Tax | 65.00M | -41.00M | 182.00M | 83.00M | -135.00M | 61.00M | 37.00M | 395.00M |
| Net profit | 1.55B | 1.01B | 1.11B | 1.30B | -2.42B | 2.66B | -638.00M | -957.00M |
| Basic EPS | 3 | 2 | 2 | 3 | -5 | 5 | -1 | -2 |
| Diluted EPS | 2.83 | 1.93 | 2.13 | 2.53 | -4.83 | 5.23 | -1.27 | -1.87 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 2.63B | 2.81B | 2.84B | 2.97B | 2.70B | 2.96B |
| Gross profit | 861.00M | 991.00M | 950.00M | 577.00M | 891.00M | 1.03B |
| Selling & admin expenses | 703.00M | 718.00M | 708.00M | 761.00M | 728.00M | 735.00M |
| Research & development | 140.00M | 134.00M | 118.00M | 126.00M | 139.00M | 129.00M |
| Operating profit | 58.00M | 191.00M | 172.00M | -244.00M | 66.00M | 217.00M |
| Pretax profit | -3.00M | 133.00M | 121.00M | -756.00M | -6.00M | 158.00M |
| Tax | -67.00M | 11.00M | 172.00M | 279.00M | 11.00M | 23.00M |
| Net profit | 126.00M | 91.00M | -46.00M | -1.13B | -15.00M | 126.00M |
| Basic EPS | 0 | 0 | 0 | -2 | 0 | 0 |
| Diluted EPS | 0.25 | 0.18 | -0.09 | -2.19 | -0.03 | 0.24 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 5.96B | 7.50B | 8.41B | 8.87B | 8.01B | 9.60B | 8.85B | 6.87B |
| Cash & ST investments | 1.84B | 3.34B | 3.73B | 2.95B | 1.72B | 3.08B | 1.76B | 1.97B |
| Inventory | 1.67B | 1.65B | 1.92B | 2.45B | 2.68B | 1.92B | 2.05B | 2.23B |
| Total assets | 15.72B | 18.19B | 20.02B | 33.52B | 28.29B | 28.28B | 25.78B | 20.06B |
| Total current liabilities | 2.81B | 3.23B | 3.33B | 4.24B | 4.75B | 6.50B | 6.51B | 2.97B |
| Short-term debt | 4.00M | 642.00M | 517.00M | 639.00M | 1.52B | 2.76B | 2.83B | 84.00M |
| Long-term debt | 3.48B | 4.81B | 5.79B | 17.15B | 15.23B | 11.09B | 10.37B | 9.47B |
| Total liabilities | 7,854,000,000.00 | 10,281,000,000.00 | 11,293,000,000.00 | 24,400,000,000.00 | 22,392,000,000.00 | 19,808,000,000.00 | 18,758,000,000.00 | 13,953,000,000.00 |
| Total equity | 7.87B | 7.91B | 8.73B | 9.12B | 5.90B | 8.47B | 7.02B | 6.10B |
| Retained earnings | 15.08B | 15.72B | 16.33B | 17.07B | 14.05B | 16.11B | 14.93B | 13.71B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 7.04B | 6.75B | 6.93B | 6.87B | 6.85B | 6.99B |
| Cash & ST investments | 2.29B | 1.69B | 1.73B | 1.97B | 2.02B | 2.15B |
| Inventory | 2.17B | 2.38B | 2.46B | 2.23B | 2.32B | 2.26B |
| Total assets | 21.30B | 21.05B | 21.07B | 20.06B | 19.85B | 19.79B |
| Total current liabilities | 3.48B | 2.94B | 3.78B | 2.97B | 3.69B | 3.59B |
| Short-term debt | 662.00M | 8.00M | 755.00M | 84.00M | 842.00M | 844.00M |
| Long-term debt | 9.41B | 9.49B | 8.75B | 9.47B | 8.62B | 8.62B |
| Total liabilities | 14,250,000,000.00 | 13,753,000,000.00 | 13,853,000,000.00 | 13,953,000,000.00 | 13,830,000,000.00 | 13,612,000,000.00 |
| Total equity | 7.05B | 7.29B | 7.21B | 6.10B | 6.02B | 6.18B |
| Retained earnings | 14.97B | 14.97B | 14.84B | 13.71B | 13.69B | 13.81B |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.02B | 2.10B | 1.87B | 2.22B | 1.21B | 1.73B | 1.02B | 845.00M |
| Depreciation & amortization | 771.00M | 789.00M | 823.00M | 867.00M | 1.07B | 984.00M | 997.00M | 981.00M |
| Free cash flow | 1.36B | 1.41B | 1.16B | 1.53B | 576.00M | 1.29B | 559.00M | 323.00M |
| Dividends paid | -376.00M | -423.00M | -473.00M | -530.00M | -573.00M | -586.00M | -590.00M | -348.00M |
| Stock buybacks / issuance | -2.45B | -1.27B | -500.00M | -600.00M | -32.00M | -- | -- | -- |
| Ending cash balance | 1.84B | 3.34B | 3.74B | 2.96B | 1.72B | 3.20B | 2.41B | 1.97B |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | -193.00M | 217.00M | 237.00M | 584.00M | 213.00M | 285.00M |
| Depreciation & amortization | 247.00M | 257.00M | 237.00M | 240.00M | 237.00M | 239.00M |
| Free cash flow | -315.00M | 68.00M | 126.00M | 444.00M | 76.00M | 166.00M |
| Dividends paid | -87.00M | -87.00M | -87.00M | -87.00M | -5.00M | -5.00M |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | 2.30B | 1.69B | 1.73B | 1.97B | 2.02B | 2.16B |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 19.20 | 12.77 | 13.30 | 14.45 | -32.64 | 37.32 | -8.45 | -14.62 |
| ROA %i | 9.92 | 5.92 | 5.77 | 4.80 | -7.87 | 9.39 | -2.40 | -4.18 |
| ROIC %i | 13.95 | 8.51 | 8.30 | 6.77 | -8.41 | 12.89 | -1.76 | -4.23 |
| 5-year avg ROE %i | 24.92 | 21.45 | 21.82 | 13.12 | 5.21 | 9.03 | 4.80 | -0.79 |
| EBIT margin %i | 16.05 | 9.51 | 12.38 | 13.16 | -12.82 | 2.76 | 1.12 | -1.91 |
| FCF / sales %i | 12.72 | 12.39 | 9.93 | 11.57 | 3.52 | 6.98 | 5.26 | 2.87 |
| Current ratioi | 2.12 | 2.32 | 2.52 | 2.09 | 1.69 | 1.48 | 1.36 | 2.31 |
| Quick ratioi | 1.31 | 1.62 | 1.74 | 1.34 | 0.91 | 0.75 | 0.54 | 1.31 |
| Debt / assetsi | 22.17 | 32.77 | 33.99 | 54.62 | 60.82 | 49.91 | 52.16 | 48.77 |
| LT debt / equityi | 44.38 | 67.48 | 72.36 | 194.68 | 268.80 | 135.13 | 152.46 | 158.20 |
| Interest coveragei | 19.20 | 9.74 | 9.44 | 8.17 | -4.67 | 0.80 | 0.29 | -0.74 |
| Revenue CAGR (3Y) %i | 3.65 | 3.79 | 3.32 | 3.05 | -3.99 | -3.90 | -4.33 | 3.79 |
| Net income CAGR (3Y) %i | 16.89 | -41.36 | 22.33 | -6.00 | -- | 34.08 | -- | -- |
| FCF CAGR (3Y) %i | 16.45 | 14.62 | 1.82 | 4.08 | -25.77 | 3.63 | -28.53 | -17.54 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | -7.34 | -2.07 | -4.51 | -14.62 | -16.73 | -15.72 |
| ROA %i | -2.28 | -0.65 | -1.43 | -4.18 | -5.34 | -5.21 |
| ROIC %i | -1.51 | 0.36 | -0.67 | -4.23 | -5.76 | -5.56 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 0.45 | 0.29 | 0.46 | -1.91 | -1.95 | -1.67 |
| FCF / sales %i | 1.77 | 2.00 | 2.09 | 2.87 | 6.31 | 7.08 |
| Current ratioi | 2.02 | 2.30 | 1.84 | 2.31 | 1.85 | 1.95 |
| Quick ratioi | 1.13 | 1.18 | 0.93 | 1.31 | 1.01 | 1.12 |
| Debt / assetsi | 48.39 | 46.21 | 46.10 | 48.77 | 48.81 | 48.85 |
| LT debt / equityi | 136.24 | 132.75 | 123.70 | 158.20 | 146.37 | 142.17 |
| Interest coveragei | 0.12 | 0.09 | 0.16 | -0.74 | -0.77 | -0.65 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Single-engine
- Medical Products and Therapies is the largest reported line at 70.14% of revenue, across 3 reported segments.
- The next-largest line, Healthcare Systems and Technologies, is a distant second at 27.06% - a sharp slowdown here would have little to offset it.
Revenue breakdown most recent period
Business
Medical Products and Therapies70.14%
Healthcare Systems and Technologies27.06%
Other2.80%
Quote time 2026-10-08 04:03:16 · For reference only, not investment advice and not tailored to your situation.