— Know what they know.
/
Not Investment Advice

BAX

NYSE · USD
Baxter International Inc.
Healthcare · Medical - Instruments & Supplies
CEO Andrew Hider Employees 37,500 R&D / revenue 4.6%
Last price
$25.28−1.86%last session
Market cap
$13.1B
P/E (TTM)
n/m
From 52w high
−15.7%
From 52w low
+60.7%
1-year return
+10.3%
RSI 14 · vs SMA200
59.5 · +19.9%
IS score
31.8/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

BAX   SPY   XLV (sector ETF) · weekly closes
80100120Jan 26Apr 26Jul 26Oct 26XLV 124SPY 116BAX 110

Score DNA

Each bar is a 0-100 score within the scored universe
18
Profitability
37
Growth
39
Value
38
Momentum
50
Risk (safety)
33
Quality
34
Balance sheet
43
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: None, Cost AdvantagePiotroski 3 / 9Altman Z 2.2Beta 0.593 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
Form 144 notices (12m): 1, $645,236 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+29
110 new holders, 73 closed
694 filers hold 108.8% · 251 added, 196 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+139
536 funds adding shares
397 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.1%
20-day avg 51.9%, 50-day avg 52.1%
Latest 3.2 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$11.2B
Revenue growth YoY+5.7%
Gross margin30.1%
Operating income−$308.0M
Operating margin-2.7%
Net income−$957.0M
Net margin-8.5%
EPS (diluted)$-1.75
Cash flow
Operating cash flow$845.0M
Capital expenditure$522.0M
Free cash flow$323.0M
FCF conversion (FCF / OCF)38.2%
Stock-based compensation$117.0M
FCF less SBC$206.0M
Buybacks$0
Dividends$348.0M
Balance sheet & returns
Cash & short-term investments$2.0B
Total debt$9.8B
Net debt$7.8B
Shareholders' equity$6.1B
Goodwill & intangibles$9.3B
Debt / equity1.56
ROE (TTM)-16.6%
ROIC (TTM)-1.6%
Operating margin by fiscal year
13.4%FY2021-14.2%FY20224.5%FY20230.1%FY2024-2.7%FY2025
Revenue $12.1B (FY2021) to $11.2B (FY2025), a -1.9% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDA27.4x
Price / sales1.14x
Price / FCF19.3x
FCF yield5.19%
Buyback yield0.00%
SBC / revenue1.0%
Price / book2.11x
Forward P/E FY202612.3x
Forward P/E FY202712.4x
Forward P/E FY202811.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $24.25 across 4 analysts last quarter is theirs, not ours.

BAX vs industry median

111 companies in Medical - Instruments & Supplies
Gross margin 30.1% 53.7% Operating margin -2.4% 6.7% Net margin -9.3% 4.3% ROIC -1.6% 7.2%
BAX (TTM)Industry median Asset turnover 0.58 vs industry 0.60 · financial leverage 3.19

Earnings delivery

Next report 2026-10-29 · consensus EPS $0.52
83%
beat rate, 10 of 12 quarters
+5.1%
median EPS surprise
7
longest beat streak
+3+2+7+3+3+10+14-2+15-17+16+53
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
BAX Baxter International Inc. $13.1Bn/m-16.6%-9.3%+5.7% +10.3%
SOLV Solventum Corporation $14.6B10.4x34.0%4.2%−0.9% +20.1%
RGEN Repligen Corporation $11.1B237.1x2.0%2.5%+16.5% +13.5%
AVTR Avantor, Inc. $11.1Bn/m-9.7%2.3%−1.6% +12.7%
COO The Cooper Companies, Inc. $11.0B19.8x6.8%40.6%+4.7% −19.0%
HOLX Hologic, Inc. $17.0B30.3x10.9%17.1%+2.2% —
ATR AptarGroup, Inc. $7.9B22.2x13.6%8.5%+8.9% —
WST West Pharmaceutical Services $27.0B48.8x19.1%17.7%+12.4% —
12-month window: SPY +15.9%, sector ETF XLV +24.2%. Past returns describe history only.

Recent 8-K filings

2026-08-19Officer/Director Change; Regulation FD; Exhibits
2026-08-18Material Agreement; Other Events; Exhibits
2026-08-04Other Events; Exhibits
2026-08-04Officer/Director Change
2026-07-30Earnings Release; Other Events; Exhibits
2026-07-14Regulation FD; Exhibits

Context

Shares outstanding516,995,997
Free float99.4%
Institutional ownership108.8%
Beta0.59
Dividend yield0.16%
Last dividend$0.01 on 2026-08-28
50 / 200-day average$25.04 / $21.08
Large-cap Healthcare median P/E29.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where BAX sits among 26 scored companies in Medical - Instruments & Supplies (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureBAXIndustry medianIndustry percentileSector median
P/E (TTM) —
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.1x 2.4x
12th		 3.7x
Price / book 2.1x 2.9x
33rd		 3.6x
Price / tangible book —
Price / free cash flow 19.3x 25.3x
29th		 21.2x
Price / operating cash flow 9.9x 18.6x
9th		 17.1x
Enterprise value $20.6B $6.9B
80th		 $2.5B
EV / sales 1.8x 2.7x
17th		 3.8x
EV / EBITDA 27.4x 20.4x
60th		 16.2x
EV / EBIT —
EV / free cash flow 30.4x 29.9x
52nd		 24.6x
Earnings yield -8.1% 0.6%
20th		 -0.3%
FCF yield 5.2% 3.8%
76th		 1.7%
Operating cash flow yield 10.1% 4.9%
92nd		 2.9%
Graham number (per share) —

Profitability (TTM)

MeasureBAXIndustry medianIndustry percentileSector median
Gross margin 30.1% 53.8%
12th		 65.1%
EBITDA margin 6.5% 13.9%
25th		 6.6%
Operating margin -2.4% 9.8%
17th		 3.5%
EBIT margin -1.8% 6.8%
25th		 2.4%
Net margin -9.3% 1.9%
25th		 0.3%
NOPAT margin -1.9% 6.6%
17th		 2.7%
FCF margin 5.9% 7.9%
33rd		 4.3%
Operating cash flow margin 11.5% 11.4%
54th		 7.1%
R&D / revenue 4.5% 5.9%
29th		 12.4%
SG&A / revenue 25.6% 36.9%
33rd		 37.9%
Stock comp / revenue 1.0% 1.7%
32nd		 4.5%
Effective tax rate 21.0% 21.0%
36th		 21.0%

Returns on capital

MeasureBAXIndustry medianIndustry percentileSector median
ROE (on average equity) -15.7% 2.0%
25th		 0.8%
ROA -5.2% 1.2%
28th		 -0.3%
ROIC -1.6% 3.8%
16th		 5.5%
ROCE -1.3% 3.9%
28th		 2.3%
Return on tangible assets -1.0% 3.3%
28th		 1.7%
Cash ROIC (OCF / invested capital) 9.6% 8.3%
60th		 9.7%
Gross profitability (GP / assets) 17.4% 24.9%
20th		 29.9%
ROIC, 3-yr average 4.6% 2.1%
62nd		 2.6%
ROIC, 5-yr average -0.6% -0.2%
48th		 3.2%
ROE, 5-yr average -5.3% -0.8%
24th		 -4.9%
Incremental ROIC 8.0% 34.6%
33rd		 17.2%

Growth

MeasureBAXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 5.4% 8.8%
39th		 10.5%
Revenue growth (QoQ) 9.6% 4.8%
80th		 7.2%
Revenue CAGR, 3 yr -8.0% 3.5%
0th		 10.7%
Revenue CAGR, 5 yr -1.2% 7.0%
16th		 12.1%
Gross profit CAGR, 3 yr -11.0% 2.8%
0th		 10.6%
Operating income CAGR, 3 yr —
Net income growth (TTM YoY) —
Net income CAGR, 3 yr —
EPS growth (TTM YoY) —
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 103.6% 14.5%
88th		 18.6%
FCF CAGR, 3 yr -7.9% 24.8%
14th		 15.4%
Operating cash flow CAGR, 3 yr -5.4% 8.4%
6th		 11.9%
Book value CAGR, 3 yr 2.9% 1.8%
62nd		 2.1%
Dividend CAGR, 3 yr -26.7% 2.1%
0th		 2.2%
Sustainable growth rate —

Margin history & stability

MeasureBAXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 35.1% 54.6%
9th		 62.6%
Operating margin, 3-yr average 1.4% 7.2%
32nd		 1.0%
Net margin, 3-yr average 3.5% 2.3%
55th		 -2.6%
FCF margin, 3-yr average 4.9% 8.8%
27th		 3.2%
Revenue stability (0-1) 0.21 0.73
9th		 0.80
Earnings stability (0-1) 0.07 0.40
9th		 0.37
Margin stability (0-1) 0.89 0.96
5th		 0.93

Liquidity (latest quarter)

MeasureBAXIndustry medianIndustry percentileSector median
Cash & short-term investments $2.1B $316.3M
92nd		 $330.9M
Net cash (− = net debt) −$7.5B −$416.9M
8th		 $8.4M
Working capital $3.4B $705.4M
92nd		 $381.1M
Current ratio 1.95 2.54
32nd		 3.02
Quick ratio 1.32 2.12
32nd		 2.51
Cash ratio (cash + ST investments / current liabilities) 0.60 0.83
44th		 1.43
Defensive interval (days) 393 days 399 days
48th		 415 days

Leverage & solvency (latest quarter)

MeasureBAXIndustry medianIndustry percentileSector median
Total debt $9.7B $1.0B
92nd		 $289.1M
Debt / equity 1.56 0.49
92nd		 0.45
Net debt / equity 1.21 0.22
92nd		 −0.13
Debt / assets 48.8% 28.5%
92nd		 24.4%
Debt / capital 60.9% 32.8%
92nd		 31.1%
Debt / EBITDA 12.89 3.77
90th		 2.62
Net debt / EBITDA 10.02 1.79
90th		 1.42
Interest coverage (EBIT / interest) −0.7x 2.3x
24th		 2.1x
Cash interest coverage 4.5x 5.3x
48th		 3.6x
Debt payback (years of OCF) 7.3 yrs 5.1 yrs
77th		 2.7 yrs
Liabilities / assets 68.8% 43.2%
88th		 49.8%
IS credit model rating B+ — —
Implied credit spread (bps) 650 288
84th		 225

Efficiency

MeasureBAXIndustry medianIndustry percentileSector median
Asset turnover 0.56 0.55
52nd		 0.56
Fixed asset turnover 3.61 3.55
52nd		 4.87
Inventory turnover 3.5 2.7
60th		 2.7
Receivables turnover 6.3 6.3
52nd		 6.4
Days sales outstanding 58 days 58 days
48th		 57 days
Days inventory outstanding 106 days 138 days
40th		 136 days
Days payables outstanding 46 days 55 days
36th		 59 days
Cash conversion cycle (days) 117 days 124 days
36th		 70 days
Capex / revenue 5.6% 3.9%
75th		 2.6%
Capex / depreciation 0.67 0.48
71st		 0.55
Operating expense ratio 27.5% 43.1%
17th		 56.5%

Cash flow & earnings quality

MeasureBAXIndustry medianIndustry percentileSector median
Operating cash flow / net income —
FCF / net income —
FCF / operating cash flow 51.4% 74.0%
24th		 81.2%
Capex / operating cash flow 48.6% 26.0%
76th		 18.8%
Accruals ratio -11.7% -5.1%
28th		 -5.4%
Sloan accruals ratio -6.7% -2.4%
24th		 -1.3%
Earnings quality score (0-1) —

Dividends & buybacks

MeasureBAXIndustry medianIndustry percentileSector median
Dividend yield 0.2% 0.0%
68th		 0.0%
Dividend per share (TTM) $0.04 $0.00
68th		 $0.00
Payout ratio (dividends / net income) —
Dividends / FCF 27.9% 0.0%
86th		 0.0%
Dividend growth (YoY) -60.0% 6.0%
0th		 4.5%
Buyback yield 0.0% 0.5%
0th		 0.0%
Shareholder yield (dividends + buybacks) 1.4% 0.7%
60th		 0.0%
Share count change (YoY) 0.8% 0.0%
67th		 2.0%
Buybacks, last 5 years $0 $56.9M
0th		 $0

Scores & forensic checks

MeasureBAXIndustry medianIndustry percentileSector median
IS score 32 43
12th		 46
IS profitability 18 32
24th		 22
IS growth 37 57
13th		 60
IS value 39 42
20th		 39
IS momentum 38 70
13th		 67
IS risk (safety) 50 80
16th		 80
IS quality 33 58
8th		 49
IS balance sheet 34 53
8th		 55
IS earnings quality 43 60
36th		 56
IS cash flow 45 51
36th		 41
Piotroski F-score (0-9) 3 6
0th		 5
Altman Z-score 2.2 3.2
36th		 3.2
Beneish M-score −2.98 −2.68
30th		 −2.62
Ohlson O-score −6.41 −8.33
80th		 −7.16
IS credit score 30 58
16th		 62

Per share

MeasureBAXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) −$2.05 $0.50
20th		 −$0.03
Book value per share $11.98 $18.30
36th		 $7.10
Tangible book per share −$5.38 $3.11
16th		 $1.91
Revenue per share $22.14 $17.79
60th		 $9.38
FCF per share $1.31 $1.57
44th		 $0.46
Operating cash flow per share $2.55 $2.10
56th		 $0.93
Cash per share $4.15 $3.47
60th		 $3.51

Size (TTM)

MeasureBAXIndustry medianIndustry percentileSector median
Market cap $13.1B $5.4B
76th		 $2.4B
Revenue $11.5B $2.7B
92nd		 $770.2M
EBITDA $750.0M $262.0M
68th		 $56.1M
Net income −$1.1B $35.8M
0th		 −$3.3M
Free cash flow $678.0M $158.7M
80th		 $41.2M
Total assets $19.8B $4.6B
88th		 $1.3B
Shareholders' equity $6.2B $2.4B
76th		 $568.4M
Employees 37,500 11,685
92nd		 1,086

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-02Hider Andrew P.
Director, President and CEO
 Tax withholding 54,276$25.70$1.4M518,447
2026-09-02Foster Julie
President, Front Line Care
 Tax withholding 2,098$25.70$53,91929,164
2026-05-05Wilkes David S.
Director
 Award / grant 12,836——37,076
2026-05-05Wendell Amy Mcbride
Director
 Award / grant 12,836——44,235
2026-05-05Schlichting Nancy M
Director
 Award / grant 12,836——34,994
2026-05-05Morrison Patricia
Director
 Award / grant 12,836——42,386
2026-05-05Shafer David Brent
Director, other: Chair of the Board
 Award / grant 12,836——72,804
2026-05-05Mcdonnell Michael R.
Director
 Award / grant 12,836——14,647
2026-05-05Craig Jeffrey A
Director
 Award / grant 12,836——23,662
2026-05-05Ampofo William A. Ii
Director
 Award / grant 12,836——30,375

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMaySepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired8102,688—
Tax withholdingDisposed256,374$1.4M
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 1 notices · 36,347 shares · $645,236
FiledFilerShares proposedEst. proceeds
2026-05-18Stephen N. Oesterle Rev Trust36,347$645,236
2024-09-16Stevens Brian976$39,046
2024-09-13Stevens Brian16,063$639,465
2024-03-01Jeanne Mason64,488$2.6M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 13 trades (8 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-03-23Michael McCaulHousePurchase$15,001 - $50,0002026-04-10
2026-03-23Michael T. McCaulHousePurchase$15,001 - $50,0002026-04-10
2026-01-13Michael McCaulHousePurchase$50,001 - $100,0002026-02-12
2022-11-30Dan SullivanSenateSale$1,001 - $15,0002023-07-26
2022-11-30Dan SullivanSenateSale (Full)$1,001 - $15,0002023-07-25
2022-11-30Daniel Scott SullivanSenateSale (Full)$1,001 - $15,0002023-07-25
2022-11-30Dan SullivanSenateSale (Full)$1,001 - $15,0002022-12-21
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.81,842,105$1.7B15.83%
PZENA INVESTMENT MANAGEMENT LLC65,295,393$1.4B12.63%
DODGE & COX58,386,345$1.2B11.29%
FMR LLC53,913,831$1.1B10.43%
VANGUARD CAPITAL MANAGEMENT LLC33,754,280$719.6M6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC24,057,190$512.9M4.65%
STATE STREET CORP20,600,468$439.4M3.98%
GREENHAVEN ASSOCIATES INC14,285,228$304.6M2.76%
GEODE CAPITAL MANAGEMENT, LLC14,123,689$300.6M2.73%
Invesco Ltd.12,361,881$263.6M2.39%
UBS Group AG9,521,705$203.0M1.84%
First Pacific Advisors, LP7,618,145$162.4M1.47%
GOLDMAN SACHS GROUP INC7,150,462$152.4M1.38%
EQUITY INVESTMENT CORP6,886,265$146.8M1.33%
BANK OF AMERICA CORP /DE/6,237,950$133.0M1.21%

Institutional ownership by quarter

2023-092026-06108.8%
% of shares held by 13F filers
2023-092026-06694
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-30694108.8%11025119673
2026-03-31665102.3%83192261118
2025-12-31714106.5%112246235119
2025-09-3073698.0%86253271114
2025-06-3077996.3%71268299126
2025-03-3184695.1%12428130597
2024-12-3183093.4%117250333170
2024-09-3090390.1%11930632194
2024-06-3088688.1%98280326141
2024-03-3194587.8%11931532379
2023-12-3191988.6%130262377108
2023-09-3091086.6%77284379133

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-06-05SCHEDULE 13G/AAbigail P. Johnson10.3%52,972,914
2026-04-29SCHEDULE 13GVanguard Capital Management7.4%38,033,907
2026-04-27SCHEDULE 13G/ABlackRock, Inc.6.4%33,109,852
2026-04-21SCHEDULE 13G/APZENA INVESTMENT MANAGEMENT LLC12.7%65,347,621
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.02%$394.8M
VSMPX0.02%$394.8M
VTI0.02%$394.8M
VTSAX0.02%$394.8M
VFINX0.02%$325.8M
VFIAX0.02%$325.8M

Share structure

Shares outstanding516,995,997
Float513,695,498
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$12.1B$10.1B$10.4B$10.6B$11.2B
Cost of revenue$7.4B$6.5B$6.2B$6.7B$7.9B
Gross profit$4.7B$3.5B$4.2B$4.0B$3.4B
R&D$531.0M$450.0M$518.0M$590.0M$518.0M
SG&A$2.8B$3.1B$3.0B$3.0B$2.9B
Operating income$1.4B−$2.8B$707.0M$14.0M−$308.0M
EBITDA$2.2B−$1.8B$1.7B$1.1B$766.0M
Pretax income$1.1B−$3.2B$242.0M−$289.0M−$505.0M
Income tax$83.0M−$135.0M$61.0M$37.0M$395.0M
Net income$1.3B−$2.4B$2.7B−$649.0M−$957.0M
EPS, diluted$2.53$-4.83$5.23$-1.27$-1.75
Diluted shares508.0M504.0M506.0M510.0M513.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$3.0B$1.7B$3.1B$1.8B$2.0B
Receivables$2.7B$2.6B$1.8B$1.7B$1.9B
Inventory$2.5B$2.7B$1.9B$2.0B$2.2B
Total current assets$8.9B$8.0B$9.6B$8.9B$6.9B
PP&E, net$5.8B$5.2B$3.2B$3.2B$3.2B
Goodwill & intangibles$17.6B$13.2B$11.7B$10.5B$9.3B
Total assets$33.5B$28.3B$28.3B$25.8B$20.1B
Accounts payable$1.2B$1.1B$881.0M$968.0M$999.0M
Total current liabilities$4.2B$4.7B$6.5B$6.5B$3.0B
Long-term debt$17.1B$15.2B$11.1B$10.4B$9.7B
Total liabilities$24.4B$22.4B$19.8B$18.8B$14.0B
Shareholders' equity$9.1B$5.9B$8.5B$7.0B$6.1B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.0B−$3.1B$181.0M−$326.0M−$957.0M
Depreciation & amortization$867.0M$1.1B$984.0M$997.0M$981.0M
Stock-based compensation$146.0M$140.0M$115.0M$114.0M$117.0M
Change in working capital−$57.0M−$606.0M$161.0M−$236.0M−$108.0M
Operating cash flow$2.2B$1.2B$1.7B$1.0B$845.0M
Capital expenditure−$691.0M−$635.0M−$436.0M−$460.0M−$522.0M
Free cash flow$1.5B$576.0M$1.3B$559.0M$323.0M
Investing cash flow−$11.2B−$931.0M$3.2B−$626.0M$2.8B
Net debt issued / repaid$9.3B−$899.0M−$2.9B−$531.0M−$3.8B
Buybacks−$600.0M−$32.0M$0$0$0
Dividends paid−$530.0M−$573.0M−$586.0M−$590.0M−$348.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin39.9%35.3%35.9%37.5%31.3%
Operating margin13.4%-14.2%4.5%0.1%-2.7%
Net margin10.0%-16.4%19.4%-6.1%-8.5%
FCF margin11.6%3.9%8.7%5.3%2.9%
ROE14.5%-32.6%37.3%-8.4%-14.6%
ROIC6.1%-7.8%-2.0%0.1%-1.7%
ROA4.8%-7.9%9.4%-2.4%-4.2%
Debt / equity2.022.951.681.931.63
Interest coverage8.2xn/m1.3x0.3xn/m
Current ratio2.091.691.481.362.31
Revenue growth+9.5%+15.7%−7.4%−22.4%+5.7%
EPS growth+18.6%−289.5%+209.2%−124.3%−46.3%
P/E at year end30.9xn/m7.0xn/mn/m
EV / EBITDA at year end21.4xn/m17.6x26.5x23.3x
FCF yield at year end3.73%2.39%6.37%3.83%3.29%
Dividend payout41.3%—22.1%——

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Medical Products And Therapies——$5.0B$5.2B$5.3B
Kidney Care——$4.5B——
Renal$3.9B$3.7B———
Healthcare Systems and Technologies——$3.0B$3.0B$3.1B
Medication Delivery$2.9B$2.9B———
Pharmaceuticals$2.3B$2.1B$2.2B$2.4B$2.5B
Patient Support Systems$115.0M$1.5B———
Advanced Surgery$1.0B$1.3B———
Front Line Care$70.0M$1.1B———
Clinical Nutrition$964.0M$931.0M———
Acute Therapies$782.0M$701.0M———
Surgical Solutions$669.0M$644.0M———

Revenue by region · FY2025

UNITED STATES$6.1B · 54%
Western Europe, Canada, Japan, Australia and New Zealand$3.7B · 33%
EMEA$1.4B · 12%

Street estimates by fiscal year

Next report 2026-10-29 · consensus EPS $0.52 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$11.6B$11.6B – $11.6B$2.05$1.98 – $2.08912.3x
2027$11.9B$11.8B – $11.9B$2.04$1.71 – $2.17912.4x
2028$12.1B$12.0B – $12.3B$2.17$1.44 – $3.10311.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$0.37$0.56+52.8%$2.8B$3.0B+5.9%
2026-04-30$0.31$0.36+16.1%$2.6B$2.7B+3.3%
2026-02-12$0.53$0.44−17.0%$2.8B$3.0B+5.3%
2025-10-30$0.60$0.69+15.0%$2.8B$2.8B+0.4%
2025-07-31$0.60$0.59−1.7%$2.9B$2.8B−2.3%
2025-05-01$0.48$0.55+13.8%$2.6B$2.6B+1.4%
2025-02-20$0.53$0.58+9.8%$2.7B$10.6B+297.8%
2024-11-08$0.78$0.80+2.6%$3.8B$2.7B−29.8%
2024-08-06$0.66$0.68+2.7%$3.8B$3.8B+1.5%
2024-05-02$0.61$0.65+7.1%$3.6B$3.6B+1.1%
2024-02-08$0.86$0.88+2.3%$3.8B$3.9B+2.3%
2023-11-02$0.66$0.68+3.0%$3.7B$3.7B+0.4%
2023-07-27$0.59$0.55−6.8%$3.8B$3.7B−2.5%
2023-04-27$0.48$0.59+22.9%$3.6B$3.6B+1.3%
2023-02-09$0.94$0.88−6.4%$3.8B$3.9B+3.2%
2022-10-27$0.82$0.820.0%$3.8B$3.8B+0.2%
2022-07-28$0.88$0.87−1.1%$3.9B$3.7B−3.4%
2022-04-28$0.80$0.93+16.2%$3.7B$3.7B+0.8%
2022-02-17$1.03$1.04+1.0%$3.3B$3.5B+6.5%
2021-10-28$0.94$1.02+8.5%$3.2B$3.2B−0.1%
2021-07-29$0.74$0.80+8.1%$3.1B$3.1B−0.4%
2021-04-29$0.65$0.76+16.9%$2.9B$2.9B+1.9%
2021-02-04$0.76$0.80+5.3%$3.0B$3.2B+5.6%
2020-10-29$0.73$0.83+13.7%$2.6B$3.0B+13.7%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.206-220.106-290.107-060.107-130.107-200.407-270.408-030.208-100.208-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$134.5M5,215,83191,792
2026-08-24$138.7M5,281,20384,987
2026-08-17$165.4M6,301,72197,999
2026-08-10$242.8M8,891,271104,632
2026-08-03$386.2M13,983,612136,177
2026-07-27$367.6M14,196,861163,185

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.1%
DateShort shareShort volumeTotal volume
2026-10-1555.1%855,8311,553,330
2026-10-1460.7%929,1111,529,893
2026-10-1358.9%563,433956,554
2026-10-1245.1%885,6121,962,605
2026-10-0965.9%606,582920,607
2026-10-0850.7%711,5571,402,747
2026-10-0760.3%1,043,6601,731,845
2026-10-0648.2%1,246,0832,586,933
2026-10-0542.6%1,912,8464,492,972
2026-10-0252.3%739,6931,414,461
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.2Jan+0.3Feb+1.2Mar+0.2Apr-1.9May+1.4Jun+0.5Jul+0.6Aug-0.7Sep-2.6Oct+0.3Nov+1.5Dec
MonthAvg returnUp yearsYears
Jan+2.2%55%20
Feb+0.3%55%20
Mar+1.2%67%21
Apr+0.2%50%20
May−1.9%45%20
Jun+1.4%55%20
Jul+0.5%65%20
Aug+0.6%50%20
Sep−0.7%55%20
Oct−2.6%40%20
Nov+0.3%50%20
Dec+1.5%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1459.5
MFI50.6
ADX23.9
Stochastic %K / %D83.0 / 84.8
Williams %R-25.0
CCI167
TSI / signal8.4 / -5.3
Chaikin money flow0.13
ATR$0.72
Bollinger width11.8%
Volume vs 20-day avg0.67x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$24.07 (+5.0%)
SMA 50$25.00 (+1.1%)
SMA 200$21.09 (+19.9%)
EMA 21$24.45 (+3.4%)
EMA 50$24.29 (+4.1%)
EMA 200$22.69 (+11.4%)
Bollinger upper$25.49 (−0.8%)
Bollinger lower$22.65 (+11.6%)
Parabolic SAR$24.27 (+4.2%)
Open the live chart, 110+ indicators

About Baxter International Inc.

Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution. Further expanding its pharmaceutical offerings, Baxter delivers pre-mixed and oncology drug platforms, inhaled anesthetic agents, critical care products, and pharmacy compounding services. Nutritional support is provided through its parenteral nutrition therapies and associated products. For surgical procedures, the company develops biological products and medical devices vital for achieving hemostasis, tissue sealing, and preventing adhesions. Additionally, Baxter supplies continuous renal replacement therapies (CRRT) and other organ support solutions, primarily tailored for intensive care units. Beyond direct medical supplies, Baxter provides sophisticated connected care solutions, integrating devices, software, communication systems, and other advanced technologies. This includes a range of patient monitoring and diagnostic technologies designed to aid in the diagnosis, treatment, and management of numerous illnesses and conditions, spanning respiratory therapy, cardiology, vision screening, and physical assessment. The surgical suite benefits from its specialized video technologies, operating tables, lights, pendants, precision positioning tools, and various ancillary accessories. The company also offers contracted services to a multitude of pharmaceutical and biopharmaceutical companies. Baxter's products are utilized across diverse healthcare environments, including hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and for home-based patients under medical supervision. Operating in approximately 100 countries, Baxter distributes its extensive product line through a direct sales force, independent distributors, drug wholesalers, and specialty pharmacies or other alternative site providers. The company also holds a collaborative agreement with Celerity Pharmaceutical, LLC, focused on developing generic injectable pre-mixed medications for acute care and oncolytic molecules. Established in 1931, Baxter International Inc. is headquartered in Deerfield, Illinois.

https://www.baxter.com

Key executives

NameTitlePayBorn
Andrew HiderChief Executive Officer, President, Interim Group President of Medical Products & Therapies and Director$3.5M1977
John Terence RogersExecutive Vice President & Chief Financial Officer$2.2M1969
Cynthia CarlisleExecutive Vice President & Chief Human Resources Officer$2.0M1975
David S. RosenbloomExecutive Vice President & General Counsel$1.2M1960
Maria SorianoGroup President of Infusion Therapies & Platforms$1.1M—
Bernie HeineInterim Chief Accounting Officer & Controller—1986
Charles PatelSenior Vice President & Chief Information Officer—1970
James TeaffPresident of Care & Connectivity Solutions——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Joel Grade Former Executive Vice President and CFO2025$827,825$5.8M$459,000$8.2M
José E. Almeida Former Chair of the Board, President and CEO2025$660,420$0$0$7.7M
Reazur Rasul Executive Vice President and Group President, Healthcare Systems & Technologies2025$800,000$3.0M$488,000$5.2M
Alok Sonig Former Executive Vice President and Group President, Pharmaceuticals2025$779,747$3.4M$0$5.2M

Employees

50k201850k201950k202060k202160k202260k202338k202438k2025

Dividends

Ex-dateAmountPaid
2026-08-28$0.012026-10-01
2026-05-29$0.012026-07-01
2026-02-27$0.012026-04-01
2025-11-28$0.012026-01-02
2025-08-29$0.172025-10-01
2025-05-30$0.172025-07-01
2025-02-28$0.172025-04-01
2024-11-29$0.172025-01-02

Moat model

None · Cost Advantage · 2026-06-30
Cost advantage53
Intangibles29
Switching costs17
Network effect27
Efficient scale50
Our component scores (0-100) and overall 33.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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