Baxter International Inc (BAX)

Baxter International Inc., through its subsidiaries, provides a portfolio of healthcare products in the United States. The company operates through three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. It offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space comprising operating room integration technologies, precision positioning devices, and other accessories. The company also provides specialty injectable pharmaceuticals, inhaled anesthetics, and drug compounding services. Its products are used in hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, kidney dialysis centers, and patients at home under physician supervision. The company sells its products through direct sales force, independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. It operates in Eastern Europe, the Middle East, Africa, Latin America, Asia, Western Europe, Canada, Japan, Australia, and New Zealand. Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.

Symbol: BAX
Exchange: NYSE
Sector: Healthcare
Industry: Medical Instruments & Supplies
Market cap: $12.14B
52 week range: 15.73 - 30

Valuation

Share price: $23.49 (close of 2026-10-02)
P/E (TTM): -11.24x
Price to book: 1.97x
Price to free cash flow: 15.07x
Enterprise value: $19.66B
Book value per share: $11.95

Price performance

Period	Change
1 day	-0.63%
5 days	+0.51%
1 month	-8.60%
3 months	+3.71%
6 months	+40.83%
Year to date	+22.92%
1 year	+1.12%
3 years	-37.11%
5 years	-71.10%
10 years	-50.65%
All time	+510.13%

Members of Congress who disclosed BAX trades

Lisa McClain · Robert Bresnahan

Super investors holding BAX

Richard Pzena (Pzena Investment Management) · Dodge & Cox (Dodge & Cox Funds) · Greenhaven Associates (Greenhaven Associates Inc) · First Pacific Advisors (First Pacific Advisors, LP) · Robert Olstein (Olstein Capital Management) · Hillman Capital (Hillman Capital Management, Inc) · Ken Griffin (Citadel) · Ray Dalio (Bridgewater Associates) · Mairs & Power (Mairs & Power Inc) · Tweedy Browne (Tweedy Browne Company LLC)

Profitability and growth

Return on equity: -15.68%
Return on invested capital: -2.21%
Return on assets: -4.77%
Return on capital employed: -1.80%
Gross margin: 30.05%
Net margin: -8.51%
EBITDA margin: 5.99%
Revenue growth: 5.72%
Net income growth: -47.46%
Free cash flow growth: -42.06%

Cash flow and balance sheet

Free cash flow yield (TTM): 6.64%
Current ratio: 1.95x
Net debt to EBITDA: 9.86x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $11.24B
Cost of revenue: $7.87B
Gross profit: $3.38B
EBITDA: $673.00M
Net income: -$957.00M
Earnings per share: $-1.87
Research and development: $518.00M
Interest expense: $290.00M
Shares outstanding: 513.00M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$11.24B	$3.38B	-$957.00M	$-1.87
2024-12-31	$10.64B	$3.98B	-$649.00M	$-1.27
2023-12-31	$10.36B	$4.15B	$2.66B	$5.25
2022-12-31	$10.06B	$3.55B	-$2.43B	$-4.83
2021-12-31	$12.15B	$4.72B	$1.28B	$2.56
2020-12-31	$11.67B	$4.59B	$1.10B	$2.17
2019-12-31	$11.36B	$4.76B	$1.00B	$1.97
2018-12-31	$11.10B	$4.76B	$1.55B	$2.90
2017-12-31	$10.58B	$4.47B	$602.00M	$1.11
2016-12-31	$10.16B	$4.12B	$4.96B	$9.09

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	30.05%	-8.51%	-15.68%	-2.21%
2024-12-31	37.46%	-6.10%	-9.24%	0.04%
2023-12-31	40.06%	25.64%	31.37%	3.31%
2022-12-31	35.29%	-24.19%	-41.27%	-12.62%
2021-12-31	38.86%	10.57%	14.08%	5.08%
2020-12-31	39.30%	9.44%	12.63%	12.04%
2019-12-31	41.90%	8.81%	12.65%	32.41%
2018-12-31	42.88%	13.93%	19.65%	25.19%
2017-12-31	42.27%	5.69%	6.61%	13.95%
2016-12-31	40.50%	48.85%	60.39%	13.75%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$1.97B	$9.44B
2024-12-31	$1.76B	$13.18B
2023-12-31	$3.08B	$13.86B
2022-12-31	$1.62B	$16.70B
2021-12-31	$2.95B	$17.75B
2020-12-31	$3.73B	$6.23B
2019-12-31	$3.33B	-
2018-12-31	$1.84B	-
2017-12-31	$3.39B	-
2016-12-31	$2.80B	-

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$332.00M	$117.00M
2024-12-31	$573.00M	$114.00M
2023-12-31	$1.29B	$115.00M
2022-12-31	$834.00M	$140.00M
2021-12-31	$1.53B	$146.00M
2020-12-31	$1.16B	$130.00M
2019-12-31	$1.41B	$122.00M
2018-12-31	$1.36B	$115.00M
2017-12-31	$1.10B	$107.00M
2016-12-31	$935.00M	$115.00M

Dividend history

Most recent payment: 2026-08-28
Paid in the last twelve months: $0.04

Payment date	Dividend per share
2026-08-28	$0.01
2026-05-29	$0.01
2026-02-27	$0.01
2025-11-28	$0.01
2025-08-29	$0.17
2025-05-30	$0.17
2025-02-28	$0.17
2024-11-29	$0.17

Investor relations

Next earnings report

Next confirmed report: 2026-10-29
Consensus EPS estimate: $0.51

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-07-30	Jun/2026	$0.36
2026-04-30	Mar/2026	$0.31
2026-02-12	Dec/2025	$0.53
2025-10-30	Sep/2025	$0.60
2025-07-31	Jun/2025	$0.60
2025-05-01	Mar/2025	$0.48
2025-04-30	-	-
2025-02-20	Dec/2024	$0.52

Filings and sources

Company website: baxter.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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