Baxter International vs Zimmer Biomet
Baxter International is the larger business, with $11.24bn of revenue in fiscal 2025 against $8.23bn for Zimmer Biomet (1.4 times as much). Zimmer Biomet grew faster (7.2% against 5.7%). Zimmer Biomet kept more of each dollar of sales as profit: a net margin of 8.6% against -8.5%.
| Latest fiscal year | Baxter InternationalBAX, 2025 | Zimmer BiometZBH, 2025 |
|---|---|---|
| Revenue | $11.24bn | $8.23bn |
| Revenue growth | 5.7% | 7.2% |
| Net income | −$957m | $705m |
| Operating margin | — | — |
| Net margin | -8.5% | 8.6% |
| Return on equity | -14.6% | 5.6% |
| Free cash flow | $332m | $1.47bn |
| Cash | $1.97bn | $592m |
| Total debt | $9.49bn | $7.52bn |
| Debt to equity | — | — |
| Dividend per share | $0.52 | $0.96 |
| Dividend yield | 0.8% | 1.0% |
| Share buybacks | — | $487m |
| Employees | 37,500 | 17,000 |
| Market value | $13.09bn | $18.64bn |
| Price vs our value range | Within our value range | Within our value range |
| Moat score | 52 (Moderate) | 71 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 6 sales |