undamentalytics Newsletter
Sign in

Baxter International (BAX) stock

Add to watchlist

Add holding +

NYSE: BAX NYSE Health Care Equipment Next results ~February 11, 2027

C+ Fundamentals grade

Baxter International makes and sells essential healthcare products, including sterile intravenous solutions, infusion systems, parenteral nutrition therapies, inhaled anaesthetics, generic injectable medicines, surgical hemostat and sealant products, advanced surgical equipment, smart bed systems, and patient monitoring, diagnostic and respiratory devices. Customers include hospitals, nursing homes, rehabilitation centres, ambulatory surgery centres, doctors' offices and patients treated at home under medical supervision. Revenue comes from product sales through its own sales force and through independent distributors, drug wholesalers and specialty pharmacies; in the United States, firms such as Cardinal Health and Medline warehouse and ship much of its output.

Operations are organised into three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. As of 31 December 2025, following the sale of its former Kidney Care business, the company manufactured in more than 20 countries and sold products in over 100 countries, with international operations spanning Europe, the Middle East, Africa, Asia-Pacific, Latin America and Canada.

Baxter was incorporated in Delaware in 1931. It has recently reshaped its portfolio, divesting its BioPharma Solutions business in 2023 and its Kidney Care business, now Vantive Health, in January 2025, using proceeds mainly to reduce debt.

Based on Baxter International's 10-K filed February 12, 2026.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-12-31).

Price vs value

Under review: latest balance sheet has no long-term debt figure we can read (last reported 2025-12-31). We'll show the comparison once resolved.

Baxter International valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds341 adding, 267 cuttingOf 50 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Baxter International files

10-Q filed October 29: Baxter International

Baxter International's revenue reached $11.6bn in the twelve months to September 2026, up 5.3% on a year earlier and roughly matching the pace set a quarter earlier. Free-cash-flow margin improved markedly, climbing to 8.4% from just 0.6% a year earlier. Reflecting this, the company's fundamentals grade has moved up from D to C+.

Our model value for Baxter International is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Baxter International stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $11.5bn, up 5.4% on a year earlier, about the same pace as a quarter earlier. That puts it 14 of 15 for growth among the health care equipment companies we cover. Free-cash-flow margin rose to 11.5% from 7.0% a year earlier. Operating margin narrowed to -2.4% from -0.3%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 1 of our 3 financial-health checks. At that price, our model says the market is pricing in about 4.8% a year of cash-flow growth for five years, faster than the -1.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Baxter International's trailing-twelve-month revenue grew 5.3% year on year, with a free-cash-flow margin of 8.4%. Where it stands out: stock pay as % of revenue of 0.9% ranks 6 of 123 health care equipment companies we cover. Where it lags: gross margin of 30.1% ranks 107 of 123 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$24 per share in the base case (~$18–$31 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 1498.4% while net income fell 112.0%: a 1610pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $2.0bn.

Things to watch

  • Loss-making. Operating margin is -1.9%: costs exceed revenue.
  • Gross margin slipping. Gross margin is down 4.0 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 47.1% ranks 74 of 87 health care equipment companies we cover (median 24.2%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 2% next year.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$0.58 against an average estimate of $0.52: beat by 11.9%
Revenue
$2.98bn, up 5.0% on a year earlier
Share reaction
-9.7% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
reported sales growth from continuing operations growth 4% to 5% (full-year 2026); organic sales growth from continuing operations growth 3% to 4% (full-year 2026)
Next report
October 29, 2026; average EPS estimate $0.61

Baxter International's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+5.3%
  • 1 week-4.2%
  • 1 month+3.1%
  • This year+26.9%
  • 1 year+31.4%
  • 5 years-66.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.6B
Operating margin
-1.9%
Net margin
-6.2%
EPS (TTM, diluted)
$-1.40

Growth

Revenue growth
+5.3%
Change in growth rate
−0.0 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$975M
FCF margin
8.4%
Stock pay % of revenue
0.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Leadership
  5. Announcement
  6. Results
  7. Agreement
  8. Announcement
  9. Leadership
  10. Results
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Baxter International valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: latest balance sheet has no long-term debt figure we can read (last reported 2025-12-31): held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Baxter International as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$34 ~$30–$54 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$1.3 ~$0.3–$2.7 Left out: out of range vs price (0.05x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Baxter International with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$32.43$38.13$56.17$57.79$74.20$72.01$78.11$47.19$36.86$28.60$19.08$24.22
Market value$17.8bn$21.0bn$31.2bn$31.6bn$38.5bn$37.2bn$39.7bn$23.8bn$18.7bn$14.6bn$9.8bn$12.5bn
+ Net debt (− = net cash)$4.3bn−$19m$118m$1.6bn$2.0bn$2.5bn$15.1bn$15.4bn$10.8bn$13.5bn$7.5bn−$2.0bn
Enterprise value$22.1bn$21.0bn$31.3bn$33.2bn$40.5bn$39.7bn$54.8bn$39.2bn$29.5bn$28.1bn$17.3bn$10.5bn
Multiples
Price / sales 1.8x2.1x2.9x2.8x3.4x3.2x3.3x2.4x1.8x1.4x0.9x1.1x
Price / earnings 18.4x4.2x51.8x20.4x38.5x33.8x30.9x—7.0x———
Price / free cash flow 20.7x22.5x28.4x23.2x27.3x32.1x25.9x28.5x14.5x25.5x29.5x7.6x
EV / EBITDA 18.3x13.6x15.4x14.1x15.8x16.3x24.7x—17.4x27.8x25.7x23.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

52 /100

Moderate moat

How hard Baxter International's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 7 / 20

    Cash operating profit has been a median 6.2% of total assets over 5 years.

  • Pricing power 12 / 20

    Gross margin has been a median 39.1%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 2 / 20

    Operating margin has been a median 9.8%; its worst year was -17.8%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.0% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.0% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.09 −8% $11.7bn +4%
Next $2.04 −3% $11.9bn +1%

Next year's EPS estimate has moved +1.8% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.4% on 90 days ago. In the last 30 days, 12 analysts raised Baxter International's forecast and 0 cut it.

Consensus EPS forecast Baxter International, last 90 days
$2.00 $2.05 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.04 Current fiscal year, 60 days ago: $2.05 Current fiscal year, 30 days ago: $2.05 Current fiscal year, 7 days ago: $2.04 Current fiscal year, Now: $2.09 $2.09 Next fiscal year, 90 days ago: $2.00 Next fiscal year, 60 days ago: $2.04 Next fiscal year, 30 days ago: $2.04 Next fiscal year, 7 days ago: $2.04 Next fiscal year, Now: $2.04 $2.04

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.04$2.00
60 days ago $2.05$2.04
30 days ago $2.05$2.04
7 days ago $2.04$2.04
Now $2.09$2.04

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.52 $0.58 +11.9%
Jun 2026 $0.37 $0.56 +52.5%
Mar 2026 $0.31 $0.36 +15.9%
Dec 2025 $0.54 $0.44 −17.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Reported sales growth from continuing operations full-year 2026 4% growth to 5% growth GAAP Raised
    “Reported sales growth from continuing operations: 4% to 5% (previously 3% to 4%)” source
  • Organic sales growth from continuing operations full-year 2026 3% growth to 4% growth Non-GAAP Raised
    “Organic sales growth from continuing operations: 3% to 4% (previously 2% to 3%)” source
  • Adjusted earnings from continuing operations per diluted share full-year 2026 $2.05 to $2.15 Non-GAAP Raised
    “Adjusted earnings from continuing operations per diluted share: $2.05 to $2.15 (previously $1.95 to $2.15)” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

15 analysts, Oct 2026
Buy213%
Hold1280%
Sell17%

Monthly trend

  1. Oct 20261215
  2. Sep 202621113
  3. Aug 2026111113
  4. Jul 2026111214

Counts of recommendations published by analysts covering Baxter International, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.2%
of tradable shares
Days to cover
3.45
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
37,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +31.4%

$18.43 on October 31, 2025 to $24.22

ThenNowEffect
Revenue (last 12 months) $10.9bn $11.5bn +5.4%
P/S multiple 0.9x 1.1x +25.3%
Share count 512m 514m −0.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −24.6%

$32.12 on November 3, 2023 to $24.22

ThenNowEffect
Revenue (last 12 months) $12.4bn $11.5bn −7.4%
P/S multiple 1.3x 1.1x −16.7%
Share count 503m 514m −2.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BAX+9%−40%−22%−22%−33%+27%
Industry peers (median)−9%−37%−8%−19%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BAX42%25%42%50%42%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BAX−16%−44%−38%−33%−52%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 81% from April 20, 2020 to March 30, 2026. Getting back needed a 431% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$15.79 – $28.34
From 52-week high
−14.5%
vs 50-day average
−1.3%
vs 200-day average
+13.5%
Volatility (1 year)
42%
Beta vs S&P 500
1.04

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±8.5%
After a week
4 up, 7 down
typical move ±8.5%
After a month
5 up, 6 down
typical move ±11.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −9.7% −2.1% — —
July 30, 2026 +5.6% +2.4% +9.0% +5.5%
April 30, 2026 +1.8% +1.3% +3.5% +8.9%
February 12, 2026 −11.1% −1.5% −3.1% −23.3%
October 30, 2025 −17.6% −0.8% −19.8% −14.9%
July 31, 2025 −21.7% −2.0% −16.1% −11.4%
May 1, 2025 −1.5% +2.2% +0.1% −4.7%
February 20, 2025 +9.7% −2.1% +13.9% +8.2%
February 3, 2025 −3.5% 0.0% −5.4% +8.5%
November 8, 2024 −5.1% +0.5% −11.3% −12.3%
August 6, 2024 +5.6% +0.2% −0.4% +12.9%
May 2, 2024 −8.6% +2.2% −10.9% −14.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Baxter International in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Baxter International
$10B $10.5B $11B $11.5B $12B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10.4B Revenue (TTM), FY24 Q1: $10.4B Revenue (TTM), FY24 Q2: $10.5B Revenue (TTM), FY24 Q3: $10.6B Revenue (TTM), FY24 Q4: $10.6B Revenue (TTM), FY25 Q1: $10.8B Revenue (TTM), FY25 Q2: $10.9B Revenue (TTM), FY25 Q3: $11B Revenue (TTM), FY25 Q4: $11.2B Revenue (TTM), FY26 Q1: $11.3B Revenue (TTM), FY26 Q2: $11.5B Revenue (TTM), FY26 Q3: $11.6B $11.6B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10.4B
FY24 Q1 $10.4B
FY24 Q2 $10.5B
FY24 Q3 $10.6B
FY24 Q4 $10.6B
FY25 Q1 $10.8B
FY25 Q2 $10.9B
FY25 Q3 $11B
FY25 Q4 $11.2B
FY26 Q1 $11.3B
FY26 Q2 $11.5B
FY26 Q3 $11.6B
Revenue growth, TTM YoY Baxter International
-30% -20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -28.6% Revenue growth, TTM YoY, FY24 Q1: -22.3% Revenue growth, TTM YoY, FY24 Q2: -15.1% Revenue growth, TTM YoY, FY24 Q3: -6.7% Revenue growth, TTM YoY, FY24 Q4: 2.7% Revenue growth, TTM YoY, FY25 Q1: 3.5% Revenue growth, TTM YoY, FY25 Q2: 3.6% Revenue growth, TTM YoY, FY25 Q3: 3.9% Revenue growth, TTM YoY, FY25 Q4: 5.7% Revenue growth, TTM YoY, FY26 Q1: 5.1% Revenue growth, TTM YoY, FY26 Q2: 5.4% Revenue growth, TTM YoY, FY26 Q3: 5.3% 5.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -28.6%
FY24 Q1 -22.3%
FY24 Q2 -15.1%
FY24 Q3 -6.7%
FY24 Q4 2.7%
FY25 Q1 3.5%
FY25 Q2 3.6%
FY25 Q3 3.9%
FY25 Q4 5.7%
FY26 Q1 5.1%
FY26 Q2 5.4%
FY26 Q3 5.3%
Operating margin (TTM) Baxter International
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 5.7% Operating margin (TTM), FY24 Q1: 5.6% Operating margin (TTM), FY24 Q2: 7.4% Operating margin (TTM), FY24 Q3: 7.1% Operating margin (TTM), FY24 Q4: 0.1% Operating margin (TTM), FY25 Q1: -0.4% Operating margin (TTM), FY25 Q2: -0.3% Operating margin (TTM), FY25 Q3: -0.1% Operating margin (TTM), FY25 Q4: -2.7% Operating margin (TTM), FY26 Q1: -2.7% Operating margin (TTM), FY26 Q2: -2.4% Operating margin (TTM), FY26 Q3: -1.9% -1.9%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 5.7%
FY24 Q1 5.6%
FY24 Q2 7.4%
FY24 Q3 7.1%
FY24 Q4 0.1%
FY25 Q1 -0.4%
FY25 Q2 -0.3%
FY25 Q3 -0.1%
FY25 Q4 -2.7%
FY26 Q1 -2.7%
FY26 Q2 -2.4%
FY26 Q3 -1.9%
FCF margin (TTM) Baxter International
0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 12.5% FCF margin (TTM), FY24 Q1: 4.5% FCF margin (TTM), FY24 Q2: 4.5% FCF margin (TTM), FY24 Q3: 3.4% FCF margin (TTM), FY24 Q4: 3.1% FCF margin (TTM), FY25 Q1: 0.0% FCF margin (TTM), FY25 Q2: 0.7% FCF margin (TTM), FY25 Q3: 0.6% FCF margin (TTM), FY25 Q4: 1.4% FCF margin (TTM), FY26 Q1: 5.1% FCF margin (TTM), FY26 Q2: 5.7% FCF margin (TTM), FY26 Q3: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 12.5%
FY24 Q1 4.5%
FY24 Q2 4.5%
FY24 Q3 3.4%
FY24 Q4 3.1%
FY25 Q1 0.0%
FY25 Q2 0.7%
FY25 Q3 0.6%
FY25 Q4 1.4%
FY26 Q1 5.1%
FY26 Q2 5.7%
FY26 Q3 8.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 12.6 12.8 13.9 13.9 9.4 10.7 10.0 10.2 10.6 11.1 11.4 11.7 12.1 10.1 10.4 10.6 11.2 11.6
Gross profit 6.5 6.0 7.0 7.1 4.2 4.6 4.1 4.1 4.5 4.8 4.8 4.6 4.7 3.5 4.2 4.0 3.4 3.5
EBITDA — — — — 1.1 1.4 1.2 1.5 2.0 2.4 2.6 2.4 2.2 −1.8 1.7 1.0 0.7 0.4
Operating income — — — — 0.5 0.7 0.4 0.7 1.3 1.6 1.8 1.6 1.4 −2.8 0.7 0.0 −0.3 −0.2
Net income 2.2 1.4 2.2 2.3 2.0 2.5 1.0 5.0 0.6 1.5 1.0 1.1 1.3 −2.4 2.7 −0.6 −1.0 −0.7
Diluted EPS $3.59 $2.39 $3.88 $4.18 $3.66 $4.56 $1.76 $9.01 $1.08 $2.83 $1.93 $2.13 $2.53 −$4.83 $5.23 −$1.27 −$1.87 −$1.40
Growth (year on year)
Revenue +1.7% +2.2% +8.2% +0.3% −32.5% +13.9% −7.0% +2.0% +4.1% +4.9% +2.4% +2.7% +4.1% −17.2% +3.0% +2.7% +5.7% +5.3%
EBITDA — — — — — +28.0% −16.6% +27.9% +31.9% +15.6% +8.7% −4.8% −9.1% −180.0% — −40.2% −33.4% −34.1%
Operating income — — — — — +32.3% −31.6% +65.9% +72.9% +23.0% +11.9% −8.8% −16.5% −310.7% — −98.0% — —
Net income +9.5% −35.6% +56.6% +4.6% −13.5% +24.1% −61.2% +412.9% −87.9% +156.8% −35.3% +10.1% +16.5% −289.5% — −124.4% — —
Diluted EPS +13.6% −33.4% +62.3% +7.7% −12.4% +24.6% −61.4% +411.9% −88.0% +162.0% −31.8% +10.4% +18.8% −290.9% — −124.3% — —
Margins
Gross margin 51.9% 46.4% 50.7% 51.2% 44.2% 42.7% 41.6% 40.5% 42.3% 42.9% 41.9% 39.3% 38.9% 35.3% 40.1% 37.5% 30.1% 30.1%
EBITDA margin — — — — 12.0% 13.5% 12.1% 15.2% 19.3% 21.2% 22.5% 20.9% 18.3% −17.6% 16.3% 9.5% 6.0% 3.8%
Operating margin — — — — 5.3% 6.1% 4.5% 7.3% 12.2% 14.3% 15.6% 13.8% 11.1% −28.3% 6.8% 0.1% −2.7% −1.9%
Net margin 17.6% 11.1% 16.0% 16.7% 21.4% 23.3% 9.7% 48.9% 5.7% 13.9% 8.8% 9.4% 10.6% −24.2% 25.6% −6.1% −8.5% −6.2%
Free-cash-flow margin 15.1% 15.9% 13.4% 14.0% 26.5% 21.4% 8.6% 9.2% 10.4% 12.2% 12.4% 9.9% 12.6% 8.3% 12.5% 5.4% 3.0% 14.1%
Cash flow
Cash from operations 2.9 3.0 2.8 3.1 3.2 3.2 1.8 1.7 1.7 2.0 2.1 1.9 2.2 1.2 1.7 1.0 0.8 1.6
Capital spending 1.0 1.0 1.0 1.2 0.7 0.9 0.9 0.7 0.6 0.7 0.7 0.7 0.7 0.4 0.4 0.4 0.5 0.0
Free cash flow 1.9 2.0 1.9 1.9 2.5 2.3 0.9 0.9 1.1 1.4 1.4 1.2 1.5 0.8 1.3 0.6 0.3 1.6
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 1.8 1.9 1.7 1.8 2.4 2.2 0.7 0.8 1.0 1.2 1.3 1.0 1.4 0.7 1.2 0.5 0.2 1.5
Balance sheet
Cash 2.8 2.7 2.9 3.3 2.7 2.9 2.2 2.8 3.4 1.8 3.3 3.7 3.0 1.6 3.1 1.8 2.0 2.0
Total debt 4.2 4.4 5.2 5.9 9.2 9.0 6.5 2.8 3.5 3.5 5.4 6.2 18.1 17.0 13.9 15.3 9.5 —
Net debt (negative = net cash) 1.4 1.7 2.3 2.7 6.4 6.1 4.3 −0.0 0.1 1.6 2.0 2.5 15.1 15.4 10.8 13.5 7.5 −2.0
Diluted shares 614m 594m 573m 556m 549m 547m 549m 551m 555m 546m 519m 517m 508m 504m 508m 510m 513m 516m
Returned to shareholders
Dividends 0.6 0.7 0.7 0.8 1.0 1.1 0.9 0.3 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.6 0.3 0.1
Buybacks 1.2 1.5 1.6 1.5 0.9 0.6 — 0.3 0.6 2.5 1.3 0.5 0.6 0.0 0.0 0.0 — —
Total returned 1.8 2.1 2.3 2.3 1.9 1.6 0.9 0.6 0.9 2.8 1.7 1.0 1.1 0.6 0.6 0.6 0.3 0.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 3 checks passed · September 30, 2026
What it owns · $19.4bn
Short-term assets $6.8bnLonger-term assets $12.6bn
What it owes, and who funded it · $19.4bn
Short-term liabilities $3.8bnLonger-term liabilities $9.1bnShareholders' equity $6.5bn
  • Short-term assets cover short-term liabilities $6.8bn of assets due within a year against $3.8bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.8bn short-term assets against $9.1bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$221m against $293m of interest.

From Baxter International's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$102M
Diluted share count
+0.7%
year over year
Total shareholder yield
0.8%
dividends 0.8% + buybacks 0.0% of market value
R&D spending
4.5%
of revenue
Sales & admin spending
25.4%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated BAX ISRG ALC ZBH PHG EW Median
Revenue, last 12 months $11.6bn $11.6bn $10.4bn $8.5bn $20.2bn $6.5bn $99m
Revenue growth, last 12 months 5.3% 20.5% 4.9% 8.6% 3.4% 14.6% 9.2%
Revenue growth, 3-year average 0.7% 19.1% — 5.7% — 15.3% 13.5%
Revenue growth, latest quarter 5.0% 21.7% — 4.8% — 13.6% 10.2%
Gross margin 30.1% 67.2% 55.2% 69.9% 45.2% 77.8% 61.2%
Operating margin −1.9% 28.4% 13.1% 14.2% 8.0% 22.3% −8.5%
Operating margin, 3-year average 1.7% 28.0% 6.3% 15.6% 6.6% 25.2% −17.9%
Net margin −6.2% 25.5% 9.4% 9.5% 5.0% 15.4% −12.0%
Cash from operations / revenue 14.1% 35.3% 21.8% 20.5% — 26.4% −1.9%
Free-cash-flow margin 8.4% 31.1% 16.6% 17.9% — 22.0% −3.9%
Free-cash-flow margin, 3-year average 4.1% 20.7% 12.1% 17.9% — 14.4% −7.0%
Stock pay / revenue 0.9% 7.3% — 1.2% 0.8% 2.6% 6.1%
Change in share count 0.7% −1.7% −0.3% −1.9% 3.1% −1.6% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 5.3% 9.1% 81 of 129
Change in growth rate Growth -0.0pp -0.6pp 57 of 129
Gross margin Profitability 30.1% 61.9% 107 of 123
Operating margin Profitability -1.9% -8.3% 51 of 132
Net margin Profitability -6.2% -12.0% 53 of 133
Free-cash-flow margin Cash generation 8.4% -3.4% 35 of 128
Stock pay as % of revenue Cash generation 0.9% 6.1% 6 of 123
Long-term debt as % of assets Balance sheet 47.1% 24.2% 74 of 87
Change in share count Balance sheet 0.7% 3.3% 40 of 115
Days sales outstanding Balance sheet 56 days 57 days 58 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $6.1B 54.4% ▲ 4.6%
Outside the US $5.1B 45.6% ▲ 7.0%
Western Europe Canada Japan Australia and New Zealand $3.7B 72.8% ▲ 8.5%
Eastern Europe Middle East Africa Latin America Asia $1.4B 27.2% ▲ 3.3%

From Baxter International's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$11.9B
Institutions reporting
683
Shares held vs prior quarter
▲ 5.2%
Positions opened / closed
92 / 74

Top buyers and sellers, Q2 2026: 341 institutions bought and 267 sold ; the biggest buyer was FMR LLC (+7.6M shares) and the biggest seller Artisan Partners Limited Partnership (−3.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 81.8M 14.7% ▲ 3.1%
Pzena Investment Management LLC $1.4B 65.3M 11.7% ▲ 1.2%
Dodge & Cox $1.2B 58.4M 10.5% ▲ 2.0%
FMR LLC $1.1B 53.9M 9.7% ▲ 16.5%
Vanguard Capital Management LLC $720M 33.8M 6.1% ▲ 0.7%
Vanguard Portfolio Management LLC $513M 24.1M 4.3% ▲ 0.3%
State Street Corp $439M 20.6M 3.7% ▲ 3.1%
Greenhaven Associates Inc $305M 14.3M 2.6% ▼ 0.2%
Geode Capital Management, LLC $301M 14.1M 2.5% ▲ 2.6%
Invesco Ltd. $264M 12.4M 2.2% ▼ 5.8%
UBS Group AG $203M 9.5M 1.7% ▲ 120.6%
First Pacific Advisors, LP $162M 7.6M 1.4% ▲ 13.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Baxter International's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 44 trades and filings

No trades in Baxter International disclosed in the last 12 months; 44 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 31, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025
  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded October 30, 2025, filed November 21, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Baxter International was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Baxter International in brief

What does Baxter International do?
Baxter International is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Baxter International's stock ticker?
Baxter International trades under the ticker BAX on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Baxter International's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Baxter International reported revenue of $11.6B, 5.3% higher than a year earlier, according to its SEC filings.
What is Baxter International's free cash flow?
Baxter International's free-cash-flow margin is 8.4% of revenue over the trailing twelve months, ranking 35 of the 128 health care equipment companies we cover.
Who are Baxter International's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Pzena Investment Management LLC and Dodge & Cox. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Baxter International's market cap?
On November 2, 2026, Baxter International's market capitalisation was about $12.5B and net debt of -$2B. Market figures come from third-party market data and may be delayed.
Does Baxter International pay a dividend?
Yes: Baxter International paid $102M in dividends over the trailing twelve months, a dividend yield of 0.81%.
Who are Baxter International's competitors?
In our Health Care Equipment peer group, the companies closest to Baxter International are Intuitive Surgical, Alcon Inc, Zimmer Biomet, Koninklijke Philips NV and Edwards Lifesciences. The side-by-side comparison below sets their revenue, margins and growth against Baxter International's.
When is Baxter International's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Baxter International announces its own schedule.