BAX Healthcare

Baxter International Inc.

$25.49+5.24%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Healthcare
Industry: Medical Instruments & Supplies
Country: United States
Market cap: 13.2B USD
Enterprise value: 20.4B USD
Full-time employees: 37,500

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: more debt relative to equity (1.55× vs a peer median of 0.22×)higher risk: more debt vs equity (1.55× vs peers 0.22×)
About average: valuation

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Baxter International looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $126M profit in the quarter to June 2026.
Baxter International reported a net loss over the last twelve months, but its most recent quarter was profitable ($126M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

30/ 100

Oct 5 30 → Nov 4 30

Valuation

Is the price right?

41/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Held back by:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-8.1%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield3.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.17Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield6.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield47.1%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth4.2%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.19Sector median: 0.0584 · MAD: 0.0840

Revenue growth5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.08Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

33/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ Operating margin
▼ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-2.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.78Sector median: 0.0706 · MAD: 0.1217

Return on assets-5.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.31Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-1.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.63Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin30.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-17.1%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.65

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.08Sector median: 0.6250 · MAD: 0.3380

Current ratio1.95×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.46Sector median: 2.5860 · MAD: 1.3850

Debt / equity1.55×

SEC filings · latest balance sheetReported value33% base weight · Z-score -6.50Sector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Baxter International

Is Baxter International getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is Baxter International valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 1,393 healthcare peers. Earnings yield -8.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -8.1% vs peers 1.5% (weaker than 100% of peers).
Is Baxter International growing?: More slowly than most of its peers. Growth scores 33/100 against 1,393 healthcare peers.
How profitable is Baxter International?: Less profitable than most of its peers. Profitability scores 33/100 against 1,393 healthcare peers. Return on assets -5.4% vs a peer median of 1.7% (weaker than 71% of peers).Return on assets -5.4% vs peers 1.7% (weaker than 71% of peers).
How risky is Baxter International?: Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.55× vs a peer median of 0.22× (weaker than 87% of peers).Debt / equity 1.55× vs peers 0.22× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	11.3B USD	11.5B USD	+1.3%
Net income (12 months)	−1.1B USD	−1.1B USD	−3.2%
Operating margin	-2.7%	-2.4%	+0.3 pts
Cash	2.0B USD	2.1B USD	+6.6%
Shares outstanding	516.5M	517.0M	+0.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Medical Instruments & Supplies · 25 companies

Valuations in Medical Instruments & Supplies are near the bottom of their range since Jul 2018.

18% of months since Jul 2018 were valued lower than now.
0% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +17% vs the whole market, against a usual +86%.

Jul 2018Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	38.9%	35.3%	40.1%	37.5%	30.1%	▼ 7.4 pts
Operating margin	11.1%	-28.3%	6.8%	0.1%	-2.7%	▼ 2.9 pts
Net margin	10.6%	-24.2%	25.6%	-6.1%	-8.5%	▼ 2.4 pts
Return on assets (ROA)	3.8%	-8.6%	9.4%	-2.5%	-4.8%	▼ 2.3 pts
Return on equity (ROE)	14.1%	-41.7%	31.6%	-9.3%	-15.6%	▼ 6.3 pts
Free cash flow margin	12.6%	8.3%	12.5%	5.4%	3.0%	▼ 2.4 pts
Current ratio	2.09×	1.69×	1.48×	1.36×	2.31×	▲ 70%
Quick ratio	1.52×	1.12×	1.18×	1.05×	1.56×	▲ 49%
Debt to equity	1.99×	2.91×	1.65×	2.20×	1.55×	▼ 30%
Interest coverage	6.52×	-6.89×	1.39×	0.03×	-1.06×	▼ >999%

BAX price history

Price history is added with the daily price update and will appear after the next one.

Similar companies

Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: more debt relative to equity (1.55× vs a peer median of 0.22×)higher risk: more debt vs equity (1.55× vs peers 0.22×)

About average: valuation

Ranks #980 of 1,157 healthcare companies (bottom 16%)

See how it ranks against its peers

Worth knowing

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Baxter International looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $126M profit in the quarter to June 2026.

Baxter International reported a net loss over the last twelve months, but its most recent quarter was profitable ($126M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about Baxter International

Is Baxter International getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 30/100 since Oct 28, 2026.

How is Baxter International valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 1,393 healthcare peers. Earnings yield -8.1% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -8.1% vs peers 1.5% (weaker than 100% of peers).

Is Baxter International growing?

More slowly than most of its peers. Growth scores 33/100 against 1,393 healthcare peers.

How profitable is Baxter International?

Less profitable than most of its peers. Profitability scores 33/100 against 1,393 healthcare peers. Return on assets -5.4% vs a peer median of 1.7% (weaker than 71% of peers).Return on assets -5.4% vs peers 1.7% (weaker than 71% of peers).

How risky is Baxter International?

Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Debt / equity 1.55× vs a peer median of 0.22× (weaker than 87% of peers).Debt / equity 1.55× vs peers 0.22× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

11.3B USD

11.5B USD

+1.3%

Net income (12 months)

−1.1B USD

−1.1B USD

−3.2%

Operating margin

-2.7%

-2.4%

+0.3 pts

Cash

2.0B USD

2.1B USD

+6.6%

Shares outstanding

516.5M

517.0M

+0.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

38.9%

35.3%

40.1%

37.5%

30.1%

▼ 7.4 pts

Operating margin

11.1%

-28.3%

6.8%

0.1%

-2.7%

▼ 2.9 pts

Net margin

10.6%

-24.2%

25.6%

-6.1%

-8.5%

▼ 2.4 pts

Return on assets (ROA)

3.8%

-8.6%

9.4%

-2.5%

-4.8%

▼ 2.3 pts

Return on equity (ROE)

14.1%

-41.7%

31.6%

-9.3%

-15.6%

▼ 6.3 pts

Free cash flow margin

12.6%

8.3%

12.5%

5.4%

3.0%

▼ 2.4 pts

Current ratio

2.09×

1.69×

1.48×

1.36×

2.31×

▲ 70%

Quick ratio

1.52×

1.12×

1.18×

1.05×

1.56×

▲ 49%

Debt to equity

1.99×

2.91×

1.65×

2.20×

1.55×

▼ 30%

Interest coverage

6.52×

-6.89×

1.39×

0.03×

-1.06×

▼ >999%