Baxter International Inc. BAX

Health CareHealthcare Equipment & SuppliesUnited States of America

Last close 23.00 USD on Nov 1, 2026, +20.5% year to date

Quant rating

Quant rating B Rank 182 of 565 in Health Care

Growth C 311 of 565
Valuation A 77 of 565
Quality B 159 of 565
Revisions B 168 of 565
Momentum C 331 of 565

Wall Street consensus Hold (2.94)Average target 25.92 USD +12.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.9B
Enterprise value: 18.5B
52-week range: 15.73 – 30.00
3-year range: 15.73 – 43.77
Dividend yield: 0.17%
Beta (5 years): 0.67
Shares outstanding: 517M
Next earnings: Feb 16, 2027

About the company

Baxter International Inc. is a global medtech company. Its segments include Medical Products and Therapies, Healthcare Systems and Technologies, and Pharmaceuticals. The Medical Products and Therapies segment includes sales of sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant, and adhesion prevention products. The Healthcare Systems and Technologies segment includes sales of its connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices, and advanced equipment for the surgical space, including operating room integration technologies, precision positioning devices, and other accessories. The Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthesia, and drug compounding. Its products are used in hospitals, rehabilitation centers, ambulatory surgery centers, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,244	10,636	10,360	10,057	12,146	–
Revenue growth	5.7%	2.7%	3.0%	−17.2%	4.1%	−0.7%
EPS (basic, normalized)	2.27	1.89	2.60	3.50	3.61	–
EPS growth	20.1%	−27.3%	−25.7%	−3.0%	–	–
Gross margin	30.7%	38.0%	40.3%	35.4%	39.3%	36.8%
Net margin	−8.0%	−3.2%	1.7%	−31.1%	8.4%	−6.4%
ROE	−13.7%	−4.4%	2.4%	−41.9%	11.5%	−9.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,975
Current ratio	1.79x
Long-term debt (mil)	7,757
Net debt (mil)	6,599
Total equity (mil)	6,502
Net debt / equity	1.01x
Net debt / EBITDA	2.57x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	11,244	+5.7%	1.6x	2,571	+16.7%	7.2x	2.27	+20.1%	10.1x
2026	11,703	+4.1%	1.6x	2,177	−15.3%	8.5x	2.09	−7.8%	11.0x
2027	11,953	+2.1%	1.5x	2,185	+0.4%	8.5x	2.05	−2.1%	11.2x
2028	12,239	+2.4%	1.5x	2,229	+2.0%	8.3x	2.18	+6.5%	10.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	11,703	+0.7%	+1.2%	+3.0%	2.09	+2.2%	+3.6%	+8.7%
2027	11,953	+0.7%	+1.2%	+3.2%	2.05	+0.2%	+0.8%	+2.0%
2028	12,239	+0.7%	+1.1%	+2.9%	2.18	+0.5%	+0.7%	+1.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,592	3,812	3,849	2,753	2,625	2,810	2,835	2,974	2,701	2,960
Sales mean (mil)	3,553	3,755	3,847	2,674	2,587	2,823	2,875	2,824	2,616	2,795
Surprise	+1.1%	+1.5%	+0.1%	+2.9%	+1.5%	−0.4%	−1.4%	+5.3%	+3.3%	+5.9%
EPS reported	0.65	0.68	0.80	0.58	0.55	0.59	0.69	0.44	0.36	0.56
EPS mean	0.61	0.66	0.78	0.52	0.48	0.61	0.60	0.54	0.31	0.37
Surprise	+7.0%	+2.7%	+3.0%	+11.8%	+13.9%	−3.3%	+15.3%	−17.9%	+17.0%	+53.0%

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BAX Baxter International Inc.	11.9B	2.57x	−8.0%	1.83x	11.0x	11.2x	8.5x	8.5x
TMO Thermo Fisher Scientific Inc.	257.7B	3.18x	15.0%	4.71x	27.6x	25.1x	23.4x	21.8x
ABT Abbott Laboratories	183.8B	2.36x	14.7%	3.60x	19.2x	17.9x	16.0x	14.5x
DHR Danaher Corporation	163.4B	2.71x	14.7%	3.05x	27.0x	24.9x	21.9x	20.1x
ISRG Intuitive Surgical, Inc.	149.8B	−0.91x	28.4%	9.37x	38.4x	34.7x	26.1x	24.0x
MDT Medtronic PLC	123.5B	1.99x	13.2%	2.46x	16.2x	15.1x	12.8x	12.3x
Mean		1.98x	13.0%	4.17x	23.2x	21.5x	18.1x	16.9x
Median		2.46x	14.7%	3.32x	23.1x	21.4x	19.0x	17.3x

Technical analysis

1M−2.1%
3M−5.6%
1Y+0.8%
3Y−24.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Baxter International Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,244	10,636	10,360	10,057	12,146	11,673
Cost of revenue	7,794	6,590	6,180	6,493	7,373	7,038
Gross profit	3,450	4,046	4,180	3,564	4,773	4,635
Selling, general & administrative expenses	2,513	2,407	2,416	2,428	2,549	2,357
Research & development	503	560	508	447	530	496
Depreciation/amortization	202	206	207	287	11.0	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	730	871	377	3,248	388	322
Other operating expenses	−192	−12.0	−1.0	−1.0	0	0
Operating income	−306	14.0	673	−2,845	1,295	1,460
Net interest income (expense)	−255	−363	−485	−445	−169	−170
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	56.0	60.0	54.0	42.0	−10.0	2.0
Net income before taxes	−505	−289	242	−3,248	1,116	1,292
Provision for taxes	395	37.0	61.0	−135	83.0	182
Minority interest	0	−11.0	−7.0	−12.0	−11.0	−8.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−900	−337	174	−3,125	1,022	1,102
Extraordinary items	−57.0	−312	2,482	692	262	0
Net income	−957	−649	2,656	−2,433	1,284	1,102
EBIT, normalized	992	1,060	1,125	1,019	1,775	1,846
EBITDA, normalized	1,976	2,057	2,388	2,422	2,665	2,669
Basic EPS, normalized	2.27	1.89	2.60	3.50	3.61	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Baxter International Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,966	1,764	3,194	1,718	2,951	3,730
Receivables	1,932	1,730	2,743	2,752	2,713	2,077
Total inventory	2,232	2,046	2,824	2,718	2,453	1,916
Prepaid expenses	261	366	452	424	365	346
Other current assets	481	2,947	387	399	390	342
Total current assets	6,872	8,853	9,600	8,011	8,872	8,411
Property, plant & equipment	3,186	3,176	4,957	5,529	5,808	5,325
Goodwill	4,929	5,275	6,514	6,843	9,836	3,217
Intangibles	4,369	5,223	6,079	6,793	7,792	1,671
Long-term investments	103	109	194	247	154	135
Note receivable	76.0	82.0	180	211	224	222
Other long-term assets	520	3,064	752	653	835	1,038
Total assets	20,055	25,782	28,276	28,287	33,521	20,019
Liabilities
Accounts payable	999	968	1,241	1,139	1,246	1,043
Payable/accrued	–	–	–	–	–	571
Accrued expenses	1,739	1,522	2,031	1,801	2,087	1,053
Short-term debt	1.0	2,126	0	299	301	0
Current portion of long-term debt	2.0	626	2,668	1,105	210	406
Other current liabilities	229	1,269	563	401	392	260
Total current liabilities	2,970	6,511	6,503	4,745	4,236	3,333
Long-term debt	9,473	10,374	11,130	15,232	17,149	5,786
Minority interest	−27.0	60.0	66.0	62.0	44.0	37.0
Other liabilities	1,510	1,873	2,175	2,415	3,015	2,174
Total liabilities	13,926	18,818	19,874	22,454	24,444	11,330
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	683	683	683	683	683	683
Additional paid-in capital	6,368	6,421	6,389	6,322	6,197	6,043
Retained earnings (accumulated deficit)	13,705	14,929	16,114	14,050	17,065	16,328
Treasury stock	−10,873	−11,059	−11,230	−11,389	−11,488	−11,051
Other equity	−3,754	−4,010	−3,554	−3,833	−3,380	−3,314
Total equity	6,129	6,964	8,402	5,833	9,077	8,689
Total liabilities & shareholders' equity	20,055	25,782	28,276	28,287	33,521	20,019

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Baxter International Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−957	−638	2,663	−2,421	1,295	1,110
Depreciation, depletion & amortization	981	997	1,263	1,403	890	823
Deferred taxes	77.0	−262	−499	−225	−146	−88.0
Non-cash items	852	1,158	−1,969	3,477	344	295
Changes in working capital	−108	−236	268	−1,023	−161	−272
Cash from operations	845	1,019	1,726	1,211	2,222	1,868
Investing activities
Capital expenditures	−513	−446	−692	−679	−743	−709
Other investing cash flows	3,354	−180	3,905	−252	−10,457	−470
Cash from investing	2,841	−626	3,213	−931	−11,200	−1,179
Financing activities
Financing cash flow items	−107	−31.0	−65.0	−61.0	−138	−52.0
Cash dividends paid	−348	−590	−586	−573	−530	−473
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,761	−460	−2,838	−804	8,913	180
Cash from financing	−4,216	−1,081	−3,489	−1,438	8,245	−345
Foreign exchange effects	84.0	−96.0	26.0	−76.0	−47.0	57.0
Net change in cash	−446	−784	1,476	−1,234	−780	401
Free cash flow	332	573	1,034	532	1,479	1,159

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.