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Baxter International

BAX NYSE Health Care Equipment Financials FY2016–FY2025

Baxter International's revenue rose 5.7% to $11.2 billion in fiscal 2025. Its operating margin was −2.7%, down from 0.1% a year earlier. Free cash flow was $332 million, down 42.1%. It paid out $348 million in dividends and buybacks, 105% of free cash flow. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$25.30

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$11.2B
5.7% vs prior year
Operating margin Operating income as a share of revenue.
−2.7%
2.9 pts
Net income Profit after all expenses, interest and tax.
−$957M
Free cash flow Cash from operations minus capital spending.
$332M
42.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−1.4%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$13.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Baxter International does

No business description yet.

Legal name
BAXTER INTERNATIONAL INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001628280-26-007733
0000010456

Revenue and margins

Baxter International had $11.2B of revenue in fiscal 2025, up 5.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $332M in fiscal 2025, 3.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Baxter International returned $348M to shareholders in fiscal 2025, 105% of free cash flow. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Baxter International yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$7.5B and divides by 513.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Baxter International can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $3.0B$1.6B$3.1B$1.8B$2.0B
Debt incl. finance leases $18.1B$17.1B$13.9B$15.3B$9.5B
Net debt / EBITDA 6.8x—6.4x13.4x11.1x
Debt / equity 2.0x2.9x1.7x2.2x1.5x
Interest coverage 6.5x−6.9x1.4x0.0x−1.1x
Current ratio 2.1x1.7x1.5x1.4x2.3x
Quick ratio 1.5x1.1x1.2x1.1x1.6x
Total assets $33.5B$28.3B$28.3B$25.8B$20.1B
Total liabilities $24.4B$22.4B$19.8B$18.8B$14.0B
Shareholders' equity $9.1B$5.8B$8.4B$7.0B$6.1B
Net debt (− = net cash) $15.2B$15.4B$10.8B$13.6B$7.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

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

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 93 / 95 / 9
Accruals ratio 3.3%−6.2%−7.9%
Altman Z'' 3.192.883.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Baxter International BAX $13.1B 5.7% −2.7% 3.0% −1.4% — 5
Intuitive Surgical ISRG $159.0B 20.5% 29.3% 24.8% 20.9% 54.8x 5 Compare →
Zimmer Biomet ZBH $19.0B 7.2% 13.3% 17.9% 4.9% 23.9x 6 Compare →
Boston Scientific BSX $67.4B 19.9% 18.0% 18.2% 9.6% 18.5x 7 Compare →
GE HealthCare GEHC $32.7B 4.8% 13.4% 7.3% 13.3% 17.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.2B $10.6B $11.1B $11.4B $11.7B $12.1B $10.1B $10.4B $10.6B $11.2B
Gross profit $4.1B $4.5B $4.8B $4.8B $4.6B $4.7B $3.5B $4.2B $4.0B $3.4B
Research and development $646M $615M $654M $595M $521M $531M $450M $518M $590M $518M
Operating income $745M $1.3B $1.6B $1.8B $1.6B $1.4B −$2.8B $707M $14.0M −$308M
Interest expense $89.0M $85.0M $93.0M $111M $153M $207M $413M $508M $408M $290M
Pretax income $5.0B $1.1B $1.6B $970M $1.3B $1.1B −$3.2B $242M −$289M −$505M
Income tax −$12.0M $491M $65.0M −$41.0M $182M $83.0M −$135M $61.0M $37.0M $395M
Net income $5.0B $602M $1.5B $1.0B $1.1B $1.3B −$2.4B $2.7B −$649M −$957M
Diluted EPS $9.01 $1.08 $2.83 $1.93 $2.13 $2.53 −$4.83 $5.23 −$1.27 −$1.87
Diluted shares 0.55B 0.56B 0.55B 0.52B 0.52B 0.51B 0.50B 0.51B 0.51B 0.51B
Cash flow
Cash from operations $1.7B $1.7B $2.0B $2.1B $1.9B $2.2B $1.2B $1.7B $1.0B $845M
Capital expenditure $719M $616M $659M $696M $709M $691M $377M $432M $446M $513M
Free cash flow $935M $1.1B $1.4B $1.4B $1.2B $1.5B $834M $1.3B $573M $332M
Depreciation and amortization $800M $750M $771M $789M $823M $867M $1.1B $984M $997M $981M
Stock-based compensation $115M $107M $115M $122M $130M $146M $140M $115M $114M $117M
Acquisitions $48.0M $686M $268M $418M $494M $10.5B $258M $4.0M $14.0M $9.0M
Share buybacks $292M $564M $2.5B $1.3B $500M $600M $32.0M $0.0M $0.0M $0.0M
Dividends paid $268M $315M $376M $423M $473M $530M $573M $586M $590M $348M
Dividends and buybacks $560M $879M $2.8B $1.7B $973M $1.1B $605M $586M $590M $348M
Balance sheet
Cash and short-term investments — $3.4B $1.8B $3.3B $3.7B $3.0B $1.6B $3.1B $1.8B $2.0B
Total debt $2.8B $3.5B $3.5B $5.4B $6.2B $18.1B $17.0B $13.9B $15.3B $9.4B
Finance lease liabilities $0.0M $0.0M $0.0M $54.0M $65.0M $70.0M $64.0M $27.0M $21.0M $23.0M
Current assets $6.6B $7.3B $6.0B $7.5B $8.4B $8.9B $8.0B $9.6B $8.9B $6.9B
Current liabilities $2.7B $2.8B $2.8B $3.2B $3.3B $4.2B $4.7B $6.5B $6.5B $3.0B
Inventory $1.4B $1.5B $1.7B $1.7B $1.9B $2.5B $2.7B $1.9B $2.0B $2.2B
Property and equipment, net $4.3B $4.6B $4.5B $4.5B $4.7B $5.2B $4.7B $2.9B $2.9B $2.9B
Total assets $15.5B $17.1B $15.7B $18.2B $20.0B $33.5B $28.3B $28.3B $25.8B $20.1B
Total liabilities $7.3B $8.0B $7.9B $10.3B $11.3B $24.4B $22.4B $19.8B $18.8B $14.0B
Shareholders' equity $8.3B $9.1B $7.8B $7.9B $8.7B $9.1B $5.8B $8.4B $7.0B $6.1B
Margins
Gross margin 40.5% 42.3% 42.9% 41.9% 39.3% 38.9% 35.3% 40.1% 37.5% 30.1%
Operating margin 7.3% 12.2% 14.3% 15.6% 13.8% 11.1% −28.3% 6.8% 0.1% −2.7%
EBITDA margin 15.2% 19.3% 21.2% 22.5% 20.9% 18.3% −17.6% 16.3% 9.5% 6.0%
Net margin 48.9% 5.7% 13.9% 8.8% 9.4% 10.6% −24.2% 25.6% −6.1% −8.5%
FCF margin 9.2% 10.4% 12.2% 12.4% 9.9% 12.6% 8.3% 12.5% 5.4% 3.0%
Returns
Return on capital — — 16.2% 18.2% 13.1% 7.0% −9.9% 2.6% 0.1% −1.4%
Return on capital employed 5.3% 9.5% 11.7% 12.7% 10.2% 5.9% −10.8% 3.1% 0.1% −1.7%
Return on equity 58.0% 6.9% 18.2% 12.7% 13.3% 14.5% −32.6% 37.3% −8.5% −14.6%
Return on assets 27.2% 3.7% 9.4% 5.9% 5.8% 4.8% −7.9% 9.4% −2.4% −4.2%
Growth
Revenue growth 2.0% 4.1% 4.9% 2.4% 2.7% 4.1% −17.2% 3.0% 2.7% 5.7%
Net income growth 412.9% −87.9% 156.8% −35.3% 10.1% 16.5% −289.5% — −124.4% —
EPS growth 411.9% −88.0% 162.0% −31.8% 10.4% 18.8% −290.9% — −124.3% —
FCF growth 8.7% 17.4% 23.7% 3.7% −17.7% 32.1% −45.5% 55.2% −55.7% −42.1%
Share count change 0.4% 0.7% −1.6% −5.0% −0.4% −1.7% −0.8% 0.8% 0.4% 0.6%
Financial health
Net debt / EBITDA — 0.1x 0.7x 0.8x 1.1x 6.8x — 6.4x 13.4x 11.1x
Debt / equity 0.3x 0.4x 0.4x 0.7x 0.7x 2.0x 2.9x 1.7x 2.2x 1.5x
Interest coverage 8.4x 15.2x 17.0x 16.0x 10.6x 6.5x −6.9x 1.4x 0.0x −1.1x
Current ratio 2.4x 2.6x 2.1x 2.3x 2.5x 2.1x 1.7x 1.5x 1.4x 2.3x
Quick ratio 1.9x 2.1x 1.5x 1.8x 2.0x 1.5x 1.1x 1.2x 1.1x 1.6x
Capital allocation
Capex / revenue 7.1% 5.8% 5.9% 6.1% 6.1% 5.7% 3.8% 4.2% 4.2% 4.6%
Stock comp / revenue 1.1% 1.0% 1.0% 1.1% 1.1% 1.2% 1.4% 1.1% 1.1% 1.0%
Payouts / FCF 59.9% 80.1% 208.3% 120.2% 84.0% 73.8% 72.5% 45.3% 103.0% 104.8%
Quality scores
Piotroski F-score 6.0 6.0 7.0 6.0 5.0 5.0 4.0 6.0 3.0 5.0
Altman Z'' 6.1 6.2 6.2 5.8 5.7 3.2 2.0 3.2 2.9 3.9
Accruals ratio 18.1% −6.8% −2.9% −6.5% −4.0% −3.5% −11.8% 3.3% −6.2% −7.9%

Source: SEC EDGAR XBRL filings (CIK 0000010456). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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