Baxter International
BAX NYSE· Health Care Equipment
Last close · Oct 26, 2026
$25.29
KIRA · Stoqly’s AI analyst, in plain words
- Baxter International had $11.2B of revenue in fiscal 2025, up 5.7% on the year before. Over five years, revenue changed −0.8% a year on average.
- Its operating margin was −2.7%, down 2.9 pts: of every 100 in sales, about −3 is left after running the business.
- Baxter International lost $957M in fiscal 2025.
- Free cash flow was $332M in fiscal 2025, 3.0% of revenue.
- Baxter International returned $348M to shareholders in fiscal 2025, 105% of free cash flow. The diluted share count rose 0.6%.
- Baxter International owes $7.5B more than it holds in cash, about 11.1 years of operating profit.
Market cap
$13.1B
P/E
—
Revenue
$11.2B
Net income
−$957M
Free cash flow
$332M
Operating margin
−2.7%
Baxter International in 30 seconds · fiscal 2025
Are sales growing?
+5.7%
Yes. Sales grew 5.7% last year.
Does it make a profit?
−8.5%
No. It lost money last year.
Does profit turn into cash?
3.0%
Partly. 3.0% of sales ends up as free cash.
Is debt under control?
11.1x
Heavy. Repaying its debt would take 11.1 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
What Baxter International does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 12, 2026
- Legal name
- BAXTER INTERNATIONAL INC.
- CIK
- 0000010456
Baxter International · BAX
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B |
| Revenue growth | 4.1% | −17.2% | 3.0% | 2.7% | 5.7% |
| Gross margin | 38.9% | 35.3% | 40.1% | 37.5% | 30.1% |
| Operating margin | 11.1% | −28.3% | 6.8% | 0.1% | −2.7% |
| Net income | $1.3B | −$2.4B | $2.7B | −$649M | −$957M |
| Net margin | 10.6% | −24.2% | 25.6% | −6.1% | −8.5% |
| Diluted EPS | $2.53 | −$4.83 | $5.23 | −$1.27 | −$1.87 |
| Cash | |||||
| Cash from operations | $2.2B | $1.2B | $1.7B | $1.0B | $845M |
| Capital expenditure | $691M | $377M | $432M | $446M | $513M |
| Free cash flow | $1.5B | $834M | $1.3B | $573M | $332M |
| FCF margin | 12.6% | 8.3% | 12.5% | 5.4% | 3.0% |
| Dividends paid | $530M | $573M | $586M | $590M | $348M |
| Share buybacks | $600M | $32.0M | $0.0M | $0.0M | $0.0M |
| Share count change | −1.7% | −0.8% | 0.8% | 0.4% | 0.6% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $9.1B | $5.8B | $8.4B | $7.0B | $6.1B |
| Net debt / EBITDA | 6.8x | — | 6.4x | 13.4x | 11.1x |
| Current ratio | 2.1x | 1.7x | 1.5x | 1.4x | 2.3x |
| Interest coverage | 6.5x | −6.9x | 1.4x | 0.0x | −1.1x |
| Returns and quality | |||||
| Return on capital | 7.0% | −9.9% | 2.6% | 0.1% | −1.4% |
| Return on equity | 14.5% | −32.6% | 37.3% | −8.5% | −14.6% |
| Piotroski F-score | 5 | 4 | 6 | 3 | 5 |
| Altman Z'' | 3.2 | 2.0 | 3.2 | 2.9 | 3.9 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Baxter International · BAX
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Baxter International BAX | $13.1B | 5.7% | −2.7% | 3.0% | −1.4% | — | 5 |
| Intuitive Surgical ISRG | $158.8B | 20.5% | 29.3% | 24.8% | 20.9% | 54.7x | 5 |
| Zimmer Biomet ZBH | $18.8B | 7.2% | 13.3% | 17.9% | 4.9% | 23.7x | 6 |
| Boston Scientific BSX | $67.2B | 19.9% | 18.0% | 18.2% | 9.6% | 18.5x | 7 |
| GE HealthCare GEHC | $32.9B | 4.8% | 13.4% | 7.3% | 13.3% | 17.2x | 7 |
KIRA
At $25.29 a share, the company is worth $13.1B.
Baxter International grew sales faster than 1 of its 4 similar companies.
Source: SEC EDGAR XBRL filings (CIK 0000010456). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.