Baxter International vs GE HealthCare
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The short version
- GE HealthCare is the larger business, with $20.6B of revenue in fiscal 2025 against $11.2B for Baxter International, about 1.8 times as much.
- Baxter International grew revenue faster (5.7%, against 4.8%).
- GE HealthCare kept more of each dollar of sales as operating profit (13.4% operating margin, against −2.7%).
- GE HealthCare turned more of its sales into free cash flow (7.3% FCF margin, against 3.0%).
- GE HealthCare earned a higher return on the capital invested in it (13.3%, against −1.4%).
| Latest fiscal year | BAX · FY25 | GEHC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.1B | $32.7B |
| Revenue | $11.2B | $20.6B |
| Free cash flow | $332M | $1.5B |
| Net income | −$957M | $2.1B |
| Growth | ||
| Revenue growth | 5.7% | 4.8% |
| 5-year growth | −0.8% | — |
| Share count change | 0.6% | −0.2% |
| Profitability | ||
| Gross margin | 30.1% | 40.0% |
| Operating margin | −2.7% | 13.4% |
| Net margin | −8.5% | 10.1% |
| FCF margin | 3.0% | 7.3% |
| Return on capital | −1.4% | 13.3% |
| Return on equity | −14.6% | 22.1% |
| Balance sheet | ||
| Net debt | $7.5B | $6.0B |
| Net debt / EBITDA | 11.1x | 1.8x |
| Dividends and buybacks | $348M | $264M |
| Valuation & quality | ||
| P/E | — | 17.1x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
BAX $10.2B
GEHC —
FY17
BAX $10.6B
GEHC —
FY18
BAX $11.1B
GEHC —
FY19
BAX $11.4B
GEHC —
FY20
BAX $11.7B
GEHC —
FY21
BAX $12.1B
GEHC $17.6B
FY22
BAX $10.1B
GEHC $18.3B
FY23
BAX $10.4B
GEHC $19.6B
FY24
BAX $10.6B
GEHC $19.7B
FY25
BAX $11.2B
GEHC $20.6B
BAX
GEHC
Operating margin
FY16
BAX 7.3%
GEHC —
FY17
BAX 12.2%
GEHC —
FY18
BAX 14.3%
GEHC —
FY19
BAX 15.6%
GEHC —
FY20
BAX 13.8%
GEHC —
FY21
BAX 11.1%
GEHC 15.9%
FY22
BAX −28.3%
GEHC 13.8%
FY23
BAX 6.8%
GEHC 12.5%
FY24
BAX 0.1%
GEHC 13.3%
FY25
BAX −2.7%
GEHC 13.4%
BAX
GEHC
Free cash flow
FY16
BAX $935M
GEHC —
FY17
BAX $1.1B
GEHC —
FY18
BAX $1.4B
GEHC —
FY19
BAX $1.4B
GEHC —
FY20
BAX $1.2B
GEHC —
FY21
BAX $1.5B
GEHC $1.4B
FY22
BAX $834M
GEHC $1.8B
FY23
BAX $1.3B
GEHC $1.7B
FY24
BAX $573M
GEHC $1.6B
FY25
BAX $332M
GEHC $1.5B
BAX
GEHC
Return on capital
FY16
BAX —
GEHC —
FY17
BAX —
GEHC —
FY18
BAX 16.2%
GEHC —
FY19
BAX 18.2%
GEHC —
FY20
BAX 13.1%
GEHC —
FY21
BAX 7.0%
GEHC —
FY22
BAX −9.9%
GEHC —
FY23
BAX 2.6%
GEHC 10.7%
FY24
BAX 0.1%
GEHC 13.4%
FY25
BAX −1.4%
GEHC 13.3%
BAX
GEHC
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.