Baxter International vs GE HealthCare
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KIRA’s take AI analyst
I put Baxter International and GE HealthCare side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Baxter International
BAX
1/10
Revenue growth
GE HealthCare
GEHC
9/10
Gross marginOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BAX FY25 | GEHC FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.1B | $32.9B |
| 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 | — | 17.2x |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.