Baxter International vs Intuitive Surgical
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The short version
- Baxter International is the larger business, with $11.2B of revenue in fiscal 2025 against $10.1B for Intuitive Surgical.
- Intuitive Surgical grew revenue faster (20.5%, against 5.7%).
- Intuitive Surgical kept more of each dollar of sales as operating profit (29.3% operating margin, against −2.7%).
- Intuitive Surgical turned more of its sales into free cash flow (24.8% FCF margin, against 3.0%).
- Intuitive Surgical earned a higher return on the capital invested in it (20.9%, against −1.4%).
| Latest fiscal year | BAX · FY25 | ISRG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.1B | $159.0B |
| Revenue | $11.2B | $10.1B |
| Free cash flow | $332M | $2.5B |
| Net income | −$957M | $2.9B |
| Growth | ||
| Revenue growth | 5.7% | 20.5% |
| 5-year growth | −0.8% | 18.2% |
| Share count change | 0.6% | 0.2% |
| Profitability | ||
| Gross margin | 30.1% | 66.0% |
| Operating margin | −2.7% | 29.3% |
| Net margin | −8.5% | 28.4% |
| FCF margin | 3.0% | 24.8% |
| Return on capital | −1.4% | 20.9% |
| Return on equity | −14.6% | 16.7% |
| Balance sheet | ||
| Net debt | $7.5B | −$5.9B |
| Net debt / EBITDA | 11.1x | −1.7x |
| Dividends and buybacks | $348M | $2.3B |
| Valuation & quality | ||
| P/E | — | 54.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
BAX $10.2B
ISRG $2.7B
FY17
BAX $10.6B
ISRG $3.1B
FY18
BAX $11.1B
ISRG $3.7B
FY19
BAX $11.4B
ISRG $4.5B
FY20
BAX $11.7B
ISRG $4.4B
FY21
BAX $12.1B
ISRG $5.7B
FY22
BAX $10.1B
ISRG $6.2B
FY23
BAX $10.4B
ISRG $7.1B
FY24
BAX $10.6B
ISRG $8.4B
FY25
BAX $11.2B
ISRG $10.1B
BAX
ISRG
Operating margin
FY16
BAX 7.3%
ISRG 35.1%
FY17
BAX 12.2%
ISRG 33.9%
FY18
BAX 14.3%
ISRG 32.2%
FY19
BAX 15.6%
ISRG 30.7%
FY20
BAX 13.8%
ISRG 24.1%
FY21
BAX 11.1%
ISRG 31.9%
FY22
BAX −28.3%
ISRG 25.4%
FY23
BAX 6.8%
ISRG 24.8%
FY24
BAX 0.1%
ISRG 28.1%
FY25
BAX −2.7%
ISRG 29.3%
BAX
ISRG
Free cash flow
FY16
BAX $935M
ISRG $1.0B
FY17
BAX $1.1B
ISRG $953M
FY18
BAX $1.4B
ISRG $982M
FY19
BAX $1.4B
ISRG $1.2B
FY20
BAX $1.2B
ISRG $1.1B
FY21
BAX $1.5B
ISRG $1.7B
FY22
BAX $834M
ISRG $958M
FY23
BAX $1.3B
ISRG $750M
FY24
BAX $573M
ISRG $1.3B
FY25
BAX $332M
ISRG $2.5B
BAX
ISRG
Return on capital
FY16
BAX —
ISRG 23.6%
FY17
BAX —
ISRG 21.2%
FY18
BAX 16.2%
ISRG 32.7%
FY19
BAX 18.2%
ISRG 29.1%
FY20
BAX 13.1%
ISRG 19.1%
FY21
BAX 7.0%
ISRG 26.9%
FY22
BAX −9.9%
ISRG 17.9%
FY23
BAX 2.6%
ISRG 21.6%
FY24
BAX 0.1%
ISRG 19.9%
FY25
BAX −1.4%
ISRG 20.9%
BAX
ISRG
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.