Baxter International vs Boston Scientific
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The short version
- Boston Scientific is the larger business, with $20.1B of revenue in fiscal 2025 against $11.2B for Baxter International, about 1.8 times as much.
- Boston Scientific grew revenue faster (19.9%, against 5.7%).
- Boston Scientific kept more of each dollar of sales as operating profit (18.0% operating margin, against −2.7%).
- Boston Scientific turned more of its sales into free cash flow (18.2% FCF margin, against 3.0%).
- Boston Scientific earned a higher return on the capital invested in it (9.6%, against −1.4%).
| Latest fiscal year | BAX · FY25 | BSX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.1B | $67.4B |
| Revenue | $11.2B | $20.1B |
| Free cash flow | $332M | $3.7B |
| Net income | −$957M | $2.9B |
| Growth | ||
| Revenue growth | 5.7% | 19.9% |
| 5-year growth | −0.8% | 15.2% |
| Share count change | 0.6% | 0.6% |
| Profitability | ||
| Gross margin | 30.1% | 69.0% |
| Operating margin | −2.7% | 18.0% |
| Net margin | −8.5% | 14.4% |
| FCF margin | 3.0% | 18.2% |
| Return on capital | −1.4% | 9.6% |
| Return on equity | −14.6% | 12.6% |
| Balance sheet | ||
| Net debt | $7.5B | $9.2B |
| Net debt / EBITDA | 11.1x | 1.8x |
| Dividends and buybacks | $348M | $0.0M |
| Valuation & quality | ||
| P/E | — | 18.5x |
| Piotroski F-score | 5 | 7 |
Revenue
FY16
BAX $10.2B
BSX $9.1B
FY17
BAX $10.6B
BSX $9.0B
FY18
BAX $11.1B
BSX $9.8B
FY19
BAX $11.4B
BSX $10.7B
FY20
BAX $11.7B
BSX $9.9B
FY21
BAX $12.1B
BSX $11.9B
FY22
BAX $10.1B
BSX $12.7B
FY23
BAX $10.4B
BSX $14.2B
FY24
BAX $10.6B
BSX $16.7B
FY25
BAX $11.2B
BSX $20.1B
BAX
BSX
Operating margin
FY16
BAX 7.3%
BSX 4.9%
FY17
BAX 12.2%
BSX 14.2%
FY18
BAX 14.3%
BSX 15.3%
FY19
BAX 15.6%
BSX 14.1%
FY20
BAX 13.8%
BSX −0.8%
FY21
BAX 11.1%
BSX 10.1%
FY22
BAX −28.3%
BSX 13.0%
FY23
BAX 6.8%
BSX 16.5%
FY24
BAX 0.1%
BSX 15.5%
FY25
BAX −2.7%
BSX 18.0%
BAX
BSX
Free cash flow
FY16
BAX $935M
BSX $806M
FY17
BAX $1.1B
BSX $1.1B
FY18
BAX $1.4B
BSX −$6.0M
FY19
BAX $1.4B
BSX $1.4B
FY20
BAX $1.2B
BSX $1.1B
FY21
BAX $1.5B
BSX $1.3B
FY22
BAX $834M
BSX $938M
FY23
BAX $1.3B
BSX $1.8B
FY24
BAX $573M
BSX $2.6B
FY25
BAX $332M
BSX $3.7B
BAX
BSX
Return on capital
FY16
BAX —
BSX 3.8%
FY17
BAX —
BSX 5.7%
FY18
BAX 16.2%
BSX 12.5%
FY19
BAX 18.2%
BSX 8.5%
FY20
BAX 13.1%
BSX −0.3%
FY21
BAX 7.0%
BSX 5.0%
FY22
BAX −9.9%
BSX 4.1%
FY23
BAX 2.6%
BSX 7.1%
FY24
BAX 0.1%
BSX 7.3%
FY25
BAX −1.4%
BSX 9.6%
BAX
BSX
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.