Baxter International Inc (BAX)
Health Care · Health Care Equipment · US stock · S&P 500 component
$25.65
▲ +0.95 (3.85%)
Fair valueUndervalued
$32 +23.9% to fair value
$16fair band $27–$39$48
Day's range
$24.68 – $25.71
52-week range
$15.73 – $30.00
About Baxter International Inc
Hospitals and other care settings use the medical products made by Baxter International. Its range includes intravenous solutions and infusion pumps, injectable medicines, surgical products, and hospital beds, patient monitoring and other connected-care technology. Customers are hospitals, health systems, pharmacies and clinics around the world. The company reports its activity in groups covering medical products and therapies, healthcare systems and technologies, and pharmaceuticals.
Revenue of $11.5 billion over the last twelve months comes from recurring medical consumables and injectable products, together with equipment and related services. Sales have grown at 3.8% a year across the last three years. The operating margin is -2.4%, the business earns -4% on the capital invested in it, and net debt is -1.9 times EBITDA. The dividend yield is 0.2%. On the site's X-Ray Score it receives 37 out of 100.
Price chart
52-wk range $15.73 – $30.00Volume 5,204,702Daily, split-adjusted
Vitals
Market cap$13.3B
52-week range$15.73 – $30.00
Volume (last day)5,204,702
P/E (TTM)–
EBIT / EV yield-2.3%
Free-cash-flow yield–
Dividend yield0.2%
Revenue (TTM)$11.5B
Net income (TTM)−$1.1B
Operating margin-2.4%
Return on capital-4.4%
Debt incl. leases$844M
Cash & securities$2.2B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$32middle half of models $28 – $35
Undervalued
+23.9% to fair value
Average of the 9 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $26
Undervalued < $27Fair $27 – $39Overvalued > $39
P/B multiple
$28
P/S multiple
$42
EV/EBITDA multiple
$26
EV/revenue multiple
$46
10-year DCF, EBITDA exit
$29
5-year DCF, EBITDA exit
$28
10-year DCF, revenue exit
$35
5-year DCF, revenue exit
$35
10-year DCF, growth exit · not used
$8
5-year DCF, growth exit · not used
$2
Dividend discount, stable · not used
$8
Dividend discount, multi-stage
$15
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
57/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield-2.3%
Fair value vs price1.2×
Growth
Weak
38/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)3.8%
Growth consistency100%
Profitability
Weak
23/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital-4.4%
Operating margin-2.4%
Gross profitability17.4%
Financial health
Weak
46/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA-1.9×
Interest cover-0.9×
Dividends
Weak
4/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield0.2%
Dividend growth-15.3%
Quarterly results: last 6 quarters
+5.4%
Mar '25
+4.3%
Jun '25
+5.0%
Sep '25
+8.0%
Dec '25
+2.9%
Mar '26
+5.3%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.0B, diluted EPS $0.24.
Compare with peers
DXCM Dexcom Inc78 PODD Insulet Corp72 RMD Resmed Inc70 BSX Boston Scientific Corp67Other Health Care Equipment companies by X-Ray Score.
SWOT analysis: Baxter International Inc
Strengthsinside the company
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Weaknessesinside the company
- Return on invested capital is only -4.4% (median 10.7% for industry peers), so the business earns little above its cost of capital.
- Operating margin of -2.4% is thin against 18.9% for industry peers.
Opportunitiesvaluation and setting
- The price is 24% below our fair value estimate, with the gap larger than the margin we allow for error.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare BAX with peers and sector
Medians of 15 Health Care Equipment peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABT 41, ISRG 62, MDT 57, SYK 56, BSX 67, BDX 47.
| Metric | BAX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 37 | 57 | 49 |
| Valuation | 57 | 60 | 52 |
| Growth | 38 | 74 | 48 |
| Profitability | 23 | 55 | 51 |
| Financial health | 46 | 64 | 48 |
| Dividends | 4 | 57 | 52 |
Sector leaders: highest X-Ray Score in Health Care
BAX ranks #51 of 60 in Health Care and #15 of 16 in Health Care Equipment by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for BAX
Each factor is rated by where BAX stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 5 Good · 5 Average · 9 Bad of 19
Growth: 0 · 2 · 0
Profitability: 0 · 0 · 5
Financial strength: 2 · 0 · 2
Valuation: 2 · 1 · 0
Cash flow: 1 · 0 · 2
Efficiency: 0 · 2 · 0
| Factor | BAX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.8% | Average beats 39% | +5.5% | – | – |
| Revenue growth, last year | +5.7% | Average beats 38% | +7.1% | +3.0% | ▲ Better |
| Profitability | |||||
| Gross margin | 30.1% | Bad beats 15% | 65.0% | 37.5% | ▼ Worse |
| Operating margin | -2.4% | Bad beats 6% | 16.4% | 0.1% | ▼ Worse |
| Net margin | -9.3% | Bad beats 4% | 11.1% | -6.1% | ▼ Worse |
| Return on invested capital | -4.4% | Bad beats 6% | 12.2% | – | – |
| Return on equity | -17.1% | Bad beats 7% | 13.7% | -9.3% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | -1.9x | Good beats 95% | 2.0x | 8.9x | ▲ Better |
| Interest cover | -0.9x | Bad beats 4% | 9.4x | 0.0x | ≈ In line |
| Current ratio | 1.95 | Good beats 73% | 1.52 | 1.69 | ▲ Better |
| Piotroski F-score | 5 / 9 | Bad beats 25% | 6 / 9 | – | – |
| Valuation | |||||
| Price / book | 2.1x | Good beats 83% | 3.7x | 2.3x | ≈ In line |
| Price / sales | 1.2x | Good beats 79% | 3.7x | 1.9x | ▲ Better |
| EV / EBITDA | 17.6x | Average beats 50% | 17.6x | 25.8x | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 11.5% | Bad beats 32% | 16.3% | 8.3% | ▲ Better |
| Free cash flow growth, 3 years a year | −26.4% | Bad beats 5% | +4.3% | – | – |
| Accruals (lower is better) | −12.0% | Good beats 92% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 3.6x | Average beats 62% | 2.9x | 3.2x | ≈ In line |
| Days sales outstanding | 59 days | Average beats 62% | 62 days | 61 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 2 Average · ● 7 BadCash quality
Earnings backed by cashGood
Risk models
Altman Z''Average
Piotroski F-ScoreBad
Growth
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B |
| Operating income | $1.4B | −$2.8B | $707M | $14M | −$308M |
| Net income | $1.3B | −$2.4B | $2.7B | −$649M | −$957M |
| Operating cash flow | $2.2B | $1.2B | $1.7B | $1.0B | $845M |
| Operating margin | 11.1% | -28.3% | 6.8% | 0.1% | -2.7% |
| Free cash flow | $1.5B | $834M | $1.3B | $573M | $332M |
| Diluted EPS | $2.53 | $-4.83 | $5.23 | $-1.27 | $-1.87 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 24.97 | Bullish |
| EMA 10 | 24.89 | Bullish |
| SMA 20 | 24.38 | Bullish |
| EMA 20 | 24.63 | Bullish |
| SMA 50 | 24.80 | Bullish |
| EMA 50 | 24.39 | Bullish |
| SMA 100 | 23.70 | Bullish |
| EMA 100 | 23.54 | Bullish |
| SMA 200 | 21.20 | Bullish |
| EMA 200 | 22.78 | Bullish |
Oscillators (daily)
| RSI (14) | 60.82 | Neutral |
| MACD (12, 26) | 0.24 | Bullish |
| Momentum (12) | 5.30 | Bullish |
| Stochastic %K (14) | 87.64 | Bearish |
| Williams %R (14) | -12.36 | Bearish |
| CCI (20) | 113.6 | Bearish |
Pivot points (classic, last session)
S3 23.96 | S2 24.32 | S1 24.99 | Pivot 25.35 | R1 26.01 | R2 26.37 | R3 27.03 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.04 USD
Yield on today's price
0.16%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.0100 | |
| 0.0100 | |
| 0.0100 | |
| 0.0100 | |
| 0.1700 | |
| 0.1700 | |
| 0.1700 | |
| 0.1700 | |
| 0.2900 | |
| 0.2900 | |
| 0.2900 | |
| 0.2900 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold BAX
| ETF | Share of the fund |
|---|---|
| IHI iShares U.S. Medical Devices | 1.71% |
| RPV Invesco S&P 500 Pure Value | 0.98% |
| DFSV DFA Investment Dimensions Group Inc. | 0.37% |
| RSP Invesco S&P 500 Equal Weight | 0.25% |
| VBR Vanguard Small-Cap Value | 0.24% |
| IYH iShares U.S. Healthcare | 0.22% |
| FHLC Fidelity MSCI Health Care Index | 0.19% |
| XLV Health Care Select Sector SPDR | 0.19% |
The eight funds with the largest weight in BAX among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
BAX stock splits
BAX has split its stock once since 2001. The latest was a 2-for-1 split on 31 May 2001.
Full BAX stock split history →BAX SEC filings
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.