Health Care · Health Care Equipment · US stock · price as of 22 Oct 2026
Key indicators
Price
$25.65
52-week range
$15.73 – $30.00
Market cap
$13.3B
P/E (trailing)
–
EV / EBITDA
17.6×
Free-cash-flow yield
9.9%
Dividend yield
0.2%
Revenue (last 12 months)
$11.5B
Revenue growth (3y a year)
3.8%
Operating margin
−2.4%
Return on invested capital
−4.4%
Net debt / EBITDA
-1.9×
Fair value
Fair value (average of valid models)$31.77 middle half of models $28 – $35
Versus priceUndervalued+24% to fair value
P/B multiple
$28.47
P/S multiple
$42.26
EV/EBITDA multiple
$25.55
EV/revenue multiple
$46.29
10-year DCF, EBITDA exit
$29.48
5-year DCF, EBITDA exit
$28.38
10-year DCF, revenue exit
$35.21
5-year DCF, revenue exit
$35.41
Dividend discount, multi-stage
$14.88
Model uncertainty
High
X-Ray Score
37/ 100 · Medium confidence · ahead of 15% of sector peers
Valuation57
Growth38
Profitability23
Financial health46
Dividends4
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Baxter International Inc an X-Ray Score of 37 out of 100 (medium confidence), ahead of 15% of the S&P 500 stocks in its sector. Its strongest lens is valuation (57) and its weakest is dividends (4).
Our fair value (the average of the valid models) is $31.77 (range $28.38 to $35.41). At $25.65 the stock trades 19% below that value, so the label is "Undervalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Baxter International Inc (BAX)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$78.11
$47.19
$36.86
$28.60
$19.08
$25.65
Market cap
$39.7B
$23.8B
$18.7B
$14.6B
$9.8B
$13.3B
P/E
30.9×
–
7.0×
–
–
–
EV / revenue
4.5×
3.9×
2.8×
2.4×
1.5×
1.0×
EV / EBITDA
24.6×
–
17.4×
25.7×
25.7×
17.6×
Price / free cash flow
25.9×
28.5×
14.5×
25.5×
29.5×
10.1×
Free-cash-flow yield
3.9%
3.5%
6.9%
3.9%
3.4%
9.9%
Price / book
4.4×
4.1×
2.2×
2.1×
1.6×
2.1×
Dividend yield
1.39%
2.44%
3.15%
3.64%
2.73%
0.16%
Fundamentals checklist ● 5 Good · ● 2 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−12.0%Good
Risk models
Altman Z score3.8×Average
Piotroski F-Score5 of 9Bad
Growth
Free-cash-flow growth (3y)−26.4%Bad
Revenue growth (3y)3.8%Average
Growth consistency100%Good
Balance sheet
Current ratio1.9×Good
Net debt / EBITDA-1.9×Good
Interest cover-0.9×Bad
Valuation
Fair value vs price1.2×Good
EBIT / EV yield−2.3%Bad
Profitability
Return on invested capital−4.4%Bad
Operating margin−2.4%Bad
Gross profitability17.4%Bad
XStocksXray
Baxter International Inc (BAX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,146
10,057
10,360
10,636
11,244
11,470
Gross profit
4,720
3,549
4,150
3,984
3,379
3,450
Operating income
1,350
-2,845
707
14
-308
-274
Net income
1,284
-2,433
2,656
-649
-957
-1,063
Diluted EPS ($)
2.53
-4.83
5.23
-1.27
-1.87
-2.06
Free cash flow
1,531
834
1,294
573
332
1,319
Gross margin
38.9%
35.3%
40.1%
37.5%
30.1%
30.1%
Operating margin
11.1%
−28.3%
6.8%
0.1%
−2.7%
−2.4%
Net margin
10.6%
−24.2%
25.6%
−6.1%
−8.5%
−9.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
33,521
28,287
28,276
25,782
20,055
19,791
Cash
2,951
1,621
3,078
1,764
1,966
2,150
Total debt
17,660
16,636
13,756
13,126
9,476
844
Equity
9,077
5,833
8,402
6,964
6,129
6,206
Dividend per share ($)
1.09
1.15
1.16
1.04
0.52
0.20
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
