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Diversified medical device/supplies company focused on IV solutions/infusion systems, surgical/acute care products and injectable pharmaceuticals.
Diversified medical device/supplies company focused on IV solutions/infusion systems, surgical/acute care products and injectable pharmaceuticals.
Hospitals buy IV solutions, pumps and consumables under multi-year supply contracts, so the installed pumps pull through recurring sales of tubing and fluids. In 2025 it sold most of its kidney-care business to Carlyle as Vantive, keeping a minority stake, after selling its biopharma contract-manufacturing unit in 2023.
Moat: narrow (installed base, switching costs, scale). Broad installed base of IV/infusion equipment and long-standing hospital supply relationships.
Headquarters: Deerfield, Illinois, USA · Founded: 1931 · Employees: 37,500
Size Baxter International (BAX) is a United States Health Care company (Medical Specialties) with a market value of $13.3B, the 654th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.79 on 6 Nov 2026.
Performance Over six months the shares gained 43.4%, against +28.7% for the median peer and -1.1% for the United States market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 5.3% over the last twelve months (peer median +4.6%); the operating margin is 5.9% (peer median 16.1%).
Valuation It trades at 12.6× forward earnings against a peer median of 20.4× (2nd cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below its cost of capital (7.2% WACC).
Backlog Backlog (remaining performance obligations) was $7.58B at 30 Sep 2026, down 23% on a year earlier — 0.7 years of trailing revenue. Backlog detail →
Credit Baxter International has 13 bonds outstanding ($8.47B), rated BBB- by the agencies and trading like BBB at a weighted spread of 107 bp.
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.6B | $11.2B | $10.6B | $10.4B | $14.5B |
| Revenue growth | — | +6% | +3% | -29% | — |
| Gross profit | $3.71B | $3.71B | $3.85B | $3.99B | $5.53B |
| EBITDA | $1.64B | $1.67B | $1.68B | $1.89B | $3.02B |
| Net income | -$705M | -$1.05B | -$649M | -$226M | -$2.43B |
| Free cash flow | $1.14B | $332M | $573M | $1.29B | $591M |
| Capital expenditure | $506M | $522M | $446M | $432M | $620M |
| Total debt | $8.01B | $9.78B | $13.4B | $14.1B | $17.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
| Fresenius Medical Care AG Sponsored ADR FMS | $12.2B | +6% | +7% | 11% | 9.4× | -2.7% |
| Becton Dickinson BDX | $57.7B | +43% | -3% | 15% | 16.0× | 9.6% |
| ICU Medical ICUI | $4.30B | +36% | -9% | 7% | 19.5× | 22.1% |
| Fresenius SE & Co. KGaA FRE.DE | $32.8B | +34% | +6% | 10% | 14.5× | 8.0% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Hikma Pharmaceuticals HIK.L | $4.59B | +18% | +2% | 20% | 9.9× | 1.4% |
| Teleflex TFX | $6.39B | +13% | -14% | 11% | 16.8× | 17.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BAX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.9% | +12.8% | 9th lowest of 21 |
| 6-month return | +43.4% | +28.7% | 8th highest of 21 |
| Distance from 52-week high | -14.0% | -12.5% | 10th lowest of 21 |
| Revenue growth (TTM) | +5.3% | +4.6% | 10th highest of 21 |
| Operating margin | 5.9% | 16.1% | 2nd lowest of 21 |
| Forward P/E | 12.6× | 20.4× | 2nd cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.7% | 10.7% | 8th most demanding of 19 |
| Growth delivered (Del g) | -0.7% | +8.5% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | +13.5 pp | +4.4 pp | 7th most demanding of 19 |
| ROIC minus cost of capital | -2.8 pp | +2.2 pp | 7th lowest of 21 |
| EV / EBITDA | 11.8× | 14.8× | 7th cheapest of 18 |
| Net debt / EBITDA | 3.7× | 1.8× | most indebted of 18 |
| Bond spread | 107 bp | 95 bp | 4th widest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Baxter International BAX | United States | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% | -0.7% |
| Lenskart Solutions LENSKART.NS | India | $13.4B | +49% | +35% | 10% | 137.4× | 52.8% | +33.5% |
| Glaukos GKOS | United States | $13.3B | +68% | +47% | -9% | 155.4× | n/a | n/a |
| Smith & Nephew SN..L | United Kingdom | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% | +5.6% |
| Penumbra PEN | United States | $12.6B | -1% | +17% | 12% | 54.9× | 30.1% | +20.2% |
| bioMerieux BIM.PA | France | $12.4B | +29% | -3% | 15% | 20.9× | 8.9% | +5.5% |
| Olympus 7733.T | Japan | $12.2B | +13% | +8% | 16% | 18.0× | -1.5% | +6.7% |
| Shanghai United Imaging Healthcare 688271.SS | China | $14.8B | +9% | +27% | 9% | 46.9× | n/a | n/a |
| Cooper Companies (The) COO | United States | $11.9B | +4% | +5% | 19% | 13.8× | 9.4% | +11.0% |
| Align Technology ALGN | United States | $11.8B | -2% | +4% | 19% | 13.9× | 11.4% | +10.3% |
| Demant A/S DEMANT.CO | Denmark | $11.6B | +62% | +10% | 18% | 25.7× | 6.8% | +9.8% |
| Avantor AVTR | United States | $10.5B | +86% | +1% | 8% | 17.7× | 16.1% | +0.5% |
| Qiagen QGEN | United States | $10.4B | +52% | +3% | 25% | 19.8× | 8.8% | +2.2% |
| Revvity RVTY | United States | $17.3B | +54% | +5% | 15% | 26.7× | 27.3% | -5.5% |
| Bio-Rad Laboratories BIO | United States | $10.3B | +50% | +1% | 9% | 35.7× | 26.5% | +0.3% |
| Insulet PODD | United States | $10.2B | -5% | +26% | 18% | 19.5× | 10.3% | +24.5% |
| Coloplast A/S COLO-B.CO | Denmark | $17.7B | +26% | +4% | 25% | 19.9× | -1.8% | +8.3% |
| Globus Medical GMED | United States | $9.54B | -9% | +20% | 22% | 14.1× | 5.5% | +30.1% |
| Bruker BRKR | United States | $9.34B | +39% | +2% | 9% | 26.2× | 25.7% | +11.6% |
| Sartorius SRT.DE | Germany | $20.0B | +34% | +4% | 18% | 42.6× | 24.9% | +8.7% |
| Zimmer Biomet ZBH | United States | $20.1B | +29% | +7% | 16% | 12.0× | -1.4% | +3.2% |
Baxter International has 13 bonds outstanding with $8.47B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.59%, a spread of 107 bp over government bonds.
Baxter International reported $7.58B of remaining performance obligations at 30 Sep 2026, down 23% from a year earlier and down 4% from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 0.89.