Baxter International Inc. (BAX)

NYSE: BAX · USD

$25.4

+0.49 (+1.9%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-20

Our latest published analysis: BAX rated Buy

Baxter International Inc.'s published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$26.9 / share

Potential value

$31.1 / share

Upside to FV

+18.1%

from $25.4

Moat

5.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$11.8B
Revenue (ttm)	11.5B
Net income (ttm)	-1.1B
EPS (ttm)	-$2.06
Shares out	517M
P/E (forward)	11.2x
Dividend	$0.04 (0.16%)
Volume	10,873,738
Beta	0.65

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 11.5B
Net income (ttm): -1.1B
EPS (ttm): -$2.06
P/E (forward): 11.2x
Market cap: $11.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$12.15B	$10.06B	$10.36B	$10.64B	$11.24B	-1.9%
Gross profit	$4.72B	$3.55B	$4.15B	$3.98B	$3.38B	-8.0%
Operating income	$1.35B	$-2.85B	$707.0M	$14.0M	$-308.0M	—
Net income	$1.28B	$-2.43B	$2.66B	$-649.0M	$-957.0M	—
EPS (diluted)	$2.53	$-4.83	$5.23	$-1.27	$-1.87	—
EBITDA	$2.19B	$-1.76B	$1.73B	$1.12B	$766.0M	-23.1%
R&D	$531.0M	$450.0M	$518.0M	$590.0M	$518.0M	-0.6%
SG&A	$2.85B	$3.10B	$2.95B	$2.97B	$2.89B	+0.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도
CNC	Centene Corporation	33.2B	22.7x	0.2x	6.9%	+9.6%	+101.2%	비중 축소
CRWD	CrowdStrike Holdings, Inc.	273.2B	7223.6x	50.4x	-14.1%	+36.5%	+100.4%	매도
ABBV	AbbVie Inc.	505.6B	80.8x	7.9x	17.7%	+3.7%	+29.1%	매도
ABT	Abbott Laboratories	177.6B	38.2x	3.7x	7.2%	+2.7%	-17.2%	비중 축소
ALGN	Align Technology Inc.	10.9B	26.6x	2.6x	17.2%	+3.6%	+11.6%	비중 축소

Base and Bull scenarios

Base45%

Price target

$26.92

+18.1% from spot

Under the base path, Baxter delivers gradual operational improvements where operating margins normalize toward historical levels and international healthcare tenders sustain volume demand. Shares reach $26.92 with an estimated return of 18.1% at an assigned likelihood of 45.0%. Confirmation requires meeting forward consensus adjusted diluted earnings targets.

Consensus forward adjusted diluted earnings targets are achieved across FY2026 and FY2027.
Operating margins expand steadily from negative territory toward normalized expectations.
International hospital procurement remains resilient across developed and emerging markets.

Bull25%

Price target

$31.12

+36.5% from spot

The bull path envisions accelerated supply chain streamlining that restores operating profitability toward sector benchmarks, enabling rapid debt repayment and multiple expansion. Under this outcome, shares reach $35.73 delivering a return of 56.7% with a probability of 25.0%. Confirmation would appear through consecutive quarterly margin beats.

Operating margin recovery accelerates toward broader medical technology industry benchmarks.
Robust free cash flow generation accelerates balance sheet deleveraging without equity dilution.
International market expansion in emerging hospital systems outpaces mature market replacement rates.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($26.92). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
5.8%	$30.9	$30.9	$30.9	$30.9	$30.9
6.8%	$28.8	$28.8	$28.8	$28.8	$28.8
7.8%	$26.9	$26.9	$26.9	$26.9	$26.9
8.8%	$25.1	$25.1	$25.1	$25.1	$25.1
9.8%	$23.4	$23.4	$23.4	$23.4	$23.4

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E11.2

P25 n/aP50 n/aP75 n/a

Trailing P/E0

P25 n/aP50 n/aP75 n/a

ROE-14.4

P25 n/aP50 n/aP75 n/a

ROIC6.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All BAX indicators

Market & fundamental data

Available fields

266

Groups with data

Currency

USD

Showing 266 of 266 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000010456
Company name	Baxter International Inc.
Country	United States
Country code	US
CUSIP number	071813109
Earnings date	2026-10-29
Earnings time	bmo
Employees	37,500
Employees change	-500
Employees growth	-1.32%
Enterprise value	$20.7B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1931
In index	SP500
Industry	Medical Instruments & Supplies
Is primary listing	Yes
Is SPAC	No
ISIN number	US0718131099
Last 10-K release date	2026-02-12
Last earnings date	2026-07-30
Last refreshed	2026-10-28
Last stock split date	2001-05-31
Last stock split type	Forward
Market cap	$13.1B
Market cap category	Large-Cap
Next earnings date	2026-10-29
Options	Yes
Price	$25.41
Price currency	USD
Sector	Healthcare
SIC code	3841
Stock price date	2026-10-28
Symbol	BAX
U.S. state	Illinois
Website	https://www.baxter.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	12.39x
Average P/E ratio (10Y)	35.54x
Earnings yield	-8.12%
EV/EBIT	22.26x
EV/EBITDA	11x
EV/FCF	25.42x
EV/Sales	1.81x
FCF / EV yield	3.93%
FCF yield	6.17%
Forward EV/Sales	1.77x
Forward P/E	12.24x
Forward P/S	1.13x
Industry forward P/E	22.69x
Industry P/E	75.18x
P/(FCF - SBC) ratio	18.86x
P/(OCF - SBC) ratio	10.97x
P/B ratio	2.08x
P/FCF ratio	16.2x
P/OCF ratio	10.01x
P/S ratio	1.15x
Price/EBITDA ratio	7.01x
Sector forward P/E	23.56x
Sector P/E	50.13x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	8.12%
EBITDA margin	16.43%
FCF margin	7.11%
Gross margin	34.1%
Operating margin	8.12%
Pretax margin	-4.21%
Profit margin	-9.27%
Profit per employee	$-28,347
Profitable quarters	1
Revenue per employee	$305,867
ROA	2.85%
ROA (5Y)	2.55%
ROCE	5.75%
ROE	-14.37%
ROE (5Y)	-9.06%
ROIC	6.8%
ROIC (5Y)	5.41%
SBC / revenue	1%
Tax / revenue	4.23%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth (Q)	36.78%
EPS growth quarters	1
EPS growth years	0
FCF growth	243.88%
FCF growth 3Y	-2.82%
FCF growth 5Y	-9.65%
Gross profit growth	-7.52%
Gross profit growth (Q)	-0.17%
Gross profit growth 3Y	-7.09%
Gross profit growth 5Y	-4.4%
Net income growth (Q)	38.46%
Net income growth quarters	1
Net income growth years	0
OCF growth	72.42%
OCF growth 10Y	-0.51%
OCF growth 3Y	-5.42%
OCF growth 5Y	-8.67%
Operating income growth	-10.14%
Operating income growth (Q)	-1.61%
Operating income growth 3Y	-8.59%
Operating income growth 5Y	-13.44%
Revenue growth	5.36%
Revenue growth (Q)	5.34%
Revenue growth (QoQ)	9.59%
Revenue growth 10Y	1.33%
Revenue growth 3Y	-2.54%
Revenue growth 5Y	-1.22%
Revenue growth quarters	8
Revenue growth years	3

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-504M
Depreciation and amortization	$953M
EBIT	$931M
EBITDA	$1.9B
EPS	$-2.06
FCF per share	$1.58
Financing cash flow	$-270M
Free cash flow	$815M
Free cash flow minus SBC	$700M
Gross profit	$3.9B
Income taxes	$485M
Investing cash flow	$-559M
Net borrowing	$14M
Net cash flow	$468M
Net income	$-1.1B
Operating cash flow minus SBC	$1.2B
Operating income	$931M
Revenue	$11.5B
Stock-based compensation	$115M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	2.39
Book value per share	$12.00
Debt / EBITDA	4.82
Debt / equity	1.56
Debt / FCF	11.86
Goodwill	$4.9B
Interest coverage	3.19
Long-term assets	$12.8B
Long-term liabilities	$10B
Net cash (debt)	$-7.5B
Net cash / market cap	-56.93%
Net debt / EBITDA	3.99
Net debt / equity	1.22
Net debt / FCF	9.22
Piotroski F-Score	5
Property, plant and equipment	$3.2B
Shareholders' equity	$6.2B
Tangible book value	$-2.8B
Tangible book value per share	$-5.32
Total assets	$19.8B
Total cash	$2.2B
Total debt	$9.7B
Total liabilities	$13.6B
WACC	5.53%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.56
Current assets	$7B
Current liabilities	$3.6B
Current ratio	1.95
Inventory turnover	3.26
Net working capital	$2.1B
Quick ratio	1.13
Working capital	$3.4B
Working capital turnover	3.18

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.68%
Dividend growth	-94.12%
Dividend growth (10Y)	-22.16%
Dividend growth (3Y)	-67.45%
Dividend growth (5Y)	-47.98%
Dividend growth years	0
Dividend payment date	2026-10-01
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$0.04
Dividend yield	0.16%
Ex-dividend date	2026-08-28
FCF payout ratio	2.54%
Last dividend	$0.01
Shareholder yield	-0.53%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	-45.71%
10Y return CAGR	-4.47%
10Y total return	-36.68%
150-day SMA	$21.92
15Y price change	-54.29%
15Y return CAGR	0.68%
15Y total return	10.65%
1D price change	1.95%
1M price change	8.77%
1M total return	8.77%
1W price change	3.71%
1W total return	3.71%
1Y price change	9.71%
1Y return CAGR	9.93%
1Y total return	9.92%
20-day SMA	$24.71
200-day SMA	$21.30
20Y price change	-45.14%
20Y return CAGR	1.95%
20Y total return	47.26%
3M price change	8.91%
3M total return	8.95%
3Y price change	-20.96%
3Y return CAGR	-5.8%
3Y total return	-16.42%
50-day SMA	$24.71
50-day SMA vs 200-day SMA	50over200
52-week high	$30.00
52-week high date	2026-07-30
52-week low	$15.73
52-week low date	2026-03-30
5Y price change	-68.98%
5Y return CAGR	-19.31%
5Y total return	-65.78%
6M price change	37.48%
6M total return	37.6%
All-time high	$95.19
All-time high date	2020-04-20
All-time low	$1.07
All-time low date	1968-02-14
Average true range (ATR)	$0.75
Average volume	5.9M
Beta (1Y)	1.27
Beta (2Y)	1.08
Beta (5Y)	0.65
Change from 52-week high	-15.32%
Change from 52-week low	61.51%
Change from all-time high	-73.3%
Change from all-time low	2,284.62%
Change from open	1.22%
Day's gap	0.72%
Dollar volume	$276.2M
High price	$26.02
Low price	$24.97
Monthly RSI	47.11
Open price	$25.10
Position in 52-week range	41.43%
Premarket change	1.49%
Premarket close	$24.92
Premarket price	$25.29
Premarket volume	29.9K
Previous close	$24.92
Price vs 150-day SMA	15.99%
Price vs 20-day SMA	2.87%
Price vs 200-day SMA	19.33%
Price vs 50-day SMA	2.87%
Relative volume	1.85
RSI	57.13
Sharpe ratio	0.35
Sharpe ratio (3Y)	-0.09
Sharpe ratio (5Y)	-0.54
Sortino ratio	0.6
Sortino ratio (3Y)	0.02
Sortino ratio (5Y)	-0.55
Volume	10.9M
Weekly RSI	60.23
YTD price change	33.02%
YTD total return	33.21%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	514.4M
Float percentage	99.5%
Shares change (QoQ)	0.58%
Shares change (YoY)	0.68%
Shares held by insiders	0.42%
Shares held by institutions	109.7%
Shares outstanding	517M
Short % of float	4.74%
Short % of shares	4.71%
Short ratio	3.7 days

Deeper analysis on BAX

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this BAX report

What is the latest published BAX stock rating?

Baxter International Inc. is shown with Buy in the latest published report, analyzed 2026-09-20. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full BAX analysis?

The full latest published report, analyzed 2026-09-20, lives at /stocks/BAX/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for BAX?

The latest published report analyzed 2026-09-20 gives BAX a fair value of USD 27 and a potential value of USD 31. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the BAX page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-20). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyBAX · Fair value $26.9+18.1%

Read full analysis →

Category	Score	Reading
Valuation	7.5
Management	7.5
Balance Sheet	4.5
Profitability	1.5
Revenue Growth	6.0
Risk Assessment	7.0
Competitive Moat	5.5
Earnings Quality	4.5
Capital Efficiency	2.5

Baxter International Inc. (BAX)

Our latest published analysis: BAX rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · BAX

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All BAX indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on BAX

Frequently asked questions

등급 이력