Khi được bạn cho phép, chúng tôi sử dụng phân tích giới hạn, chú trọng quyền riêng tư để hiểu hành trình nghiên cứu nào hiệu quả. Chúng tôi không dùng trình theo dõi quảng cáo hoặc ghi lại phiên. Bạn có thể thay đổi lựa chọn này trong Tùy chọn. Đọc Chính sách quyền riêng tư.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
BAX — frequently asked questions
Is Baxter International Inc. overvalued?
In our latest published analysis dated 2026-09-20, BAX looks meaningfully undervalued. The price recorded at analysis is 22,8 USD versus our fair value of 26,9 USD; the high endpoint is presented separately as potential value of 31,1 USD. That implies roughly 18.1% upside to fair value at that date.
Our latest published report, analyzed 2026-09-20, gives BAX a fair value of 26,9 USD and a potential value of 31,1 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Baxter International Inc.'s archetype; it is a dated research output, not a live price.
Should I buy BAX now?
Our latest published rating for BAX, analyzed 2026-09-20, is Buy. Baxter International Inc. looks meaningfully undervalued at the analysis-date price of 22,8 USD versus fair value of 26,9 USD; potential value is 31,1 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for BAX?
The dedicated bear-case section in our report analyzed 2026-09-20 documents Baxter International Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is BAX's rating?
Our latest published rating for BAX, analyzed 2026-09-20, is Buy, with a published moat assessment of 5.5/10 (Narrow). It reflects our fair value of 26,9 USD, the potential value of 31,1 USD, and the price recorded at analysis (22,8 USD).
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.
§1 Tóm tắt điều hànhEN
Câu trả lời trong 30 giâyBuy
Giá so với giá trị
Giá
$22.80
Giá trị hợp lý
$26.92
Giá trị tiềm năng
$31.12
Tính đến
2026-09-18
Vì sao luận điểm có thể đúng
Accelerated operating margin recovery toward the industry benchmark of 15.5%, resilient international healthcare demand ($5,122M consolidated international revenue,), and organic free cash flow generation of $332M, accelerating debt retirement toward Potential value of $31.12.
Điều gì sẽ thay đổi quan điểm của chúng tôi
Failure to achieve operational turnaround and debt paydown leading to terminal EV/Revenue multiple contraction below 2.2x.
Baxter International is rated Buy. At the report-date price of $22.80 on September 18, 2026, shares trade at an 18.1% discount to our Fair value of $26.92. The primary downside risk is that $9.67B in debt and turnaround delays contract valuation multiples. The strongest catalyst is positive operating cash flow of $845M self-funding debt paydown as profitability recovers.4,5
The committee assigns a Buy rating. For investors, this indicates that the stock offers attractive risk-adjusted upside potential as management executes an operational recovery.
As of September 18, 2026, Baxter shares traded at $22.80. This price stands 15.3% below our Fair value of $26.92 and offers 18.1% upside to the midpoint, with Potential value reaching $31.12 under accelerated operational execution.
The primary risk to this thesis is that persistent operational friction fails to reverse trailing GAAP operating losses of -$308M, while high borrowing costs on $9.67B in debt consume cash generation.4,5
The core driver of recovery is Baxter's ability to generate steady cash from its entrenched hospital installed base. Operating cash flow of $845M in FY2025 exceeded capital expenditures of $513M, delivering $332M in free cash flow to reduce debt without diluting shareholders. As operating margins normalize toward 12.5%, consensus projects earnings reaching $2.04 per share by FY2027, lifting enterprise valuation.1,5,6
Shares trade at $22.80, representing an 18.1% discount to Fair value of $26.92 and an EV/Revenue multiple of 1.71x, pricing in restructuring challenges while providing solid recovery upside.4
Consolidated international revenues of $5,122M across Western Europe and emerging markets, provide institutional tender stability that cushions domestic procurement cycles.6
Khuyến nghị của hãng
Baxter is rated Buy because its $22.80 report-date share price trades at an 18.1% discount to Fair value of $26.92, supported by recurring operating cash flow of $845M funding balance sheet deleveraging.4,5
Tổng quan công ty
The manufacture of its products requires, among other things, the timely supply or delivery of sufficient amounts of quality components and raw materials. BAXTER INTERNATIONAL INC. acquires its components, raw materials, and other requirements for manufacturing from many suppliers and vendors in various countries, including sometimes from ourselves for self-supplied requirements. The Medical Products & Therapies segment includes sales of its sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant and adhesion prevention products. The Pharmaceuticals segment includes sales of specialty injectable pharmaceuticals, inhaled anesthetics and drug compounding services. To a lesser extent, the company enters into arrangements for which revenue may be recognized over time.
For example, the company leases medical equipment to customers under operating lease arrangements and recognize the related revenues on a monthly basis over the lease term. Its Healthcare Systems & Technologies segment includes connected care solutions and collaboration tools that are implemented over time.
§2 Kịch bản tiêu cựcEN
Under compounding operational distress where global hospital systems freeze procurement and interest expenses escalate, operating cash flow contracts sharply. Obligatory debt service absorbs liquid reserves, eliminating capacity for debt retirement and triggering multiple compression.
A downside path develops if competitive pricing pressure from specialized peers forces gross margin concessions while high debt service burdens exhaust available cash flow. This outcome would be confirmed by gross margin erosion below documented operating floors and persistent annual operating losses.
Các cách luận điểm này có thể đổ vỡ
Terminal valuation contraction from persistent turnaround delays and leverage discount
Persistent operational delays failing to reverse negative operating income of -$308M under $9.67B in total debt compress valuation multiples below 2.2x.4,5
FV impact
-30.8%
Terminal multiple 20% lower
Trigger
Within 12 months
Tín hiệu cảnh báo sớm cần theo dõi
Năm diễn biến có thể làm suy yếu luận điểm đầu tư của chúng tôi.
A decline in operational cash collection leaves insufficient funds to cover mandatory capital reinvestment and interest obligations, halting debt paydown and forcing balance sheet restructuring through asset sales or dilutive external financing.
Baxter commands a Narrow economic moat underpinned by customer switching costs in its acute care installed base and regulatory intangible assets. However, pricing flexibility remains constrained by higher-margin specialized medical peers,.
Lợi nhuận kinh tế
Economic value generation remains temporarily depressed as return on capital of 0.78% trails computed WACC of 10.84%, reflecting FY2025 operating losses of -$308M.2,5
5.5/ 10
Narrow
Sources of advantage
01Switching Costs — Acute care hospital protocols and clinical integration create high customer switching barriers around Baxter's installed infusion and renal equipment across $6,122M in US revenue.Moderate
02Intangible Assets — Proprietary formulation standards, regulatory clearances, and multi-year institutional tenders protect hospital consumable lines across $3,728M in developed international markets.Moderate
Mối đe dọa đã biết với lợi thế cạnh tranh
Mối đe dọa
Mức độ
Mốc thời gian
Giảm thiểu
Competitor margin superiority enabling elevated commercial channel and R&D spending
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.
Consensus forward adjusted diluted earnings targets are achieved across FY2026 and FY2027.1
Operating margins expand steadily from negative territory toward normalized expectations.5
International hospital procurement remains resilient across developed and emerging markets.6
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.1
Operating cash flow reached $845M in FY2025, delivering $332M in positive free cash flow after funding $513M of capital expenditures. This cash generation demonstrates self-funding operational capacity despite reported GAAP net losses of -$957M.5
Phân bổ vốn
Capital allocation strictly prioritizes balance sheet deleveraging and essential facility maintenance over discretionary shareholder payouts. Capital expenditures of $513M in FY2025 were limited to core equipment maintenance while surplus cash was reserved to address $9.67B in total debt obligations.
Returns on capital reflect cyclical trough conditions during restructuring, with upward trajectory tied to normalized operating margin expansion toward target levels.
ROIC of 0.78% sits substantially below the computed WACC of 10.84%.
FY2025 operating cash flow generated $845M despite an operating loss of -$308M.
Depreciation add-backs of $981M provide solid liquidity coverage for mandatory plant reinvestment and debt service.
Elevated borrowing charges restrict discretionary capital deployment
Total debt of $9,667M carries an estimated pre-tax cost of debt of 19.48%.
Financing charges absorb available cash, requiring disciplined focus on debt reduction rather than growth projects.
Doanh thu mới nhất11,2 T US$CAGR doanh thu +1,1%
Biên hoạt động-2,7%10 kỳ tài chính
Dòng tiền tự do mới nhất332 Tr US$FY2025
Nợ ròng7,5 T US$FY2025
Phân tích báo cáo kết quả kinh doanhQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Doanh thu11,2 T US$Giá vốn doanh thu−7,9 T US$Lợi nhuận gộp3,4 T US$Chi phí hoạt động−3,7 T US$Lợi nhuận hoạt động-308 Tr US$Các khoản ngoài hoạt động và thuế−649 Tr US$Lợi nhuận ròng-957 Tr US$
Dữ liệu lịch sử tài chính
Doanh thu
11.244.000.000 US$
Giá vốn doanh thu
7.865.000.000 US$
Lợi nhuận gộp
3.379.000.000 US$
Chi phí hoạt động
3.687.000.000 US$
Lợi nhuận hoạt động
-308.000.000 US$
Các khoản ngoài hoạt động và thuế
-649.000.000 US$
Lợi nhuận ròng
-957.000.000 US$
Tổng quan bảng cân đối kế toánCách tài sản đã báo cáo được nắm giữ và tài trợ trong kỳ đã chọn.
StockMarketAgent.AI
Cơ cấu tài sảnNguồn tài trợ
Tổng tài sản20,1 T US$Tiền mặt2 T US$Tài sản ngắn hạn6,9 T US$Tổng nợ phải trả14 T US$Nợ ngắn hạn3 T US$Vốn chủ sở hữu6,1 T US$
Dữ liệu phân tích bảng cân đối kế toán
Tổng tài sản
20.055.000.000 US$
Tiền mặt
1.966.000.000 US$
Tài sản ngắn hạn
6.872.000.000 US$
Tổng nợ phải trả
13.953.000.000 US$
Nợ ngắn hạn
2.970.000.000 US$
Vốn chủ sở hữu
6.102.000.000 US$
Cầu nối dòng tiềnDòng tiền từ hoạt động chuyển thành dòng tiền tự do như thế nào trong FY2021.
StockMarketAgent.AI
Đối chiếu dòng tiền hoạt động
Lợi nhuận ròng1,3 T US$Khấu hao và phân bổ+867 Tr US$Thù lao bằng cổ phiếu+146 Tr US$Điều chỉnh hoạt động khác−75 Tr US$Dòng tiền hoạt động2,2 T US$
Đối chiếu tiền đầu kỳ đến cuối kỳ
Tiền đầu kỳ3,7 T US$Dòng tiền hoạt động+2,2 T US$Dòng tiền đầu tư−11,2 T US$Dòng tiền tài chính+8,2 T US$Ảnh hưởng tỷ giá−47 Tr US$Tiền cuối kỳ3 T US$
2,2 T US$ − 691 Tr US$Dòng tiền tự do 1,5 T US$
Dữ liệu cầu nối dòng tiền
Lợi nhuận ròng
1.284.000.000 US$
Dòng tiền vào từ hoạt động
2.297.000.000 US$
Khấu hao và phân bổ
867.000.000 US$
Thù lao bằng cổ phiếu
146.000.000 US$
Dòng tiền hoạt động
2.222.000.000 US$
Dòng tiền ra từ hoạt động
75.000.000 US$
Tiền sẵn có
14.203.000.000 US$
Tiền đầu kỳ
3.736.000.000 US$
Dòng tiền vào từ tài chính
8.245.000.000 US$
Dòng tiền ra từ đầu tư
11.200.000.000 US$
Capex
691.000.000 US$
Hoạt động đầu tư khác
10.509.000.000 US$
Ảnh hưởng tỷ giá
47.000.000 US$
Tiền cuối kỳ
2.956.000.000 US$
Dòng tiền đầu tư
-11.200.000.000 US$
Dòng tiền tài chính
8.245.000.000 US$
Doanh thu theo khu vựcTỷ trọng trong tổng doanh thu của 2025-12-31.
11,2 T US$Tổng doanh thu
Doanh thu theo khu vựcTỷ trọng
United States6,1 T US$54,4%+4,6% so với cùng kỳ
Western Europe Canada Japan Australia And New Zealand3,7 T US$33,2%+8,5% so với cùng kỳ
Eastern Europe Middle East Africa Latin America Asia1,4 T US$12,4%+3,3% so với cùng kỳ
Nguồn: SEC EDGAR · Nộp ngày 2026-02-12 · SEC EDGAR
Dữ liệu cơ cấu doanh thu: Doanh thu theo khu vực
Doanh thu theo khu vực
Doanh thu
Tỷ trọng
so với cùng kỳ
United States
6,1 T US$
54,4%
4,6%
Western Europe Canada Japan Australia And New Zealand
3,7 T US$
33,2%
8,5%
Eastern Europe Middle East Africa Latin America Asia
1,4 T US$
12,4%
3,3%
Doanh thu và lợi nhuậnQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Tiền mặt và nợThanh khoản sẵn có so với tổng dư nợ.
Tạo dòng tiềnDòng tiền hoạt động so với dòng tiền tự do.
Khả năng sinh lờiDiễn biến biên gộp, biên hoạt động và biên ròng.
Dữ liệu tài chính tại thời điểm được dùng trong phân tích ngày 2026-09-20.
Dữ liệu lịch sử tài chính
Kỳ
Doanh thu
EBITDA
Lợi nhuận ròng
Dòng tiền hoạt động
Dòng tiền tự do
Capex
Khấu hao và phân bổ
Thù lao bằng cổ phiếu
Mua lại cổ phiếu
Cổ tức đã trả
Phát hành nợ ròng
Dòng tiền đầu tư
Dòng tiền tài chính
Tiền đầu kỳ
Tiền cuối kỳ
Tiền mặt và đầu tư
Tổng nợ
Biên hoạt động
ROIC
WACC
Chênh lệch ROIC−WACC
2016-12-31
10,2 T US$
5,8 T US$
5 T US$
1,7 T US$
935 Tr US$
719 Tr US$
800 Tr US$
115 Tr US$
292 Tr US$
268 Tr US$
—
-715 Tr US$
-324 Tr US$
—
2,8 T US$
2,8 T US$
2,8 T US$
7,3%
—
5,2%
—
2017-12-31
10,6 T US$
1,9 T US$
602 Tr US$
1,7 T US$
1,1 T US$
616 Tr US$
750 Tr US$
107 Tr US$
564 Tr US$
315 Tr US$
—
-1,3 T US$
93 Tr US$
2,8 T US$
3,4 T US$
3,4 T US$
3,5 T US$
12,2%
—
4,7%
—
2018-12-31
11,1 T US$
2,5 T US$
1,5 T US$
2 T US$
1,4 T US$
659 Tr US$
771 Tr US$
115 Tr US$
2,5 T US$
376 Tr US$
—
-916 Tr US$
-2,6 T US$
3,4 T US$
1,8 T US$
2,9 T US$
3,5 T US$
14,3%
—
5,7%
—
2019-12-31
11,4 T US$
1,9 T US$
1 T US$
2,1 T US$
1,4 T US$
696 Tr US$
789 Tr US$
122 Tr US$
1,3 T US$
423 Tr US$
—
-1,1 T US$
498 Tr US$
1,8 T US$
3,3 T US$
3,3 T US$
6 T US$
15,6%
—
5,1%
—
2020-12-31
11,7 T US$
2,3 T US$
1,1 T US$
1,9 T US$
1,2 T US$
709 Tr US$
823 Tr US$
130 Tr US$
500 Tr US$
473 Tr US$
—
-1,2 T US$
-345 Tr US$
3,3 T US$
3,7 T US$
3,7 T US$
6,2 T US$
13,8%
—
3,3%
—
2021-12-31
12,1 T US$
2,2 T US$
1,3 T US$
2,2 T US$
1,5 T US$
691 Tr US$
867 Tr US$
146 Tr US$
600 Tr US$
530 Tr US$
—
-11,2 T US$
8,2 T US$
3,7 T US$
3 T US$
3 T US$
17,8 T US$
11,1%
—
3,6%
—
2022-12-31
10,1 T US$
-1,8 T US$
-2,4 T US$
1,2 T US$
834 Tr US$
377 Tr US$
1,1 T US$
140 Tr US$
32 Tr US$
573 Tr US$
-899 Tr US$
-931 Tr US$
-1,4 T US$
3 T US$
1,6 T US$
1,6 T US$
16,7 T US$
-28,3%
—
—
—
2023-12-31
10,4 T US$
1,7 T US$
2,7 T US$
1,7 T US$
1,3 T US$
432 Tr US$
984 Tr US$
115 Tr US$
0 US$
586 Tr US$
-2,9 T US$
3,2 T US$
-3,5 T US$
1,7 T US$
3,1 T US$
3,1 T US$
13,9 T US$
6,8%
—
7,8%
—
2024-12-31
10,6 T US$
1,1 T US$
-649 Tr US$
1 T US$
573 Tr US$
446 Tr US$
997 Tr US$
114 Tr US$
0 US$
590 Tr US$
-531 Tr US$
-626 Tr US$
-1,1 T US$
3,2 T US$
1,8 T US$
1,8 T US$
13,2 T US$
0,1%
—
10,4%
—
2025-12-31
11,2 T US$
766 Tr US$
-957 Tr US$
845 Tr US$
332 Tr US$
513 Tr US$
981 Tr US$
117 Tr US$
—
348 Tr US$
-3,8 T US$
2,8 T US$
-4,2 T US$
2,4 T US$
2 T US$
2 T US$
9,4 T US$
-2,7%
—
—
—
§9 So sánh định giá với các doanh nghiệp cùng ngành
Giá trị hợp lýReport-date price
Baxter International Inc.BAX
Giá / giá trị hợp lý
Giá trị hợp lý26,92 US$Report-date price22,8 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư52 / 100
The Cooper Companies, Inc.COO
Giá / giá trị hợp lý
Giá trị hợp lý78,48 US$Report-date price55,29 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư62 / 100
Align Technology Inc.ALGN
Giá / giá trị hợp lý
Giá trị hợp lý121,31 US$Report-date price147,61 US$
Baxter International Inc. (BAX) trades at 11.2x forward earnings against a peer median of 12.0x. Its EV/EBITDA of 10.2x compares with a peer median of 15.8x. The comparison uses 4 peers: The Cooper Companies Inc., Align Technology Inc., Charles River Laboratories International Inc. and Solventum Corporation, as of 2026-09-19 to 2026-09-20.
Accelerating hospital procedural volumes and acute care technology upgrades drive steady replacement demand for specialized infusion systems and hospital consumables.
Chu kỳ giảm giá
Hospital procurement austerity and consolidated tender buying enforce pricing concessions on commoditized clinical supplies while elevating working capital burdens.
Xu hướng dài hạn
Xu hướng
Tác động
Ghi chú
Aging global demographics expanding acute and chronic care procedures
positive
Expanding elderly cohorts drive steady institutional demand for continuous renal replacement therapies and clinical nutrition.
Hospital purchasing consolidation and tender price scrutiny
negative
Health systems leverage buying scale to negotiate aggressive discounts on standardized medical hardware and consumables.
Healthcare infrastructure expansion across emerging regions
positive
Public hospital modernization across EMEA and Asia supports volume demand outside mature domestic healthcare systems.
Định vị
Baxter holds an extensive installed acute care footprint, though its 30.05% gross margin leaves less operational cushion than higher-margin specialized peers,.3
§11 Quản lý vị thếEN
Quy mô vị thế
3-4%
Position sizing reflects the committee Buy rating supported by an 18.1% valuation discount to Fair value. Investors should establish a 3-4% core portfolio position, balancing turnaround upside against balance sheet leverage.4
Rủi ro
Cap portfolio allocation at 4.0% and re-examine thesis if debt paydown stalls or quarterly operating cash flow weakens.
Đợt vào lệnh
Mức
Hành động
Lý do
Below $23.00
Deploy initial tranche
Establishes core exposure at an attractive discount to Fair value of $26.92.
Below $21.50
Deploy secondary tranche
Takes advantage of market volatility near the conservative valuation boundary.
Consensus models revenue expanding to $11,864M by FY2027 and adjusted diluted earnings per share recovering to $2.04, supported by steady healthcare procurement across international hospital networks.1,6
Income
Hold
With capital allocation strictly prioritized toward balance sheet deleveraging to service $9.67B in total debt, dividend distributions of $0.04 per share offer modest income, focusing total return on share price recovery.4
§14 Khuyến nghị cuối cùngEN
Hành động
Mua
Baxter is rated Buy based on an 18.1% discount between the report-date price of $22.80 and Fair value of $26.92. Operational turnaround progress is supported by positive FY2025 operating cash flow of $845M, $332M in free cash flow, and consensus projecting earnings per share of $2.04 by FY2027.1,4,5
Investors should establish a 3-4% core portfolio position, capitalizing on an attractive valuation entry while verifying that quarterly cash flow generation continues to support scheduled debt reduction.
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Sources
The records this analysis drew on, as they stood when it was run.
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Persistent input cost inflation or tender discounts erode unit profitability, proving that specialized competitors retain superior pricing leverage and preventing operational conversion into sustained positive operating earnings.
Hiện tại:30.05% in FY2025
Cảnh báo nếuGross margin falling below 28.0% across FY2026
Volume attrition or sovereign healthcare reimbursement cuts across European tenders undermine the geographical diversification that insulates top-line performance from domestic hospital procurement cycles.
Hiện tại:$3,728M in FY2025
Cảnh báo nếuInternational revenue contracting more than 5.0% YoY in FY2026
05
Total Balance Sheet Debt
Inability to de-escalate leverage raises refinancing expenses under elevated interest rates, absorbing operating cash generation into financing charges rather than productive operational reinvestment.
Hiện tại:$9,667M as of September 2026
Cảnh báo nếuTotal debt exceeding $10,000M through FY2026
medium
24 to 36 months
Geographic diversification across emerging regions generating $1,394M cushions single-country reimbursement pressures.6
Project revenue, apply a terminal EV/revenue multiple, discount enterprise value, subtract net debt, and divide by diluted shares.
International market expansion in emerging hospital systems outpaces mature market replacement rates.6
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.