Baxter offers a variety of medical supplies and equipment to providers. From its legacy operations, Baxter sells injectable therapies for use in care settings, including IV pumps, administrative sets, and solutions; nutritional products; and surgical sealants and hemostatic agents.
It is a $12.6B healthcare company. Revenue grew 32.3% over the last year, it currently loses money, and it holds more cash than debt.
- Website
- baxter.com
- Location
- Deerfield, IL
- Employees
- 37 500
- Sector
- Healthcare
- Founded
- 1931
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation, Growth and Profitability lag behind.
Valuation45
- P/E vs own history92th pct · 0/25
- FCF yield7.4% · 20/25
- P/S1.1x · 25/25
- EV/EBITDA105.3x · 0/25
Growth0
- Revenue CAGR-3.2% · 0/25
- Net income CAGRn/a · 0/25
- EPS CAGR ~5Yn/a · 0/25
- Fwd implied growthn/a · 0/25
Profitability0
- ROIC-23.0% · 0/25
- ROE-16.6% · 0/25
- Net margin-9.3% · 0/25
- Operating margin-2.3% · 0/25
Health61
- Altman Z2.12 · 18/25
- Current ratio1.95 · 18/25
- Interest coverage-1.0x · 0/25
- Net cash / debtNet cash · 25/25
Quality65
- Piotroski F5/9 · 15/25
- Beneish M-2.61 · 25/25
- FCF conversion-88% · 0/25
- Margin stabilityσ 3.7% · 25/25
Moat51
- ROIC >12% years6/10 yrs · 13/25
- Median gross margin39.6% · 13/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst -16.1% · 0/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2021AcquisitionThe acquisition was completed in December 2021 for $12.5 billion
- FY2019FinancialBecame debt-freecash now exceeds total debt
- FY2016FinancialFirst recorded profitable year$4.96B net income
- FY2016FinancialRevenue already above $10B$10.2B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- FY2016FinancialBest year on record$4.96B net income
- 2016AcquisitionShire PLC agreed to acquire Baxalta for $32 billion
- Nov 10, 2011AcquisitionBaxter acquired medical device firm Baxa on November 10, 2011
- 2010MilestoneBaxter was ordered by the FDA to recall all of their Colleague infusion pumps from the market due to 87…
- 1982AcquisitionBaxter acquired Medcom, Inc., a New York-based firm founded by Richard Fuisz and his brother
- 1956ProductBaxter International introduced the first functioning artificial kidney
- 1939ProductThe company developed a vacuum-type collection container, extending the shelf life of blood from hours to…
- 1935AcquisitionBaxter's interest was bought out in 1935 by Ralph Falk, who established a research and development function
- 1931FoundedBaxter International was founded in 1931 by Donald Baxter, a Los Angeles-based medical doctor
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 32.3% year over year
- Net cash position after subtracting debt from cash
Watch-outs
- Not profitable — 9.3% net margin
- Net debt would take ~8.1 years of free cash flow to repay
- Thin interest coverage (-1.0×)
- Loss-making in 3 of the recent years
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+32.3% YoY
- Profitable — makes more than it spends-$1.06B TTM
- Profit growing — earnings are higher than last year-47.5% YoY
- Generates cash — cash left after running and investing$931M TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$12.6B market cap
- Not printing shares — share count not ballooning — you keep your slice-0.8% shares over ~5y
- Proven track record — years of profitability behind it7/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 2.1 — grey
- Pays a dividend — returns cash to shareholdersyield 1.46%
- Valuation not extreme — price not wildly above earningsno data
Peer comparisonBaxter International Inc. vs 6 largest healthcare peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| BAX this company | $12.6B | — | +32.3% | -9.3% | Mixed |
| LLY Eli Lilly & Co. | $1.0T | 41.6 | +49.6% | 33.5% | Solid |
| JNJ Johnson & Johnson | $630.9B | 29.9 | +8.1% | 21.5% | Mixed |
| ABBV Abbvie Inc. | $488.5B | 77.4 | +10.4% | 9.8% | Mixed |
| MRK Merck & Co., Inc. | $361.0B | 113.2 | +4.6% | 4.8% | Mixed |
| UNH UNITEDHEALTH GROUP INCORPORATED (Delaware) | $340.7B | 24.1 | +6.5% | 3.1% | Mixed |
| NVS Novartis AG | $273.2B | 20.3 | +9.6% | 24.7% | Solid |
Head-to-head: BAX vs LLY · BAX vs JNJ · BAX vs ABBV
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/BAX
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of BAX on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $24.35 · market cap $12.6B.