NYSE: BAX
Baxter International
Health Care · Surgical & Medical Instruments & Apparatus
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $23.9B |
| FY2017, ended Dec 31, 2017 | $34.9B |
| FY2018, ended Dec 31, 2018 | $33.7B |
| FY2019, ended Dec 31, 2019 | $42.4B |
| FY2020, ended Dec 31, 2020 | $40.5B |
| FY2021, ended Dec 31, 2021 | $43.1B |
| FY2022, ended Dec 31, 2022 | $25.7B |
| FY2023, ended Dec 31, 2023 | $19.6B |
| FY2024, ended Dec 31, 2024 | $14.9B |
| FY2025, ended Dec 31, 2025 | $9.83B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$11.6B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $10.6B |
| FY2018, ended Dec 31, 2018 | $11.1B |
| FY2019, ended Dec 31, 2019 | $11.4B |
| FY2020, ended Dec 31, 2020 | $11.7B |
| FY2021, ended Dec 31, 2021 | $12.1B |
| FY2022, ended Dec 31, 2022 | $10.1B |
| FY2023, ended Dec 31, 2023 | $10.4B |
| FY2024, ended Dec 31, 2024 | $10.6B |
| FY2025, ended Dec 31, 2025 | $11.2B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $11.6B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $4.96B | $935M |
| FY2017, ended Dec 31, 2017 | $602M | $1.10B |
| FY2018, ended Dec 31, 2018 | $1.55B | $1.36B |
| FY2019, ended Dec 31, 2019 | $1.00B | $1.41B |
| FY2020, ended Dec 31, 2020 | $1.10B | $1.16B |
| FY2021, ended Dec 31, 2021 | $1.28B | $1.53B |
| FY2022, ended Dec 31, 2022 | −$2.43B | $834M |
| FY2023, ended Dec 31, 2023 | $2.66B | $1.29B |
| FY2024, ended Dec 31, 2024 | −$649M | $573M |
| FY2025, ended Dec 31, 2025 | −$957M | $332M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | −$723M | $1.14B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$1.98B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.80B |
| FY2017, ended Dec 31, 2017 | $3.39B |
| FY2018, ended Dec 31, 2018 | $1.84B |
| FY2019, ended Dec 31, 2019 | $3.33B |
| FY2020, ended Dec 31, 2020 | $3.73B |
| FY2021, ended Dec 31, 2021 | $2.95B |
| FY2022, ended Dec 31, 2022 | $1.62B |
| FY2023, ended Dec 31, 2023 | $3.08B |
| FY2024, ended Dec 31, 2024 | $1.76B |
| FY2025, ended Dec 31, 2025 | $1.97B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.98B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.—
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.78B |
| FY2017, ended Dec 31, 2017 | $3.51B |
| FY2018, ended Dec 31, 2018 | $3.48B |
| FY2019, ended Dec 31, 2019 | $5.35B |
| FY2020, ended Dec 31, 2020 | $6.23B |
| FY2021, ended Dec 31, 2021 | $18.1B |
| FY2022, ended Dec 31, 2022 | $17.0B |
| FY2023, ended Dec 31, 2023 | $13.9B |
| FY2024, ended Dec 31, 2024 | $15.3B |
| FY2025, ended Dec 31, 2025 | $9.44B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 4.2% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.517M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 540M |
| FY2017, ended Dec 31, 2017 | 540M |
| FY2018, ended Dec 31, 2018 | 513M |
| FY2019, ended Dec 31, 2019 | 507M |
| FY2020, ended Dec 31, 2020 | 505M |
| FY2021, ended Dec 31, 2021 | 502M |
| FY2022, ended Dec 31, 2022 | 505M |
| FY2023, ended Dec 31, 2023 | 508M |
| FY2024, ended Dec 31, 2024 | 512M |
| FY2025, ended Dec 31, 2025 | 514M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 517M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $110M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $292M | $115M |
| FY2017, ended Dec 31, 2017 | $564M | $107M |
| FY2018, ended Dec 31, 2018 | $2.45B | $115M |
| FY2019, ended Dec 31, 2019 | $1.27B | $122M |
| FY2020, ended Dec 31, 2020 | $500M | $130M |
| FY2021, ended Dec 31, 2021 | $600M | $146M |
| FY2022, ended Dec 31, 2022 | $32.0M | $140M |
| FY2023, ended Dec 31, 2023 | $0 | $115M |
| FY2024, ended Dec 31, 2024 | $0 | $114M |
| FY2025, ended Dec 31, 2025 | — | $117M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $110M |
Revenue (TTM)
$11.6B
+5.3% YoY
Net income (TTM)
−$723M
n/m YoY
Cash
$1.98B
+14.4% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $11.9B
- P/E
- n/m. Market cap / net income (TTM)
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 1.0×
- Price / Book
- 1.8×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $11.6B
- Revenue Growth YoY
- 5.3%
- Revenue CAGR 3Y
- 3.8%
- Revenue CAGR 5Y
- −0.7%
- EPS Growth YoY
- n/m. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- n/m. TTM vs. TTM a year earlier
Profitability
Trailing 12 months- Gross Margin
- 30.1%
- Operating Margin
- −1.9%
- Net Margin
- −6.2%
- FCF Margin
- 9.8%
- Return on Equity
- −10.5%
Earnings
Trailing 12 months- Net Income
- −$723M
- EPS (diluted)
- −$1.42
- EBITDA
- $734M
- Operating Income
- −$221M
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $1.98B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $19.4B
- Total Liabilities
- $12.9B
- Shareholders' Equity
- $6.50B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.64B
- Capital Expenditure
- $503M
- Free Cash Flow
- $1.14B
Dividends and risk
Last 12 months- Dividend Yield
- 0.2%
- Dividend / Share
- $0.04
- Beta (5Y)
- 0.65
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.3% year over year, at $11.6B.
Watch
Lost $723M over the last 12 months.
Note
Free cash flow of $1.14B, 9.8% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 29, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K18Serious concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Sales rose 6% to $11.24 billion, but 3 points came from a supply deal with the sold Kidney Care business; underlying growth was 3%.
- Operating result swung to a $308 million loss from $14 million profit, after $775 million of write-downs and pump recall costs. Net loss widened to $957 million.
- Baxter halted US and Canadian Novum pump shipments after serious recalls, and new CEO Andrew Hider cut the quarterly dividend to $0.01.
- Baxter repaid $3.81 billion of debt, but both main rating agencies cut its credit rating to the lowest investment-grade level.
Business momentum
Sharp deterioration
“Net income (loss) attributable to Baxter stockholders totaled $(957) million, or $(1.87) per diluted share, in 2025.”
Outlook
Cautious
“our results have been adversely affected by these events and we expect for our results to continue to be negatively affected by tariffs”
Financial stress
Moderate
“The Multicurrency Revolver contains various covenants, including a maximum net leverage ratio (which ratio was most recently increased for the four fiscal quarters ending December 31, 2025, March 31, 2026, June 30, 2026, and September 30, 2026 pursuant to a November 2025 amendment).”
Tone against the previous report
More negative
Red flags
- Medium
Large write-down
“we recognized a pre-tax impairment charge of $290 million to reduce the carrying amount of the Welch Allyn trade name”
- Medium
Large write-down
“we recorded goodwill impairment charges of $485 million and $425 million, respectively related to our Front Line Care reporting unit”
- Medium
Other
“The U.S. Food and Drug Administration (FDA) classified these voluntary corrections as Class I recalls.”
- Medium
Investigation
“These reserves in aggregate are recorded to expense for approximately $280 million as of December 31, 2025, exclusive of any potential penalties and interest.”
- Medium
Other
“During the fourth quarter of 2025, Standard & Poor's revised our senior debt credit rating from BBB to BBB-, our short-term debt credit rating from A2 to A3 and our outlook from Negative to Stable.”
Positives
Sales grew in all three segments, with total sales up 6% as reported
“Our global net sales totaled $11.24 billion in 2025, an increase of 6% over 2024 on a reported basis and 3% on an operational sales basis.”
Large debt repayment cut yearly interest costs from $341 million to $238 million
“Interest expense, net was $238 million and $341 million in 2025 and 2024, respectively.”
Operating cash flow improved, and only $3 million of debt comes due within a year
“In 2025 and 2024, cash provided by operating activities from continuing operations was $951 million and $819 million, respectively.”
Concerns
Gross margin fell sharply on special charges, tariffs, product mix and low-margin Kidney Care supply sales
“The gross margin ratio was 30.1% and 37.5% for the years ended 2025 and 2024, respectively.”
Missing the end-2026 debt reduction target could trigger more rating cuts, possibly below investment grade
“If we are unable to reach this target by the end of 2026 (including as a result of deterioration in our business), or if credit ratings agencies do not believe we are repaying our indebtedness promptly, they may further reduce our senior debt credit ratings.”
US losses forced Baxter to write off the value of its US tax assets
“During 2025, because of a cumulative history of operating losses in the U.S., we recorded a valuation allowance against our U.S. deferred tax assets”
New risks since the previous report
Novum infusion pump recalls and an open-ended US and Canada shipping hold, with no meaningful sales during the hold
“The timing of the release of the ship and installation hold remains uncertain.”
Lasting drop in IV fluid demand as hospitals keep conservation practices adopted after Hurricane Helene
“new clinical practices implemented after Hurricane Helene appear to have reset demand levels in our IV solutions business and negatively impacted sales of certain of our premix products”
Tariffs raising costs, including a possible new US tariff on medical devices and drugs
“the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, to determine the effects of importing pharmaceuticals and pharmaceutical ingredients and medical devices on national security”
IRS tax examination of pricing with Costa Rica and Puerto Rico plants could bring larger tax bills
“if the IRS were to assert we owe additional taxes and prevails in this assertion, such outcome could have a material impact on our financial position, results of operations, and cash flows”
Second dividend cut, with no guarantee payments will continue at the reduced level
“In November 2025, we announced a reduction in our quarterly dividend to $0.01 per share consistent with our focus on accelerating deleveraging.”
Biggest risks named
- High debt, leverage target and further credit rating cuts
- Novum pump recalls, shipping hold and product quality problems
- Lower IV solutions demand and pricing competition
- Tariffs, inflation and supply chain costs
- Further write-downs at Front Line Care and Welch Allyn
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | −2 | |
| Tone against the previous report | −2 | |
| Financial stress | −8 | |
| Red flags | −12.6 | |
| New risks | −2 | |
| Score | 18 | |
Written by AI (Claude Opus 5.5) from the report’s text. 19 of 19 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 29, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 18 | Sharp deterioration | 5 medium | |
| 10-K | Feb 21, 2025 | 24 | Sharp deterioration | 3 medium1 minor | |
| 10-K | Feb 8, 2024 | 59 | Improving | 1 medium2 minor | |
| 10-K | Feb 9, 2023 | 25 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 23, 2022 | 59 | Improving | 1 medium1 minor | |
| 10-K | Feb 11, 2021 | 52 | Mixed | 1 minor | |
| 10-K | Mar 17, 2020 | 11 | Mixed | 3 serious2 medium | |
| 10-K | Feb 21, 2019 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 23, 2018 | 42 | Sharp deterioration | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 29, 2026. View filings on SEC EDGAR