Baxter International (BAX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Baxter International

NYSE•Healthcare•Medical Instruments & Supplies

$23.00-0.50(-0.02%)Market closed

Market Cap

$13.18B

P/S

1.1x

P/B

2.0x

Baxter International Inc., through its subsidiaries, provides a portfolio of healthcare products in the United States. The company operates through three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. It offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space comprising operating room integration technologies, precision positioning devices, and other accessories. The company also provides specialty injectable pharmaceuticals, inhaled anesthetics, and drug compounding services. Its products are used in hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, kidney dialysis centers, and patients at home under physician supervision. The company sells its products through direct sales force, independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. It operates in Eastern Europe, the Middle East, Africa, Latin America, Asia, Western Europe, Canada, Japan, Australia, and New Zealand. Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.

How this company scores

AverageMetricSide Score: 57/100

Strongest: Growth (18/25); weakest: Profitability (11/25).

Profitability11/25

Growth18/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality16/25

Strengths

Growing revenueRising free cash flowLong cash runwayConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 179.3x5y range 6.9x – 179.3x

Currently above its 8-quarter median.

P/S · 1.1x5y range 0.7x – 3.4x

Currently near its 20-quarter median.

P/B · 2.0x5y range 1.4x – 5.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

FCF consistently trails net income (avg -0.8x) — earnings may be inflated by non-cash items or aggressive accounting.

Price & Volume

Market Cap $13.18B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $11.61B
Q. Revenue: $2.98B
TTM EBITDA: $1.31B
TTM Op. Income: $-221.00M
Q. Op. Income: $225.00M
TTM Net Income: $-723.00M
Q. Net Income: $294.00M
EPS: $0.57
Shares Out.: $517.00M

$11.61B in TTM revenue grew 31.9% YoY, reaching $2.98B last quarter. TTM EBITDA of $1.31B and TTM operating income of $-221.00M show growth is flowing through to the bottom line. However, net income is negative at $723.00M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 5 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 33.4%
EBITDA Margin: 20.5%
Op. Margin: 7.6%
Net Margin: 9.9%

Op. margin of 7.6% is up 1.5% YoY — cost efficiency is improving. Net margin at 9.9% and gross margin of 33.4% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 1.1x
P/B Ratio: 2.0x

P/S of 1.1x and P/B of 2.0x. P/S is low relative to typical market levels.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $19.41B
Cash: $1.98B
Long-Term Debt: $7.76B
Book Value: $6.47B
D/E Ratio: 1.2
Debt/EBITDA: 12.7

With $19.41B in assets and $7.76B in long-term debt, D/E is 1.2and book value is $6.47B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $558.00M
TTM Free Cash Flow: $1.16B
FCF Margin: 10.0%
FCF / Net Income: -1.6

TTM FCF of $1.16B on $558.00M in operating cash flow. The FCF / Net Income ratio of -1.6x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 6 consecutive quarters — an improving trend.