Baxter International Inc.BAX
NYSE•Healthcare•Medical Instruments & Supplies
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.
as of March 2026
Are revenues and earnings expanding?
$11.32B in TTM revenue grew 17.1% YoY, reaching $2.70B last quarter. TTM EBITDA of $1.26B on operating income of $66.00M shows growth is flowing through. However, net income is negative at $1.10B — growth is not yet reaching the bottom line. Revenue is growing at a healthy pace — a signal to hold.
Is revenue turning into profit effectively?
Op. margin of 2.4% is up 0.2% YoY — cost efficiency is improving. Net margin at -0.6% and gross margin of 33.0%. Negative ROE of -18.3% indicates shareholder value is being eroded.
Is the stock cheap or expensive?
P/S of 0.9x and P/B of 1.7x. A low P/S may indicate the stock is undervalued.
Is the company financially stable?
With $19.85B in assets and $8.62B in long-term debt, the D/E of 1.4 reflects moderate leverage — debt is manageable but worth monitoring.
Is the business self-funding?
FCF of $76.00M on $213.00M in operating cash flow. The FCF / Net Income ratio of -0.1x shows cash consumption — the business is not yet self-funding. Cash reserves of $2.02B provide financial flexibility. Share count is stable — no dilution or buyback activity.
Competitive analysis based on 66 quarters of fundamental data
Operating margins are under pressure, averaging -4.0%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Data-driven red flags and warnings across 66 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF consistently trails net income (avg -1.1x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 1.4 — conservative capital structure with low financial risk.
TTM revenue has contracted 18.3% — significant decline indicating deteriorating demand.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.