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.
Baxter International Inc. (BAX) reported trailing twelve months revenue of $11.32B as of March 2026, a 17.1% increase year-over-year. Quarterly revenue reached $2.70B, reflecting continued top-line momentum.
Baxter International Inc. reported a TTM net loss of $1.10B, with quarterly EBITDA of $449.00M. The operating margin expanded from 2.2% to 2.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (2.4%) and net margin (-0.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 4.8% a year ago, reflecting increased costs or interest expense.
BAX trades at a P/S of 0.7x. The price-to-book ratio of 1.4x reflects a moderate premium to book value.
The company generated $76.00M in free cash flow over the trailing twelve months, a 134.4% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $19.85B in total assets with $8.62B in long-term debt against $6.02B in stockholders equity for a debt-to-equity ratio of 1.4. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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.
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.
Data-driven red flags and warnings across 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation