Companies / Health Care
BAX
Baxter International
Health Care Equipment
Health Care EquipmentAnalysis in progress
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Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Operating health37
Growth41
Profitability10
Cash generation27
Balance sheet37
Dilution control73
Key ratios and five-year financials
Latest quarter revenue YoY (2026-09-30)5.0%Revenue growth (FY)5.7%Revenue CAGR (3y)3.8%Gross margin30.1%Operating margin-2.7%Net margin-8.5%Free cash flow margin3.0%R&D / revenue4.6%Stock comp / revenue1.0%Net debt / operating cash flow8.84xCurrent ratio2.31Diluted share count change0.6%
| Fiscal year ending | FY 2021-12 | FY 2022-12 | FY 2023-12 | FY 2024-12 | FY 2025-12 |
|---|---|---|---|---|---|
| Revenue | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B |
| Gross profit | $4.7B | $3.5B | $4.2B | $4.0B | $3.4B |
| Operating income | $1.4B | -$2.8B | $707M | $14M | -$308M |
| Net income | $1.3B | -$2.4B | $2.7B | -$649M | -$957M |
| Operating cash flow | $2.2B | $1.2B | $1.7B | $1.0B | $845M |
| Capital expenditure | $691M | $377M | $432M | $446M | $513M |
| Free cash flow | $1.5B | $834M | $1.3B | $573M | $332M |
| R&D | $531M | $450M | $518M | $590M | $518M |
| Stock-based comp | $146M | $140M | $115M | $114M | $117M |
| Buybacks | $600M | $32M | $0 | $0 | — |
| Dividends | $530M | $573M | $586M | $590M | $348M |
| Cash | $3.0B | $1.6B | $3.1B | $1.8B | $2.0B |
| Total debt | $18.1B | $17.0B | $13.9B | $15.3B | $9.4B |
| Equity | $9.1B | $5.8B | $8.4B | $7.0B | $6.1B |
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