Baxter International IncBaxter International Inc
Baxter International Inc

Baxter International Inc

BAX
Health Care·Health Care Equipment & Supplies

Baxter International, Inc. engages in the provision of a portfolio of essential healthcare products including acute and chronic dialysis therapies, sterile intravenous (IV) solutions, infusion systems and devices, parenteral nutrition therapies, inhaled anesthetics, generic injectable pharmaceuticals, surgical hemostat and sealant products, surgical equipment, smart bed systems, patient monitoring and diagnostic technologies, and respiratory health devices. It operates through the following segments: Medical Products and Therapies, Healthcare Systems and Technologies, and Pharmaceuticals. The Medical Products and Therapies segment includes sales of sterile IV solutions, infusion systems, administration sets, parenteral nutrition therapies and surgical hemostat, sealant, and adhesion prevention products. The Healthcare Systems and Technologies segment sells connected care solutions and collaboration tools, including smart bed systems, patient monitoring systems and diagnostic technologies, respiratory health devices and advanced equipment for the surgical space, including operating room integration technologies, precision positioning devices, and other accessories. The Pharmaceuticals segment focuses on the sales of specialty injectable pharmaceuticals, inhaled anesthetics, and drug compounding services. The company was founded by Davis Baxter in 1931 and is headquartered in Deerfield, IL.

Illinois; U.S.A
Market cap
$12.4BNo data
Revenue
$11.2B+5.7% YoY
Net income
$-957M−47.5% YoY
Free cash flow
$332M−42.1% YoY

Market

Listed stock
BAXPriceNYSE
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Financial performance

Revenue
$11.2B+5.7% YoY
Operating income
$-308M−2300.0% YoY
Net income
$-957M−47.5% YoY
Free cash flow
$332M−42.1% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $12.8B, 2022 $15.1B, 2023 $14.8B, 2024 $10.6B, 2025 $11.2B. Operating income: 2021 $1.7B, 2022 $-1.9B, 2023 $390M, 2024 $14M, 2025 $-308M. Net income: 2021 $1.3B, 2022 $-2.4B, 2023 $2.7B, 2024 $-649M, 2025 $-957M. Free cash flow: 2021 $1.5B, 2022 $532M, 2023 $1B, 2024 $573M, 2025 $332M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
5.7%+3391 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $1.7B, 2022-12-31 $-1.9B, 2023-12-31 $390M, 2024-12-31 $14M, 2025-12-31 $-308M. Net income: 2021-12-31 $1.3B, 2022-12-31 $-2.4B, 2023-12-31 $2.7B, 2024-12-31 $-649M, 2025-12-31 $-957M. Free cash flow: 2021-12-31 $1.5B, 2022-12-31 $532M, 2023-12-31 $1B, 2024-12-31 $573M, 2025-12-31 $332M

Growth heatmap

2022202320242025CAGR
Revenue
+18.2%
-2.0%
-28.2%
+5.7%
-3.2%
Gross profit
+5.7%
-7.8%
-19.9%
-15.2%
-9.8%
Operating income
-213.6%
+120.1%
-96.4%
-2300.0%
No data
Free cash flow
-64.0%
+94.4%
-44.6%
-42.1%
-31.2%

Earnings quality

Operating cash flow
$845M−17.1% YoY
Net income
$-957M−47.5% YoY
Free cash flow
$332M−42.1% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -88%, 2024-12-31 -157%, 2023-12-31 65%, 2022-12-31 -50%, 2021-12-31 173%. Free cash flow: 2025-12-31 -35%, 2024-12-31 -88%, 2023-12-31 39%, 2022-12-31 -22%, 2021-12-31 115%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
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Free cash flow yield
No data
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No data