Baxter International Inc. (BAX) 10-Year Financial Performance & Capital Metrics

BAX • • Industrial / General

HealthcareMedical InstrumentsInfusion & Drug Delivery SystemsInfusion Pumps & Systems

AboutBaxter International Inc., through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; intravenous therapies, infusion pumps, administration sets, and drug reconstitution devices; remixed and oncology drug platforms, inhaled anesthesia and critical care products and pharmacy compounding services; parenteral nutrition therapies and related products; biological products and medical devices used in surgical procedures for hemostasis, tissue sealing and adhesion prevention; and continuous renal replacement therapies and other organ support therapies focused in the intensive care unit. It also provides connected care solutions, including devices, software, communications, and integration technologies; integrated patient monitoring and diagnostic technologies to help diagnose, treat, and manage a various illness and diseases, including respiratory therapy, cardiology, vision screening, and physical assessment; surgical video technologies, tables, lights, pendants, precision positioning devices and other accessories. In addition, the company offers contracted services to various pharmaceutical and biopharmaceutical companies. Its products are used in hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and patients at home under physician supervision. The company sells its products through direct sales force, as well as through independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers in approximately 100 countries. It has an agreement with Celerity Pharmaceutical, LLC to develop acute care generic injectable premix and oncolytic molecules. Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.Show more

Revenue $10.64B +2.7%
EBITDA $1.01B -40.2%
Net Income -$649M -124.4%
EPS (Diluted) -1.27 -124.3%
Gross Margin 37.46% -6.5%
EBITDA Margin 9.51% -41.8%
Operating Margin 0.13% -98.1%
Net Margin -6.1% -123.8%
ROE -8.38% -122.7%
ROIC 0.06% -97.9%
Debt/Equity 1.91 +14.9%
Interest Coverage 0.03 -97.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 5.7%
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-0.08%

5Y-1.31%

3Y-4.33%

TTM-6.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-415.74%

EPS CAGR

10Y-

5Y-

3Y-

TTM-425.52%

ROCE

10Y Avg5.02%

5Y Avg1.7%

3Y Avg-2.53%

Latest0.07%

Peer Comparison

Infusion Pumps & Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INFUInfuSystem Holdings, Inc.	174.89M	8.60	78.18	7.22%	3.92%	9.96%	1.5%	0.49
BAXBaxter International Inc.	10.47B	20.37	-16.04	2.66%	-3.09%	-4.73%	5.34%	1.91
KRMDKORU Medical Systems, Inc.	262.65M	5.67	-43.62	17.98%	-9.5%	-22.55%		0.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.97B	10.16B	10.58B	11.1B	11.36B	11.67B	12.15B	10.06B	10.36B	10.64B
Revenue Growth %	-0.07%	0.02%	0.04%	0.05%	0.02%	0.03%	0.04%	-0.17%	0.03%	0.03%
Cost of Goods Sold+	5.82B	6.05B	6.11B	6.34B	6.6B	7.09B	7.43B	6.51B	6.21B	6.65B
COGS % of Revenue	0.58%	0.6%	0.58%	0.57%	0.58%	0.61%	0.61%	0.65%	0.6%	0.63%
Gross Profit+	4.15B	4.12B	4.47B	4.76B	4.76B	4.59B	4.72B	3.55B	4.15B	3.98B
Gross Margin %	0.42%	0.4%	0.42%	0.43%	0.42%	0.39%	0.39%	0.35%	0.4%	0.37%
Gross Profit Growth %	-0.09%	-0.01%	0.09%	0.06%	0%	-0.04%	0.03%	-0.25%	0.17%	-0.04%
Operating Expenses+	3.7B	3.37B	3.19B	3.17B	2.99B	2.97B	3.37B	6.39B	3.44B	3.97B
OpEx % of Revenue	0.37%	0.33%	0.3%	0.29%	0.26%	0.25%	0.28%	0.64%	0.33%	0.37%
Selling, General & Admin	3.09B	2.73B	2.63B	2.62B	2.54B	2.47B	2.85B	3.1B	2.95B	2.97B
SG&A % of Revenue	0.31%	0.27%	0.25%	0.24%	0.22%	0.21%	0.23%	0.31%	0.29%	0.28%
Research & Development	603M	646M	615M	654M	595M	521M	531M	450M	518M	590M
R&D % of Revenue	0.06%	0.06%	0.06%	0.06%	0.05%	0.04%	0.04%	0.04%	0.05%	0.06%
Other Operating Expenses	0	0	-56M	-99M	-141M	-19M	-6M	2.85B	-28M	413M
Operating Income+	449M	745M	1.29B	1.58B	1.77B	1.62B	1.35B	-2.85B	707M	14M
Operating Margin %	0.05%	0.07%	0.12%	0.14%	0.16%	0.14%	0.11%	-0.28%	0.07%	0%
Operating Income Growth %	-0.32%	0.66%	0.73%	0.23%	0.12%	-0.09%	-0.16%	-3.11%	1.25%	-0.98%
EBITDA+	1.21B	1.54B	2.04B	2.35B	2.56B	2.44B	2.22B	-1.77B	1.69B	1.01B
EBITDA Margin %	0.12%	0.15%	0.19%	0.21%	0.23%	0.21%	0.18%	-0.18%	0.16%	0.1%
EBITDA Growth %	-0.17%	0.28%	0.32%	0.16%	0.09%	-0.05%	-0.09%	-1.8%	1.95%	-0.4%
D&A (Non-Cash Add-back)	759M	800M	750M	771M	789M	823M	867M	1.07B	984M	997M
EBIT	574M	5.04B	1.19B	1.71B	1.08B	1.45B	1.32B	-2.83B	750M	119M
Net Interest Income+	-126M	-66M	-55M	-45M	-71M	-134M	-193M	-394M	-439M	-341M
Interest Income	20M	23M	30M	48M	40M	19M	14M	19M	69M	67M
Interest Expense	146M	89M	85M	93M	111M	153M	207M	413M	508M	408M
Other Income/Expense	-21M	4.21B	-188M	33M	-802M	-324M	-234M	-403M	-465M	-303M
Pretax Income+	428M	4.95B	1.1B	1.62B	970M	1.29B	1.12B	-3.25B	242M	-289M
Pretax Margin %	0.04%	0.49%	0.1%	0.15%	0.09%	0.11%	0.09%	-0.32%	0.02%	-0.03%
Income Tax+	35M	-12M	491M	65M	-41M	182M	83M	-135M	61M	37M
Effective Tax Rate %	2.26%	1%	0.55%	0.96%	1.03%	0.85%	1.15%	0.75%	10.98%	2.25%
Net Income+	968M	4.96B	602M	1.55B	1B	1.1B	1.28B	-2.43B	2.66B	-649M
Net Margin %	0.1%	0.49%	0.06%	0.14%	0.09%	0.09%	0.11%	-0.24%	0.26%	-0.06%
Net Income Growth %	-0.61%	4.13%	-0.88%	1.57%	-0.35%	0.1%	0.17%	-2.89%	2.09%	-1.24%
Net Income (Continuing)	393M	4.97B	609M	1.55B	1.01B	1.11B	1.03B	-3.11B	181M	-326M
Discontinued Operations	575M	-1M	-7M	-6M	0	0	262M	692M	2.48B	-312M
Minority Interest	19M	-10M	-8M	22M	30M	37M	44M	62M	66M	60M
EPS (Diluted)+	1.76	9.01	1.08	2.97	1.93	2.13	2.53	-4.83	5.23	-1.27
EPS Growth %	-0.61%	4.12%	-0.88%	1.75%	-0.35%	0.1%	0.19%	-2.91%	2.08%	-1.24%
EPS (Basic)	1.78	9.09	1.11	3.04	1.97	2.17	2.56	-4.83	5.25	-1.27
Diluted Shares Outstanding	549M	551M	555M	546M	519M	517M	508M	504M	506M	510M
Basic Shares Outstanding	545M	546M	543M	534M	509M	509M	502M	504M	506M	510M
Dividend Payout Ratio	0.94%	0.05%	0.52%	0.24%	0.42%	0.43%	0.41%	-	0.22%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	11.8B	6.57B	7.26B	5.96B	7.5B	8.41B	8.87B	8.01B	9.6B	8.85B
Cash & Short-Term Investments	7.36B	2.8B	3.39B	1.84B	3.33B	3.73B	2.95B	1.72B	3.08B	1.76B
Cash Only	2.21B	2.8B	3.39B	1.84B	3.33B	3.73B	2.95B	1.72B	3.08B	1.76B
Short-Term Investments	5.15B	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.73B	1.69B	1.79B	1.84B	1.9B	2.08B	2.71B	2.62B	1.77B	1.73B
Days Sales Outstanding	63.38	60.73	61.83	60.51	60.91	64.95	81.53	95.2	62.43	59.37
Inventory	1.6B	1.43B	1.48B	1.67B	1.65B	1.92B	2.45B	2.68B	1.92B	2.05B
Days Inventory Outstanding	100.56	86.32	88.11	95.97	91.4	98.69	120.57	150.25	112.73	112.27
Other Current Assets	680M	391M	368M	404M	315M	342M	390M	618M	2.51B	2.95B
Total Non-Current Assets+	9.17B	8.97B	9.85B	9.76B	10.69B	11.61B	24.65B	20.28B	18.68B	16.93B
Property, Plant & Equipment	4.39B	4.29B	4.59B	4.53B	5.12B	5.33B	5.81B	5.24B	3.21B	3.18B
Fixed Asset Turnover	2.27x	2.37x	2.31x	2.45x	2.22x	2.19x	2.09x	1.92x	3.23x	3.35x
Goodwill	2.69B	2.6B	3.1B	3B	3.03B	3.22B	9.84B	6.45B	5.79B	5.28B
Intangible Assets	1.35B	1.11B	1.37B	1.41B	1.47B	1.67B	7.79B	6.79B	5.92B	5.22B
Long-Term Investments	0	0	0	44M	76M	135M	195M	247M	136M	109M
Other Non-Current Assets	390M	348M	379M	292M	372M	512M	642M	1.27B	3.36B	2.94B
Total Assets+	20.96B	15.55B	17.11B	15.72B	18.19B	20.02B	33.52B	28.29B	28.28B	25.78B
Asset Turnover	0.48x	0.65x	0.62x	0.71x	0.62x	0.58x	0.36x	0.36x	0.37x	0.41x
Asset Growth %	-0.2%	-0.26%	0.1%	-0.08%	0.16%	0.1%	0.67%	-0.16%	-0%	-0.09%
Total Current Liabilities+	5.75B	2.74B	2.82B	2.81B	3.23B	3.33B	4.24B	4.75B	6.5B	6.51B
Accounts Payable	716M	791M	920M	998M	892M	1.04B	1.25B	1.11B	881M	968M
Days Payables Outstanding	44.89	47.75	54.96	57.46	49.32	53.73	61.24	62.25	51.78	53.11
Short-Term Debt	2.58B	3M	3M	4M	541M	406M	511M	1.4B	2.67B	2.75B
Deferred Revenue (Current)	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	867M	744M	648M	576M	584M	555M	751M	618M	1.64B	1.53B
Current Ratio	2.05x	2.40x	2.57x	2.12x	2.32x	2.52x	2.09x	1.69x	1.48x	1.36x
Quick Ratio	1.77x	1.87x	2.05x	1.53x	1.81x	1.95x	1.52x	1.12x	1.18x	1.05x
Cash Conversion Cycle	119.06	99.3	94.99	99.02	102.99	109.91	140.85	183.19	123.38	118.52
Total Non-Current Liabilities+	6.35B	4.52B	5.17B	5.04B	7.05B	7.96B	20.16B	17.65B	13.3B	12.25B
Long-Term Debt	3.92B	2.78B	3.51B	3.48B	4.81B	5.79B	17.15B	15.23B	11.09B	10.37B
Capital Lease Obligations	0	0	0	0	510M	501M	522M	447M	265M	243M
Deferred Tax Liabilities	195M	93M	280M	215M	192M	143M	962M	661M	403M	103M
Other Non-Current Liabilities	2.23B	1.65B	1.39B	1.34B	1.49B	1.5B	1.45B	1.27B	1.51B	1.49B
Total Liabilities	12.1B	7.27B	8B	7.85B	10.28B	11.29B	24.4B	22.39B	19.81B	18.76B
Total Debt+	6.51B	2.78B	3.51B	3.48B	5.96B	6.8B	18.31B	17.2B	14.11B	13.45B
Net Debt	4.29B	-19M	118M	1.65B	2.63B	3.07B	15.36B	15.48B	11.04B	11.69B
Debt / Equity	0.73x	0.34x	0.39x	0.44x	0.75x	0.78x	2.01x	2.92x	1.67x	1.91x
Debt / EBITDA	5.39x	1.80x	1.72x	1.48x	2.33x	2.79x	8.26x	-	8.35x	13.30x
Net Debt / EBITDA	3.55x	-0.01x	0.06x	0.70x	1.03x	1.26x	6.93x	-	6.53x	11.56x
Interest Coverage	3.08x	8.37x	15.15x	17.03x	15.96x	10.56x	6.52x	-6.89x	1.39x	0.03x
Total Equity+	8.87B	8.28B	9.12B	7.87B	7.91B	8.73B	9.12B	5.89B	8.47B	7.02B
Equity Growth %	0.09%	-0.07%	0.1%	-0.14%	0.01%	0.1%	0.05%	-0.35%	0.44%	-0.17%
Book Value per Share	16.15	15.03	16.43	14.41	15.24	16.88	17.95	11.70	16.74	13.77
Total Shareholders' Equity	8.85B	8.29B	9.12B	7.84B	7.88B	8.69B	9.08B	5.83B	8.4B	6.96B
Common Stock	683M	683M	683M	683M	683M	683M	683M	683M	683M	683M
Retained Earnings	9.68B	14.2B	14.48B	15.07B	15.72B	16.33B	17.07B	14.05B	16.11B	14.93B
Treasury Stock	-7.65B	-8B	-7.98B	-9.99B	-10.76B	-11.05B	-11.49B	-11.39B	-11.23B	-11.06B
Accumulated OCI	224M	-4.56B	-4B	-3.82B	-3.71B	-3.31B	-3.38B	-3.83B	-3.55B	-4.01B
Minority Interest	19M	-10M	-8M	22M	30M	37M	44M	62M	66M	60M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.77B	1.65B	1.71B	2.02B	2.1B	1.87B	2.22B	1.21B	1.73B	1.02B
Operating CF Margin %	0.18%	0.16%	0.16%	0.18%	0.19%	0.16%	0.18%	0.12%	0.17%	0.1%
Operating CF Growth %	-0.45%	-0.07%	0.04%	0.18%	0.04%	-0.11%	0.19%	-0.45%	0.43%	-0.41%
Net Income	393M	4.97B	609M	1.55B	1.01B	1.11B	1.03B	-3.11B	181M	-326M
Depreciation & Amortization	759M	800M	750M	771M	789M	823M	867M	1.07B	984M	997M
Stock-Based Compensation	126M	115M	107M	115M	122M	130M	146M	140M	115M	114M
Deferred Taxes	-50M	-302M	211M	-263M	-310M	-88M	-161M	-260M	-256M	-262M
Other Non-Cash Items	882M	-3.75B	147M	96M	917M	165M	394M	3.98B	541M	732M
Working Capital Changes	-339M	-176M	-110M	-248M	-425M	-272M	-57M	-606M	161M	-236M
Change in Receivables	-4M	15M	30M	-12M	-52M	-119M	-170M	-48M	-38M	-35M
Change in Inventory	-118M	80M	76M	-197M	4M	-162M	-27M	-198M	-128M	-201M
Change in Payables	0	0	0	0	-23M	57M	105M	-67M	92M	112M
Cash from Investing+	-1.81B	-715M	-1.29B	-916M	-1.1B	-1.18B	-11.2B	-931M	3.21B	-626M
Capital Expenditures	-911M	-719M	-616M	-659M	-696M	-709M	-691M	-635M	-436M	-460M
CapEx % of Revenue	0.09%	0.07%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-946M	63M	10M	11M	14M	24M	-7M	-33M	3.65B	-200M
Cash from Financing+	-481M	-324M	93M	-2.6B	498M	-345M	8.24B	-1.44B	-3.49B	-1.08B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-910M	-268M	-315M	-376M	-423M	-473M	-530M	-573M	-586M	-590M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.96B	292M	307M	225M	308M	150M	49M	66M	-63M	-31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	860M	935M	1.1B	1.36B	1.41B	1.16B	1.53B	576M	1.29B	559M
FCF Margin %	0.09%	0.09%	0.1%	0.12%	0.12%	0.1%	0.13%	0.06%	0.12%	0.05%
FCF Growth %	-0.62%	0.09%	0.17%	0.24%	0.04%	-0.18%	0.32%	-0.62%	1.24%	-0.57%
FCF per Share	1.57	1.70	1.98	2.49	2.71	2.24	3.01	1.14	2.55	1.10
FCF Conversion (FCF/Net Income)	1.83x	0.33x	2.85x	1.30x	2.10x	1.70x	1.73x	-0.50x	0.65x	-1.57x
Interest Paid	178M	99M	80M	94M	103M	0	0	355M	484M	401M
Taxes Paid	466M	500M	253M	302M	294M	0	0	168M	174M	223M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.37%	57.92%	6.92%	18.21%	12.69%	13.25%	14.39%	-32.41%	36.98%	-8.38%
Return on Invested Capital (ROIC)	2.46%	5.22%	11.04%	12.67%	13.26%	10.85%	5.58%	-9.31%	2.59%	0.06%
Gross Margin	41.59%	40.5%	42.27%	42.88%	41.9%	39.3%	38.86%	35.29%	40.06%	37.46%
Net Margin	9.71%	48.85%	5.69%	13.93%	8.81%	9.44%	10.57%	-24.19%	25.64%	-6.1%
Debt / Equity	0.73x	0.34x	0.39x	0.44x	0.75x	0.78x	2.01x	2.92x	1.67x	1.91x
Interest Coverage	3.08x	8.37x	15.15x	17.03x	15.96x	10.56x	6.52x	-6.89x	1.39x	0.03x
FCF Conversion	1.83x	0.33x	2.85x	1.30x	2.10x	1.70x	1.73x	-0.50x	0.65x	-1.57x
Revenue Growth	-7.01%	1.96%	4.14%	4.87%	2.37%	2.74%	4.05%	-17.2%	3.01%	2.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Medical Products And Therapies	-	-	-	-	-	-	-	-	5.01B	5.21B
Medical Products And Therapies Growth	-	-	-	-	-	-	-	-	-	3.91%
Healthcare Systems and Technologies	-	-	-	-	-	-	-	-	3.01B	2.95B
Healthcare Systems and Technologies Growth	-	-	-	-	-	-	-	-	-	-2.06%
Pharmaceuticals	-	-	-	-	2.15B	2.1B	2.29B	2.13B	2.25B	2.41B
Pharmaceuticals Growth	-	-	-	-	-	-2.65%	9.20%	-7.20%	5.79%	7.20%
Kidney Care	-	-	-	-	-	-	-	-	4.45B	-
Kidney Care Growth	-	-	-	-	-	-	-	-	-	-
Renal	3.79B	3.85B	3.48B	3.66B	3.64B	3.76B	3.9B	3.75B	-	-
Renal Growth	-	1.74%	-9.73%	5.23%	-0.63%	3.24%	3.81%	-3.90%	-	-
Medication Delivery	-	-	2.7B	2.67B	2.8B	2.73B	2.88B	2.89B	-	-
Medication Delivery Growth	-	-	-	-1.07%	4.87%	-2.29%	5.30%	0.21%	-	-
Patient Support Systems	-	-	-	-	-	-	115M	1.49B	-	-
Patient Support Systems Growth	-	-	-	-	-	-	-	1193.04%	-	-
Advanced Surgery	-	-	707M	800M	877M	888M	1B	1.3B	-	-
Advanced Surgery Growth	-	-	-	13.15%	9.63%	1.25%	13.06%	29.68%	-	-
Front Line Care	-	-	-	-	-	-	70M	1.15B	-	-
Front Line Care Growth	-	-	-	-	-	-	-	1540.00%	-	-
Clinical Nutrition	-	-	882M	877M	872M	922M	964M	931M	-	-
Clinical Nutrition Growth	-	-	-	-0.57%	-0.57%	5.73%	4.56%	-3.42%	-	-
Acute Therapies	-	-	456M	517M	535M	740M	782M	701M	-	-
Acute Therapies Growth	-	-	-	13.38%	3.48%	38.32%	5.68%	-10.36%	-	-
Surgical Solutions	-	-	-	-	-	-	669M	644M	-	-
Surgical Solutions Growth	-	-	-	-	-	-	-	-3.74%	-	-
Other Product Or Services	-	-	-	-	485M	-	-	-	-	-
Other Product Or Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	4B	4.26B	4.51B	4.72B	4.83B	4.88B	5.18B	6.96B	7B	5.85B
UNITED STATES Growth	-	6.45%	5.89%	4.72%	2.18%	1.08%	6.19%	34.27%	0.65%	-16.43%
Western Europe, Canada, Japan, Australia and New Zealand	-	-	-	-	-	-	-	-	4.49B	3.44B
Western Europe, Canada, Japan, Australia and New Zealand Growth	-	-	-	-	-	-	-	-	-	-23.54%
EMEA	2.77B	2.7B	2.73B	2.96B	2.97B	-	-	-	3.32B	1.35B
EMEA Growth	-	-2.78%	1.26%	8.42%	0.24%	-	-	-	-	-59.33%
Non-US	-	-	-	-	-	6.79B	7.6B	7.55B	-	-
Non-US Growth	-	-	-	-	-	-	11.91%	-0.70%	-	-
Americas	-	-	5.72B	5.96B	6.09B	-	-	-	-	-
Americas Growth	-	-	-	4.18%	2.27%	-	-	-	-	-
Asia Pacific	1.97B	2.03B	2.11B	2.21B	2.3B	-	-	-	-	-
Asia Pacific Growth	-	2.89%	3.99%	4.60%	4.21%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Baxter International Inc. (BAX) reported $11.02B in revenue for fiscal year 2024. This represents a 21% decrease from $13.89B in 2011.

Baxter International Inc. (BAX) grew revenue by 2.7% over the past year. Growth has been modest.

Baxter International Inc. (BAX) reported a net loss of $341.0M for fiscal year 2024.

Dividend & Returns

Yes, Baxter International Inc. (BAX) pays a dividend with a yield of 5.68%. This makes it attractive for income-focused investors.

Baxter International Inc. (BAX) has a return on equity (ROE) of -8.4%. Negative ROE indicates the company is unprofitable.

Baxter International Inc. (BAX) had negative free cash flow of $22.0M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Baxter International Inc. (BAX) 10-Year Financial Performance & Capital Metrics

BAX • • Industrial / General

HealthcareMedical InstrumentsInfusion & Drug Delivery SystemsInfusion Pumps & Systems

Revenue $10.64B +2.7%
EBITDA $1.01B -40.2%
Net Income -$649M -124.4%
EPS (Diluted) -1.27 -124.3%
Gross Margin 37.46% -6.5%
EBITDA Margin 9.51% -41.8%
Operating Margin 0.13% -98.1%
Net Margin -6.1% -123.8%
ROE -8.38% -122.7%
ROIC 0.06% -97.9%
Debt/Equity 1.91 +14.9%
Interest Coverage 0.03 -97.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 5.7%
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-0.08%

5Y-1.31%

3Y-4.33%

TTM-6.33%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-415.74%

EPS CAGR

10Y-

5Y-

3Y-

TTM-425.52%

ROCE

10Y Avg5.02%

5Y Avg1.7%

3Y Avg-2.53%

Latest0.07%

Peer Comparison

Infusion Pumps & Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
INFUInfuSystem Holdings, Inc.	174.89M	8.60	78.18	7.22%	3.92%	9.96%	1.5%	0.49
BAXBaxter International Inc.	10.47B	20.37	-16.04	2.66%	-3.09%	-4.73%	5.34%	1.91
KRMDKORU Medical Systems, Inc.	262.65M	5.67	-43.62	17.98%	-9.5%	-22.55%		0.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	9.97B	10.16B	10.58B	11.1B	11.36B	11.67B	12.15B	10.06B	10.36B	10.64B
Revenue Growth %	-0.07%	0.02%	0.04%	0.05%	0.02%	0.03%	0.04%	-0.17%	0.03%	0.03%
Cost of Goods Sold+	5.82B	6.05B	6.11B	6.34B	6.6B	7.09B	7.43B	6.51B	6.21B	6.65B
COGS % of Revenue	0.58%	0.6%	0.58%	0.57%	0.58%	0.61%	0.61%	0.65%	0.6%	0.63%
Gross Profit+	4.15B	4.12B	4.47B	4.76B	4.76B	4.59B	4.72B	3.55B	4.15B	3.98B
Gross Margin %	0.42%	0.4%	0.42%	0.43%	0.42%	0.39%	0.39%	0.35%	0.4%	0.37%
Gross Profit Growth %	-0.09%	-0.01%	0.09%	0.06%	0%	-0.04%	0.03%	-0.25%	0.17%	-0.04%
Operating Expenses+	3.7B	3.37B	3.19B	3.17B	2.99B	2.97B	3.37B	6.39B	3.44B	3.97B
OpEx % of Revenue	0.37%	0.33%	0.3%	0.29%	0.26%	0.25%	0.28%	0.64%	0.33%	0.37%
Selling, General & Admin	3.09B	2.73B	2.63B	2.62B	2.54B	2.47B	2.85B	3.1B	2.95B	2.97B
SG&A % of Revenue	0.31%	0.27%	0.25%	0.24%	0.22%	0.21%	0.23%	0.31%	0.29%	0.28%
Research & Development	603M	646M	615M	654M	595M	521M	531M	450M	518M	590M
R&D % of Revenue	0.06%	0.06%	0.06%	0.06%	0.05%	0.04%	0.04%	0.04%	0.05%	0.06%
Other Operating Expenses	0	0	-56M	-99M	-141M	-19M	-6M	2.85B	-28M	413M
Operating Income+	449M	745M	1.29B	1.58B	1.77B	1.62B	1.35B	-2.85B	707M	14M
Operating Margin %	0.05%	0.07%	0.12%	0.14%	0.16%	0.14%	0.11%	-0.28%	0.07%	0%
Operating Income Growth %	-0.32%	0.66%	0.73%	0.23%	0.12%	-0.09%	-0.16%	-3.11%	1.25%	-0.98%
EBITDA+	1.21B	1.54B	2.04B	2.35B	2.56B	2.44B	2.22B	-1.77B	1.69B	1.01B
EBITDA Margin %	0.12%	0.15%	0.19%	0.21%	0.23%	0.21%	0.18%	-0.18%	0.16%	0.1%
EBITDA Growth %	-0.17%	0.28%	0.32%	0.16%	0.09%	-0.05%	-0.09%	-1.8%	1.95%	-0.4%
D&A (Non-Cash Add-back)	759M	800M	750M	771M	789M	823M	867M	1.07B	984M	997M
EBIT	574M	5.04B	1.19B	1.71B	1.08B	1.45B	1.32B	-2.83B	750M	119M
Net Interest Income+	-126M	-66M	-55M	-45M	-71M	-134M	-193M	-394M	-439M	-341M
Interest Income	20M	23M	30M	48M	40M	19M	14M	19M	69M	67M
Interest Expense	146M	89M	85M	93M	111M	153M	207M	413M	508M	408M
Other Income/Expense	-21M	4.21B	-188M	33M	-802M	-324M	-234M	-403M	-465M	-303M
Pretax Income+	428M	4.95B	1.1B	1.62B	970M	1.29B	1.12B	-3.25B	242M	-289M
Pretax Margin %	0.04%	0.49%	0.1%	0.15%	0.09%	0.11%	0.09%	-0.32%	0.02%	-0.03%
Income Tax+	35M	-12M	491M	65M	-41M	182M	83M	-135M	61M	37M
Effective Tax Rate %	2.26%	1%	0.55%	0.96%	1.03%	0.85%	1.15%	0.75%	10.98%	2.25%
Net Income+	968M	4.96B	602M	1.55B	1B	1.1B	1.28B	-2.43B	2.66B	-649M
Net Margin %	0.1%	0.49%	0.06%	0.14%	0.09%	0.09%	0.11%	-0.24%	0.26%	-0.06%
Net Income Growth %	-0.61%	4.13%	-0.88%	1.57%	-0.35%	0.1%	0.17%	-2.89%	2.09%	-1.24%
Net Income (Continuing)	393M	4.97B	609M	1.55B	1.01B	1.11B	1.03B	-3.11B	181M	-326M
Discontinued Operations	575M	-1M	-7M	-6M	0	0	262M	692M	2.48B	-312M
Minority Interest	19M	-10M	-8M	22M	30M	37M	44M	62M	66M	60M
EPS (Diluted)+	1.76	9.01	1.08	2.97	1.93	2.13	2.53	-4.83	5.23	-1.27
EPS Growth %	-0.61%	4.12%	-0.88%	1.75%	-0.35%	0.1%	0.19%	-2.91%	2.08%	-1.24%
EPS (Basic)	1.78	9.09	1.11	3.04	1.97	2.17	2.56	-4.83	5.25	-1.27
Diluted Shares Outstanding	549M	551M	555M	546M	519M	517M	508M	504M	506M	510M
Basic Shares Outstanding	545M	546M	543M	534M	509M	509M	502M	504M	506M	510M
Dividend Payout Ratio	0.94%	0.05%	0.52%	0.24%	0.42%	0.43%	0.41%	-	0.22%	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	11.8B	6.57B	7.26B	5.96B	7.5B	8.41B	8.87B	8.01B	9.6B	8.85B
Cash & Short-Term Investments	7.36B	2.8B	3.39B	1.84B	3.33B	3.73B	2.95B	1.72B	3.08B	1.76B
Cash Only	2.21B	2.8B	3.39B	1.84B	3.33B	3.73B	2.95B	1.72B	3.08B	1.76B
Short-Term Investments	5.15B	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.73B	1.69B	1.79B	1.84B	1.9B	2.08B	2.71B	2.62B	1.77B	1.73B
Days Sales Outstanding	63.38	60.73	61.83	60.51	60.91	64.95	81.53	95.2	62.43	59.37
Inventory	1.6B	1.43B	1.48B	1.67B	1.65B	1.92B	2.45B	2.68B	1.92B	2.05B
Days Inventory Outstanding	100.56	86.32	88.11	95.97	91.4	98.69	120.57	150.25	112.73	112.27
Other Current Assets	680M	391M	368M	404M	315M	342M	390M	618M	2.51B	2.95B
Total Non-Current Assets+	9.17B	8.97B	9.85B	9.76B	10.69B	11.61B	24.65B	20.28B	18.68B	16.93B
Property, Plant & Equipment	4.39B	4.29B	4.59B	4.53B	5.12B	5.33B	5.81B	5.24B	3.21B	3.18B
Fixed Asset Turnover	2.27x	2.37x	2.31x	2.45x	2.22x	2.19x	2.09x	1.92x	3.23x	3.35x
Goodwill	2.69B	2.6B	3.1B	3B	3.03B	3.22B	9.84B	6.45B	5.79B	5.28B
Intangible Assets	1.35B	1.11B	1.37B	1.41B	1.47B	1.67B	7.79B	6.79B	5.92B	5.22B
Long-Term Investments	0	0	0	44M	76M	135M	195M	247M	136M	109M
Other Non-Current Assets	390M	348M	379M	292M	372M	512M	642M	1.27B	3.36B	2.94B
Total Assets+	20.96B	15.55B	17.11B	15.72B	18.19B	20.02B	33.52B	28.29B	28.28B	25.78B
Asset Turnover	0.48x	0.65x	0.62x	0.71x	0.62x	0.58x	0.36x	0.36x	0.37x	0.41x
Asset Growth %	-0.2%	-0.26%	0.1%	-0.08%	0.16%	0.1%	0.67%	-0.16%	-0%	-0.09%
Total Current Liabilities+	5.75B	2.74B	2.82B	2.81B	3.23B	3.33B	4.24B	4.75B	6.5B	6.51B
Accounts Payable	716M	791M	920M	998M	892M	1.04B	1.25B	1.11B	881M	968M
Days Payables Outstanding	44.89	47.75	54.96	57.46	49.32	53.73	61.24	62.25	51.78	53.11
Short-Term Debt	2.58B	3M	3M	4M	541M	406M	511M	1.4B	2.67B	2.75B
Deferred Revenue (Current)	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	867M	744M	648M	576M	584M	555M	751M	618M	1.64B	1.53B
Current Ratio	2.05x	2.40x	2.57x	2.12x	2.32x	2.52x	2.09x	1.69x	1.48x	1.36x
Quick Ratio	1.77x	1.87x	2.05x	1.53x	1.81x	1.95x	1.52x	1.12x	1.18x	1.05x
Cash Conversion Cycle	119.06	99.3	94.99	99.02	102.99	109.91	140.85	183.19	123.38	118.52
Total Non-Current Liabilities+	6.35B	4.52B	5.17B	5.04B	7.05B	7.96B	20.16B	17.65B	13.3B	12.25B
Long-Term Debt	3.92B	2.78B	3.51B	3.48B	4.81B	5.79B	17.15B	15.23B	11.09B	10.37B
Capital Lease Obligations	0	0	0	0	510M	501M	522M	447M	265M	243M
Deferred Tax Liabilities	195M	93M	280M	215M	192M	143M	962M	661M	403M	103M
Other Non-Current Liabilities	2.23B	1.65B	1.39B	1.34B	1.49B	1.5B	1.45B	1.27B	1.51B	1.49B
Total Liabilities	12.1B	7.27B	8B	7.85B	10.28B	11.29B	24.4B	22.39B	19.81B	18.76B
Total Debt+	6.51B	2.78B	3.51B	3.48B	5.96B	6.8B	18.31B	17.2B	14.11B	13.45B
Net Debt	4.29B	-19M	118M	1.65B	2.63B	3.07B	15.36B	15.48B	11.04B	11.69B
Debt / Equity	0.73x	0.34x	0.39x	0.44x	0.75x	0.78x	2.01x	2.92x	1.67x	1.91x
Debt / EBITDA	5.39x	1.80x	1.72x	1.48x	2.33x	2.79x	8.26x	-	8.35x	13.30x
Net Debt / EBITDA	3.55x	-0.01x	0.06x	0.70x	1.03x	1.26x	6.93x	-	6.53x	11.56x
Interest Coverage	3.08x	8.37x	15.15x	17.03x	15.96x	10.56x	6.52x	-6.89x	1.39x	0.03x
Total Equity+	8.87B	8.28B	9.12B	7.87B	7.91B	8.73B	9.12B	5.89B	8.47B	7.02B
Equity Growth %	0.09%	-0.07%	0.1%	-0.14%	0.01%	0.1%	0.05%	-0.35%	0.44%	-0.17%
Book Value per Share	16.15	15.03	16.43	14.41	15.24	16.88	17.95	11.70	16.74	13.77
Total Shareholders' Equity	8.85B	8.29B	9.12B	7.84B	7.88B	8.69B	9.08B	5.83B	8.4B	6.96B
Common Stock	683M	683M	683M	683M	683M	683M	683M	683M	683M	683M
Retained Earnings	9.68B	14.2B	14.48B	15.07B	15.72B	16.33B	17.07B	14.05B	16.11B	14.93B
Treasury Stock	-7.65B	-8B	-7.98B	-9.99B	-10.76B	-11.05B	-11.49B	-11.39B	-11.23B	-11.06B
Accumulated OCI	224M	-4.56B	-4B	-3.82B	-3.71B	-3.31B	-3.38B	-3.83B	-3.55B	-4.01B
Minority Interest	19M	-10M	-8M	22M	30M	37M	44M	62M	66M	60M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.77B	1.65B	1.71B	2.02B	2.1B	1.87B	2.22B	1.21B	1.73B	1.02B
Operating CF Margin %	0.18%	0.16%	0.16%	0.18%	0.19%	0.16%	0.18%	0.12%	0.17%	0.1%
Operating CF Growth %	-0.45%	-0.07%	0.04%	0.18%	0.04%	-0.11%	0.19%	-0.45%	0.43%	-0.41%
Net Income	393M	4.97B	609M	1.55B	1.01B	1.11B	1.03B	-3.11B	181M	-326M
Depreciation & Amortization	759M	800M	750M	771M	789M	823M	867M	1.07B	984M	997M
Stock-Based Compensation	126M	115M	107M	115M	122M	130M	146M	140M	115M	114M
Deferred Taxes	-50M	-302M	211M	-263M	-310M	-88M	-161M	-260M	-256M	-262M
Other Non-Cash Items	882M	-3.75B	147M	96M	917M	165M	394M	3.98B	541M	732M
Working Capital Changes	-339M	-176M	-110M	-248M	-425M	-272M	-57M	-606M	161M	-236M
Change in Receivables	-4M	15M	30M	-12M	-52M	-119M	-170M	-48M	-38M	-35M
Change in Inventory	-118M	80M	76M	-197M	4M	-162M	-27M	-198M	-128M	-201M
Change in Payables	0	0	0	0	-23M	57M	105M	-67M	92M	112M
Cash from Investing+	-1.81B	-715M	-1.29B	-916M	-1.1B	-1.18B	-11.2B	-931M	3.21B	-626M
Capital Expenditures	-911M	-719M	-616M	-659M	-696M	-709M	-691M	-635M	-436M	-460M
CapEx % of Revenue	0.09%	0.07%	0.06%	0.06%	0.06%	0.06%	0.06%	0.06%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-946M	63M	10M	11M	14M	24M	-7M	-33M	3.65B	-200M
Cash from Financing+	-481M	-324M	93M	-2.6B	498M	-345M	8.24B	-1.44B	-3.49B	-1.08B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-910M	-268M	-315M	-376M	-423M	-473M	-530M	-573M	-586M	-590M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.96B	292M	307M	225M	308M	150M	49M	66M	-63M	-31M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	860M	935M	1.1B	1.36B	1.41B	1.16B	1.53B	576M	1.29B	559M
FCF Margin %	0.09%	0.09%	0.1%	0.12%	0.12%	0.1%	0.13%	0.06%	0.12%	0.05%
FCF Growth %	-0.62%	0.09%	0.17%	0.24%	0.04%	-0.18%	0.32%	-0.62%	1.24%	-0.57%
FCF per Share	1.57	1.70	1.98	2.49	2.71	2.24	3.01	1.14	2.55	1.10
FCF Conversion (FCF/Net Income)	1.83x	0.33x	2.85x	1.30x	2.10x	1.70x	1.73x	-0.50x	0.65x	-1.57x
Interest Paid	178M	99M	80M	94M	103M	0	0	355M	484M	401M
Taxes Paid	466M	500M	253M	302M	294M	0	0	168M	174M	223M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.37%	57.92%	6.92%	18.21%	12.69%	13.25%	14.39%	-32.41%	36.98%	-8.38%
Return on Invested Capital (ROIC)	2.46%	5.22%	11.04%	12.67%	13.26%	10.85%	5.58%	-9.31%	2.59%	0.06%
Gross Margin	41.59%	40.5%	42.27%	42.88%	41.9%	39.3%	38.86%	35.29%	40.06%	37.46%
Net Margin	9.71%	48.85%	5.69%	13.93%	8.81%	9.44%	10.57%	-24.19%	25.64%	-6.1%
Debt / Equity	0.73x	0.34x	0.39x	0.44x	0.75x	0.78x	2.01x	2.92x	1.67x	1.91x
Interest Coverage	3.08x	8.37x	15.15x	17.03x	15.96x	10.56x	6.52x	-6.89x	1.39x	0.03x
FCF Conversion	1.83x	0.33x	2.85x	1.30x	2.10x	1.70x	1.73x	-0.50x	0.65x	-1.57x
Revenue Growth	-7.01%	1.96%	4.14%	4.87%	2.37%	2.74%	4.05%	-17.2%	3.01%	2.66%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Medical Products And Therapies	-	-	-	-	-	-	-	-	5.01B	5.21B
Medical Products And Therapies Growth	-	-	-	-	-	-	-	-	-	3.91%
Healthcare Systems and Technologies	-	-	-	-	-	-	-	-	3.01B	2.95B
Healthcare Systems and Technologies Growth	-	-	-	-	-	-	-	-	-	-2.06%
Pharmaceuticals	-	-	-	-	2.15B	2.1B	2.29B	2.13B	2.25B	2.41B
Pharmaceuticals Growth	-	-	-	-	-	-2.65%	9.20%	-7.20%	5.79%	7.20%
Kidney Care	-	-	-	-	-	-	-	-	4.45B	-
Kidney Care Growth	-	-	-	-	-	-	-	-	-	-
Renal	3.79B	3.85B	3.48B	3.66B	3.64B	3.76B	3.9B	3.75B	-	-
Renal Growth	-	1.74%	-9.73%	5.23%	-0.63%	3.24%	3.81%	-3.90%	-	-
Medication Delivery	-	-	2.7B	2.67B	2.8B	2.73B	2.88B	2.89B	-	-
Medication Delivery Growth	-	-	-	-1.07%	4.87%	-2.29%	5.30%	0.21%	-	-
Patient Support Systems	-	-	-	-	-	-	115M	1.49B	-	-
Patient Support Systems Growth	-	-	-	-	-	-	-	1193.04%	-	-
Advanced Surgery	-	-	707M	800M	877M	888M	1B	1.3B	-	-
Advanced Surgery Growth	-	-	-	13.15%	9.63%	1.25%	13.06%	29.68%	-	-
Front Line Care	-	-	-	-	-	-	70M	1.15B	-	-
Front Line Care Growth	-	-	-	-	-	-	-	1540.00%	-	-
Clinical Nutrition	-	-	882M	877M	872M	922M	964M	931M	-	-
Clinical Nutrition Growth	-	-	-	-0.57%	-0.57%	5.73%	4.56%	-3.42%	-	-
Acute Therapies	-	-	456M	517M	535M	740M	782M	701M	-	-
Acute Therapies Growth	-	-	-	13.38%	3.48%	38.32%	5.68%	-10.36%	-	-
Surgical Solutions	-	-	-	-	-	-	669M	644M	-	-
Surgical Solutions Growth	-	-	-	-	-	-	-	-3.74%	-	-
Other Product Or Services	-	-	-	-	485M	-	-	-	-	-
Other Product Or Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	4B	4.26B	4.51B	4.72B	4.83B	4.88B	5.18B	6.96B	7B	5.85B
UNITED STATES Growth	-	6.45%	5.89%	4.72%	2.18%	1.08%	6.19%	34.27%	0.65%	-16.43%
Western Europe, Canada, Japan, Australia and New Zealand	-	-	-	-	-	-	-	-	4.49B	3.44B
Western Europe, Canada, Japan, Australia and New Zealand Growth	-	-	-	-	-	-	-	-	-	-23.54%
EMEA	2.77B	2.7B	2.73B	2.96B	2.97B	-	-	-	3.32B	1.35B
EMEA Growth	-	-2.78%	1.26%	8.42%	0.24%	-	-	-	-	-59.33%
Non-US	-	-	-	-	-	6.79B	7.6B	7.55B	-	-
Non-US Growth	-	-	-	-	-	-	11.91%	-0.70%	-	-
Americas	-	-	5.72B	5.96B	6.09B	-	-	-	-	-
Americas Growth	-	-	-	4.18%	2.27%	-	-	-	-	-
Asia Pacific	1.97B	2.03B	2.11B	2.21B	2.3B	-	-	-	-	-
Asia Pacific Growth	-	2.89%	3.99%	4.60%	4.21%	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Baxter International Inc. (BAX) reported $11.02B in revenue for fiscal year 2024. This represents a 21% decrease from $13.89B in 2011.

Baxter International Inc. (BAX) grew revenue by 2.7% over the past year. Growth has been modest.

Baxter International Inc. (BAX) reported a net loss of $341.0M for fiscal year 2024.

Dividend & Returns

Yes, Baxter International Inc. (BAX) pays a dividend with a yield of 5.68%. This makes it attractive for income-focused investors.

Baxter International Inc. (BAX) has a return on equity (ROE) of -8.4%. Negative ROE indicates the company is unprofitable.

Baxter International Inc. (BAX) had negative free cash flow of $22.0M in fiscal year 2024, likely due to heavy capital investments.