Baxter International Inc. (BAX) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Medical - Instruments & Supplies
EV/EBITDA
↓
27.20
+12% vs avg
5yr avg: 24.37
30Y Low4.9·High26.6
P/FCF
↑
31.79
+9% vs avg
5yr avg: 29.04
30Y Low8.0·High71.1
P/B Ratio
↓
1.67
↓-45% vs avg
5yr avg: 3.03
30Y Low1.6·High5.5
ROE
↓
-14.6%
↑-1726% vs avg
5yr avg: -0.8%
30Y Low-32%·High58%
Debt/EBITDA
↑
14.86
↑+33% vs avg
5yr avg: 11.19
30Y Low1.1·High14.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
BAX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Baxter International Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis. On a free-cash-flow basis, the stock trades at 31.8x P/FCF, 9% above the 5-year average of 29.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.3B | $9.8B | $14.9B | $19.6B | $25.7B | $43.6B | $41.5B | $43.4B | $35.9B | $35.9B | $24.4B |
| Enterprise Value | $18.3B | $17.8B | $26.6B | $30.6B | $41.2B | $59.0B | $44.6B | $46.0B | $37.6B | $36.0B | $24.4B |
| P/E Ratio → | -11.37 | — | — | 7.39 | — | 33.93 | 37.67 | 43.33 | 22.16 | 59.85 | 4.92 |
| P/S Ratio | 0.91 | 0.87 | 1.40 | 1.89 | 2.55 | 3.59 | 3.55 | 3.82 | 3.24 | 3.39 | 2.40 |
| P/B Ratio | 1.67 | 1.61 | 2.12 | 2.31 | 4.36 | 4.78 | 4.75 | 5.49 | 4.57 | 3.94 | 2.95 |
| P/FCF | 31.79 | 30.35 | 26.60 | 15.16 | 44.60 | 28.48 | 35.79 | 30.82 | 26.46 | 32.67 | 26.13 |
| P/OCF | 12.15 | 11.60 | 14.59 | 11.33 | 21.21 | 19.62 | 22.21 | 20.63 | 17.82 | 20.93 | 14.77 |
P/E links to full P/E history page with 30-year chart
BAX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Baxter International Inc.'s enterprise value stands at 27.2x EBITDA, 12% above its 5-year average of 24.4x. The Healthcare sector median is 14.2x, placing the stock at a 91% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.59 | 2.50 | 2.95 | 4.09 | 4.85 | 3.82 | 4.05 | 3.39 | 3.40 | 2.40 |
| EV / EBITDA | 27.20 | 26.51 | 26.27 | 18.09 | — | 26.60 | 18.27 | 17.97 | 15.96 | 17.66 | 15.80 |
| EV / EBIT | — | — | 223.16 | 40.80 | — | 44.57 | 30.84 | 42.58 | 21.98 | 30.37 | 4.84 |
| EV / FCF | — | 55.23 | 47.51 | 23.72 | 71.48 | 38.51 | 38.45 | 32.69 | 27.68 | 32.78 | 26.11 |
BAX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Baxter International Inc. earns an operating margin of -2.7%. Operating margins have compressed from 6.8% to -2.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -14.6% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.1% | 30.1% | 37.5% | 40.1% | 35.3% | 38.9% | 39.3% | 41.9% | 42.9% | 42.3% | 40.5% |
| Operating Margin | -2.7% | -2.7% | 0.1% | 6.8% | -28.3% | 11.1% | 13.8% | 15.6% | 14.3% | 12.2% | 7.3% |
| Net Profit Margin | -8.5% | -8.5% | -6.1% | 25.6% | -24.2% | 10.6% | 9.4% | 8.8% | 13.9% | 5.7% | 48.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -14.6% | -14.6% | -8.4% | 37.0% | -32.4% | 14.4% | 13.2% | 12.7% | 18.2% | 6.9% | 57.9% |
| ROA | -4.2% | -4.2% | -2.4% | 9.4% | -7.9% | 4.8% | 5.8% | 5.9% | 9.4% | 3.7% | 27.2% |
| ROIC | -1.4% | -1.4% | 0.1% | 2.6% | -9.3% | 5.6% | 10.9% | 13.3% | 12.7% | 11.0% | 5.2% |
| ROCE | -1.7% | -1.7% | 0.1% | 3.1% | -10.8% | 5.9% | 10.2% | 12.7% | 11.6% | 9.5% | 5.3% |
BAX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Baxter International Inc. carries a Debt/EBITDA ratio of 14.9x, which is highly leveraged (362% above the sector average of 3.2x). Net debt stands at $8.0B ($10.0B total debt minus $2.0B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.64 | 1.64 | 1.91 | 1.67 | 2.92 | 2.01 | 0.78 | 0.75 | 0.44 | 0.39 | 0.34 |
| Debt / EBITDA | 14.86 | 14.86 | 13.30 | 8.35 | — | 8.26 | 2.79 | 2.33 | 1.48 | 1.72 | 1.80 |
| Net Debt / Equity | — | 1.32 | 1.66 | 1.30 | 2.63 | 1.68 | 0.35 | 0.33 | 0.21 | 0.01 | -0.00 |
| Net Debt / EBITDA | 11.94 | 11.94 | 11.56 | 6.53 | — | 6.93 | 1.26 | 1.03 | 0.70 | 0.06 | -0.01 |
| Debt / FCF | — | 24.88 | 20.90 | 8.55 | 26.88 | 10.03 | 2.65 | 1.87 | 1.21 | 0.11 | -0.02 |
| Interest Coverage | -0.74 | -0.74 | 0.29 | 1.48 | -6.86 | 6.39 | 9.44 | 9.74 | 18.39 | 13.94 | 56.66 |
BAX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Baxter International Inc.'s current ratio of 2.31x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.56x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.48x to 2.31x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.31 | 2.31 | 1.36 | 1.48 | 1.69 | 2.09 | 2.52 | 2.32 | 2.12 | 2.57 | 2.40 |
| Quick Ratio | 1.56 | 1.56 | 1.05 | 1.18 | 1.12 | 1.52 | 1.95 | 1.81 | 1.53 | 2.05 | 1.87 |
| Cash Ratio | 0.66 | 0.66 | 0.27 | 0.47 | 0.36 | 0.70 | 1.12 | 1.03 | 0.65 | 1.20 | 1.02 |
| Asset Turnover | — | 0.56 | 0.41 | 0.37 | 0.36 | 0.36 | 0.58 | 0.62 | 0.71 | 0.62 | 0.65 |
| Inventory Turnover | 3.52 | 3.52 | 3.25 | 3.24 | 2.43 | 3.03 | 3.70 | 3.99 | 3.80 | 4.14 | 4.23 |
| Days Sales Outstanding | — | 62.72 | 59.37 | 62.43 | 95.20 | 81.53 | 64.95 | 60.91 | 60.51 | 61.83 | 60.73 |
BAX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Baxter International Inc. returns 3.4% to shareholders annually primarily through dividends.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 3.5% | 4.0% | 3.0% | 2.2% | 1.2% | 1.1% | 1.0% | 1.0% | 0.9% | 1.1% |
| Payout Ratio | — | — | — | 22.1% | — | 41.3% | 42.9% | 42.3% | 24.3% | 52.3% | 5.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 13.5% | — | 2.9% | 2.7% | 2.3% | 4.5% | 1.7% | 20.3% |
| FCF Yield | 3.1% | 3.3% | 3.8% | 6.6% | 2.2% | 3.5% | 2.8% | 3.2% | 3.8% | 3.1% | 3.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 1.4% | 1.2% | 2.9% | 6.8% | 1.6% | 1.2% |
| Total Shareholder Yield | 3.4% | 3.5% | 4.0% | 3.0% | 2.4% | 2.6% | 2.3% | 3.9% | 7.9% | 2.5% | 2.3% |
| Shares Outstanding | — | $513M | $510M | $506M | $504M | $508M | $517M | $519M | $546M | $555M | $551M |
Peer Comparison
Compare BAX with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 BAXYou | $10B | -11.4 | 27.2 | 31.8 | 30.1% | -2.7% | -14.6% | -1.4% | 14.9 |
 BDX | $52B | 24.7 | 14.0 | 19.5 | 45.4% | 11.8% | 6.5% | 4.3% | 3.8 |
 BSX | $67B | 23.3 | 20.8 | 18.4 | 69.0% | 19.8% | 12.4% | 8.8% | 3.3 |
 EW | $50B | 47.7 | 26.8 | 37.7 | 78.1% | 27.0% | 10.5% | 15.5% | 0.4 |
 ICU | $122M | -0.5 | — | — | 95.7% | -986.6% | -295.2% | — | — |
 HSIC | $9B | 24.4 | 11.9 | 16.0 | 29.1% | 5.7% | 8.3% | 7.1% | 3.4 |
 HAE | $3B | 36.2 | 11.1 | 13.2 | 55.7% | 18.1% | 12.0% | 10.3% | 3.1 |
 FMS | $13B | 12.3 | 6.3 | 6.7 | 25.6% | 9.3% | 6.5% | 5.6% | 3.3 |
 DVA | $13B | 21.9 | 10.1 | 10.2 | 27.0% | 14.7% | 46.0% | 10.5% | 5.5 |
 HOLX | $17B | 30.5 | 17.4 | 18.4 | 61.0% | 17.4% | 11.1% | 9.4% | 2.6 |
 NVCR | $2B | -11.7 | — | — | 74.5% | -23.5% | -38.9% | -16.4% | — |
| Healthcare Median | — | 22.1 | 14.2 | 18.5 | 63.9% | -4.3% | -32.6% | -11.6% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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BAX — Frequently Asked Questions
Quick answers to the most common questions about buying BAX stock.
What is Baxter International Inc.'s P/E ratio?
Baxter International Inc.'s current P/E ratio is -11.4x. The historical average is 18.7x.
What is Baxter International Inc.'s EV/EBITDA?
Baxter International Inc.'s current EV/EBITDA is 27.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
What is Baxter International Inc.'s ROE?
Baxter International Inc.'s return on equity (ROE) is -14.6%. The historical average is 19.1%.
Is BAX stock overvalued?
Based on historical data, Baxter International Inc. is trading at a P/E of -11.4x. Compare with industry peers and growth rates for a complete picture.
What is Baxter International Inc.'s dividend yield?
Baxter International Inc.'s current dividend yield is 3.41%.
What are Baxter International Inc.'s profit margins?
Baxter International Inc. has 30.1% gross margin and -2.7% operating margin.
How much debt does Baxter International Inc. have?
Baxter International Inc.'s Debt/EBITDA ratio is 14.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.