Baxter International Inc. (BAX) Stock Analysis
Healthcare · Medical Instruments & Supplies · NYSE
Baxter International Inc. (BAX) posted $11.24B in revenue for fiscal 2025 (up 5.7% year over year), with a net loss of $957.00M, and has compounded revenue about -0.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Baxter International Inc.
Baxter International Inc. has grown revenue from $10.16B to $11.24B over the last 10 fiscal years, compounding about -0.7% a year. The most recent year was up 5.7%, so growth is actually accelerating.
Net margin sits at -8.5%, down 2.4 points year over year on a 30.1% gross margin. It carries about $9.44B of total debt.
At today's valuation the market is pricing in roughly 17.4% annual free-cash-flow growth — versus the -22.1% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is heavy debt load.
Synthesised from Baxter International Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Baxter International Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.16B | $10.58B | $11.10B | $11.36B | $11.67B | $12.15B | $15.11B | $14.81B | $10.64B | $11.24B |
| Gross profit | $4.12B | $4.47B | $4.76B | $4.76B | $4.59B | $4.72B | $3.55B | $4.15B | $3.98B | $3.38B |
| Net income | $4.96B | $602.00M | $1.55B | $1.00B | $1.10B | $1.28B | $-2.43B | $2.66B | $-649.00M | $-957.00M |
| Net margin | 48.9% | 5.7% | 13.9% | 8.8% | 9.4% | 10.6% | -16.1% | 17.9% | -6.1% | -8.5% |
Source: Baxter International Inc. SEC filings (10-K). 19 years of history available in the interactive view.
Baxter International Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Heavy debt loadTotal debt of $9439M is 11.2× last year's operating cash flow — it would take years of cash flow to clear.
- Currently unprofitableThe latest fiscal year was a net loss (net margin -8.5%).
What growth is priced into BAX stock?
At today's market cap of $13.52B, Baxter International Inc. is priced for free-cash-flow growth of about 17.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $332.00M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -22.1%/yr over the last five fiscal years and revenue -0.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Baxter International Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Baxter International Inc. financial history by metric
Compare Baxter International Inc. with peers
About Baxter International Inc.
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. — frequently asked questions
What is Baxter International Inc.'s revenue?
Baxter International Inc. (BAX) reported revenue of $11.24B for fiscal year 2025, up 5.7% from the prior year, according to its SEC filings.
Is Baxter International Inc. profitable?
No — BAX reported a net loss of $-957.00M in fiscal 2025.
What is BAX's P/E ratio?
Baxter International Inc. trades at a price-to-earnings ratio of about 0.0 based on the latest data in our nightly-refreshed cache.
How fast is Baxter International Inc. growing?
BAX's revenue grew at roughly -0.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Baxter International Inc. have?
As of fiscal year 2025, BAX carried roughly $9.44B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Baxter International Inc.'s gross margin?
BAX's gross margin was 30.1% in fiscal 2025 — gross profit of $3.38B on revenue of $11.24B.
What is Baxter International Inc.'s market cap?
Baxter International Inc. (BAX) has a market capitalization of about $13.52B, based on the latest data in our nightly-refreshed cache.
When does Baxter International Inc.'s fiscal year end?
BAX's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into BAX stock?
At today's market cap of $13.52B, Baxter International Inc. is priced for free-cash-flow growth of about 17.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $332.00M from the FY ending 2025-12-31). For comparison, free cash flow actually grew -22.1%/yr over the last five fiscal years and revenue -0.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Baxter International Inc.'s official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.