Baxter International Inc.
- Open
- 26.43
- Day high
- 26.50
- Day low
- 26.02
- Prev close
- 26.49
- Volume
- 883K
- Mkt cap
- $13.5B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.2
- P/S
- 1.2
- Yield
- 0.77%
- Per share
- $0.20
Baxter International Inc. (BAX) is a Healthcare company listed on NYSE. The stock is up 7% over the past year. Drillr has 1 published research article covering BAX.
Baxter International Inc. (BAX) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BAX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.37 | $0.56 | +52.8% | $3.0B | +5.9% |
| Apr 30, 2026 | $0.31 | $0.36 | +16.1% | $2.7B | +3.3% |
| Feb 12, 2026 | $0.53 | $0.44 | -17.0% | $3.0B | +14.2% |
| Oct 30, 2025 | $0.60 | $0.69 | +15.0% | $2.8B | +0.4% |
| Jul 31, 2025 | $0.60 | $0.59 | -1.7% | $2.8B | -2.3% |
| May 1, 2025 | $0.48 | $0.55 | +13.8% | $2.6B | +1.4% |
| Feb 20, 2025 | $0.53 | $0.58 | +9.8% | $10.6B | +297.8% |
| Nov 8, 2024 | $0.78 | $0.80 | +2.6% | $2.7B | -29.8% |
| May 2, 2024 | $0.61 | $0.65 | +7.1% | $3.6B | +1.1% |
| Feb 8, 2024 | $0.86 | $0.88 | +2.3% | $3.9B | +2.3% |
| Nov 2, 2023 | $0.66 | $0.68 | +3.0% | $3.7B | +0.4% |
| Jul 27, 2023 | $0.59 | $0.55 | -6.8% | $3.7B | -2.5% |
BAX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 7, 2026 | SCHLICHTING NANCY Mdirector | Grant | 12,836 | — |
| May 7, 2026 | Craig Jeffrey Adirector | Grant | 12,836 | — |
| May 7, 2026 | Wendell Amy McBridedirector | Grant | 12,836 | — |
| May 7, 2026 | McDonnell Michael R.director | Grant | 12,836 | — |
| May 7, 2026 | Shafer David Brentdirector, other: Chair of the Board | Grant | 12,836 | — |
| May 7, 2026 | MORRISON PATRICIAdirector | Grant | 12,836 | — |
| May 7, 2026 | Ampofo William A. IIdirector | Grant | 12,836 | — |
| May 7, 2026 | Wilkes David S.director | Grant | 12,836 | — |
| Mar 10, 2026 | Rasul Reazurofficer: EVP,Group Pres,Healthcare | Tax | 12,674 | $17.69 |
| Mar 10, 2026 | Grade Joel T.officer: EVP and CFO | Tax | 8,153 | $17.69 |
| Mar 10, 2026 | Rosenbloom David S.officer: EVP and General Counsel | Tax | 6,620 | $17.69 |
| Mar 10, 2026 | Soriano Maria Ceciliaofficer: Group Pres., ITT & Pharma. | Tax | 2,848 | $17.69 |
| Mar 10, 2026 | Zielinski Anita Aofficer: SVP, CAO and Controller | Tax | 1,932 | $17.69 |
| Mar 3, 2026 | Carlisle Cynthiaofficer: Executive Vice President, CHRO | Grant | 17,806 | — |
| Mar 3, 2026 | Hider Andrew P.director, officer: President and CEO | Grant | 488,506 | $20.37 |
Source: BAX SEC Form 4 filings, latest May 7, 2026. For informational purposes only — not investment advice.
See the full BAX insider & 13F page →Baxter International Inc. company profile
Overview
Baxter International Inc. (NYSE:BAX) is a global healthcare company founded in 1931 and headquartered in Deerfield, Illinois. The company has evolved from its origins as a medical device manufacturer into a diversified healthcare products and services provider serving hospitals, dialysis centers, and other healthcare facilities worldwide. Baxter underwent a significant strategic transformation in recent years, completing the sale of its Kidney Care business (Vantive) to Carlyle Group in early 2025, allowing the company to focus on its core medical products, healthcare systems, and pharmaceutical businesses across approximately 100 countries.
Business
Baxter operates in the medical devices and healthcare products industry, providing essential equipment and therapies used in hospitals and healthcare facilities globally. The company's business is organized into three main segments following the divestiture of its kidney care operations. Medical Products & Therapies (MPT) represents approximately 50% of revenue and includes two key areas. The Infusion Therapies & Technologies division manufactures intravenous (IV) therapy products, which are fluid solutions delivered directly into patients' bloodstreams, along with infusion pumps that precisely control the delivery rate of these fluids and medications. This includes the company's flagship Novum IQ infusion pump platform, which represents next-generation smart pump technology that helps prevent medication errors through advanced software integration. The Advanced Surgery division produces biological products and medical devices used during surgical procedures, including products for hemostasis (stopping bleeding), tissue sealing, and adhesion prevention. Healthcare Systems & Technologies (HST) accounts for roughly 27% of revenue and encompasses connected care solutions and front-line medical equipment. The Care and Connectivity Solutions segment provides integrated patient monitoring systems, diagnostic technologies, and software platforms that help healthcare providers manage patient care more effectively. This includes respiratory therapy equipment, cardiology monitoring devices, and vision screening systems. The Front Line Care division manufactures surgical equipment such as video technologies, operating tables, surgical lights, and precision positioning devices used in operating rooms. Pharmaceuticals generates approximately 23% of revenue through two primary areas. The Injectables and Anesthesia division produces sterile injectable medications and inhaled anesthesia products used in hospitals and surgical centers. The company also provides drug compounding services, which involve the custom preparation of medications tailored to specific patient needs, and operates contracted manufacturing services for other pharmaceutical companies.
Revenue model
Baxter generates revenue primarily through direct product sales to healthcare institutions, with multiple revenue streams across its diversified portfolio. The company sells medical devices, consumable products, pharmaceutical preparations, and provides ongoing services to hospitals, dialysis centers, nursing homes, and other healthcare facilities. The Medical Products & Therapies segment operates on a mixed model of durable equipment sales (such as infusion pumps) combined with recurring revenue from consumable products (IV solutions, surgical products). Healthcare facilities typically purchase Baxter's infusion pumps and then continuously order compatible IV solutions and administration sets, creating a recurring revenue stream. The Healthcare Systems & Technologies segment similarly combines equipment sales with ongoing service contracts and software subscriptions for connected care solutions. The Pharmaceuticals segment generates revenue through direct sales of injectable medications and anesthesia products, plus fee-for-service arrangements for drug compounding and contract manufacturing services provided to other pharmaceutical companies. Several factors influence Baxter's profitability margins. Positive margin drivers include the company's focus on higher-margin specialty products, pricing initiatives across product lines, operational efficiency improvements, and the recurring nature of consumable product sales. The company benefits from its established relationships with healthcare providers and the critical nature of its products, which provides some pricing power. Negative margin pressures come from healthcare cost containment efforts by hospitals, competitive pricing in commodity products like basic IV solutions, supply chain disruptions (as experienced during Hurricane Helene), semiconductor shortages affecting connected devices, inflationary pressures on raw materials and labor costs, and foreign exchange headwinds in international markets. The company also faces ongoing investment requirements for research and development to maintain competitive positioning in rapidly evolving healthcare technology markets.
Competitive moat
Baxter possesses a moderate competitive moat built primarily on regulatory barriers, switching costs, and established customer relationships, though this moat faces ongoing challenges from technological disruption and competitive pressures. The company's regulatory moat is significant, as medical devices and pharmaceutical products require extensive FDA approvals and clinical testing, creating substantial barriers to entry for new competitors. This is particularly evident in complex products like infusion pumps, where safety and reliability requirements are paramount. Customer switching costs provide another layer of protection, especially in the infusion therapy business where hospitals invest in training staff on specific pump platforms and integrate these systems into their clinical workflows. Once a hospital standardizes on Baxter's Novum IQ pump platform, switching to a competitor involves significant retraining costs, workflow disruption, and potential safety risks during the transition period. The company's established relationships and scale advantages with major hospital systems and group purchasing organizations create some competitive advantages through preferred vendor agreements and volume-based pricing. Baxter's global manufacturing and distribution network also provides cost advantages and supply chain resilience that smaller competitors cannot easily replicate. However, Baxter's moat is not particularly strong and faces several vulnerabilities. The medical device industry is highly competitive with well-funded competitors like Fresenius, B. Braun, and BD (Becton Dickinson) offering similar products. In commodity products like basic IV solutions, differentiation is limited and competition is primarily price-based. The rapid pace of technological change, particularly in connected care and digital health solutions, requires continuous innovation investment to maintain competitive positioning. Additionally, healthcare cost pressures create ongoing margin compression risks, and the company's exposure to international markets introduces currency and regulatory risks that can impact profitability.
Risks & safety
Baxter presents a moderate margin of safety with reasonable financial stability but elevated valuation metrics that warrant caution. • Liquidity and Solvency: Strong current ratio of 2.02 and quick ratio of 1.40 indicate solid short-term liquidity. Cash position of $2.3 billion provides adequate cushion, though free cash flow was negative $315 million in Q1 2025 due to working capital investments and operational challenges. • Debt Management: Debt-to-equity ratio of 1.46 is elevated but manageable for a healthcare company. Management targets reducing net debt-to-EBITDA to 3x by end of 2025, indicating focus on deleveraging following the Vantive divestiture. • Valuation Concerns: Current P/E ratio of 34.8x and EV/EBITDA of 19.6x appear stretched relative to modest growth prospects. Price-to-book ratio of 2.48x suggests limited asset protection. • Operational Risks: Hurricane Helene impact on manufacturing, ongoing supply chain challenges, and tariff headwinds of $60-70 million expected in 2025 create near-term earnings volatility. CEO transition adds management uncertainty. • Positive Factors: Diversified revenue streams across essential healthcare products, improving operational margins targeting 16.5%, and completion of strategic portfolio simplification through Vantive sale.
Recent development
Baxter has undergone significant strategic transformation over the past few years, fundamentally reshaping its business portfolio and operational structure. The most significant development was the completion of the Vantive separation in January 2025, where Baxter sold its Kidney Care business to Carlyle Group. This divestiture, which represented approximately 40% of historical revenues, allowed Baxter to focus on its core medical products, healthcare systems, and pharmaceutical businesses while generating substantial proceeds for debt reduction and strategic investments. The company implemented a new verticalized operating model organizing its remaining businesses into three focused segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals. This restructuring aims to create more agile, customer-focused organizations with clearer accountability for innovation and market performance. Product innovation has been a key focus, particularly the successful launch of the Novum IQ infusion pump platform, which has gained significant market share and contributed to 50% growth in infusion hardware sales during 2024. The company has also expanded its connected care solutions within the Healthcare Systems & Technologies segment, integrating digital technologies and software platforms to enhance patient monitoring and clinical decision-making. Baxter has prioritized operational efficiency improvements including supply chain optimization, cost containment initiatives, and pricing strategies that have contributed approximately 100 basis points to revenue growth. The company successfully recovered from Hurricane Helene's impact on its North Cove manufacturing facility, demonstrating operational resilience and crisis management capabilities. The company is currently in a CEO transition period, with the board actively searching for a permanent replacement while maintaining strategic momentum under interim leadership. Additionally, Baxter has appointed Heather Knight as Chief Operating Officer to strengthen operational execution during this transformation period.
BAX company profile · for informational purposes only — not investment advice.
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