Baxter International (BAX) stock
Health Care · Health Care Equipment
Baxter International (BAX) is a Health Care Equipment company in the Health Care sector, headquartered in Deerfield, Illinois. As of October 23, 2026, BAX closed at $25.30, a market capitalization of $13.08 billion, the 469th largest company in the S&P 500. Over the last twelve months it generated $11.47 billion in revenue (+5% year over year) and $812.00 million in free cash flow.
- 1-year total return: +10.3% (dividends reinvested)
- 5-year return: -19.4% a year
- 52-week range: $15.73 – $30.00
- Gross margin 34.1%, operating margin 14.4%
- Dividend yield: 0.16%
- FI Handbook report card: D+ across 10 metrics
- 53rd largest of 60 Health Care stocks in the S&P 500
BAX price chart
1Y price change: +10.0% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| BAX | +7.7% | +32.6% | +10.3% | -6.6% | -19.4% | -4.8% | +6.7% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1981.
BAX key statistics
- Market cap
- $13.1B
- #469 in S&P 500
- P/E (TTM)
- —
- Forward P/E
- 12.4x
- EPS (TTM)
- $-1.88
- Revenue (TTM)
- $11.5B
- +5%
- Free cash flow
- $812.0M
- Gross margin
- 34.1%
- Operating margin
- 14.4%
- Return on equity
- -14.4%
- Dividend yield
- 0.16%
- 52-week range
- $15.73 – $30.00
- Beta
- 0.65
- Price / sales
- 1.1x
- EV / EBITDA
- 10.9x
- Debt / equity
- 1.56x
- Employees
- 37,500
BAX report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth5.3%C
- Gross margin34.1%C
- Operating margin14.4%C
- FCF margin7.1%D
- Return on equity-14.4%F
- Net debt / EBITDA4.0xF
- Forward P/E12.4xA
- PEG ratio36.7xF
- Shareholder yield0.2%F
- Share count change / yr-0.2%C
Baxter International financials
Revenue went from $10.2B in fiscal 2016 to $11.2B in fiscal 2025, growing 1.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.2B | $10.6B | $11.1B | $11.4B | $11.7B | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B |
| Gross profit | $4.1B | $4.5B | $4.8B | $4.8B | $4.6B | $4.7B | $3.5B | $4.2B | $4.0B | $3.4B |
| Operating income | $745.0M | $1.3B | $1.6B | $1.8B | $1.6B | $1.4B | -$2.8B | $707.0M | $14.0M | -$308.0M |
| Net income | $5.0B | $602.0M | $1.5B | $1.0B | $1.1B | $1.3B | -$2.4B | $2.7B | -$649.0M | -$957.0M |
| EPS (diluted) | $9.01 | $1.08 | $2.83 | $1.93 | $2.13 | $2.53 | $-4.83 | $5.23 | $-1.27 | $-1.87 |
| Free cash flow | $935.0M | $1.1B | $1.4B | $1.4B | $1.2B | $1.5B | $834.0M | $1.3B | $573.0M | $332.0M |
| Buybacks | $292.0M | $564.0M | $2.5B | $1.3B | $500.0M | $600.0M | $32.0M | $0 | $0 | — |
| Dividends paid | $268.0M | $315.0M | $376.0M | $423.0M | $473.0M | $530.0M | $573.0M | $586.0M | $590.0M | $348.0M |
| Diluted shares | 551.0M | 555.0M | 546.0M | 519.0M | 517.0M | 508.0M | 504.0M | 508.0M | 510.0M | 513.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into BAX?
A reverse DCF asks what growth the current price requires. With an enterprise value of $20.6B and $812.0M of trailing free cash flow, Baxter International needs to grow free cash flow about 16.6% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew -22.1% a year over the last five years.
P/E ratio history
Current 6.6x vs. median 18.1x (10th–90th percentile 7.3x–41.2x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
BAX dividend
- Dividend yield
- 0.16%
- Annual dividend
- $0.04
- Years of increases
- —
- 5-yr dividend growth
- -11.4%
- per year
- Payout ratio
- 155%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
BAX analyst price targets
12 analysts' average 12-month target is $27.92 (+10% vs. $25.30). Targets range from $20.00 to $40.00. 13% rate it a buy.
BAX earnings
Next report: October 29, 2026. Baxter International has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $3.0B (+5% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 30, 2026 | $0.37 | $0.56 | +52.5% |
| Apr 30, 2026 | $0.31 | $0.36 | +15.9% |
| Feb 12, 2026 | $0.54 | $0.44 | -17.8% |
| Oct 30, 2025 | $0.60 | $0.69 | +15.4% |
| Jul 31, 2025 | $0.61 | $0.59 | -3.3% |
| May 1, 2025 | $0.48 | $0.55 | +13.8% |
| Feb 20, 2025 | $0.53 | $0.58 | +9.6% |
| Nov 8, 2024 | $0.78 | $0.80 | +3.0% |
Stocks like BAX
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|---|---|---|---|---|---|
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BAX news
- Analysts Estimate Baxter International (BAX) to Report a Decline in Earnings: What to Look Out for · Oct 22, 2026
- Why Baxter (BAX) Stock Is Down Today · Oct 20, 2026
- Firing on All Cylinders: Baxter (NYSE:BAX) Q2 Earnings Lead the Way · Oct 15, 2026
- Baxter’s Quarterly Earnings Preview: What You Need to Know · Oct 13, 2026
- Baxter (BAX) Stock May Be 30% Undervalued On Cash Flow · Oct 9, 2026
BAX stock FAQ
What is BAX's market cap?
Baxter International's market capitalization is $13.08 billion as of October 23, 2026, ranking 469th in the S&P 500.
Does BAX pay a dividend?
Yes. Baxter International pays $0.04 per share a year, a 0.16% yield. Dividends fell 11.4% a year over the last five years.
How much has BAX stock returned?
Including reinvested dividends, BAX returned +10.3% over one year, -19.4% a year over five years, -4.8% a year over ten years through October 23, 2026.
Is BAX stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Baxter International must grow free cash flow about 17% a year for the next decade. Its free cash flow fell 22% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the BAX price target?
12 analysts cover BAX with an average 12-month price target of $27.92, +10% from the current price. 13% of them rate it a buy.
When does BAX report earnings?
Baxter International is expected to report earnings on October 29, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Baxter International have?
Baxter International has about 37,500 full-time employees, or $305,867 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology