Baxter International Inc. (BAX) Stock

Baxter International Inc. (BAX) is a Healthcare stock trading at $26.41 (as of 2026-08-20), with a market capitalization of $13.65B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Baxter International Inc., through subsidiaries, provides healthcare products and services worldwide across dialysis therapies, intravenous therapies and related delivery devices, oncology and inhaled anesthesia products, parenteral nutrition, and certain surgical products and biological devices. It also offers connected care and patient monitoring solutions, including devices, software, communications, and integration technologies, for clinical care settings.

Understand Baxter International Inc.: how it makes money

Baxter develops and provides healthcare products worldwide, including dialysis therapies, intravenous and infusion products, oncology and drug platforms, inhaled anesthesia and critical care products, parenteral nutrition therapies, and surgical medical devices, and it earns revenue from selling these medical products and therapies across its reporting segments.

Baxter's profit engine is the sale of its healthcare treatment and device portfolio across multiple reporting segments, with Medical Products and Therapies covering a broad set of dialysis, infusion, and drug platform products (the largest revenue contributor among the three segments).

Revenue by segment (latest quarter)
Med Products	$1.3B
Healthcare Systems	$0.8B
Pharmaceuticals	$0.6B

Business quality (Weak): Revenue is split across three segments, and reported operating profitability is relatively thin (operating margin 2.4%), which means earnings performance can be sensitive to execution and costs even when gross margin is 33.0%.

Bull case

Broad healthcare portfolio: Baxter sells products spanning dialysis (peritoneal and hemodialysis), infusion and intravenous therapies, oncology and drug platforms, critical care products, parenteral nutrition therapies, and surgical medical devices.
Segment diversification: Reporting revenue comes from three segments, with Medical Products and Therapies as the largest (about 1.3 of 2.7B), supported by Healthcare Systems and Technologies (0.77B) and Pharmaceuticals (0.63B).

Bear case

Thin operating margin: Operating margin is 2.4%, which can leave less room for fluctuations in costs or other expenses.
Revenue concentration in the largest segment: Medical Products and Therapies is the largest segment (1.3 of 2.7B), so deterioration in that area could weigh on overall results.

Valuation — source: SEC EDGAR (first-party)
Price	$26.41
Market Cap	$13.65B
EV / EBITDA	16.8
Price / Book	2.21
Price / Sales	1.19
Dividend Yield	1.3%
DCF Value (model)	$17.64
DCF Upside vs Price	-33.2%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$11.24B
Net Margin	-8.5%
Return on Equity	-17.2%
Debt / Equity	1.53
Current Ratio	1.95
Revenue Growth (YoY)	5.3%
EPS Growth (YoY)	33.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	2.28 (grey)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($1.33B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Andrew Hider
Employees	38,000
Country	US
IPO Date	1981-10-27

Related Companies (Business model: Medical Devices / Life Science Tools; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.