BAXTER INTERNATIONAL INC

BAX · Mid cap · Calculated market cap · $12.4B · as of 2026-09-30

Company Stats

Market Cap: $12.4B; as of Sep 30, 2026
Enterprise Value: $19.9B
Shares Outstanding: 517.3M
Free Float: 95.0%

Income Statement

Revenue: $11.2B
Operating Income: -$308.0M
Net Income: -$957.0M
EBITDA: $673.0M
Non-cash Impairment: $485.0M
Revenue Growth, 3Y: 3.8%
FCF Margin, 3Y Avg: 6.9%
FCF Margin, Worst Year: 3.0%

Cash Flow

Free Cash Flow: $332.0M
FCF Yield: 2.7%
Owner FCF Yield: 1.7%

Balance Sheet

Cash & Equivalents: $2.0B
Total Debt: $9.5B
Net Debt: $7.5B
Net Debt / EBITDA: 11.19x
EV / EBITDA: 29.62x

Returns & Capital

Dividends Paid: $348.0M
Dividend Yield: 2.8%
SBC, 3Y Avg: $115.3M

Cash Flow by Year

Year	Revenue	FCF	Margin
FY2025	$11.2B	$332.0M	3.0%
FY2024	$10.6B	$573.0M	5.4%
FY2023	$10.4B	$1.3B	12.5%
FY2022	$10.1B	$834.0M	8.3%
FY2021	$12.1B	$1.5B	12.6%

Annual filing data through FY ended December 31, 2025; shares and float as of November 7, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.

Company RSS

Earnings

Oct 29, 2026Baxter Raises Full-Year Sales and Earnings Outlook Jul 15, 2026Baxter posts profit drop on impairment charge

Other Coverage

September 28, 2026 QBook

Stronger demand supports expansion as pricing diverges September 28, 2026 FDA

Baxter Recalls Saline and Dextrose Bags Over Particles August 31, 2026 FDA

Baxter Recalls Duo-Vent Solution Sets August 14, 2026 Industry Earnings Roundup

Healthcare Earnings: Demand Surges, Costs Bite Back July 20, 2026 FDA

Baxter Recalls Hillrom Volara Patient Circuits July 20, 2026 FDA

Baxter Recalls Hillrom Volara Patient Circuit July 20, 2026 FDA

Baxter Recalls Hillrom Volara Circuit Kits in Class I Action July 20, 2026 FDA

Baxter Recalls Hillrom VOLARA Circuit Kit July 16, 2026 Small-Cap Signal

AI Infrastructure Pivot Trumps Legacy Cloud Resale

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