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BAX · NYSE · United States · Surgical & Medical Instruments & Apparatus
In shortBAXTER INTERNATIONAL INC is loss-making, generates cash and carries moderate debt, with revenue growing (+5.7% last year).
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it.
| Operating marginShare of each sale left after running the business, before interest and tax. | -2.7% | 8/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -8.5% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -14.6% | 0/100 |
| Return on invested capitalProfit earned on all the capital used (equity and debt). Above 10% usually means a real competitive edge. | -1.6% | 0/100 |
Weight in the score: 25%
| Current ratioShort-term assets divided by short-term debts. Below 1 can mean tight cash. | 2.31× | 100/100 |
|---|---|---|
| Debt / equityDebt compared with the shareholders' stake. Above 2 is heavily indebted. | 1.55× | 25/100 |
| Net debt / EBITDAYears of operating profit needed to repay net debt. Below 2 is comfortable. | 11.16× | 0/100 |
| Interest coverageHow many times operating profit covers interest. Below 2 is risky. | -1.06× | 0/100 |
| Altman Z''Bankruptcy-risk model. Above 2.6 safe, below 1.1 distress. | 3.86 | 71/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | 3.0% | 32/100 |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 5 of 5 | 100/100 |
Weight in the score: 20%
| Profitable years (last 5) | 2 of 5 | 40/100 |
|---|---|---|
| Years of revenue decline (last 5) | 1 of 5 | 67/100 |
| Revenue growth volatility | 9.5% | 76/100 |
| Operating margin volatility | 15.4% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 3.8% | 38/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
USD millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 12,146 | 10,057 | 10,360 | 10,636 | 11,244 |
| Cost of revenue | 7,426 | 6,508 | 6,210 | 6,652 | 7,865 |
| Gross profit | 4,720 | 3,549 | 4,150 | 3,984 | 3,379 |
| Research & development | 531 | 450 | 518 | 590 | 518 |
| Selling, general & admin | 2,845 | 3,097 | 2,953 | 2,967 | 2,890 |
| Operating income | 1,350 | (2,845) | 707 | 14 | (308) |
| Interest expense | 207 | 413 | 508 | 408 | 290 |
| Pre-tax income | 1,116 | (3,248) | 242 | (289) | (505) |
| Income tax | 83 | (135) | 61 | 37 | 395 |
| Net income | 1,284 | (2,433) | 2,656 | (649) | (957) |
| Diluted EPS | $2.53 | −$4.83 | $5.23 | −$1.27 | −$1.87 |
| Diluted shares (millions) | 508 | 504 | 508 | 510 | 513 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
3.86 Safe zone
Estimates bankruptcy risk from working capital, retained earnings, operating profit and equity. Above 2.6 is considered safe, below 1.1 signals distress.
4/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Jun 30, 2026 · Data updated Jul 30, 2026