Baxter International (BAX)
NYSE:BAX
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Baxter International
(NYSE:BAX)
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Rating:47Neutral
Price Target:
$17.50
▼(-6.47% Downside)
Action:ReiteratedDate:05/01/26
The score is primarily constrained by weak profitability and a still-levered balance sheet despite improving cash flow, alongside bearish price trends. The earnings call adds modest support via reiterated full-year targets and an expected second-half margin recovery, but meaningful operational and margin headwinds keep the overall profile below average.
Positive Factors
Recurring consumables revenue
Baxter’s core model sells disposable supplies and fluids (renal PD solutions, infusion administration sets, IV solutions) that patients and hospitals repurchase continuously. That installed‑base pull‑through creates durable, predictable revenue and supports working capital and cash generation over multiple years.
Negative Factors
Meaningful leverage
Material leverage limits strategic optionality: higher interest expense and a debt focus delay share buybacks or larger M&A until deleveraging. Despite improvement vs. 2022, leverage at current levels constrains free cash flow allocation and raises sensitivity to earnings volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables revenue
Baxter’s core model sells disposable supplies and fluids (renal PD solutions, infusion administration sets, IV solutions) that patients and hospitals repurchase continuously. That installed‑base pull‑through creates durable, predictable revenue and supports working capital and cash generation over multiple years.
Read all positive factors
Baxter International (BAX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.08B
Dividend Yield2.75%
Average Volume (3M)8.24M
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth-12.54%
EPS Growth-32.06%
CountryUS
Employees38,000
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.37
Shares Outstanding516,252,500
10 Day Avg. Volume6,340,326
30 Day Avg. Volume8,244,482
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)1.60
Price to Sales (P/S)0.87
P/FCF Ratio30.35
Enterprise Value/Market Cap1.82
Enterprise Value/Revenue1.46
Enterprise Value/Gross Profit4.85
Enterprise Value/Ebitda22.23
Forecast
1Y Price Target
$20.00Price Target Upside6.89% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)1.91
Revenue Forecast (FY)$11.36B
Baxter International Business Overview & Revenue Model
Company Description
Baxter International Inc., through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; intravenous therapies...
How the Company Makes Money
Baxter primarily makes money by selling medical products and therapies to hospitals, dialysis providers, clinics, and other healthcare customers, with revenue largely driven by recurring demand for consumables used in ongoing patient care. A major...
Baxter International Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Breaks down revenue across different regions, revealing where the company is strongest and where it may face risk or growth potential due to local economic conditions or market share shifts.
Data provided by:
The Fly
The FlyBaxter International Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Neutral
The call balanced notable operational progress (product launches, improved cash flow, continuous improvement adoption and backorder remediation) and a reiterated full-year framework against meaningful near-term financial headwinds (35% EPS decline, margin compression, Novum shipment hold and supply constraints in injectables). Management emphasized a clear turnaround plan, debt reduction priority and expected second-half recovery, but the first-half results and ongoing risks temper optimism.Positive Updates
Reported Revenue and Organic Growth
Global sales from continuing operations totaled $2.7 billion, up 3% year-over-year on a reported basis and down 1% on an organic basis.
Negative Updates
Earnings Decline
Adjusted earnings from continuing operations were $0.36 per diluted share versus $0.55 in the prior year period, a decrease of 35%.
Read all updates
Q1-2026 Updates
Positive
Negative
Reported Revenue and Organic Growth
Global sales from continuing operations totaled $2.7 billion, up 3% year-over-year on a reported basis and down 1% on an organic basis.
Read all positive updates
Company Guidance
Baxter reiterated 2026 guidance calling for reported sales to be flat to up 1% (with foreign exchange contributing ~100 bps and a ~$25M Vantive MSA headwind, ~30 bps), implying approximately flat organic sales; segment assumptions are MPT flat to slightly up, HST up low-single-digits, and Pharmaceuticals roughly flat. They forecast a full‑year tariff headwind of about $80M (≈$40M y/y), TSA/other reimbursements of $130–$140M, adjusted operating margin of 13–14%, non‑operating expenses of $280–$300M, an effective tax rate of 18.5–19.5%, an average diluted share count of ~518M, and adjusted EPS from continuing operations of $1.85–$2.05. Management expects Q2 to be similar to Q1 ($2.7B sales; Q1 adj. EPS $0.36; Q1 free cash flow $76M) with slight sequential volume improvement, and a stronger second half driven by an implied ~500 bps operating‑margin swing (≈250 bps from higher volumes, ≈125 bps from cost‑structure actions, ≈125 bps from rolling through higher‑cost inventory); free cash flow is expected to be back‑half weighted and priority capital deployment is debt paydown toward ~3x net leverage by year‑end.Baxter International Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.32B | 11.24B | 10.64B | 10.36B | 10.06B | 12.15B |
| Gross Profit | 3.41B | 3.38B | 3.98B | 4.15B | 3.55B | 4.72B |
| EBITDA | 744.00M | 766.00M | 1.12B | 1.73B | -1.76B | 2.19B |
| Net Income | -1.10B | -957.00M | -649.00M | 2.66B | -2.43B | 1.28B |
Balance Sheet | ||||||
| Total Assets | 19.85B | 20.05B | 25.78B | 28.28B | 28.29B | 33.52B |
| Cash, Cash Equivalents and Short-Term Investments | 2.02B | 1.97B | 1.76B | 3.08B | 1.72B | 2.95B |
| Total Debt | 9.69B | 10.00B | 13.45B | 14.11B | 17.20B | 18.31B |
| Total Liabilities | 13.83B | 13.95B | 18.76B | 19.81B | 22.39B | 24.40B |
| Stockholders Equity | 6.04B | 6.13B | 6.96B | 8.40B | 5.83B | 9.08B |
Cash Flow | ||||||
| Free Cash Flow | 501.00M | 323.00M | 559.00M | 1.29B | 576.00M | 1.53B |
| Operating Cash Flow | 1.04B | 845.00M | 1.02B | 1.73B | 1.21B | 2.22B |
| Investing Cash Flow | -557.00M | 2.84B | -626.00M | 3.21B | -931.00M | -11.20B |
| Financing Cash Flow | -1.00B | -4.22B | -1.08B | -3.49B | -1.44B | 8.24B |
Baxter International Technical Analysis
Neutral
18.71
Price Trends
18.56
Positive
18.97
Negative
21.25
Negative
Market Momentum
-0.01
Negative
62.49
Neutral
84.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BAX, the sentiment is Neutral. The current price of 18.71 is above the 20-day moving average (MA) of 17.00, above the 50-day MA of 18.56, and below the 200-day MA of 21.25, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 62.49 is Neutral, neither overbought nor oversold. The STOCH value of 84.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BAX.
Baxter International Risk Analysis
Baxter International disclosed 34 risk factors in its most recent earnings report. Baxter International reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Baxter International Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $21.02B | 32.50 | 17.87% | 0.32% | 11.24% | 17.11% | |
73 Outperform | $31.15B | 22.47 | 24.81% | 0.92% | 9.57% | 19.47% | |
68 Neutral | $42.44B | 28.46 | 6.93% | 2.13% | 6.22% | 1.52% | |
64 Neutral | $12.27B | 30.60 | 4.83% | ― | 5.69% | -2.65% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $9.08B | -10.24 | -13.78% | 2.75% | -12.54% | -32.06% |
* Healthcare Sector Average
BAX
Baxter International
17.58
-12.68
-41.90%
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149.04
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14.49%
COO
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62.90
-18.24
-22.48%
RMD
Resmed
213.81
-20.57
-8.78%
WST
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297.59
88.02
42.00%
Baxter International Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Baxter Posts Q1 Loss Amid Mixed Sales Performance
Negative
Apr 30, 2026
On April 30, 2026, Baxter reported first-quarter 2026 results showing worldwide sales from continuing operations of about $2.7 billion, up 3% on a reported basis but down 1% organically, with U.S. revenue declining and international sales growing....
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Baxter Names Interim CFO as Board Refresh Continues
Positive
Mar 19, 2026
In August 2025 Baxter appointed Andrew Hider as president, CEO and director after a robust search overseen by independent directors, and in connection with his arrival the board separated the CEO and chair roles, naming former interim CEO Brent Sh...
Executive/Board ChangesFinancial Disclosures
Baxter International Appoints Interim CFO Amid Leadership Transition
Neutral
Mar 16, 2026
On March 16, 2026, Baxter International announced that executive vice president and chief financial officer Joel Grade stepped down from his CFO role and moved into an advisory, non-executive position through April 30, 2026, with his departure unr...
Business Operations and StrategyExecutive/Board ChangesDividendsFinancial Disclosures
Baxter International Reports Mixed Q4 Results and Outlook
Negative
Feb 12, 2026
Baxter International reported on Feb. 12, 2026, that fourth-quarter 2025 sales from continuing operations rose 8% to $2.97 billion on a reported basis, though adjusted diluted EPS from continuing operations fell 24% to $0.44, and GAAP results show...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.