olivLaw · US equity research
Baxter International Inc. BAX
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Baxter is a global medical technology company making IV solutions, infusion systems, injectable pharmaceuticals and connected care devices, selling in more than 100 countries. Global net sales reached 11.24 billion USD in 2025, and the company is working to stabilise the business and reduce debt after the Kidney Care sale, with a modest rebound in the second quarter of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Baxter International Inc. (BAX) stock was 26.50 USD (+3.96% on the day), with market capitalisation 13.7 bn USD, dividend yield 0.15%, beta 0.92, 52-week range 15.80–28.35 USD. Latest reported quarter (Q3 2026): revenue of 3.0 bn USD (+5.0% YoY), net income of 294.0 m USD, diluted EPS 0.57 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 61.1
- strong (55–70)
- Bollinger (20, 2)
- 23.28 – 26.45
- above the upper band · %B 1.02 · band width 12.7%
- SMA 50 / 200
- 24.52 / 21.42
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.19 / 0.11
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.4% | −1.1% | +10.5 pp | — |
| 3 months | −3.0% | −0.5% | −2.6 pp | — |
| 6 months | +56.1% | +4.4% | +51.7 pp | — |
| Year to date | +38.7% | +12.3% | +26.4 pp | — |
| 1 year | +47.7% | +13.5% | +34.2 pp | −7.2% |
| 3 years | −22.0% | +76.4% | −98.4 pp | −14.1% |
| 5 years | −66.0% | +63.7% | −129.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.8 bn | 2.6 bn | 2.8 bn | 2.8 bn | 3.0 bn | 2.7 bn | 3.0 bn | 3.0 bn |
| Cost of revenue | 1.8 bn | 1.8 bn | 1.8 bn | 1.9 bn | 2.4 bn | 1.8 bn | 1.9 bn | 2.0 bn |
| Gross profit | 959.0 m | 861.0 m | 991.0 m | 950.0 m | 577.0 m | 891.0 m | 1.0 bn | 994.0 m |
| Research & development | 211.0 m | 140.0 m | 134.0 m | 118.0 m | 126.0 m | 139.0 m | 129.0 m | 125.0 m |
| SG&A | 761.0 m | 703.0 m | 718.0 m | 708.0 m | 761.0 m | 728.0 m | 735.0 m | 730.0 m |
| Operating income | -435.0 m | 58.0 m | 191.0 m | 172.0 m | -729.0 m | 66.0 m | 217.0 m | 225.0 m |
| Depreciation & amortisation | 245.0 m | 247.0 m | 257.0 m ≈ | 237.0 m ≈ | 240.0 m | 237.0 m | 239.0 m ≈ | 239.0 m ≈ |
| Interest expense | 465.0 m | -17.0 m | -14.0 m | -10.0 m | 331.0 m | -12.0 m | -13.0 m | -13.0 m |
| Pre-tax income | -521.0 m | -3.0 m | 133.0 m | 121.0 m | -756.0 m | -6.0 m | 158.0 m | 417.0 m |
| Income tax | -33.0 m | -67.0 m | 11.0 m | 172.0 m | 279.0 m | 11.0 m | 23.0 m | 119.0 m |
| Net income | -512.0 m | 126.0 m | 91.0 m | -46.0 m | -1.1 bn | -15.0 m | 126.0 m | 294.0 m |
| Diluted EPS | -1.00 | 0.25 | 0.18 | -0.09 | -2.21 ≈ | -0.03 | 0.24 | 0.57 |
| Operating cash flow | 488.0 m | -193.0 m | 217.0 m ≈ | 237.0 m ≈ | 584.0 m | 213.0 m | 285.0 m ≈ | 558.0 m ≈ |
| Dividends paid | 147.0 m | 87.0 m | 87.0 m ≈ | 87.0 m ≈ | 87.0 m | 5.0 m | 5.0 m ≈ | 5.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.1 bn | 11.4 bn | 11.7 bn | 12.1 bn | 10.1 bn | 10.4 bn | 10.6 bn | 11.2 bn |
| Revenue YoY | +4.9% | +2.4% | +2.7% | +4.1% | −17.2% | +3.0% | +2.7% | +5.7% |
| Net income | 1.5 bn | 1.0 bn | 1.1 bn | 1.3 bn | -2.4 bn | 2.7 bn | -649.0 m | -957.0 m |
| Net income YoY | +156.8% | −35.3% | +10.1% | +16.5% | −289.5% | unavailable | −124.4% | unavailable |
| Diluted EPS | 2.83 | 1.93 | 2.13 | 2.53 | -4.83 | 5.23 | -1.27 | -1.87 |
| Diluted EPS YoY | +162.0% | −31.8% | +10.4% | +18.8% | −290.9% | unavailable | −124.3% | unavailable |
| net % | 13.9% | 8.8% | 9.4% | 10.6% | -24.2% | 25.6% | -6.1% | -8.5% |
| Free cash flow | 1.4 bn | 1.4 bn | 1.2 bn | 1.5 bn | 834.0 m | 1.3 bn | 573.0 m | 332.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 2.0 bn USD
- Financial debt
- 9.4 bn USD
- Net debt
- 7.5 bn USD
- Equity
- 6.1 bn USD
- Total assets
- 20.1 bn USD
- Debt / equity
- 1.55x
- Current ratio
- 2.31x
- ROE
- -14.6%
- ROA
- -4.2%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 11.7 bn | 12.1 bn | 10.1 bn | 10.4 bn | 10.6 bn | 11.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 7.1 bn | 7.4 bn | 6.5 bn | 6.2 bn | 6.7 bn | 7.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 4.6 bn | 4.7 bn | 3.5 bn | 4.2 bn | 4.0 bn | 3.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Research & development | 521.0 m | 531.0 m | 450.0 m | 518.0 m | 590.0 m | 518.0 m | SEC (XBRL)· 12 Feb 2026verified |
| SG&A | 2.5 bn | 2.8 bn | 3.1 bn | 3.0 bn | 3.0 bn | 2.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 1.6 bn | 1.4 bn | -2.8 bn | 707.0 m | 14.0 m | -308.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 823.0 m | 867.0 m | 1.1 bn | 984.0 m | 997.0 m | 981.0 m | SEC (XBRL)· 12 Feb 2026verified |
| EBITDA | 2.4 bn ≈ | 2.2 bn ≈ | -1.8 bn ≈ | 1.7 bn ≈ | 1.0 bn ≈ | 673.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Interest expense | 153.0 m | 207.0 m | 413.0 m | 508.0 m | 408.0 m | 290.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 1.3 bn | 1.1 bn | -3.2 bn | 242.0 m | -289.0 m | -505.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 182.0 m | 83.0 m | -135.0 m | 61.0 m | 37.0 m | 395.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 1.1 bn | 1.3 bn | -2.4 bn | 2.7 bn | -649.0 m | -957.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 2.13 | 2.53 | -4.83 | 5.23 | -1.27 | -1.87 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 517.0 m | 508.0 m | 504.0 m | 508.0 m | 510.0 m | 513.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | 0.96 | 1.09 | 1.15 | 1.16 | 1.04 | 0.52 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.7 bn | 3.0 bn | 1.6 bn | 3.1 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Receivables | 2.0 bn | 2.6 bn | 2.6 bn | 1.7 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 1.9 bn | 2.5 bn | 2.7 bn | 1.9 bn | 2.0 bn | 2.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 8.4 bn | 8.9 bn | 8.0 bn | 9.6 bn | 8.9 bn | 6.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 4.7 bn | 5.2 bn | 4.7 bn | 2.9 bn | 2.9 bn | 2.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 3.2 bn | 9.8 bn | 6.5 bn | 5.8 bn | 5.3 bn | 4.9 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.7 bn | 7.8 bn | 6.8 bn | 5.9 bn | 5.2 bn | 4.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 20.0 bn | 33.5 bn | 28.3 bn | 28.3 bn | 25.8 bn | 20.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 1.0 bn | 1.2 bn | 1.1 bn | 881.0 m | 968.0 m | 999.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 0 | 301.0 m | 299.0 m | 0 | 2.1 bn | 1.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 6.2 bn | 17.8 bn | 16.7 bn | 13.9 bn | 13.2 bn | 9.4 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 3.3 bn | 4.2 bn | 4.7 bn | 6.5 bn | 6.5 bn | 3.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Total liabilities | 11.3 bn | 24.4 bn | 22.4 bn | 19.8 bn | 18.8 bn | 14.0 bn | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 8.7 bn | 9.1 bn | 5.9 bn | 8.5 bn | 7.0 bn | 6.1 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 bn | 2.2 bn | 1.2 bn | 1.7 bn | 1.0 bn | 845.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 709.0 m | 691.0 m | 377.0 m | 432.0 m | 446.0 m | 513.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 1.2 bn ≈ | 1.5 bn ≈ | 834.0 m ≈ | 1.3 bn ≈ | 573.0 m ≈ | 332.0 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -1.2 bn | -11.2 bn | -931.0 m | 3.2 bn | -626.0 m | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -345.0 m | 8.2 bn | -1.4 bn | -3.5 bn | -1.1 bn | -4.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 473.0 m | 530.0 m | 573.0 m | 586.0 m | 590.0 m | 348.0 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 500.0 m | 600.0 m | 32.0 m | 0 | 0 | — | SEC (XBRL)· 21 Feb 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 57 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 13.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation80
- Balance sheet67
- Quality41
- Growth32
- Returns46
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.83 – 55.80 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)38.11 – 55.80 (Mid 45.02)WACC 9.3% · starting FCFF 1.4 bn USD · terminal value share of EV 73%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -20.2%
- Peers: EV/EBITDA26.08 – 32.19 (Mid 29.23)9 companies used · median multiple 17.9x · quartiles 15.7x – 20.0xBDX, BSX, HAE, ICUI, MMM, PODD, RMD, SYK, WST
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)6.83 – 9.19 (Mid 7.84)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 57/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -3.7% | 35 (vs peers) | 14% |
| Net margin · Quality | -6.2% | 50 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.8% | 32 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -2.7x | 100 (vs peers) | 14% |
| Interest coverage · Balance sheet | -0.8x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.8x | 83 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 16.0x | 64 (vs peers) | 14% |
| FCF yield · Valuation | 8.2% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.7% | 11 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 9.1% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 3/3 factors with a value
- Growth· partial32/100 · 1/2 factors with a value
- Quality41/100 · 2/3 factors with a value
- Returns46/100 · 2/2 factors with a value
- Valuation80/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
BAXTER INTERNATIONAL INC. (BAX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 11.2 bn USD in 2025; YoY growth 5.7%; net margin -6.2%; ROE -10.5%; net debt/EBITDA -2.7x.
The estimated value range is 26.08–32.19 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 29.23 USD, the price of 26.50 USD leaves a potential of 10.3% (value / price − 1) and a margin of safety of 9.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 57/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -2.7x
- Current ratio: 1.8x
- FCF yield: 8.2%
- Payout ratio (FCF): 9.1%
What contradicts it
- Interest coverage: -0.8x
- Shareholder yield (distributions): 0.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| GKOSGLAUKOS Corp | 14.6 bn | — | -22.8% | -24.6% | +32.3% | +132% / +286% |
| BAXBaxter International Inc. | 13.7 bn | — | -10.5% | -6.2% | +5.7% | +48% / −22% |
| PODDInsulet Corporation | 11.4 bn | 26.9 | 28.9% | 13.4% | +30.7% | −50% / −13% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| KMTSKestra Medical Technologies, Ltd. | 1.8 bn | — | -73.7% | -140.4% | +59.0% | +13% / unavailable |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +28% / +32% |
| MDXGMimedx Group, Inc. | 467.0 m | — | -8.5% | -6.3% | +20.0% | −53% / −59% |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| OFIXOrthofix Medical Inc. | 395.9 m | — | -13.9% | -7.4% | +2.9% | −40% / −12% |
| CTSOCytosorbents Corporation | 286.6 m | — | -336.2% | -48.9% | +4.1% | −72% / −81% |
| UTMDUtah Medical Products, Inc. | 230.6 m | 22.1 | 8.8% | 29.0% | −5.8% | +29% / −14% |
| LUNGPulmonx Corporation | 123.2 m | — | -90.3% | -47.9% | +8.0% | +75% / −74% |
| LUCDLucid Diagnostics Inc. | 90.4 m | — | -556.3% | -959.8% | +8.3% | −58% / −70% |
1- and 3-year price returns: for BAX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
Baxter is a global medical technology company making IV solutions, infusion systems, injectable pharmaceuticals and connected care devices, selling in more than 100 countries 1. Global net sales reached 11.24 billion USD in 2025 1, and the company is working to stabilise the business and reduce debt after the Kidney Care sale, with a modest rebound in the second quarter of 2026 3.
SWOT
Strengths
- Broad portfolio of essential products and strong relationships with hospitals, group purchasing organisations and patients using home therapies 1.
- Extensive global footprint with manufacturing in several countries and sales in more than 100 countries 1.
- Sales recovery in the second quarter of 2026, with growth in all segments and divisions 3.
Weaknesses
- Significant indebtedness absorbs a large share of cash flow and limits investment flexibility 1.
- Dependence on major contracts with group purchasing organisations and on some single-source suppliers 1.
- The Novum LVP recall halted sales of that product, and resuming them depends on further approvals 2.
Opportunities
Risks
- High indebtednesshigh
Large debt obliges the company to use a substantial part of cash flow for debt service, with possible effects on investment and credit ratings 1.
- Novum LVP recallhigh
The halt in shipments and the need for further approvals could delay the return of sales and create additional costs 12.
- Tariffs and supply chainmedium
Tariffs and supply disruptions could raise costs and reduce deliveries, particularly where single-source suppliers are involved 12.
- Pricing pressuremedium
Customer consolidation and competition could limit the ability to pass on costs or hold prices 1.
- Litigation and regulationmedium
Pending lawsuits, compliance requirements and rules on privacy and artificial intelligence could create further liability 1.
Investment thesis
What would need to be true (bull case)
- If the sales recovery seen in the second quarter of 2026 holds and the raised outlook is confirmed, performance could improve gradually 3.
- Debt reduction after the Kidney Care sale could free capacity for investment in connected products and innovation 1.
- The broad portfolio and global presence could support long-term demand, especially in emerging markets 1.
What would break the thesis
What to watch
- Progress toward the net leverage target and any changes in credit ratings2026
- Resumption of Novum LVP shipments in the US and CanadaQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
Baxter International Inc. develops, manufactures and sells a broad range of essential healthcare products, including sterile IV solutions, infusion systems, parenteral nutrition, inhaled anesthetics, generic injectables, hemostat products, advanced surgical equipment, smart bed systems and respiratory devices 1. Products are used in hospitals, dialysis centres, ambulatory surgery centres and at patients' homes 1. The company was incorporated in Delaware in 1931 1.
The current strategy emphasises connected care and innovation, with investment in digital solutions such as smart bed systems and infusion pumps, alongside active portfolio management through divestitures and market exits 1. The company aims to reach its net leverage target by the end of 2026 and has, for now, suspended share repurchases 1.
Andrew Hider was appointed President and CEO in July 2025, and the company has introduced a new operating model and the Baxter Growth and Performance system 12. From the second quarter of 2026 reporting was simplified to two segments 2.
Segments
Market context
Competitive position
Baxter says it faces substantial competition in every segment from international and domestic healthcare and pharmaceutical companies, with decisions driven by cost-effectiveness, price, service and innovation 1. Competition could increase if new companies enter the market or launch similar products 1.
Consolidation among customers and competitors has created pricing pressure, and because no single rival competes in all lines, the landscape is fragmented 1. The company remains exposed if competitors respond faster to new technologies 1.
- International medical device companies
The source describes competitors only in general terms without naming them, so no ticker is given.
- Injectable pharmaceutical suppliers
Competition in the pharmaceutical area is described generically in the source, without individual names.
- Surgical equipment manufacturers
The source mentions competitors of all sizes but does not list them.
- Connected hospital systems providers
Competitors in connected care are referred to without named identification in the source.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Baxter Stock Underperforming the Nasdaq?Yahoo Finance — News · 21 Sept 2026 · EN
The latest news item in our archive is from 21 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report19 Aug 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Aug 2026Material agreement · Other events · Financial statements and exhibits
- Current report04 Aug 2026Departure or appointment of officers
- Current report04 Aug 2026Other events · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report14 Jul 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Departure or appointment of officers · Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Baxter International Inc. · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Baxter International Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Baxter International Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.