Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Baxter Intl Inc has an operating margin of 2.7%, meaning the company retains $3 of operating profit per $100 of revenue. This below-average margin results in a low score of 14/100, suggesting thin profitability after operating expenses. This is up from 0.1% the prior year.
Baxter Intl Inc's revenue declined 100% year-over-year, from $10.6B to $11K. This contraction results in a growth score of 0/100.
Baxter Intl Inc has a moderate D/E ratio of 1.54. This balance of debt and equity financing earns a leverage score of 54/100.
With a current ratio of 2.31, Baxter Intl Inc holds $2.31 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 73/100.
Baxter Intl Inc's free cash flow margin of 2.9% results in a low score of 15/100. Capital expenditures of $513 absorb a large share of operating cash flow.
Baxter Intl Inc's ROE of 15.6% shows moderate profitability relative to equity, earning a score of 62/100.
Baxter Intl Inc scores 437832.72, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($10.2B) relative to total liabilities ($14K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Baxter Intl Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Baxter Intl Inc generates $0.88 in operating cash flow ($845 OCF vs $957 net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Baxter Intl Inc earns $1.1 in operating income for every $1 of interest expense ($308 vs $290). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Baxter Intl Inc (BAX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Baxter Intl Inc generated $11K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Baxter Intl Inc's EBITDA was $1K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.
Baxter Intl Inc generated $332 in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 100.0% from the prior year.
Baxter Intl Inc reported $957 in net income in fiscal year 2025. This represents an increase of 100.0% from the prior year.
Baxter Intl Inc earned $1.87 per diluted share (EPS) in fiscal year 2025. This represents an increase of 247.2% from the prior year.
Baxter Intl Inc held $2K in cash against $9K in long-term debt as of fiscal year 2025.
Baxter Intl Inc paid $0.52 per share in dividends in fiscal year 2025. This represents a decrease of 50.0% from the prior year.
Baxter Intl Inc had 514M shares outstanding in fiscal year 2025. This represents an increase of 0.6% from the prior year.
Baxter Intl Inc's gross margin was 30.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.4 percentage points from the prior year.
Baxter Intl Inc's operating margin was 2.7% in fiscal year 2025, reflecting core business profitability. This is up 2.6 percentage points from the prior year.
Baxter Intl Inc's net profit margin was 8.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 14.6 percentage points from the prior year.
Baxter Intl Inc's ROE was 15.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Baxter Intl Inc invested $518 in research and development in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Baxter Intl Inc invested $513 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
BAX Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0B+4.9% | $2.8B+0.9% | $2.8B+7.0% | $2.6B-4.6% | $2.8B+2.0% | $2.7B+0.2% | $2.7B+8.2% | $2.5B |
| Cost of Revenue | $2.4B+27.2% | $1.9B+3.6% | $1.8B+3.1% | $1.8B-1.7% | $1.8B+7.7% | $1.7B+0.2% | $1.7B+8.8% | $1.5B |
| Gross Profit | $577.0M-39.3% | $950.0M-4.1% | $991.0M+15.1% | $861.0M-10.2% | $959.0M-7.2% | $1.0B+0.2% | $1.0B+7.3% | $961.0M |
| R&D Expenses | $126.0M+6.8% | $118.0M-11.9% | $134.0M-4.3% | $140.0M-33.6% | $211.0M+63.6% | $129.0M-0.8% | $130.0M+8.3% | $120.0M |
| SG&A Expenses | $761.0M+7.5% | $708.0M-1.4% | $718.0M+2.1% | $703.0M-7.6% | $761.0M+0.9% | $754.0M+4.3% | $723.0M-0.8% | $729.0M |
| Operating Income | -$729.0M-523.8% | $172.0M-9.9% | $191.0M+229.3% | $58.0M+113.3% | -$435.0M-380.6% | $155.0M-13.4% | $179.0M+55.7% | $115.0M |
| Interest Expense | $233.0M+2430.0% | -$10.0M+28.6% | -$14.0M-117.3% | $81.0M-62.3% | $215.0M+1635.7% | -$14.0M-113.5% | $104.0M+1.0% | $103.0M |
| Income Tax | $279.0M+62.2% | $172.0M+1463.6% | $11.0M+116.4% | -$67.0M-103.0% | -$33.0M-512.5% | $8.0M-63.6% | $22.0M-45.0% | $40.0M |
| Net Income | -$1.1B-2352.2% | -$46.0M-150.5% | $91.0M-27.8% | $126.0M+124.6% | -$512.0M-465.7% | $140.0M+144.6% | -$314.0M-948.6% | $37.0M |
| EPS (Diluted) | $-2.21-2355.6% | $-0.09-150.0% | $0.18-28.0% | $0.25+125.0% | $-1.00-470.4% | $0.27+144.3% | $-0.61-971.4% | $0.07 |
BAX Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $20.1B-4.8% | $21.1B+0.1% | $21.0B-1.2% | $21.3B-17.4% | $25.8B-3.4% | $26.7B+1.4% | $26.3B-5.3% | $27.8B |
| Current Assets | $6.9B-0.9% | $6.9B+2.7% | $6.7B-4.1% | $7.0B-20.5% | $8.9B-0.1% | $8.9B+3.2% | $8.6B-8.6% | $9.4B |
| Cash & Equivalents | $2.0B+13.9% | $1.7B+2.4% | $1.7B-26.5% | $2.3B+30.0% | $1.8B+24.2% | $1.4B-9.8% | $1.6B-44.3% | $2.8B |
| Inventory | $2.2B-9.3% | $2.5B+3.2% | $2.4B+9.9% | $2.2B+6.1% | $2.0B-2.7% | $2.1B-29.5% | $3.0B-0.1% | $3.0B |
| Accounts Receivable | $1.9B+4.7% | $1.8B+0.2% | $1.8B+7.7% | $1.6B-2.0% | $1.7B-2.9% | $1.7B-34.5% | $2.6B+4.7% | $2.5B |
| Goodwill | $4.9B-8.7% | $5.4B+0.1% | $5.4B+1.1% | $5.3B+1.2% | $5.3B-8.8% | $5.8B-3.6% | $6.0B-6.7% | $6.4B |
| Total Liabilities | $14.0B+0.7% | $13.9B+0.7% | $13.8B-3.5% | $14.3B-24.0% | $18.8B+0.1% | $18.7B+0.7% | $18.6B-4.9% | $19.6B |
| Current Liabilities | $3.0B-21.3% | $3.8B+28.4% | $2.9B-15.6% | $3.5B-46.5% | $6.5B+5.0% | $6.2B+1.1% | $6.1B-3.7% | $6.4B |
| Long-Term Debt | $9.4B | N/A | N/A | N/A | $13.2B+26.3% | $10.4B0.0% | $10.4B-5.9% | $11.1B |
| Total Equity | $6.1B-15.4% | $7.2B-1.1% | $7.3B+3.4% | $7.1B+1.7% | $7.0B-11.5% | $7.9B+3.0% | $7.6B-6.5% | $8.2B |
| Retained Earnings | $13.7B-7.6% | $14.8B-0.9% | $15.0B0.0% | $15.0B+0.3% | $14.9B-3.9% | $15.5B-0.1% | $15.5B-2.9% | $16.0B |
BAX Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $584.0M+146.4% | $237.0M+9.2% | $217.0M+212.4% | -$193.0M-139.5% | $488.0M+92.9% | $253.0M+120.0% | $115.0M-29.4% | $163.0M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$198.0M-78.4% | -$111.0M+3.5% | -$115.0M-103.5% | $3.3B+1692.7% | -$205.0M-25.0% | -$164.0M-80.2% | -$91.0M+45.2% | -$166.0M |
| Financing Cash Flow | -$147.0M-81.5% | -$81.0M+89.4% | -$762.0M+76.4% | -$3.2B-2387.9% | $141.0M+196.6% | -$146.0M+84.4% | -$936.0M-568.6% | -$140.0M |
| Dividends Paid | $87.0M0.0% | $87.0M0.0% | $87.0M0.0% | $87.0M-40.8% | $147.0M-0.7% | $148.0M0.0% | $148.0M+0.7% | $147.0M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BAX Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 19.4%-14.1pp | 33.5%-1.8pp | 35.3%+2.5pp | 32.8%-2.0pp | 34.8%-3.4pp | 38.3%0.0pp | 38.3%-0.3pp | 38.6% |
| Operating Margin | -24.5%-30.6pp | 6.1%-0.7pp | 6.8%+4.6pp | 2.2%+18.0pp | -15.8%-21.5pp | 5.7%-0.9pp | 6.6%+2.0pp | 4.6% |
| Net Margin | -37.9%-36.3pp | -1.6%-4.9pp | 3.2%-1.6pp | 4.8%+23.4pp | -18.6%-23.8pp | 5.2%+16.8pp | -11.7%-13.2pp | 1.5% |
| Return on Equity | N/A | N/A | 1.2%-0.5pp | 1.8% | N/A | 1.8% | N/A | 0.4% |
| Return on Assets | -5.6%-5.4pp | -0.2%-0.7pp | 0.4%-0.2pp | 0.6%+2.6pp | -2.0%-2.5pp | 0.5%+1.7pp | -1.2%-1.3pp | 0.1% |
| Current Ratio | 2.31+0.5 | 1.84-0.5 | 2.30+0.3 | 2.02+0.7 | 1.36-0.1 | 1.43+0.0 | 1.40-0.1 | 1.48 |
| Debt-to-Equity | 1.54-0.4 | 1.91+0.0 | 1.88-0.1 | 2.01+0.1 | 1.89+0.6 | 1.33-0.0 | 1.370.0 | 1.36 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Baxter Intl Inc's annual revenue?
Baxter Intl Inc (BAX) reported $11K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Baxter Intl Inc's revenue growing?
Baxter Intl Inc (BAX) revenue declined by 100% year-over-year, from $10.6B to $11K in fiscal year 2025.
Is Baxter Intl Inc profitable?
Yes, Baxter Intl Inc (BAX) reported a net income of $957 in fiscal year 2025, with a net profit margin of 8.5%.
What is Baxter Intl Inc's earnings per share (EPS)?
Baxter Intl Inc (BAX) reported diluted earnings per share of $1.87 for fiscal year 2025. This represents a 247.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Baxter Intl Inc's EBITDA?
Baxter Intl Inc (BAX) had EBITDA of $1K in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Baxter Intl Inc have?
As of fiscal year 2025, Baxter Intl Inc (BAX) had $2K in cash and equivalents against $9K in long-term debt.
What is Baxter Intl Inc's gross margin?
Baxter Intl Inc (BAX) had a gross margin of 30.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Baxter Intl Inc's operating margin?
Baxter Intl Inc (BAX) had an operating margin of 2.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Baxter Intl Inc's net profit margin?
Baxter Intl Inc (BAX) had a net profit margin of 8.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Baxter Intl Inc pay dividends?
Yes, Baxter Intl Inc (BAX) paid $0.52 per share in dividends during fiscal year 2025.
What is Baxter Intl Inc's return on equity (ROE)?
Baxter Intl Inc (BAX) has a return on equity of 15.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Baxter Intl Inc's free cash flow?
Baxter Intl Inc (BAX) generated $332 in free cash flow during fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Baxter Intl Inc's operating cash flow?
Baxter Intl Inc (BAX) generated $845 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Baxter Intl Inc's total assets?
Baxter Intl Inc (BAX) had $20K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Baxter Intl Inc's capital expenditures?
Baxter Intl Inc (BAX) invested $513 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Baxter Intl Inc spend on research and development?
Baxter Intl Inc (BAX) invested $518 in research and development during fiscal year 2025.
How many shares does Baxter Intl Inc have outstanding?
Baxter Intl Inc (BAX) had 514M shares outstanding as of fiscal year 2025.
What is Baxter Intl Inc's current ratio?
Baxter Intl Inc (BAX) had a current ratio of 2.31 as of fiscal year 2025, which is generally considered healthy.
What is Baxter Intl Inc's debt-to-equity ratio?
Baxter Intl Inc (BAX) had a debt-to-equity ratio of 1.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Baxter Intl Inc's return on assets (ROA)?
Baxter Intl Inc (BAX) had a return on assets of 4.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Baxter Intl Inc's Altman Z-Score?
Baxter Intl Inc (BAX) has an Altman Z-Score of 437832.72, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Baxter Intl Inc's Piotroski F-Score?
Baxter Intl Inc (BAX) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Baxter Intl Inc's earnings high quality?
Baxter Intl Inc (BAX) has an earnings quality ratio of 0.88x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Baxter Intl Inc cover its interest payments?
Baxter Intl Inc (BAX) has an interest coverage ratio of 1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Baxter Intl Inc?
Baxter Intl Inc (BAX) scores 36 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.