Detailed financial statements for Baxter International Inc. (BAX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution.
Analysis Summary
Baxter International Inc. reported revenue of $11.24B in the most recent fiscal year, growing at a 5-year CAGR of -0.7%.
Trailing-twelve-month margins: gross margin 30.1%, operating margin -2.4%, net margin -9.3%. Free cash flow grew at -22.5% CAGR over 5 years.
At the current price of $24.22, BAX has negative trailing earnings (P/E not meaningful) and an ROE of -16.60%. Market capitalisation stands at $12.5B, placing it among large-cap names.
Balance sheet quality for BAX: current ratio of 2.3, net debt of $8.04B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.16B | $10.58B | $11.10B | $11.36B | $11.67B | $12.15B | $10.06B | $10.36B | $10.64B | $11.24B |
| Cost of Revenue | $6.05B | $6.11B | $6.34B | $6.60B | $7.09B | $7.43B | $6.51B | $6.21B | $6.65B | $7.87B |
| Gross Profit | $4.12B | $4.47B | $4.76B | $4.76B | $4.59B | $4.72B | $3.55B | $4.15B | $3.98B | $3.38B |
| Research & Development | $646.0M | $615.0M | $654.0M | $595.0M | $521.0M | $531.0M | $450.0M | $518.0M | $590.0M | $518.0M |
| Selling, General & Admin | $2.73B | $2.63B | $2.62B | $2.54B | $2.47B | $2.85B | $3.10B | $2.95B | $2.97B | $2.89B |
| Operating Expenses | $3.37B | $3.19B | $3.17B | $2.99B | $2.97B | $3.37B | $6.39B | $3.44B | $3.97B | $3.69B |
| Operating Income | $745.0M | $1.29B | $1.58B | $1.77B | $1.62B | $1.35B | -$2.85B | $707.0M | $14.0M | -$308.0M |
| EBITDA | $5.84B | $1.94B | $2.48B | $1.87B | $2.27B | $2.19B | -$1.76B | $1.73B | $1.12B | $766.0M |
| Interest Expense | $89.0M | $85.0M | $93.0M | $111.0M | $153.0M | $207.0M | $413.0M | $508.0M | $408.0M | $290.0M |
| Pre-tax Income | $4.95B | $1.10B | $1.62B | $970.0M | $1.29B | $1.12B | -$3.25B | $242.0M | -$289.0M | -$505.0M |
| Income Tax | -$12.0M | $491.0M | $65.0M | -$41.0M | $182.0M | $83.0M | -$135.0M | $61.0M | $37.0M | $395.0M |
| Net Income | $4.96B | $602.0M | $1.55B | $1.00B | $1.10B | $1.28B | -$2.43B | $2.66B | -$649.0M | -$957.0M |
| EPS | $9.09 | $1.11 | $3.04 | $1.97 | $2.17 | $2.56 | $-4.83 | $5.25 | $-1.27 | $-1.75 |
| EPS (Diluted) | $9.01 | $1.08 | $2.97 | $1.93 | $2.13 | $2.53 | $-4.83 | $5.23 | $-1.27 | $-1.75 |
| Shares Outstanding (Diluted) | $551.0M | $555.0M | $546.0M | $519.0M | $517.0M | $508.0M | $504.0M | $506.0M | $510.0M | $513.0M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.80B | $3.39B | $1.84B | $3.33B | $3.73B | $2.95B | $1.72B | $3.08B | $1.76B | $1.97B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.69B | $1.79B | $1.84B | $1.90B | $2.08B | $2.71B | $2.62B | $1.77B | $1.73B | $1.93B |
| Inventory | $1.43B | $1.48B | $1.67B | $1.65B | $1.92B | $2.45B | $2.68B | $1.92B | $2.05B | $2.23B |
| Total Current Assets | $6.57B | $7.26B | $5.96B | $7.50B | $8.41B | $8.87B | $8.01B | $9.60B | $8.85B | $6.87B |
| Property, Plant & Equipment | $4.29B | $4.59B | $4.53B | $5.12B | $5.33B | $5.81B | $5.24B | $3.21B | $3.18B | $3.19B |
| Goodwill | $2.60B | $3.10B | $3.00B | $3.03B | $3.22B | $9.84B | $6.45B | $5.79B | $5.28B | $4.93B |
| Intangible Assets | $1.11B | $1.37B | $1.41B | $1.47B | $1.67B | $7.79B | $6.79B | $5.92B | $5.22B | $4.37B |
| Total Assets | $15.55B | $17.11B | $15.72B | $18.19B | $20.02B | $33.52B | $28.29B | $28.28B | $25.78B | $20.05B |
| Accounts Payable | $791.0M | $920.0M | $998.0M | $892.0M | $1.04B | $1.25B | $1.11B | $881.0M | $968.0M | $999.0M |
| Short-term Debt | $3.0M | $3.0M | $4.0M | $541.0M | $406.0M | $511.0M | $1.40B | $2.67B | $2.75B | $84.0M |
| Total Current Liabilities | $2.74B | $2.82B | $2.81B | $3.23B | $3.33B | $4.24B | $4.75B | $6.50B | $6.51B | $2.97B |
| Long-term Debt | $2.78B | $3.51B | $3.48B | $4.81B | $5.79B | $17.15B | $15.23B | $11.09B | $10.37B | $9.68B |
| Total Liabilities | $7.27B | $8.00B | $7.85B | $10.28B | $11.29B | $24.40B | $22.39B | $19.81B | $18.76B | $13.95B |
| Retained Earnings | $14.20B | $14.48B | $15.07B | $15.72B | $16.33B | $17.07B | $14.05B | $16.11B | $14.93B | $13.71B |
| Total Equity | $8.29B | $9.12B | $7.84B | $7.88B | $8.69B | $9.08B | $5.83B | $8.40B | $6.96B | $6.13B |
| Total Debt | $2.78B | $3.51B | $3.48B | $5.96B | $6.80B | $18.31B | $17.20B | $14.11B | $13.45B | $10.00B |
| Net Debt | -$19.0M | $118.0M | $1.65B | $2.63B | $3.07B | $15.36B | $15.48B | $11.04B | $11.69B | $8.04B |
| Working Capital | $3.83B | $4.44B | $3.15B | $4.27B | $5.08B | $4.64B | $3.27B | $3.10B | $2.34B | $3.90B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.97B | $609.0M | $1.55B | $1.01B | $1.11B | $1.03B | -$3.11B | $181.0M | -$326.0M | -$957.0M |
| Depreciation & Amortization | $800.0M | $750.0M | $771.0M | $789.0M | $823.0M | $867.0M | $1.07B | $984.0M | $997.0M | $981.0M |
| Stock-based Compensation | $115.0M | $107.0M | $115.0M | $122.0M | $130.0M | $146.0M | $140.0M | $115.0M | $114.0M | $117.0M |
| Change in Working Capital | -$176.0M | -$110.0M | -$248.0M | -$425.0M | -$272.0M | -$57.0M | -$606.0M | $161.0M | -$236.0M | -$108.0M |
| Operating Cash Flow | $1.65B | $1.71B | $2.02B | $2.10B | $1.87B | $2.22B | $1.21B | $1.73B | $1.02B | $845.0M |
| Capital Expenditure | -$719.0M | -$616.0M | -$659.0M | -$696.0M | -$709.0M | -$691.0M | -$635.0M | -$436.0M | -$460.0M | -$522.0M |
| Acquisitions | -$11.0M | -$686.0M | -$268.0M | -$418.0M | -$494.0M | -$10.50B | -$263.0M | -$6.0M | 0 | 0 |
| Stock Repurchased | -$292.0M | -$564.0M | -$2.45B | -$1.27B | -$500.0M | -$600.0M | -$32.0M | 0 | 0 | 0 |
| Dividends Paid | -$268.0M | -$315.0M | -$376.0M | -$423.0M | -$473.0M | -$530.0M | -$573.0M | -$586.0M | -$590.0M | -$348.0M |
| Free Cash Flow | $935.0M | $1.10B | $1.36B | $1.41B | $1.16B | $1.53B | $576.0M | $1.29B | $559.0M | $323.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +4.1% | +4.9% | +2.4% | +2.7% | +4.1% | -17.2% | +3.0% | +2.7% | +5.7% | |
| Net Income Growth (YoY) | -87.9% | +156.8% | -35.3% | +10.1% | +16.5% | -289.5% | +209.2% | -124.4% | -47.5% | |
| EPS Growth (YoY) | -87.8% | +173.9% | -35.2% | +10.2% | +18.0% | -288.7% | +208.7% | -124.2% | -37.8% | |
| Shares Change (YoY) | +0.7% | -1.6% | -4.9% | -0.4% | -1.7% | -0.8% | +0.4% | +0.8% | +0.6% | |
| FCF Growth (YoY) | +17.4% | +23.7% | +3.7% | -17.7% | +32.1% | -62.4% | +124.0% | -56.7% | -42.2% | |
| Gross Margin | 40.5% | 42.3% | 42.9% | 41.9% | 39.3% | 38.9% | 35.3% | 40.1% | 37.5% | 30.1% |
| Operating Margin | 7.3% | 12.2% | 14.3% | 15.6% | 13.8% | 11.1% | -28.3% | 6.8% | 0.1% | -2.7% |
| EBITDA Margin | 57.5% | 18.3% | 22.4% | 16.5% | 19.4% | 18.0% | -17.5% | 16.7% | 10.5% | 6.8% |
| Net Margin | 48.9% | 5.7% | 13.9% | 8.8% | 9.4% | 10.6% | -24.2% | 25.6% | -6.1% | -8.5% |
| FCF Margin | 9.2% | 10.4% | 12.2% | 12.4% | 9.9% | 12.6% | 5.7% | 12.5% | 5.3% | 2.9% |
| Effective Tax Rate | -0.2% | 44.6% | 4.0% | -4.2% | 14.1% | 7.4% | 4.2% | 25.2% | -12.8% | -78.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.70 | $1.98 | $2.49 | $2.71 | $2.24 | $3.01 | $1.14 | $2.55 | $1.10 | $0.63 |
| Dividends Per Share | $0.49 | $0.57 | $0.69 | $0.82 | $0.91 | $1.04 | $1.14 | $1.16 | $1.16 | $0.68 |
| Shares Outstanding (Basic) | $546.0M | $543.0M | $534.0M | $509.0M | $509.0M | $502.0M | $504.0M | $506.0M | $510.0M | $513.0M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -16.60% |
| Return on Invested Capital | -1.61% |
| Return on Assets | -5.37% |
| Gross Margin | 30.08% |
| Operating Margin | -2.39% |
| Net Margin | -9.27% |
Financial Health
| Debt / Equity | 1.56 |
| Current Ratio | 1.95 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.12 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 4.88 | 58.23 | 21.65 | 42.45 | 36.98 | 33.53 | -10.55 | 7.36 | -22.96 | -10.92 |
| P/B | 2.92 | 3.85 | 4.48 | 5.40 | 4.70 | 4.75 | 4.40 | 2.33 | 2.14 | 1.60 |
| P/S | 2.38 | 3.32 | 3.17 | 3.75 | 3.50 | 3.55 | 2.55 | 1.89 | 1.40 | 0.87 |
| Gross Margin | 40.5% | 42.3% | 42.9% | 41.9% | 39.3% | 38.9% | 35.3% | 40.1% | 37.5% | 30.1% |
| Operating Margin | 7.3% | 12.2% | 14.3% | 15.6% | 13.8% | 11.1% | -28.3% | 6.8% | 0.1% | -2.7% |
| Net Margin | 48.9% | 5.7% | 13.9% | 8.8% | 9.4% | 10.6% | -24.2% | 25.6% | -6.1% | -8.5% |
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