Baxter International Inc
BAX—
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Baxter International Inc AI Insights
Informational only. Not investment advice.Snapshot
- Tangible book value is -3.0B with goodwill at 5.4B (75% of equity) - balance sheet heavily dependent on intangible valuations[Tangible Book Value]
- Interest expense of 321M TTM exceeds operating income of 411M - debt service consuming 78% of operating profit[Interest Expense]
- EPS collapsed 99.8% YoY (TTM) with net loss of -341M despite 11B revenue - profitability crisis underway[EPS Growth 1Y]
Watch Triggers
- Operating Margin TTM: Rises above 8% — Would indicate cost restructuring success and path to covering interest expense
- Free Cash Flow TTM: Falls below 200M or turns negative — Current 230M FCF barely covers dividend; decline signals forced capital actions
- Goodwill: Impairment charge announced — 5.4B goodwill vs 7.2B equity - material writedown would trigger equity concerns
Bull Case
Trading at 0.85x P/S with 11B revenue base - deep value if margins normalize to industry median operating margin of -5%
PS RatioTotal Revenue TTM
R&D spend of 603M (5.5% of revenue) sustains product pipeline; gross margin 34% shows pricing power intact
Research and Development TTMGross Margin TTM
Bear Case
ROIC of -1.8% TTM destroying shareholder value; 9.7B debt at rising rates could trigger covenant issues
ROIC TTMTotal Debt
5-year EPS CAGR of -79% signals structural decline, not cyclical - turnaround thesis lacks evidence
EPS Growth 5Y TTMNet Income TTM
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Debt burden will force asset sales or dividend cut within 12-18 months absent margin recovery
1-3ymed
- Debt/equity at 1.34x with 9.7B total debt
- FCF of 230M barely covers 350M annual dividend
- Operating margin at 3.7% vs 34% gross margin
Net debt 7.8B vs market cap 9.3BInterest expense 321M vs EBIT 51M TTMFCF margin only 2.1% TTM
Valuation Context
Caveats
Public Strategies Rankings
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BAX Fundamentals
Manufacturing → Miscellaneous Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$8.56B | — | ||
$16.37B | — | ||
0.00 | — | ||
$11.24B | +5.7% | — | |
$-1.87 | — | ||
1.57% | -2.6% | — | |
-8.51% | -2.4% | — | |
$323.0M | -42.2% | — | |
-14.6% | -6.2% | — | |
Beta 5Y (Monthly) | unknown | — |
BAX Dividend History
84 dividends
2026
$0.010002/27/26$0.0100
2025
$0.520011/28/25$0.0100
08/29/25$0.1700
05/30/25$0.1700
02/28/25$0.1700
2024
$1.040011/29/24$0.1700
08/30/24$0.2900
05/31/24$0.2900
02/29/24$0.2900
2023
$1.160011/30/23$0.2900
08/31/23$0.2900
06/01/23$0.2900
02/23/23$0.2900
2022
$1.150012/01/22$0.2900
09/01/22$0.2900
06/02/22$0.2900
02/24/22$0.2800
2021
$1.085012/02/21$0.2800
09/02/21$0.2800
06/03/21$0.2800
02/25/21$0.2450
2020
$0.955012/03/20$0.2450
08/28/20$0.2450
06/04/20$0.2450
02/27/20$0.2200
2019
$0.850012/05/19$0.2200
08/29/19$0.2200
06/06/19$0.2200
02/28/19$0.1900
2018
$0.730011/30/18$0.1900
08/30/18$0.1900
05/31/18$0.1900
03/01/18$0.1600
2017
$0.610011/30/17$0.1600
08/30/17$0.1600
05/31/17$0.1600
03/01/17$0.1300
2016
$0.505011/30/16$0.1300
08/31/16$0.1300
06/01/16$0.1300
03/02/16$0.1150
2015
$1.270012/02/15$0.1150
09/02/15$0.1150
05/28/15$0.5200
03/09/15$0.5200
2014
$2.050012/03/14$0.5200
09/03/14$0.5200
06/04/14$0.5200
03/05/14$0.4900
2013
$1.920012/04/13$0.4900
09/04/13$0.4900
06/05/13$0.4900
03/06/13$0.4500
2012
$1.570012/05/12$0.4500
09/05/12$0.4500
06/06/12$0.3350
03/07/12$0.3350
2011
$1.265012/07/11$0.3350
09/07/11$0.3100
06/08/11$0.3100
03/08/11$0.3100
2010
$1.180012/08/10$0.3100
09/08/10$0.2900
06/08/10$0.2900
03/08/10$0.2900
2009
$1.070012/08/09$0.2900
09/08/09$0.2600
06/08/09$0.2600
03/06/09$0.2600
2008
$0.912512/08/08$0.2600
09/08/08$0.2175
06/06/08$0.2175
03/06/08$0.2175
2007
$0.720012/06/07$0.2175
09/06/07$0.1675
06/06/07$0.1675
03/07/07$0.1675
2006
$0.582012/06/06$0.5820
2005
$0.582012/07/05$0.5820
2004
$0.582012/08/04$0.5820
2003
$0.582012/10/03$0.5820
2002
$0.582012/11/02$0.5820
2001
$0.582012/12/01$0.5820
2000
$0.582012/13/00$0.5820
BAX Stock Splits
1 stock split
05/31/010.5:1 split
BAX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/12/26 | 12/31/25 | 10-K | |
11/04/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | Unknown | |
11/12/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/08/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/09/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/11/21 | 12/31/20 | 10-K | |
10/29/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
03/17/20 | 12/31/19 | 10-K | |
03/17/20 | 09/30/19 | 10-Q | |
07/30/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/21/19 | 12/31/18 | 10-K | |
11/05/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/09/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/07/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/07/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/30/14 | 06/30/14 | 10-Q | |
04/30/14 | 03/31/14 | 10-Q | |
02/21/14 | 12/31/13 | 10-K | |
10/30/13 | 09/30/13 | 10-Q | |
07/31/13 | 06/30/13 | 10-Q | |
05/01/13 | 03/31/13 | 10-Q | |
02/21/13 | 12/31/12 | 10-K | |
11/01/12 | 09/30/12 | 10-Q | |
08/02/12 | 06/30/12 | 10-Q | |
05/03/12 | 03/31/12 | 10-Q | |
02/23/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/02/11 | 06/30/11 | 10-Q | |
05/03/11 | 03/31/11 | 10-Q | |
02/23/11 | 12/31/10 | 10-K | |
11/03/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
02/23/10 | 12/31/09 | 10-K | |
10/29/09 | 09/30/09 | 10-Q | |
07/28/09 | 06/30/09 | 10-Q | |
05/05/09 | 03/31/09 | 10-Q | |
02/19/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | 10-Q | |
07/29/08 | 06/30/08 | 10-Q | |
05/02/08 | 03/31/08 | 10-Q | |
02/26/08 | 12/31/07 | 10-K | |
11/05/07 | 09/30/07 | 10-Q | |
08/01/07 | 06/30/07 | 10-Q | |
05/04/07 | 03/31/07 | 10-Q | |
02/28/07 | 12/31/06 | 10-K | |
11/03/06 | 09/30/06 | 10-Q | |
08/01/06 | 06/30/06 | 10-Q | |
05/03/06 | 03/31/06 | 10-Q | |
03/07/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/31/05 | 10-Q | |
03/16/05 | 12/31/04 | 4 | |
11/04/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 4 | |
05/10/04 | 03/31/04 | 10-Q | |
03/12/04 | 12/31/03 | 10-K | |
11/06/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/07/03 | 03/31/03 | 10-Q | |
03/12/03 | 12/31/02 | 5 | |
11/12/02 | 09/30/02 | 10-Q | |
08/07/02 | 06/30/02 | 10-Q | |
05/03/02 | 03/31/02 | 10-Q | |
03/13/02 | 12/31/01 | 10-K | |
11/06/01 | 09/30/01 | 10-Q | |
08/09/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/31/01 | 10-Q | |
03/14/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/10/00 | 06/30/00 | 10-Q | |
05/12/00 | 03/31/00 | 8-K |