Baxter International Inc. (BAX) Stock Price & Analysis
Baxter International Inc. (BAX) closed at USD 25.65 on Thursday, October 22, 2026, up 3.85% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 24.7; the Oct 22, 2026 session ranged USD 24.68–25.71 on volume of 5,204,702 shares. Market capitalization is $13.26B, with a 52-week range of USD 15.73–30 (NYQ). Source: Nexqual, retrieved October 23, 2026 at 09:23 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BAX.md
Key facts (BAX)
- Last four reported quarters (through Jun 30, 2026): revenue $11.5B, net income -$1.06B (-9.3% margin) (SEC filings).
- 7 of 80 tracked superinvestors hold BAX (13F, Q2 2026): 0 new, 3 added, 4 reduced, 0 unchanged.
- Analysts: Hold (mean 2.93 on a 1–5 scale) (15 analysts), mean target USD 27.92 (range 20–40).
- Total return with dividends: 1Y +11.8% vs S&P 500 +14.9%; 5Y -65.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.52, revenue estimate $2.91B.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BAX)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.1B | $10.1B | $10.4B | $10.6B | $11.2B | $11.5B |
| Gross profit | $4.72B | $3.55B | $4.15B | $3.98B | $3.38B | — |
| Operating income | $1.35B | -$2.85B | $707M | $14.0M | -$308M | -$274M |
| Net income | $1.28B | -$2.43B | $2.66B | -$649M | -$957M | -$1.06B |
| EPS (diluted) | $2.53 | -$4.83 | $5.23 | -$1.27 | -$1.87 | — |
| Free cash flow | $1.53B | $834M | $1.29B | $573M | $332M | — |
| Gross margin | 38.9% | 35.3% | 40.1% | 37.5% | 30.1% | — |
| Operating margin | 11.1% | -28.3% | 6.8% | 0.1% | -2.7% | -2.4% |
| Net margin | 10.6% | -24.2% | 25.6% | -6.1% | -8.5% | -9.3% |
| Revenue growth | +4.1% | -17.2% | +3.0% | +2.7% | +5.7% | — |
| Cash + short-term investments | $2.95B | $1.62B | $3.08B | $1.76B | $1.97B | — |
| Total debt | $18.1B | $17.0B | $13.9B | $15.3B | $9.44B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BAX)
P/S 1.2x · P/B 2.1x · Earnings yield -8.02% · Dividend yield (paid, TTM) 1.39%
P/E at fiscal year-ends: Dec 2023 7.4x.
Superinvestors (SEC 13F-HR, Q2 2026) (BAX)
7 of 80 tracked investors hold BAX. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 4.09% | $1.39B | Added +1.2% |
| Hillman Capital | Hillman Capital Management | 3.64% | $5.0M | Reduced -4.6% |
| Greenhaven Associates | 3.52% | $305M | Reduced -0.2% | |
| First Pacific Advisors | 2.04% | $162M | Added +13.7% | |
| Dodge & Cox Funds | Dodge & Cox | 0.65% | $1.24B | Added +2.0% |
| Tweedy Browne | 0.02% | $202K | Reduced -2.7% | |
| Mairs & Power | Mairs & Power Funds | <0.01% | $267K | Reduced -44.4% |
Analysts (BAX)
Consensus Hold (mean 2.93 on a 1–5 scale), 15 analysts; mean target USD 27.92 (low 20, high 40).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-07 | Barclays | Initiated | Underweight | $20 |
| 2026-10-05 | Citigroup | Target lowered | Neutral | $28 → $27 |
| 2026-07-31 | TD Cowen | Target raised | Hold | $24 → $29 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $19 → $23 |
| 2026-07-31 | Stifel | Target raised | Hold | $24 → $28 |
| 2026-07-31 | Citigroup | Upgrade | Sell → Neutral | $17 → $28 |
| 2026-07-28 | UBS | Target raised | Neutral | $19 → $25 |
| 2026-07-28 | Stifel | Target raised | Hold | $19 → $24 |
| 2026-07-27 | TD Cowen | Target raised | Hold | $20 → $24 |
| 2026-07-15 | Goldman Sachs | Target raised | Neutral | $19 → $21 |
| 2026-07-06 | Evercore ISI Group | Target raised | Outperform | $22 → $24 |
Total return (dividends reinvested) (BAX)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +11.8% | -65.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.8% | -19.2% |
| Volatility (annualized) | 44.1% | 36.1% |
| Max drawdown | -31.7% (Oct 2025→Mar 2026) | -80.0% (Jan 2022→Mar 2026) |
BAX revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Medical Products & Therapies | $2.08B | 70.1% | +6.7% |
| Healthcare Systems & Technologies | $801.0M | 27.1% | +4.4% |
| Total revenue | $2.96B | 100% | — |
BAX revenue by product line (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Infusion Therapies & Platforms | $1.75B | 59.0% | +5.8% |
| Care & Connectivity Solutions | $502.0M | 17.0% | +5.9% |
| Advanced Surgery | $331.0M | 11.2% | +11.8% |
| Front Line Care | $299.0M | 10.1% | +2.0% |
| Total revenue | $2.96B | 100% | — |
BAX revenue by region (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| U.S. | $1.59B | 53.9% | +3.8% |
| International | $1.36B | 46.1% | +7.1% |
| Total revenue | $2.96B | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
BAX suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Vantive Health | “Other sales not allocated to a segment primarily include sales to Vantive, pursuant to the Kidney Care MSA, and sales of products and services provided directly through certain of our manufacturing facilities.” |
Quoted from the company's 10-K filed Feb 12, 2026.
Companies that name BAX in their SEC reports
| Relationship to BAX | Company | Filing | Sentence |
|---|---|---|---|
| supplier | Nuwellis, Inc. (NUWE) | 10-K Mar 11, 2026 | “Following the acquisition of the business associated with the Aquadex System (the "Aquadex Business") from Baxter in August 2016, our direct salesforce was focused initially on re-engaging hospital accounts that had ordered Aquadex blood sets in prior years, re-educating customers on ultrafiltration therapy, and assessing each hospital's use of the Aquadex System to gain additional opportunity for increased utiliz…” |
| customer | ARTIVION, INC. (AORT) | 10-K Feb 18, 2026 | “We began to manufacture and supply PerClot® hemostatic powder ("PerClot") during the second quarter of 2023 (as part of the Transitional Manufacturing and Supply Agreement ("TMSA") of the Baxter Transaction).” |
| partner | INTUITIVE SURGICAL INC (ISRG) | 10-K Feb 3, 2026 | “In certain instances, we complement our research and development effort through collaborations with other companies, such as our Integrated Table Motion product offering developed with Hillrom (now a part of Baxter International Inc.).” |
BAX analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.52 | $0.53 | -2.8% | $2.91B | 13 |
| Next quarter (ends Dec 2026) | $0.61 | $0.66 | -7.4% | $3.05B | 13 |
| Current fiscal year (ends Dec 2026) | $2.04 | $1.92 | +6.6% | $11.62B | 15 |
| Next fiscal year (ends Dec 2027) | $2.04 | $2.01 | +1.7% | $11.86B | 15 |
BAX options: expected move
Options price a move of about ±9.9% (±$2.55) by Oct 30, 2026, which includes earnings on Oct 29, 2026. Over the last 8 reports the stock moved ±9.1% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 84.2% | ±9.9% |
| Nov 6, 2026 | 14 | 64.5% | ±10.4% |
| Nov 13, 2026 | 21 | 51.7% | ±10.2% |
| Nov 20, 2026 | 28 | 52.6% | ±11.8% |
| Nov 27, 2026 | 35 | 51.9% | ±13.1% |
| Dec 18, 2026 | 56 | 46.8% | ±14.6% |
| Jan 15, 2027 | 84 | 39.1% | ±15.0% |
| Feb 19, 2027 | 119 | 43.0% | ±19.4% |
30-day implied volatility 50.3% vs 27.1% realized over the last 30 trading days. Put/call ratio (volume) 0.28. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 09:23 UTC)
| Price | USD 25.65 |
|---|---|
| Change | ▲ 3.85% (up) |
| Previous Close | USD 24.7 |
| Open | USD 24.73 |
| Day Range | USD 24.68 – 25.71 |
| 52-Week Range | USD 15.73 – 30 |
| Volume | 5,204,702 shares |
| Market Cap | $13.26B |
| Exchange | NYQ |
Technical Analysis (BAX)
Nexqual's technical model rates BAX "BUY" based on 5 bullish and 1 bearish signals across 127 daily candles, as of October 23, 2026 at 09:23 UTC.
| Overall Signal | BUY |
|---|---|
| RSI (14) | 57.54 (neutral) |
| vs SMA50 | Above (USD 24.81) |
| MACD | 0.24 (positive) |
Analyst Ratings (BAX)
Wall Street analysts rate BAX "Hold" based on 15 analysts, with a mean price target of USD 27.92 (range USD 20–40), per Nexqual as of October 23, 2026 at 09:23 UTC.
| Consensus Rating | Hold |
|---|---|
| Analyst Count | 15 |
| Mean Target | USD 27.92 |
| High Target | USD 40 |
| Low Target | USD 20 |
| Buy / Hold / Sell | 2 / 12 / 1 |
Earnings (BAX)
| Next Earnings Date | 2026-10-29 |
|---|---|
| EPS Estimate | USD 0.52 |
| Revenue Estimate | $2.91B |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 0.56 vs est 0.37 ▲ beat |
| 2026-03-31 | USD 0.36 vs est 0.31 ▲ beat |
| 2025-12-31 | USD 0.44 vs est 0.54 ▼ miss |
| 2025-09-30 | USD 0.69 vs est 0.6 ▲ beat |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financials & Fundamentals (BAX)
| Total Revenue | $11.47B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +5.30% |
| Gross Margin | +34.10% |
| Operating Margin | +14.43% |
| Profit Margin | -9.27% |
| ROE | -14.37% |
| Debt / Equity | 1.56 |
| Current Ratio | 1.95 |
| Total Cash | $2.15B |
| Total Debt | $9.67B |
| Free Cash Flow (fiscal year ended Dec 2025, SEC 10-K) | $332.00M (3.0% of revenue) |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Financial Health Score (BAX)
Nexqual rates Baxter International Inc.'s overall financial health "Mixed" across five dimensions, as of October 23, 2026 at 09:23 UTC.
| Growth | Solid — Revenue +6% YoY (annual) |
|---|---|
| Profitability | Solid — Gross margin 34%, operating 14% (last 12 months) |
| Balance Sheet | Weak — $1.97B cash and investments vs $9.44B debt (Dec 2025, SEC) |
| Cash Flow | Mixed — FCF $332M (FY ended Dec 2025, 10-K), slim 3.0% margin |
| Efficiency | Critical — ROE -14%, ROA 2.8% |
Ownership (BAX)
| Insider Ownership | +0.34% |
|---|---|
| Institutional Ownership | +110.43% |
| Shares Outstanding | 517.00M |
| Float | 514.41M |
| Short % of Float | +7.44% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
Leadership (BAX)
Baxter International Inc. is led by Andrew P. Hider, CEO, Pres., Interim Group Pres. of Medical Products & Therapies and Director, per Nexqual as of October 23, 2026 at 09:23 UTC.
| CEO, Pres., Interim Group Pres. of Medical Products & Therapies and Director | Andrew P. Hider |
|---|---|
| Group President of Infusion Therapies & Platforms | Maria Soriano |
| Executive VP & CFO | John Terence Rogers |
| Vice President & Head of Investor Relations | Kevin Moran |
| SVP, Chief Communications Officer & Corporate Marketing and President of Baxter Foundation | Stacey Eisen |
Major Backers & Investors (BAX)
Notable institutional backers of Baxter International Inc. include Pzena Investment Management LLC, Dodge & Cox Inc., FMR, LLC, according to Nexqual as of October 23, 2026 at 09:23 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Pzena Investment Management LLC | 12.63% |
| Dodge & Cox Inc. | 11.29% |
| FMR, LLC | 10.43% |
| Fidelity | 3.12% |
| Greenhaven Associates, Inc. | 2.76% |
| Invesco | 2.39% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 15.83% |
| Vanguard Group | 11.18% |
| State Street | 3.98% |
| Geode Capital | 2.73% |
Source: Nexqual, October 23, 2026 at 09:23 UTC.
From Baxter International Inc.'s Latest SEC 10-K Filing (filed 2026-02-12)
Legal & Regulatory Risks (Item 1A, quoted)
- We are subject to laws and regulations globally, and our failure to comply with rapidly changing and increasingly divergent expectations of regulators in different jurisdictions could adversely impact the company.
- Increasing regulatory focus on, and expanding laws relating to, privacy, AI, and cybersecurity could impact our business and expose us to increased liability.
- We are party to a number of pending lawsuits and other disputes which may adversely impact us.
- We could be subject to fines or damages and possible exclusion from participation in federal or state healthcare programs if we fail to comply with the laws and regulations applicable to our business.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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|---|---|---|---|
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| RGEN | Repligen Corporation | USD 178.71 | ▼ 0.72% |
| COO | The Cooper Companies, Inc. | USD 61.65 | ▲ 4.54% |
| SOLV | Solventum Corporation | USD 87.45 | ▲ 0.9% |
| ALGN | Align Technology, Inc. | USD 155.51 | ▲ 2.74% |
| ATR | AptarGroup, Inc. | USD 128.1 | ▲ 1.97% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 09:23 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt