# Baxter International Inc. (BAX)

> Source: Nexqual · https://nexqual.com/BAX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Baxter International Inc. (BAX), nexqual.com/BAX" · informational, not investment advice.

**Price:** USD 25.65 (+3.85% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 24.7 · day 24.68–25.71 · 52w 15.73–30 · market cap $13.3B · NYQ

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Medical Instruments & Supplies)
AVTR (Avantor, Inc.) USD 17.15 -0.64% · RGEN (Repligen Corporation) USD 178.71 -0.72% · COO (The Cooper Companies, Inc.) USD 61.65 +4.54% · SOLV (Solventum Corporation) USD 87.45 +0.90% · ALGN (Align Technology, Inc.) USD 155.51 +2.74% · ATR (AptarGroup, Inc.) USD 128.1 +1.97%

## More
Full page: https://nexqual.com/BAX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BAX's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/bax-20251231.htm):

| 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." |

Other companies that name BAX in their own reports (relationship from BAX's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Nuwellis, Inc. (NUWE) | 10-K 2026-03-11 | "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 ac…" |
| customer | ARTIVION, INC. (AORT) | 10-K 2026-02-18 | "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 Trans…" |
| partner | INTUITIVE SURGICAL INC (ISRG) | 10-K 2026-02-03 | "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 …" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Medical Products & Therapies | $2.08B | 70.1% | +6.7% | $400.0M | 19.3% |
| Healthcare Systems & Technologies | $801.0M | 27.1% | +4.4% | $163.0M | 20.3% |
| Total revenue | $2.96B | 100% | — | $217.0M | 7.3% |
The lines above cover 97.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | 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% | — |
The lines above cover 97.2% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $1.59B | 53.9% | +3.8% |
| International | $1.36B | 46.1% | +7.1% |
| Total revenue | $2.96B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.52 | $0.53 | -2.8% | $2.91B | 13 |
| Next quarter (ends 2026-12-31) | $0.61 | $0.66 | -7.4% | $3.05B | 13 |
| Current fiscal year (ends 2026-12-31) | $2.04 | $1.92 | +6.6% | $11.62B | 15 |
| Next fiscal year (ends 2027-12-31) | $2.04 | $2.01 | +1.7% | $11.86B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-29): ±9.9%; last 8 reports averaged ±9.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 84.2% | ±9.9% |
| 2026-11-06 | 14 | 64.5% | ±10.4% |
| 2026-11-13 | 21 | 51.7% | ±10.2% |
| 2026-11-20 | 28 | 52.6% | ±11.8% |
| 2026-11-27 | 35 | 51.9% | ±13.1% |
| 2026-12-18 | 56 | 46.8% | ±14.6% |
| 2027-01-15 | 84 | 39.1% | ±15.0% |
| 2027-02-19 | 119 | 43.0% | ±19.4% |