Baxter International Inc. (BAX) Key Metrics
BAX valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $13.07B
- Enterprise value
- $19.66B
- P/E (TTM)
- — 10-yr median 34.0
- Forward P/E
- 11.6
- PEG ratio
- 36.68
- Price / sales
- 1.1 10-yr median 2.9
- Price / book
- 2.0 10-yr median 4.2
- EV / EBITDA
- 25.8 10-yr median 19.6
- Dividend yield
- 0.16% $0.04 a year
- Beta
- 0.65
BAX key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBAX valuation Price multiples at each fiscal year-end price.
Price / sales−37.6%
0.9
2025 · hover or tap a bar for each year
20162025
Price / book−25.1%
1.6
2025 · hover or tap a bar for each year
20162025
EV / EBITDA−2.1%
23.3
2025 · hover or tap a bar for each year
20162025
Price / free cash flow+14.1%
30.4
2025 · hover or tap a bar for each year
20162025
Free cash flow yield−0.5 pts
3.3%
2025 · hover or tap a bar for each year
20162025
BAX returns How much profit the business earns on the capital it uses.
Return on equity−6.2 pts
−14.6%
2025 · hover or tap a bar for each year
20162025
Return on invested capital−1.5 pts
−1.5%
2025 · hover or tap a bar for each year
20162025
Return on assets−1.8 pts
−4.2%
2025 · hover or tap a bar for each year
20162025
Free cash flow margin−2.4 pts
2.9%
2025 · hover or tap a bar for each year
20162025
Asset turnover+24.7%
0.49
2025 · hover or tap a bar for each year
20162025
BAX per-share figures Results divided by the shares outstanding at year-end.
Revenue per share+5.1%
$21.92
2025 · hover or tap a bar for each year
20162025
Earnings per share
−$1.87
2025 · hover or tap a bar for each year
20162025
Free cash flow per share−42.6%
$0.63
2025 · hover or tap a bar for each year
20162025
Book value per share−12.5%
$11.95
2025 · hover or tap a bar for each year
20162025
Dividends per share−41.4%
$0.68
2025 · hover or tap a bar for each year
20162025
Shares outstanding+0.6%
513.0M
2025 · hover or tap a bar for each year
20162025
BAX financial health Debt, liquidity and how easily interest is covered.
Debt / equity−15.5%
1.63
2025 · hover or tap a bar for each year
20162025
Net debt−$3.6B
$8.04B
2025 · hover or tap a bar for each year
20162025
Net debt / EBITDA+0.02
10.49
2025 · hover or tap a bar for each year
20162025
Current ratio+70.2%
2.31
2025 · hover or tap a bar for each year
20162025
Interest coverage
-1.1
2025 · hover or tap a bar for each year
20162025
Debt / assets−4.4%
0.50
2025 · hover or tap a bar for each year
20162025
BAX efficiency & capital use Working capital cycle and where the cash goes.
Days sales outstanding−1 days
59 days
2025 · hover or tap a bar for each year
20162025
Days of inventory−9 days
99 days
2025 · hover or tap a bar for each year
20162025
Days payables outstanding−5 days
46 days
2025 · hover or tap a bar for each year
20162025
Cash conversion cycle−5 days
113 days
2025 · hover or tap a bar for each year
20162025
Capex / revenue+0.3 pts
4.6%
2025 · hover or tap a bar for each year
20162025
Dividends + buybacks / FCF+2.2 pts
107.7%
2025 · hover or tap a bar for each year
20162025
BAX valuation history
Fiscal year-endToday10-year median
BAX returns on capital
ROEROICROA
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BAX debt vs cash
Total debtCash & short-term investments
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BAX cash returned to shareholders
DividendsBuybacksFree cash flow
BAX price vs earnings per share
Share price at year-endEPS (right axis)
BAX key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.80B | $14.87B | $19.56B | $25.69B | $43.61B | $41.48B | $43.40B | $35.94B | $35.88B | $24.43B |
| Enterprise value | $17.84B | $26.56B | $30.60B | $41.17B | $58.97B | $44.56B | $46.02B | $37.58B | $35.99B | $24.41B |
| P/E ratio | — | — | 7.4 | — | 34.0 | 37.6 | 43.4 | 23.2 | 59.6 | 4.9 |
| Price / sales | 0.9 | 1.4 | 1.9 | 2.6 | 3.6 | 3.6 | 3.8 | 3.2 | 3.4 | 2.4 |
| Price / book | 1.6 | 2.1 | 2.3 | 4.4 | 4.8 | 4.8 | 5.5 | 4.6 | 3.9 | 2.9 |
| Price / free cash flow | 30.4 | 26.6 | 15.2 | 48.3 | 29.5 | 35.8 | 30.8 | 26.5 | 32.7 | 26.1 |
| Price / operating cash flow | 11.6 | 14.6 | 11.3 | 21.2 | 19.6 | 22.2 | 20.6 | 17.8 | 20.9 | 14.8 |
| EV / sales | 1.6 | 2.5 | 3.0 | 4.1 | 4.9 | 3.8 | 4.1 | 3.4 | 3.4 | 2.4 |
| EV / EBITDA | 23.3 | 23.8 | 17.6 | — | 26.9 | 19.6 | 24.6 | 15.1 | 18.6 | 4.2 |
| EV / free cash flow | 55.2 | 47.5 | 23.7 | 77.4 | 39.9 | 38.4 | 32.7 | 27.7 | 32.8 | 26.1 |
| Earnings yield | −9.8% | −4.4% | 13.6% | −9.5% | 2.9% | 2.7% | 2.3% | 4.3% | 1.7% | 20.3% |
| Free cash flow yield | 3.3% | 3.8% | 6.6% | 2.1% | 3.4% | 2.8% | 3.2% | 3.8% | 3.1% | 3.8% |
| Dividend yield | 3.5% | 4.0% | 3.0% | 2.2% | 1.2% | 1.1% | 1.0% | 1.0% | 0.9% | 1.1% |
| Shareholder yield (dividends + buybacks) | 3.5% | 4.0% | 3.5% | 2.4% | 2.6% | 2.3% | 3.9% | 7.9% | 2.5% | 2.3% |
| Share price at fiscal year-end | $19.11 | $29.16 | $38.66 | $50.97 | $85.84 | $80.24 | $83.62 | $65.82 | $64.64 | $44.34 |
| Per share | ||||||||||
| Revenue per share | $21.92 | $20.85 | $20.47 | $19.95 | $23.91 | $22.58 | $21.89 | $20.33 | $19.07 | $18.44 |
| Earnings per share | −$1.87 | −$1.27 | $5.25 | −$4.83 | $2.53 | $2.13 | $1.93 | $2.83 | $1.08 | $9.01 |
| Operating cash flow per share | $1.65 | $2.00 | $3.41 | $2.40 | $4.37 | $3.61 | $4.05 | $3.69 | $3.09 | $3.00 |
| Free cash flow per share | $0.63 | $1.10 | $2.55 | $1.06 | $2.91 | $2.24 | $2.71 | $2.49 | $1.98 | $1.70 |
| Cash per share | $3.83 | $3.46 | $6.08 | $3.41 | $5.81 | $7.21 | $6.43 | $3.37 | $6.12 | $5.08 |
| Book value per share | $11.95 | $13.65 | $16.60 | $11.57 | $17.87 | $16.81 | $15.19 | $14.37 | $16.44 | $15.05 |
| Tangible book value per share | −$6.18 | −$6.93 | −$6.54 | −$14.71 | −$16.83 | $7.35 | $6.51 | $6.29 | $8.38 | $8.32 |
| Dividends per share | $0.68 | $1.16 | $1.16 | $1.14 | $1.04 | $0.91 | $0.82 | $0.69 | $0.57 | $0.49 |
| Capex per share | $1.02 | $0.90 | $0.86 | $1.35 | $1.46 | $1.37 | $1.34 | $1.21 | $1.11 | $1.30 |
| Debt per share | $19.50 | $26.37 | $27.89 | $34.13 | $36.04 | $13.16 | $11.49 | $6.38 | $6.33 | $5.05 |
| Shares outstanding | 513.0M | 510.0M | 506.0M | 504.0M | 508.0M | 517.0M | 519.0M | 546.0M | 555.0M | 551.0M |
| Change in shares outstanding | +0.6% | +0.8% | +0.4% | −0.8% | −1.7% | −0.4% | −4.9% | −1.6% | +0.7% | +0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −14.6% | −8.4% | 37.3% | −32.6% | 14.5% | 13.3% | 12.7% | 18.2% | 6.9% | 57.9% |
| Return on invested capital (ROIC) | −1.5% | 0.1% | 2.6% | −9.8% | 6.9% | 12.5% | 17.7% | 16.2% | 8.1% | 9.2% |
| Return on assets (ROA) | −4.2% | −2.4% | 9.4% | −7.9% | 4.8% | 5.8% | 5.9% | 9.4% | 3.7% | 27.2% |
| Return on tangible assets | −8.9% | −4.2% | 16.0% | −16.2% | 8.1% | 7.3% | 7.3% | 13.7% | 4.8% | 41.9% |
| Free cash flow margin | 2.9% | 5.3% | 12.5% | 5.3% | 12.2% | 9.9% | 12.4% | 12.2% | 10.4% | 9.2% |
| Income quality (OCF / net income) | — | — | 0.65 | — | 1.73 | 1.70 | 2.10 | 1.30 | 2.85 | 0.33 |
| Financial health | ||||||||||
| Total debt | $10.00B | $13.45B | $14.11B | $17.20B | $18.31B | $6.80B | $5.96B | $3.48B | $3.51B | $2.78B |
| Cash & short-term investments | $1.97B | $1.76B | $3.08B | $1.72B | $2.95B | $3.73B | $3.33B | $1.84B | $3.39B | $2.80B |
| Net debt | $8.04B | $11.69B | $11.04B | $15.48B | $15.36B | $3.07B | $2.63B | $1.65B | $118.0M | −$19.0M |
| Debt / equity | 1.63 | 1.93 | 1.68 | 2.95 | 2.02 | 0.78 | 0.76 | 0.44 | 0.38 | 0.34 |
| Debt / assets | 0.50 | 0.52 | 0.50 | 0.61 | 0.55 | 0.34 | 0.33 | 0.22 | 0.21 | 0.18 |
| Net debt / EBITDA | 10.49 | 10.47 | 6.36 | — | 7.01 | 1.36 | 1.40 | 0.66 | 0.06 | −0.00 |
| Current ratio | 2.31 | 1.36 | 1.48 | 1.69 | 2.09 | 2.52 | 2.32 | 2.12 | 2.57 | 2.40 |
| Quick ratio | 1.56 | 1.05 | 1.18 | 1.12 | 1.52 | 1.95 | 1.81 | 1.53 | 2.05 | 1.87 |
| Interest coverage | -1.1 | 0.0 | 1.4 | -6.9 | 6.5 | 10.6 | 16.0 | 17.0 | 15.2 | 8.4 |
| Working capital | $3.90B | $2.34B | $3.10B | $3.27B | $4.64B | $5.08B | $4.27B | $3.15B | $4.44B | $3.83B |
| Invested capital | $14.17B | $18.65B | $19.44B | $21.32B | $24.44B | $11.76B | $10.51B | $9.49B | $9.24B | $8.27B |
| Tangible asset value | −$3.20B | −$3.47B | −$3.24B | −$7.35B | −$8.51B | $3.84B | $3.41B | $3.45B | $4.64B | $4.57B |
| Net current asset value | −$7.08B | −$9.90B | −$10.21B | −$14.38B | −$15.53B | −$2.88B | −$2.78B | −$1.90B | −$732.0M | −$692.0M |
| Graham number | — | — | $44.28 | — | $31.88 | $28.39 | $25.67 | $30.25 | $20.03 | $55.23 |
| Graham net-net per share | −$18.37 | −$28.77 | −$28.54 | −$34.46 | −$35.80 | −$9.76 | −$9.05 | −$6.96 | −$4.54 | −$4.50 |
| Capital allocation | ||||||||||
| Dividends paid | $348.0M | $590.0M | $586.0M | $573.0M | $530.0M | $473.0M | $423.0M | $376.0M | $315.0M | $268.0M |
| Share buybacks (net) | $0 | $0 | $95.0M | $32.0M | $600.0M | $500.0M | $1.27B | $2.45B | $564.0M | $292.0M |
| Dividend payout ratio | — | — | 22.1% | — | 41.3% | 42.9% | 42.3% | 24.3% | 52.3% | 5.4% |
| Dividends + buybacks / free cash flow | 107.7% | 105.5% | 52.8% | 113.7% | 76.4% | 84.0% | 120.2% | 208.2% | 80.1% | 59.9% |
| Capex / revenue | 4.6% | 4.3% | 4.2% | 6.8% | 6.1% | 6.1% | 6.1% | 5.9% | 5.8% | 7.1% |
| Capex / operating cash flow | 61.8% | 45.1% | 25.3% | 56.1% | 33.4% | 38.0% | 33.1% | 32.7% | 35.9% | 43.5% |
| Capex / depreciation | 0.53 | 0.46 | 0.44 | 0.48 | 0.83 | 0.86 | 0.88 | 0.85 | 0.82 | 0.90 |
| Stock-based compensation / revenue | 1.0% | 1.1% | 1.1% | 1.5% | 1.2% | 1.1% | 1.1% | 1.0% | 1.0% | 1.1% |
| R&D / revenue | 4.6% | 5.5% | 5.0% | 4.5% | 4.4% | 4.5% | 5.2% | 5.9% | 5.8% | 6.4% |
| SG&A / revenue | 25.7% | 27.9% | 38.0% | 31.0% | 23.5% | 21.2% | 22.3% | 23.6% | 24.8% | 27.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 59.4 | 60.1 | 77.4 | 96.8 | 72.0 | 62.1 | 60.0 | 59.7 | 60.1 | 61.4 |
| Days of inventory on hand | 99.3 | 108.8 | 135.1 | 143.9 | 107.4 | 91.9 | 91.8 | 90.4 | 86.8 | 91.6 |
| Days payables outstanding | 45.6 | 50.7 | 58.5 | 66.1 | 56.3 | 49.8 | 52.3 | 55.2 | 51.1 | 45.5 |
| Cash conversion cycle (days) | 113.1 | 118.1 | 154.0 | 174.7 | 123.1 | 104.2 | 99.5 | 95.0 | 95.7 | 107.5 |
| Receivables turnover | 6.14 | 6.07 | 4.71 | 3.77 | 5.07 | 5.88 | 6.08 | 6.11 | 6.08 | 5.94 |
| Payables turnover | 8.00 | 7.20 | 6.24 | 5.52 | 6.49 | 7.32 | 6.99 | 6.61 | 7.14 | 8.03 |
| Inventory turnover | 3.68 | 3.36 | 2.70 | 2.54 | 3.40 | 3.97 | 3.98 | 4.04 | 4.21 | 3.99 |
| Asset turnover | 0.49 | 0.39 | 0.37 | 0.33 | 0.45 | 0.61 | 0.67 | 0.68 | 0.65 | 0.56 |
| Average receivables | $1.83B | $1.75B | $2.20B | $2.67B | $2.40B | $1.99B | $1.87B | $1.82B | $1.74B | $1.71B |
| Average payables | $983.5M | $924.5M | $995.5M | $1.18B | $1.14B | $967.5M | $945.0M | $959.0M | $855.5M | $753.5M |
| Average inventory | $2.14B | $1.98B | $2.30B | $2.57B | $2.18B | $1.78B | $1.66B | $1.57B | $1.45B | $1.52B |
| Intangibles / total assets | 46.4% | 40.7% | 41.4% | 46.8% | 52.6% | 24.4% | 24.7% | 28.1% | 26.1% | 23.8% |
Computed from BAX's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BAX valuation and financial ratios
Baxter earned a return on equity of −14.6% and a return on invested capital of −1.5% in fiscal 2025. It ended the year with $10.0 billion of debt and $2.0 billion in cash and short-term investments, net debt of $8.0 billion. It returned $348.0 million to shareholders: $348.0 million in dividends and $0 in share buybacks, 108% of free cash flow. The share count fell 6.9% from 551.0M to 513.0M over 9 years.
See the BAX income statement, the BAX chart for price history, or the BAX stock overview for the latest quote and news.
BAX key metrics FAQ
What is Baxter's EV/EBITDA?
Baxter's enterprise value was 23.3 times EBITDA at the end of fiscal 2025 (enterprise value $17.8 billion, EBITDA $766.0 million); the current EV/EBITDA is 25.8.
What is Baxter's return on equity?
Baxter's return on equity (ROE) was −14.6% in fiscal 2025: net income of -$957.0 million on average shareholders' equity of $6.5 billion.
What is Baxter's ROIC?
Baxter's return on invested capital was −1.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Baxter have?
Baxter had total debt of $10.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.63 and $8.0 billion of net debt (10.49 times EBITDA).
What is Baxter's dividend yield?
Baxter's forward dividend yield is 0.16%. Baxter paid $348.0 million in dividends in fiscal 2025 ($0.68 per share), a payout ratio of —.
What is Baxter's free cash flow yield?
Baxter generated $323.0 million of free cash flow in fiscal 2025, a free cash flow yield of 3.3% on its market value at year-end ($9.8 billion).
What is Baxter's current ratio?
Baxter's current ratio was 2.31 at the end of fiscal 2025: current assets were 2.31 times current liabilities.