Baxter International (BAX) Financials

$30.49 -0.21 (-0.68%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$30.50 +0.02 (+0.05%)

As of 05/30/2025 05:49 PM Eastern

Annual Income Statements for Baxter International

This table shows Baxter International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	-649	2,656	-2,433	1,284	1,102	1,001	1,546	602	4,965	968
Consolidated Net Income / (Loss)	-638	2,663	-2,421	1,295	1,110	1,011	1,546	602	4,965	968
Net Income / (Loss) Continuing Operations	-326	181	-3,113	1,033	1,110	1,011	1,552	609	4,966	393
Total Pre-Tax Income	-289	242	-3,248	1,116	1,292	970	1,617	1,100	4,954	428
Total Operating Income	14	707	-2,845	1,350	1,616	1,772	1,584	1,288	745	449
Total Gross Profit	3,984	4,150	3,549	4,720	4,587	4,761	4,759	4,474	4,116	4,146
Total Revenue	10,636	10,360	10,057	12,146	11,673	11,362	11,099	10,584	10,163	9,968
Operating Revenue	10,636	10,360	10,057	12,146	11,673	11,362	11,099	10,584	10,163	9,968
Total Cost of Revenue	6,652	6,210	6,508	7,426	7,086	6,601	6,340	6,110	6,047	5,822
Operating Cost of Revenue	6,652	6,210	6,508	7,426	7,086	6,601	6,340	6,110	6,047	5,822
Total Operating Expenses	3,970	3,443	6,394	3,370	2,971	2,989	3,175	3,186	3,371	3,697
Selling, General & Admin Expense	2,967	2,953	3,097	2,845	2,469	2,535	2,620	2,627	2,725	3,094
Research & Development Expense	590	518	450	531	521	595	654	615	646	603
Other Operating Expenses / (Income)	-12	-28	35	-6.00	-19	-141	-99	-56	0.00	-
Impairment Charge	425	0.00	2,812	0.00	0.00	-	-	-	-	-
Total Other Income / (Expense), net	-303	-465	-403	-234	-324	-802	33	-188	4,209	-21
Interest & Investment Income	-341	-439	-394	-	-	-	-	-	-	-
Other Income / (Expense), net	38	-26	-9.00	-41	-190	-731	78	-133	4,275	105
Income Tax Expense	37	61	-135	83	182	-41	65	491	-12	35
Net Income / (Loss) Discontinued Operations	-312	2,482	692	262	-	-	-6.00	-7.00	-1.00	575
Net Income / (Loss) Attributable to Noncontrolling Interest	11	7.00	12	11	8.00	10	0.00	0.00	-	-
Basic Earnings per Share	($1.27)	$5.25	($4.83)	$2.56	$2.17	$1.97	$2.90	$1.11	$9.09	$1.78
Weighted Average Basic Shares Outstanding	510M	506M	504M	502M	509M	509M	534M	543M	546M	545M
Diluted Earnings per Share	($1.27)	$5.23	($4.83)	$2.53	$2.13	$1.93	$2.83	$1.08	$9.01	$1.76
Weighted Average Diluted Shares Outstanding	510M	508M	504M	508M	517M	519M	546M	555M	551M	549M
Weighted Average Basic & Diluted Shares Outstanding	511.62M	507.83M	504.67M	502.29M	505.10M	507.26M	534.20M	543.20M	546.20M	543.80M
Cash Dividends to Common per Share	$1.04	$1.16	$1.15	$1.09	$0.96	$0.85	$0.73	$0.61	$0.51	$1.27

This table shows Baxter International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	126	-512	140	-314	37	245	2,508	-141	44	181	-2,937
Consolidated Net Income / (Loss)	126	-510	144	-311	39	246	2,511	-139	45	185	-2,934
Net Income / (Loss) Continuing Operations	64	-115	61	-311	39	337	37	-193	0.00	-380	-2,991
Total Pre-Tax Income	-3.00	-217	69	-257	116	347	64	-183	14	-516	-3,045
Total Operating Income	58	-136	155	-192	187	416	179	-17	129	-392	-2,880
Total Gross Profit	861	133	1,033	1,431	1,387	708	1,056	1,111	1,275	-215	1,045
Total Revenue	2,625	533	2,699	3,812	3,592	541	2,599	3,707	3,513	-853	3,609
Operating Revenue	2,625	533	2,699	3,812	3,592	541	2,599	3,707	3,513	-853	3,609
Total Cost of Revenue	1,764	400	1,666	2,381	2,205	-167	1,543	2,596	2,238	-638	2,564
Operating Cost of Revenue	1,764	400	1,666	2,381	2,205	-167	1,543	2,596	2,238	-638	2,564
Total Operating Expenses	803	269	878	1,623	1,200	292	877	1,128	1,146	177	3,925
Selling, General & Admin Expense	703	165	754	1,021	1,027	250	744	964	995	134	941
Research & Development Expense	140	112	129	173	176	56	133	165	164	1.00	151
Other Operating Expenses / (Income)	-40	-3.00	-5.00	-1.00	-3.00	-14	0.00	-1.00	-13	15	48
Total Other Income / (Expense), net	-61	-81	-86	-65	-71	-69	-115	-166	-115	-124	-165
Interest & Investment Income	-64	-	-87	-85	-	-	-127	-124	-	-	-
Other Income / (Expense), net	3.00	10	1.00	20	7.00	2.00	12	-42	2.00	-8.00	-61
Income Tax Expense	-67	-102	8.00	54	77	10	27	10	14	-136	-54
Net Income / (Loss) Discontinued Operations	62	-395	83	0.00	0.00	-91	2,474	54	45	-	57
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	2.00	4.00	3.00	2.00	1.00	3.00	2.00	1.00	4.00	3.00
Basic Earnings per Share	$0.25	($0.99)	$0.27	($0.62)	$0.07	$0.49	$4.95	($0.28)	$0.09	$0.36	($5.83)
Weighted Average Basic Shares Outstanding	512M	510M	510M	510M	508M	506M	507M	506M	505M	504M	504M
Diluted Earnings per Share	$0.25	($0.99)	$0.27	($0.62)	$0.07	$0.49	$4.93	($0.28)	$0.09	$0.36	($5.83)
Weighted Average Diluted Shares Outstanding	514M	510M	512M	510M	510M	508M	509M	506M	505M	504M	504M
Weighted Average Basic & Diluted Shares Outstanding	513.17M	511.62M	510.59M	510.18M	509.58M	507.83M	507.32M	506.40M	505.85M	504.67M	504.12M
Cash Dividends to Common per Share	$0.17	-	$0.29	$0.29	$0.29	-	$0.29	$0.29	$0.29	-	$0.29

This table details how cash moves in and out of Baxter International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-784	1,476	-1,234	-780	401	1,497	-1,502	617	588	-712
Net Cash From Operating Activities	1,019	1,726	1,211	2,222	1,868	2,104	2,017	1,714	1,654	1,771
Net Cash From Continuing Operating Activities	819	1,207	528	2,026	1,870	2,110	2,017	1,730	1,624	1,253
Net Income / (Loss) Continuing Operations	-326	181	-3,113	1,033	1,110	1,011	1,552	609	4,966	393
Consolidated Net Income / (Loss)	-638	2,663	-2,421	1,295	1,110	1,011	1,546	602	4,965	968
Net Income / (Loss) Discontinued Operations	-312	2,482	692	262	-	-	-6.00	-7.00	-1.00	575
Depreciation Expense	997	984	1,072	867	823	789	771	750	800	759
Non-Cash Adjustments To Reconcile Net Income	646	137	3,435	344	297	1,045	205	270	-3,828	401
Changes in Operating Assets and Liabilities, net	-498	-95	-866	-218	-360	-735	-511	101	-314	-300
Net Cash From Discontinued Operating Activities	200	519	683	196	-2.00	-6.00	0.00	-16	30	518
Net Cash From Investing Activities	-626	3,213	-931	-11,200	-1,179	-1,100	-916	-1,292	-715	-1,807
Net Cash From Continuing Investing Activities	-410	-410	-624	-11,148	-1,179	-1,100	-916	-1,292	-730	-861
Purchase of Property, Plant & Equipment	-446	-432	-377	-691	-709	-696	-659	-616	-719	-911
Acquisitions	-14	-4.00	-258	-10,502	-494	-418	-268	-686	-48	-34
Sale and/or Maturity of Investments	34	0.00	0.00	-	-	-	-	-	-	-
Other Investing Activities, net	16	26	11	45	24	-	-	10	-	-
Net Cash From Discontinued Investing Activities	-216	3,623	-307	-52	-	-	-	-	15	-946
Net Cash From Financing Activities	-1,081	-3,489	-1,438	8,245	-345	498	-2,603	93	-324	-481
Net Cash From Continuing Financing Activities	-1,081	-3,489	-1,438	8,245	-345	498	-2,603	93	-324	-481
Repayment of Debt	-2,688	-2,998	-1,015	-2,961	-1,233	-48	-33	-40	-1,691	-4,510
Repurchase of Common Equity	0.00	0.00	-32	-600	-500	-1,270	-2,452	-564	-292	0.00
Payment of Dividends	-590	-586	-573	-530	-473	-423	-376	-315	-268	-3,032
Issuance of Debt	2,126	0.00	55	12,149	1,659	1,883	0.00	665	1,641	6,868
Issuance of Common Equity	71	95	127	187	202	356	258	347	286	193
Other Net Changes in Cash	-96	-	-76	-47	57	-	-	-	-	-

This table details how cash moves in and out of Baxter International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-118	334	-16	-934	-168	-2,594	4,066	49	-45	118	-252
Net Cash From Operating Activities	-193	488	253	115	163	531	365	351	479	439	290
Net Cash From Continuing Operating Activities	-99	443	98	115	163	415	12	311	469	-66	225
Net Income / (Loss) Continuing Operations	64	-488	434	-311	39	219	155	-193	0.00	-315	-2,991
Consolidated Net Income / (Loss)	126	-510	144	-311	39	246	2,511	-139	45	185	-2,934
Net Income / (Loss) Discontinued Operations	62	-22	-290	-	0.00	27	2,356	54	45	500	57
Depreciation Expense	247	245	129	288	335	264	92	315	313	18	331
Non-Cash Adjustments To Reconcile Net Income	30	530	-391	478	29	38	-257	321	35	69	3,302
Changes in Operating Assets and Liabilities, net	-440	156	-74	-340	-240	-106	22	-132	121	162	-417
Net Cash From Discontinued Operating Activities	-94	45	155	-	0.00	116	353	40	10	505	65
Net Cash From Investing Activities	3,265	-205	-164	-91	-166	-230	3,786	-173	-170	-256	-184
Net Cash From Continuing Investing Activities	-124	-129	-24	-91	-166	-85	1.00	-163	-163	10	-177
Purchase of Property, Plant & Equipment	-122	-132	-22	-116	-176	-92	-12	-163	-165	61	-161
Other Investing Activities, net	-2.00	8.00	-	8.00	0.00	7.00	14	-	5.00	1.00	-
Net Cash From Discontinued Investing Activities	3,389	-76	-140	-	0.00	-145	3,785	-10	-7.00	-266	-7.00
Net Cash From Financing Activities	-3,226	141	-146	-936	-140	-2,935	-62	-120	-372	-119	-302
Net Cash From Continuing Financing Activities	-3,226	141	-146	-936	-140	-2,935	-62	-120	-372	-119	-302
Repayment of Debt	-2,849	-1,846	-9.00	-800	-33	-2,583	-212	-190	-13	-11	-225
Payment of Dividends	-87	-147	-148	-148	-147	-147	-147	-146	-146	-146	-146
Issuance of Debt	-300	-	-	-	0.00	-214	265	198	-249	25	75
Issuance of Common Equity	10	8.00	11	12	40	9.00	32	18	36	13	26
Other Net Changes in Cash	36	-	-	-22	-25	-	-46	-9.00	18	54	-56

This table presents Baxter International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	25,782	28,276	28,287	33,521	20,019	18,193	15,720	17,111	15,546	20,962
Total Current Assets	8,853	9,600	8,011	8,872	8,411	7,503	5,959	7,263	6,574	11,796
Cash & Equivalents	1,764	3,078	1,718	2,951	3,730	3,335	1,838	3,394	2,801	2,213
Accounts Receivable	1,679	1,719	2,571	2,629	2,007	1,896	1,840	1,793	1,691	1,731
Inventories, net	2,046	1,918	2,679	2,453	1,916	1,653	1,667	1,475	1,430	1,604
Prepaid Expenses	753	706	857	839	758	619	614	601	602	855
Other Current Nonoperating Assets	2,611	2,179	186	-	-	-	-	-	50	245
Plant, Property, & Equipment, net	2,870	2,871	4,695	0.00	0.00	4,512	4,530	4,588	4,289	4,386
Total Noncurrent Assets	14,059	15,805	15,581	24,649	11,608	6,178	5,231	5,260	4,683	4,780
Goodwill	5,275	5,793	6,452	9,836	3,217	3,030	3,002	3,099	2,595	2,687
Intangible Assets	5,223	5,918	6,793	7,792	1,671	1,471	1,410	1,374	1,111	1,349
Other Noncurrent Operating Assets	1,061	1,145	1,650	7,021	6,720	1,677	819	787	977	744
Other Noncurrent Nonoperating Assets	2,500	2,949	686	-	-	-	-	-	-	-
Total Liabilities & Shareholders' Equity	25,782	28,276	28,287	33,521	20,019	18,193	15,720	17,111	15,546	20,962
Total Liabilities	18,758	19,808	22,392	24,400	11,293	10,281	7,854	7,995	7,266	12,097
Total Current Liabilities	6,511	6,503	4,745	4,236	3,333	3,230	2,814	2,821	2,744	5,750
Short-Term Debt	2,752	2,667	1,404	511	406	541	4.00	3.00	3.00	2,585
Accounts Payable	968	881	1,110	1,246	1,043	2,689	2,810	2,733	2,612	2,666
Accrued Expenses	1,861	1,915	2,170	2,479	1,884	-	-	-	-	-
Other Current Nonoperating Liabilities	930	1,040	61	-	-	-	-	-	3.00	46
Total Noncurrent Liabilities	12,247	13,305	17,647	20,164	7,960	7,051	5,040	5,174	4,522	6,347
Long-Term Debt	10,374	11,089	15,232	17,149	5,786	4,809	3,481	3,509	2,779	3,922
Other Noncurrent Operating Liabilities	1,319	1,665	2,295	3,015	2,174	2,242	1,559	1,665	1,743	2,425
Other Noncurrent Nonoperating Liabilities	554	551	120	-	-	-	-	-	-	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-
Total Equity & Noncontrolling Interests	7,024	8,468	5,895	9,121	8,726	7,912	7,866	9,116	8,280	8,865
Total Preferred & Common Equity	6,964	8,402	5,833	9,077	8,689	7,882	7,844	9,124	8,290	8,846
Total Common Equity	6,964	8,402	5,833	9,077	8,689	7,882	7,844	9,124	8,290	8,846
Common Stock	7,104	7,072	7,005	6,880	6,726	6,638	6,581	6,623	6,641	6,585
Retained Earnings	14,929	16,114	14,050	17,065	16,328	15,718	15,075	14,483	14,200	9,683
Treasury Stock	-11,059	-11,230	-11,389	-11,488	-11,051	-10,764	-9,989	-7,981	-7,995	-7,646
Accumulated Other Comprehensive Income / (Loss)	-4,010	-3,554	-3,833	-3,380	-3,314	-3,710	-3,823	-4,001	-4,556	224
Noncontrolling Interest	60	66	62	44	37	30	22	-8.00	-10	19

This table presents Baxter International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	21,304	25,782	26,676	26,312	27,788	28,276	30,656	27,885	28,291	28,287	27,965
Total Current Assets	7,035	8,853	8,864	8,593	9,400	9,600	12,034	8,205	8,099	8,011	7,810
Cash & Equivalents	2,294	1,764	1,420	2,095	3,026	3,078	5,788	1,722	1,673	1,718	1,601
Accounts Receivable	1,646	1,679	1,729	2,639	2,521	1,719	2,512	2,495	2,547	2,571	2,555
Inventories, net	2,170	2,046	2,103	2,985	2,988	1,918	2,873	2,897	2,922	2,679	2,675
Prepaid Expenses	925	753	720	874	865	706	861	858	957	857	979
Other Current Nonoperating Assets	0.00	2,611	2,892	-	-	2,179	0.00	233	-	186	-
Plant, Property, & Equipment, net	2,717	2,870	2,833	4,314	4,370	2,871	4,278	4,494	5,000	4,695	4,799
Total Noncurrent Assets	11,552	14,059	14,979	13,405	14,018	15,805	14,344	15,186	15,192	15,581	15,356
Goodwill	5,338	5,275	5,783	6,001	6,430	5,793	6,407	6,418	6,868	6,452	6,639
Intangible Assets	5,081	5,223	5,449	5,741	5,905	5,918	6,230	6,470	6,640	6,793	6,927
Other Noncurrent Operating Assets	1,133	1,061	1,213	1,663	1,683	1,145	1,707	1,600	1,684	1,650	1,790
Other Noncurrent Nonoperating Assets	0.00	2,500	2,534	-	-	2,949	0.00	698	-	686	-
Total Liabilities & Shareholders' Equity	21,304	25,782	26,676	26,312	27,788	28,276	30,656	27,885	28,291	28,287	27,965
Total Liabilities	14,250	18,758	18,734	18,604	19,553	19,808	22,490	22,254	22,350	22,392	22,386
Total Current Liabilities	3,481	6,511	6,200	6,131	6,365	6,503	6,209	5,765	4,760	4,745	3,708
Short-Term Debt	662	2,752	2,498	2,468	2,634	2,667	2,426	2,177	1,153	1,404	279
Accounts Payable	963	968	841	1,251	1,329	881	1,246	1,240	1,290	1,110	1,234
Accrued Expenses	1,856	1,861	1,772	2,412	2,402	1,915	2,537	2,278	2,317	2,170	2,195
Other Current Nonoperating Liabilities	0.00	930	1,089	-	-	1,040	0.00	70	-	61	-
Total Noncurrent Liabilities	10,769	12,247	12,534	12,473	13,188	13,305	16,281	16,489	17,590	17,647	18,678
Long-Term Debt	9,412	10,374	10,437	10,436	11,092	11,089	14,067	14,306	15,278	15,232	16,153
Other Noncurrent Operating Liabilities	1,357	1,319	1,522	2,037	2,096	1,665	2,214	2,060	2,312	2,295	2,525
Other Noncurrent Nonoperating Liabilities	0.00	554	575	-	-	551	0.00	123	-	120	-
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,054	7,024	7,942	7,708	8,235	8,468	8,166	5,631	5,941	5,895	5,579
Total Preferred & Common Equity	7,081	6,964	7,872	7,643	8,173	8,402	8,101	5,569	5,879	5,833	5,535
Total Common Equity	7,081	6,964	7,872	7,643	8,173	8,402	8,101	5,569	5,879	5,833	5,535
Common Stock	6,992	7,104	7,074	7,036	7,022	7,072	7,051	7,024	6,995	7,005	6,980
Retained Earnings	14,968	14,929	15,529	15,539	16,003	16,114	16,015	13,655	13,947	14,050	14,015
Treasury Stock	-10,937	-11,059	-11,084	-11,104	-11,130	-11,230	-11,249	-11,296	-11,324	-11,389	-11,406
Accumulated Other Comprehensive Income / (Loss)	-3,942	-4,010	-3,647	-3,828	-3,722	-3,554	-3,716	-3,814	-3,739	-3,833	-4,054
Noncontrolling Interest	-27	60	70	65	62	66	65	62	62	62	44

This table displays calculated financial ratios and metrics derived from Baxter International's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.66%	3.01%	-17.20%	4.05%	2.74%	2.37%	4.87%	4.14%	1.96%	-7.01%
EBITDA Growth	-37.00%	193.43%	-181.89%	-3.25%	22.90%	-24.78%	27.72%	-67.27%	343.26%	-7.99%
EBIT Growth	-92.36%	123.86%	-318.03%	-8.20%	36.98%	-37.36%	43.90%	-76.99%	806.14%	-12.76%
NOPAT Growth	-98.15%	126.55%	-259.37%	-9.99%	-24.83%	21.48%	113.20%	-4.52%	81.14%	-32.61%
Net Income Growth	-123.96%	210.00%	-286.95%	16.67%	9.79%	-34.61%	156.81%	-87.88%	412.91%	-61.23%
EPS Growth	-124.28%	208.28%	-290.91%	18.78%	10.36%	-31.80%	162.04%	-88.01%	411.93%	-61.40%
Operating Cash Flow Growth	-40.96%	42.53%	-45.50%	18.95%	-11.22%	4.31%	17.68%	3.63%	-6.61%	-44.91%
Free Cash Flow Firm Growth	-82.95%	193.73%	115.07%	-9,045.10%	-91.11%	15.43%	504.45%	-189.01%	-31.08%	-93.44%
Invested Capital Growth	-5.45%	-22.43%	-15.56%	113.00%	12.70%	4.35%	3.02%	12.42%	5.15%	-1.11%
Revenue Q/Q Growth	-29.55%	-22.77%	-27.05%	-2.45%	1.23%	1.97%	0.20%	1.46%	0.42%	35.20%
EBITDA Q/Q Growth	-32.28%	10.41%	-50.89%	-10.01%	25.36%	-24.47%	9.99%	-5.69%	1.57%	663.37%
EBIT Q/Q Growth	-79.53%	47.40%	-16.16%	-16.09%	46.26%	-37.21%	15.58%	-8.11%	1.11%	189.21%
NOPAT Q/Q Growth	-94.38%	50.78%	-17.08%	-17.29%	-25.76%	36.43%	32.41%	-35.77%	19.74%	194.84%
Net Income Q/Q Growth	-640.68%	2.34%	-2.41%	5.80%	20.65%	-23.76%	45.30%	-41.61%	0.77%	-43.59%
EPS Q/Q Growth	-652.17%	2.55%	-2.33%	6.30%	20.34%	-23.11%	45.13%	-42.86%	-0.55%	-43.95%
Operating Cash Flow Q/Q Growth	-4.05%	5.63%	-17.34%	-0.85%	-5.89%	6.05%	18.72%	-15.82%	-0.66%	-19.13%
Free Cash Flow Firm Q/Q Growth	-74.34%	166.80%	116.20%	-1,665.28%	-84.33%	0.79%	46.53%	74.63%	-80.68%	-92.60%
Invested Capital Q/Q Growth	-5.96%	-17.29%	-1.41%	106.98%	4.27%	2.63%	-2.34%	-2.18%	15.37%	-5.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.46%	40.06%	35.29%	38.86%	39.30%	41.90%	42.88%	42.27%	40.50%	41.59%
EBITDA Margin	9.86%	16.07%	-17.72%	17.92%	19.27%	16.11%	21.92%	18.00%	57.27%	13.17%
Operating Margin	0.13%	6.82%	-28.29%	11.11%	13.84%	15.60%	14.27%	12.17%	7.33%	4.50%
EBIT Margin	0.49%	6.57%	-28.38%	10.78%	12.22%	9.16%	14.97%	10.91%	49.39%	5.56%
Profit (Net Income) Margin	-6.00%	25.70%	-24.07%	10.66%	9.51%	8.90%	13.93%	5.69%	48.85%	9.71%
Tax Burden Percent	220.76%	1,100.41%	74.54%	116.04%	85.91%	104.23%	95.61%	54.73%	100.22%	226.17%
Interest Burden Percent	-555.77%	35.54%	113.81%	85.26%	90.60%	93.18%	97.29%	95.24%	98.69%	77.26%
Effective Tax Rate	0.00%	25.21%	0.00%	7.44%	14.09%	-4.23%	4.02%	44.64%	-0.24%	8.18%
Return on Invested Capital (ROIC)	0.06%	2.96%	-9.06%	7.14%	13.15%	19.00%	16.22%	8.17%	9.32%	5.25%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.64%	22.94%	-12.03%	7.67%	0.72%	-26.65%	19.13%	-419.07%	-744.60%	-79.66%
Return on Net Nonoperating Assets (RNNOA)	-8.30%	34.12%	-23.18%	7.38%	0.19%	-6.19%	1.99%	-1.25%	48.60%	6.13%
Return on Equity (ROE)	-8.24%	37.08%	-32.25%	14.51%	13.34%	12.82%	18.21%	6.92%	57.92%	11.37%
Cash Return on Invested Capital (CROIC)	5.66%	28.22%	7.81%	-65.07%	1.21%	14.74%	13.24%	-3.52%	4.30%	6.37%
Operating Return on Assets (OROA)	0.19%	2.41%	-9.24%	4.89%	7.46%	6.14%	10.12%	7.07%	27.50%	2.35%
Return on Assets (ROA)	-2.36%	9.42%	-7.83%	4.84%	5.81%	5.96%	9.42%	3.69%	27.20%	4.11%
Return on Common Equity (ROCE)	-8.17%	36.75%	-32.02%	14.45%	13.29%	12.77%	18.19%	6.93%	57.89%	11.34%
Return on Equity Simple (ROE_SIMPLE)	-9.16%	31.69%	-41.51%	14.27%	12.77%	12.83%	19.71%	6.60%	59.89%	10.94%
Net Operating Profit after Tax (NOPAT)	9.80	529	-1,992	1,250	1,388	1,847	1,520	713	747	412
NOPAT Margin	0.09%	5.10%	-19.80%	10.29%	11.89%	16.26%	13.70%	6.74%	7.35%	4.14%
Net Nonoperating Expense Percent (NNEP)	8.71%	-19.98%	2.97%	-0.53%	12.44%	45.65%	-2.91%	427.24%	753.92%	84.91%
Return On Investment Capital (ROIC_SIMPLE)	0.05%	2.38%	-8.84%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	62.54%	59.94%	64.71%	61.14%	60.70%	58.10%	57.12%	57.73%	59.50%	58.41%
SG&A Expenses to Revenue	27.90%	28.50%	30.79%	23.42%	21.15%	22.31%	23.61%	24.82%	26.81%	31.04%
R&D to Revenue	5.55%	5.00%	4.47%	4.37%	4.46%	5.24%	5.89%	5.81%	6.36%	6.05%
Operating Expenses to Revenue	37.33%	33.23%	63.58%	27.75%	25.45%	26.31%	28.61%	30.10%	33.17%	37.09%
Earnings before Interest and Taxes (EBIT)	52	681	-2,854	1,309	1,426	1,041	1,662	1,155	5,020	554
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,049	1,665	-1,782	2,176	2,249	1,830	2,433	1,905	5,820	1,313
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.14	2.27	4.16	4.45	4.37	4.96	4.05	3.46	2.58	2.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	9.99	11.57	9.25	6.79	4.67	3.81
Price to Revenue (P/Rev)	1.40	1.84	2.41	3.33	3.25	3.44	2.86	2.99	2.11	1.84
Price to Earnings (P/E)	0.00	7.18	0.00	31.45	34.47	39.08	20.54	52.49	4.31	18.92
Dividend Yield	3.57%	3.09%	2.39%	1.35%	1.28%	1.11%	1.22%	1.05%	1.28%	2.38%
Earnings Yield	0.00%	13.93%	0.00%	3.18%	2.90%	2.56%	4.87%	1.91%	23.18%	5.28%
Enterprise Value to Invested Capital (EV/IC)	1.78	1.91	1.95	2.31	3.62	4.15	3.51	3.43	2.60	2.24
Enterprise Value to Revenue (EV/Rev)	2.47	2.88	3.90	4.54	3.47	3.62	3.01	3.00	2.10	1.75
Enterprise Value to EBITDA (EV/EBITDA)	25.08	17.90	0.00	25.34	18.00	22.49	13.74	16.64	3.67	13.32
Enterprise Value to EBIT (EV/EBIT)	505.98	43.77	0.00	42.12	28.39	39.54	20.11	27.45	4.26	31.56
Enterprise Value to NOPAT (EV/NOPAT)	2,684.77	56.37	0.00	44.12	29.16	22.29	21.98	44.47	28.64	42.41
Enterprise Value to Operating Cash Flow (EV/OCF)	25.82	17.27	32.40	24.81	21.67	19.56	16.57	18.50	12.93	9.87
Enterprise Value to Free Cash Flow (EV/FCFF)	30.60	5.91	22.86	0.00	317.85	28.73	26.92	0.00	62.03	34.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.87	1.62	2.82	1.94	0.71	0.68	0.44	0.39	0.34	0.73
Long-Term Debt to Equity	1.48	1.31	2.58	1.88	0.66	0.61	0.44	0.38	0.34	0.44
Financial Leverage	0.96	1.49	1.93	0.96	0.27	0.23	0.10	0.00	-0.07	-0.08
Leverage Ratio	3.49	3.94	4.12	3.00	2.30	2.15	1.93	1.88	2.13	2.77
Compound Leverage Factor	-19.39	1.40	4.68	2.56	2.08	2.00	1.88	1.79	2.10	2.14
Debt to Total Capital	65.14%	61.90%	73.84%	65.94%	41.51%	40.34%	30.70%	27.81%	25.15%	42.33%
Short-Term Debt to Total Capital	13.66%	12.00%	6.23%	1.91%	2.72%	4.08%	0.04%	0.02%	0.03%	16.82%
Long-Term Debt to Total Capital	51.48%	49.90%	67.60%	64.03%	38.79%	36.26%	30.67%	27.79%	25.12%	25.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.30%	0.30%	0.28%	0.16%	0.25%	0.23%	0.19%	-0.06%	-0.09%	0.12%
Common Equity to Total Capital	34.56%	37.81%	25.89%	33.89%	58.25%	59.43%	69.10%	72.25%	74.94%	57.55%
Debt to EBITDA	12.51	8.26	-9.34	8.12	2.75	2.92	1.43	1.84	0.48	4.96
Net Debt to EBITDA	10.83	6.41	-8.37	6.76	1.09	1.10	0.68	0.06	0.00	-0.65
Long-Term Debt to EBITDA	9.89	6.66	-8.55	7.88	2.57	2.63	1.43	1.84	0.48	2.99
Debt to NOPAT	1,339.39	26.01	-8.35	14.13	4.46	2.90	2.29	4.93	3.73	15.78
Net Debt to NOPAT	1,159.39	20.19	-7.49	11.77	1.77	1.09	1.08	0.17	-0.03	-2.07
Long-Term Debt to NOPAT	1,058.57	20.97	-7.65	13.72	4.17	2.60	2.29	4.92	3.72	9.51
Altman Z-Score	1.82	1.95	1.51	2.36	4.28	4.59	5.06	4.71	5.06	2.46
Noncontrolling Interest Sharing Ratio	0.81%	0.89%	0.71%	0.45%	0.40%	0.33%	0.08%	-0.10%	0.05%	0.32%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.36	1.48	1.69	2.09	2.52	2.32	2.12	2.57	2.40	2.05
Quick Ratio	0.53	0.74	0.90	1.32	1.72	1.62	1.31	1.84	1.64	1.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	860	5,042	1,717	-11,392	127	1,433	1,241	-307	345	500
Operating Cash Flow to CapEx	228.48%	399.54%	321.22%	321.56%	263.47%	302.30%	306.07%	278.25%	230.04%	194.40%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-59.03	0.95	20.18	27.59	-5.58	5.22	3.97
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	11.51	13.94	29.63	44.82	31.16	25.06	14.06
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	7.93	8.65	19.83	30.18	19.96	14.17	6.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.39	0.37	0.33	0.45	0.61	0.67	0.68	0.65	0.56	0.42
Accounts Receivable Turnover	6.26	4.83	3.87	5.24	5.98	6.08	6.11	6.08	5.94	5.51
Inventory Turnover	3.36	2.70	2.54	3.40	3.97	3.98	4.04	4.21	3.99	3.66
Fixed Asset Turnover	3.71	2.74	0.00	0.00	0.00	2.51	2.43	2.38	2.34	2.26
Accounts Payable Turnover	7.20	6.24	5.52	6.49	3.80	2.40	2.29	2.29	2.29	2.18
Days Sales Outstanding (DSO)	58.31	75.57	94.36	69.66	61.02	60.01	59.74	60.07	61.45	66.19
Days Inventory Outstanding (DIO)	108.75	135.10	143.91	107.37	91.92	91.79	90.44	86.77	91.57	99.71
Days Payable Outstanding (DPO)	50.73	58.51	66.07	56.25	96.12	152.03	159.56	159.65	159.29	167.49
Cash Conversion Cycle (CCC)	116.33	152.16	172.21	120.78	56.82	-0.23	-9.38	-12.81	-6.27	-1.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,759	15,609	20,122	23,830	11,188	9,927	9,513	9,234	8,214	7,812
Invested Capital Turnover	0.70	0.58	0.46	0.69	1.11	1.17	1.18	1.21	1.27	1.27
Increase / (Decrease) in Invested Capital	-850	-4,513	-3,708	12,642	1,261	414	279	1,020	402	-88
Enterprise Value (EV)	26,311	29,807	39,236	55,138	40,481	41,162	33,422	31,708	21,387	17,483
Market Capitalization	14,889	19,063	24,256	40,385	37,982	39,117	31,753	31,598	21,416	18,318
Book Value per Share	$13.64	$16.56	$11.57	$18.13	$17.01	$15.44	$14.74	$16.75	$15.24	$16.17
Tangible Book Value per Share	($6.92)	($6.52)	($14.70)	($17.08)	$7.44	$6.62	$6.45	$8.54	$8.43	$8.79
Total Capital	20,150	22,224	22,531	26,781	14,918	13,262	11,351	12,628	11,062	15,372
Total Debt	13,126	13,756	16,636	17,660	6,192	5,350	3,485	3,512	2,782	6,507
Total Long-Term Debt	10,374	11,089	15,232	17,149	5,786	4,809	3,481	3,509	2,779	3,922
Net Debt	11,362	10,678	14,918	14,709	2,462	2,015	1,647	118	-19	-854
Capital Expenditures (CapEx)	446	432	377	691	709	696	659	616	719	911
Debt-free, Cash-free Net Working Capital (DFCFNWC)	3,330	2,686	2,952	2,196	1,754	1,479	1,311	1,051	1,032	1,270
Debt-free Net Working Capital (DFNWC)	5,094	5,764	4,670	5,147	5,484	4,814	3,149	4,445	3,833	8,631
Net Working Capital (NWC)	2,342	3,097	3,266	4,636	5,078	4,273	3,145	4,442	3,830	6,046
Net Nonoperating Expense (NNE)	648	-2,134	430	-45	278	836	-26	111	-4,218	-556
Net Nonoperating Obligations (NNO)	7,735	7,141	14,227	14,709	2,462	2,015	1,647	118	-66	-1,053
Total Depreciation and Amortization (D&A)	997	984	1,072	867	823	789	771	750	800	759
Debt-free, Cash-free Net Working Capital to Revenue	31.31%	25.93%	29.35%	18.08%	15.03%	13.02%	11.81%	9.93%	10.15%	12.74%
Debt-free Net Working Capital to Revenue	47.89%	55.64%	46.44%	42.38%	46.98%	42.37%	28.37%	42.00%	37.72%	86.59%
Net Working Capital to Revenue	22.02%	29.89%	32.47%	38.17%	43.50%	37.61%	28.34%	41.97%	37.69%	60.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.27)	$5.25	($4.83)	$2.56	$2.17	$1.97	$3.04	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	510M	506M	504M	502M	509M	509M	534M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	($1.27)	$5.25	($4.83)	$2.53	$2.13	$1.93	$2.97	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	510M	506M	504M	508M	517M	519M	546M	0.00	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	511.62M	507.83M	504.67M	502.29M	505.10M	507.26M	512.54M	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	307	529	-23	1,250	1,388	1,240	1,520	713	522	412
Normalized NOPAT Margin	2.89%	5.10%	-0.23%	10.29%	11.89%	10.92%	13.70%	6.74%	5.13%	4.14%
Pre Tax Income Margin	-2.72%	2.34%	-32.30%	9.19%	11.07%	8.54%	14.57%	10.39%	48.75%	4.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	6.78	10.64	14.66	36.93	21.00	76.06	4.40
NOPAT to Interest Expense	0.00	0.00	0.00	6.47	10.36	26.01	33.79	12.97	11.32	3.27
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	3.20	5.35	4.86	22.29	9.80	65.17	-2.83
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	2.89	5.07	16.21	19.14	1.77	0.42	-3.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-92.48%	22.01%	-23.67%	40.93%	42.61%	41.84%	24.32%	52.33%	5.40%	313.22%
Augmented Payout Ratio	-92.48%	22.01%	-24.99%	87.26%	87.66%	167.46%	182.92%	146.01%	11.28%	313.22%

This table displays calculated financial ratios and metrics derived from Baxter International's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.42%	-1.48%	3.85%	2.83%	2.25%	163.42%	-27.99%	3.14%	-5.23%	-129.66%	11.87%
EBITDA Growth	-22.03%	-82.55%	0.71%	-54.69%	19.14%	278.53%	110.84%	-60.68%	-20.57%	-274.43%	-469.17%
EBIT Growth	-50.81%	-130.14%	-18.32%	-191.53%	48.09%	204.50%	106.49%	-119.16%	-26.82%	-13,233.33%	-687.03%
NOPAT Growth	170.67%	-123.56%	32.42%	-1,029.41%	0.00%	247.23%	105.13%	-105.34%	-100.00%	-1,804.35%	-492.11%
Net Income Growth	223.08%	-307.32%	-94.27%	-123.74%	-13.33%	32.97%	185.58%	-154.51%	-38.36%	-23.55%	-749.12%
EPS Growth	257.14%	-302.04%	-94.52%	-121.43%	-22.22%	36.11%	184.56%	-156.00%	-35.71%	-23.40%	-755.06%
Operating Cash Flow Growth	-218.40%	-8.10%	-30.68%	-67.24%	-65.97%	20.96%	25.86%	28.10%	130.29%	-36.65%	-57.04%
Free Cash Flow Firm Growth	132.80%	-84.65%	101.71%	-75.37%	-44.64%	43.20%	115.05%	134.07%	126.45%	127.19%	-3,958.95%
Invested Capital Growth	-21.66%	-5.45%	-16.83%	-5.79%	-8.52%	-22.43%	-7.54%	-17.20%	-13.75%	-15.56%	77.28%
Revenue Q/Q Growth	392.50%	-80.25%	-29.20%	6.12%	-7.54%	-79.18%	-29.89%	5.52%	-2.31%	-123.64%	0.42%
EBITDA Q/Q Growth	158.82%	-58.25%	145.69%	-78.07%	-16.69%	140.99%	10.55%	-42.34%	-15.43%	85.36%	-500.92%
EBIT Q/Q Growth	148.41%	-180.77%	190.70%	-188.66%	-37.62%	118.85%	423.73%	-145.04%	-34.17%	86.40%	-1,054.87%
NOPAT Q/Q Growth	142.65%	-169.47%	201.96%	-313.77%	-37.70%	290.41%	969.62%	0.00%	-100.00%	86.39%	-1,003.98%
Net Income Q/Q Growth	124.71%	-454.17%	146.30%	-897.44%	-84.15%	-90.20%	1,906.47%	-408.89%	-75.68%	106.31%	-1,250.59%
EPS Q/Q Growth	125.25%	-466.67%	143.55%	-985.71%	-86.27%	-90.06%	1,860.71%	-411.11%	-75.00%	106.18%	-1,266.00%
Operating Cash Flow Q/Q Growth	-139.55%	92.89%	120.00%	-29.45%	-69.30%	45.48%	3.99%	-26.72%	9.11%	51.38%	5.84%
Free Cash Flow Firm Q/Q Growth	448.70%	-77.22%	230.44%	-45.12%	58.73%	199.36%	-59.66%	23.37%	-15.61%	131.46%	8.66%
Invested Capital Q/Q Growth	0.51%	-5.96%	-15.24%	-2.21%	-0.72%	-17.29%	-3.98%	-5.05%	2.87%	-1.41%	-14.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	32.80%	24.95%	38.27%	37.54%	38.61%	130.87%	40.63%	29.97%	36.29%	0.00%	28.96%
EBITDA Margin	11.73%	22.33%	10.56%	3.04%	14.73%	126.06%	10.89%	6.91%	12.64%	0.00%	-72.32%
Operating Margin	2.21%	-25.52%	5.74%	-5.04%	5.21%	76.89%	6.89%	-0.46%	3.67%	0.00%	-79.80%
EBIT Margin	2.32%	-23.64%	5.78%	-4.51%	5.40%	77.26%	7.35%	-1.59%	3.73%	0.00%	-81.49%
Profit (Net Income) Margin	4.80%	-95.68%	5.34%	-8.16%	1.09%	45.47%	96.61%	-3.75%	1.28%	0.00%	-81.30%
Tax Burden Percent	-4,200.00%	235.02%	208.70%	121.01%	33.62%	70.89%	3,923.44%	75.96%	321.43%	-35.85%	96.35%
Interest Burden Percent	-4.92%	172.22%	44.23%	149.42%	59.79%	83.01%	33.51%	310.17%	10.69%	129.00%	103.54%
Effective Tax Rate	0.00%	0.00%	11.59%	0.00%	66.38%	2.88%	42.19%	0.00%	100.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.99%	-12.51%	4.43%	-2.77%	1.32%	43.31%	2.72%	-0.21%	0.00%	0.00%	-48.25%
ROIC Less NNEP Spread (ROIC-NNEP)	1.91%	-18.09%	4.51%	-4.19%	1.13%	41.83%	21.58%	-1.09%	0.30%	0.00%	-58.72%
Return on Net Nonoperating Assets (RNNOA)	2.31%	-17.37%	5.17%	-7.81%	2.03%	62.23%	40.08%	-2.17%	0.60%	0.00%	-71.51%
Return on Equity (ROE)	3.30%	-29.88%	9.60%	-10.58%	3.34%	105.53%	42.80%	-2.39%	0.60%	0.00%	-119.76%
Cash Return on Invested Capital (CROIC)	24.11%	5.66%	19.38%	6.96%	10.48%	28.22%	9.62%	10.57%	7.63%	7.81%	-66.40%
Operating Return on Assets (OROA)	1.02%	-9.30%	3.04%	-2.50%	2.87%	28.30%	3.36%	-0.77%	1.75%	0.00%	-47.03%
Return on Assets (ROA)	2.11%	-37.65%	2.81%	-4.52%	0.58%	16.66%	44.22%	-1.81%	0.60%	0.00%	-46.92%
Return on Common Equity (ROCE)	3.29%	-29.64%	9.52%	-10.48%	3.31%	104.59%	42.46%	-2.37%	0.59%	0.00%	-119.02%
Return on Equity Simple (ROE_SIMPLE)	-7.78%	0.00%	1.50%	32.51%	32.51%	0.00%	32.12%	-51.05%	-41.66%	0.00%	-42.71%
Net Operating Profit after Tax (NOPAT)	41	-95	137	-134	63	404	103	-12	0.00	-274	-2,016
NOPAT Margin	1.55%	-17.86%	5.08%	-3.53%	1.75%	74.68%	3.98%	-0.32%	0.00%	0.00%	-55.86%
Net Nonoperating Expense Percent (NNEP)	-0.92%	5.58%	-0.08%	1.42%	0.19%	1.48%	-18.86%	0.88%	-0.30%	-3.18%	10.47%
Return On Investment Capital (ROIC_SIMPLE)	0.24%	-0.47%	-	-	-	1.82%	-	-	-	-1.22%	-
Cost of Revenue to Revenue	67.20%	75.05%	61.73%	62.46%	61.39%	-30.87%	59.37%	70.03%	63.71%	0.00%	71.04%
SG&A Expenses to Revenue	26.78%	30.96%	27.94%	26.78%	28.59%	46.21%	28.63%	26.00%	28.32%	0.00%	26.07%
R&D to Revenue	5.33%	21.01%	4.78%	4.54%	4.90%	10.35%	5.12%	4.45%	4.67%	0.00%	4.18%
Operating Expenses to Revenue	30.59%	50.47%	32.53%	42.58%	33.41%	53.97%	33.74%	30.43%	32.62%	0.00%	108.76%
Earnings before Interest and Taxes (EBIT)	61	-126	156	-172	194	418	191	-59	131	-400	-2,941
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	308	119	285	116	529	682	283	256	444	-382	-2,610
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.47	2.14	2.46	2.23	2.63	2.27	2.29	4.01	3.35	4.16	4.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.63	1.40	1.28	1.14	1.44	1.84	1.38	1.55	1.38	2.41	1.87
Price to Earnings (P/E)	0.00	0.00	179.37	6.88	8.11	7.18	7.15	0.00	0.00	0.00	0.00
Dividend Yield	2.69%	3.57%	3.06%	3.47%	2.74%	3.09%	3.17%	2.63%	2.97%	2.39%	2.23%
Earnings Yield	0.00%	0.00%	0.56%	14.53%	12.32%	13.93%	13.99%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.70	1.78	1.97	1.51	1.70	1.91	1.55	1.89	1.67	1.95	1.99
Enterprise Value to Revenue (EV/Rev)	2.35	2.47	2.05	1.86	2.17	2.88	2.18	2.58	2.41	3.90	2.95
Enterprise Value to EBITDA (EV/EBITDA)	26.26	25.08	19.98	18.05	19.12	17.90	19.42	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	505.98	121.88	96.61	80.24	43.77	63.40	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	2,684.77	177.60	146.10	102.86	56.37	83.52	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	38.11	25.82	29.15	23.78	22.88	17.27	17.93	23.84	23.30	32.40	27.77
Enterprise Value to Free Cash Flow (EV/FCFF)	6.21	30.60	9.24	21.02	15.53	5.91	15.50	16.22	20.24	22.86	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.43	1.87	1.63	1.67	1.67	1.62	2.02	2.93	2.77	2.82	2.95
Long-Term Debt to Equity	1.33	1.48	1.31	1.35	1.35	1.31	1.72	2.54	2.57	2.58	2.90
Financial Leverage	1.21	0.96	1.15	1.86	1.80	1.49	1.86	1.99	1.97	1.93	1.22
Leverage Ratio	3.21	3.49	3.56	4.06	3.96	3.94	4.26	4.11	4.05	4.12	3.32
Compound Leverage Factor	-0.16	6.01	1.57	6.07	2.37	3.27	1.43	12.74	0.43	5.31	3.44
Debt to Total Capital	58.82%	65.14%	61.96%	62.60%	62.50%	61.90%	66.88%	74.54%	73.44%	73.84%	74.65%
Short-Term Debt to Total Capital	3.87%	13.66%	11.97%	11.97%	11.99%	12.00%	9.84%	9.84%	5.15%	6.23%	1.27%
Long-Term Debt to Total Capital	54.95%	51.48%	49.99%	50.63%	50.51%	49.90%	57.05%	64.69%	68.29%	67.60%	73.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.16%	0.30%	0.34%	0.32%	0.28%	0.30%	0.26%	0.28%	0.28%	0.28%	0.20%
Common Equity to Total Capital	41.34%	34.56%	37.71%	37.08%	37.22%	37.81%	32.85%	25.18%	26.28%	25.89%	25.15%
Debt to EBITDA	10.47	12.51	8.35	8.34	8.14	8.26	10.94	-11.90	-16.60	-9.34	-13.91
Net Debt to EBITDA	8.09	10.83	7.43	6.99	6.34	6.41	7.10	-10.66	-14.91	-8.37	-12.56
Long-Term Debt to EBITDA	9.78	9.89	6.74	6.75	6.58	6.66	9.33	-10.33	-15.43	-8.55	-13.68
Debt to NOPAT	-334.68	1,339.39	74.21	67.52	43.77	26.01	47.03	-9.21	-10.31	-8.35	-9.66
Net Debt to NOPAT	-258.47	1,159.39	66.06	56.56	34.12	20.19	30.52	-8.24	-9.26	-7.49	-8.72
Long-Term Debt to NOPAT	-312.69	1,058.57	59.88	54.61	35.37	20.97	40.11	-7.99	-9.59	-7.65	-9.50
Altman Z-Score	2.44	1.79	2.14	2.04	2.16	1.92	1.91	1.90	1.88	1.79	1.72
Noncontrolling Interest Sharing Ratio	0.23%	0.81%	0.84%	0.95%	0.87%	0.89%	0.79%	0.73%	0.70%	0.00%	0.62%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.02	1.36	1.43	1.40	1.48	1.48	1.94	1.42	1.70	1.69	2.11
Quick Ratio	1.13	0.53	0.51	0.77	0.87	0.74	1.34	0.73	0.89	0.90	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,142	755	3,313	1,003	1,827	4,917	1,642	4,071	3,300	3,434	-10,913
Operating Cash Flow to CapEx	-158.20%	369.70%	1,150.00%	99.14%	92.61%	577.17%	3,041.67%	215.34%	290.30%	0.00%	180.12%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	23.42	0.00	0.00	0.00	28.21	0.00	-104.93
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	2.09	0.00	0.00	0.00	4.09	0.00	2.79
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-0.17	0.00	0.00	0.00	2.68	0.00	1.24
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.44	0.39	0.53	0.55	0.53	0.37	0.46	0.48	0.47	0.33	0.58
Accounts Receivable Turnover	5.17	6.26	7.12	5.84	5.88	4.83	5.30	5.81	5.70	3.87	5.96
Inventory Turnover	2.67	3.36	3.90	3.26	3.32	2.70	3.13	3.49	3.41	2.54	3.83
Fixed Asset Turnover	3.04	3.71	4.25	3.41	3.18	2.74	2.96	3.05	2.83	0.00	2.94
Accounts Payable Turnover	6.01	7.20	9.31	7.70	7.49	6.24	6.99	7.69	7.42	5.52	8.06
Days Sales Outstanding (DSO)	70.60	58.31	51.27	62.48	62.11	75.57	68.93	62.85	63.99	94.36	61.28
Days Inventory Outstanding (DIO)	136.68	108.75	93.50	111.94	110.00	135.10	116.77	104.69	107.12	143.91	95.30
Days Payable Outstanding (DPO)	60.74	50.73	39.21	47.40	48.75	58.51	52.20	47.49	49.21	66.07	45.28
Cash Conversion Cycle (CCC)	146.55	116.33	105.55	127.01	123.36	152.16	133.51	120.06	121.90	172.21	111.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	14,834	14,759	15,695	18,517	18,935	15,609	18,871	19,654	20,699	20,122	20,410
Invested Capital Turnover	0.64	0.70	0.87	0.79	0.75	0.58	0.68	0.66	0.64	0.46	0.86
Increase / (Decrease) in Invested Capital	-4,101	-850	-3,176	-1,137	-1,764	-4,513	-1,539	-4,083	-3,300	-3,708	8,897
Enterprise Value (EV)	25,266	26,311	30,956	27,919	32,257	29,807	29,292	37,174	34,530	39,236	40,676
Market Capitalization	17,513	14,889	19,371	17,045	21,495	19,063	18,522	22,351	19,710	24,256	25,801
Book Value per Share	$13.84	$13.64	$15.43	$15.00	$16.09	$16.56	$16.00	$11.01	$11.65	$11.57	$10.99
Tangible Book Value per Share	($6.52)	($6.92)	($6.59)	($8.04)	($8.19)	($6.52)	($8.96)	($14.47)	($15.12)	($14.70)	($15.95)
Total Capital	17,128	20,150	20,877	20,612	21,961	22,224	24,659	22,114	22,372	22,531	22,011
Total Debt	10,074	13,126	12,935	12,904	13,726	13,756	16,493	16,483	16,431	16,636	16,432
Total Long-Term Debt	9,412	10,374	10,437	10,436	11,092	11,089	14,067	14,306	15,278	15,232	16,153
Net Debt	7,780	11,362	11,515	10,809	10,700	10,678	10,705	14,761	14,758	14,918	14,831
Capital Expenditures (CapEx)	122	132	22	116	176	92	12	163	165	-61	161
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,922	3,330	3,742	2,835	2,643	2,686	2,463	2,895	2,819	2,952	2,780
Debt-free Net Working Capital (DFNWC)	4,216	5,094	5,162	4,930	5,669	5,764	8,251	4,617	4,492	4,670	4,381
Net Working Capital (NWC)	3,554	2,342	2,664	2,462	3,035	3,097	5,825	2,440	3,339	3,266	4,102
Net Nonoperating Expense (NNE)	-85	415	-6.97	177	24	158	-2,408	127	-45	-459	918
Net Nonoperating Obligations (NNO)	7,780	7,735	7,753	10,809	10,700	7,141	10,705	14,023	14,758	14,227	14,831
Total Depreciation and Amortization (D&A)	247	245	129	288	335	264	92	315	313	18	331
Debt-free, Cash-free Net Working Capital to Revenue	17.84%	31.31%	24.79%	18.90%	17.75%	25.93%	18.36%	20.07%	19.70%	29.35%	20.17%
Debt-free Net Working Capital to Revenue	39.14%	47.89%	34.19%	32.87%	38.07%	55.64%	61.51%	32.01%	31.39%	46.44%	31.78%
Net Working Capital to Revenue	33.00%	22.02%	17.65%	16.42%	20.38%	29.89%	43.42%	16.92%	23.33%	32.47%	29.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.25	($0.99)	$0.27	($0.62)	$0.07	$0.49	$4.95	($0.28)	$0.09	$0.36	($5.83)
Adjusted Weighted Average Basic Shares Outstanding	512M	510M	510M	510M	508M	506M	507M	506M	505M	504M	504M
Adjusted Diluted Earnings per Share	$0.25	($0.99)	$0.27	($0.62)	$0.07	$0.49	$4.93	($0.28)	$0.09	$0.36	($5.83)
Adjusted Weighted Average Diluted Shares Outstanding	514M	510M	512M	510M	510M	508M	509M	506M	507M	504M	504M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	513.17M	511.62M	510.59M	510.18M	509.58M	507.83M	507.32M	506.40M	505.85M	504.67M	504.12M
Normalized Net Operating Profit after Tax (NOPAT)	41	-95	137	167	131	404	103	-12	90	-274	-67
Normalized NOPAT Margin	1.55%	-17.86%	5.08%	4.37%	3.64%	74.68%	3.98%	-0.32%	2.57%	0.00%	-1.84%
Pre Tax Income Margin	-0.11%	-40.71%	2.56%	-6.74%	3.23%	64.14%	2.46%	-4.94%	0.40%	0.00%	-84.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	2.49	0.00	0.00	0.00	1.12	0.00	-28.28
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.81	0.00	0.00	0.00	0.00	0.00	-19.38
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.23	0.00	0.00	0.00	-0.29	0.00	-29.83
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-1.45	0.00	0.00	0.00	-1.41	0.00	-20.93
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-96.19%	-92.48%	500.00%	23.70%	22.09%	22.01%	22.48%	-20.54%	-23.64%	-23.67%	-23.98%
Augmented Payout Ratio	-96.19%	-92.48%	500.00%	23.70%	22.09%	22.01%	22.48%	-20.54%	-23.64%	-24.99%	-25.34%

Frequently Asked Questions About Baxter International's Financials

When does Baxter International's financial year end?

According to the most recent income statement we have on file, Baxter International's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Baxter International's net income changed over the last 9 years?

Baxter International's net income appears to be on a downward trend, with a most recent value of -$638 million in 2024, falling from $968 million in 2015. The previous period was $2.66 billion in 2023. Check out Baxter International's forecast to explore projected trends and price targets.

What is Baxter International's operating income?

Baxter International's total operating income in 2024 was $14 million, based on the following breakdown:

Total Gross Profit: $3.98 billion
Total Operating Expenses: $3.97 billion

How has Baxter International revenue changed over the last 9 years?

Over the last 9 years, Baxter International's total revenue changed from $9.97 billion in 2015 to $10.64 billion in 2024, a change of 6.7%.

How much debt does Baxter International have?

Baxter International's total liabilities were at $18.76 billion at the end of 2024, a 5.3% decrease from 2023, and a 55.1% increase since 2015.

How much cash does Baxter International have?

In the past 9 years, Baxter International's cash and equivalents has ranged from $1.72 billion in 2022 to $3.73 billion in 2020, and is currently $1.76 billion as of their latest financial filing in 2024.

How has Baxter International's book value per share changed over the last 9 years?

Over the last 9 years, Baxter International's book value per share changed from 16.17 in 2015 to 13.64 in 2024, a change of -15.7%.

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This page (NYSE:BAX) was last updated on 6/1/2025 by MarketBeat.com Staff

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