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Baxter International (BAX) Financials

Baxter International logo
$30.02 +0.23 (+0.76%)
Closing price 06/20/2025 03:59 PM Eastern
Extended Trading
$30.03 +0.01 (+0.02%)
As of 06/20/2025 06:05 PM Eastern
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Annual Income Statements for Baxter International

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

Quarterly Income Statements for Baxter International

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

Annual Cash Flow Statements for Baxter International

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

Quarterly Cash Flow Statements for Baxter International

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

Annual Balance Sheets for Baxter International

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

Quarterly Balance Sheets for Baxter International

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

Annual Metrics And Ratios for Baxter International

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

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

Quarterly Metrics And Ratios for Baxter International

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

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

Key Financial Trends

Baxter International delivered solid top‐line growth in Q1 2025, with operating revenue up 5.4% year-over-year. The company converted this growth into strong free cash flow and returned to profitability on a quarterly basis. However, operating cash flow from continuing operations has dipped into negative territory, and leverage remains elevated.

  • Q1 2025 revenue grew 5.4% YoY to $2.625 billion
  • Free cash flow to firm of $4.14 billion in Q1 2025, a significant increase
  • Consolidated net income of $126 million in Q1 2025 vs. $37 million in Q1 2024
  • Diluted EPS of $0.25 in Q1 2025, up from $0.07 a year earlier
  • Gross margin held at a healthy 32.8%
  • Quarterly dividend maintained at $0.17 per share
  • Cash and equivalents balance of $2.29 billion provides liquidity
  • Net cash from continuing operations was -$99 million in Q1 2025 vs. +$163 million in Q1 2024
  • Net debt remains high at $7.78 billion, with net debt/EBITDA around 8x
  • Days inventory outstanding at 137 days highlights working capital intensity
06/23/25 12:53 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Baxter International's Financials

When does Baxter International's fiscal year end?

According to the most recent income statement we have on file, Baxter International's financial year ends in December. Their financial 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. View Baxter International's forecast to see where analysts expect Baxter International to go next.

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's 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 6/23/2025 by MarketBeat.com Staff
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