Baxter International

BAX

Medical - Instruments & Supplies · Healthcare

Also trades as: 0QK8.L

Price

$26.34

-0.07 (-0.27%)

Market Cap

$13.62B

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Weak

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Winston Score History

The full picture

Baxter International makes medical products that hospitals and clinics use every day to keep patients alive and healthy. Its core products include IV fluids, dialysis machines, and equipment used in surgery and intensive care units. Baxter is one of the largest suppliers of intravenous solutions in the United States, making it a critical part of hospital supply chains.

Baxter sells its products directly to hospitals, dialysis centers, and healthcare systems across more than 100 countries, generating revenue through product sales rather than subscriptions or software licenses. The company's scale and long-standing relationships with hospital networks give it some competitive stability, but its negative operating and return-on-invested-capital margins signal that costs are currently outpacing revenue. Baxter is working through a significant debt load following its 2022 acquisition of Hillrom, and its ability to cut costs, improve margins, and potentially spin off its kidney care division are the key factors that will shape its financial recovery.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+38.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$518M/ year

↓ Declining (-12% vs prior year)

4.6% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.1B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Baxter International is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+1.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 508.0M (2021) → 513.0M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

34.9%

Modest — 34.9% gross margin

Profit after running costs

Operating Margin

-5.3%

Losing money on operations — -5.3%

Return on the money invested

ROCE

-4.2%

Weak — -4.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+5.4%

Slow sales growth (+5.4% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

6.2%

Modest free cash flow (6.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

1.57

Elevated debt (1.57)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.77%

Small dividend — 0.77% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-94.1%

Dividend cut (-94.1% YoY) — warning sign

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