Baxter International (BAX)
Market Price (5/10/2026): $18.21 | Market Cap: $9.4 BilSector: Health Care | Industry: Health Care Equipment
Baxter International (BAX)
Market Price (5/10/2026): $18.21Market Cap: $9.4 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldDividend Yield is 2.9%, FCF Yield is 7.7% Low stock price volatilityVol 12M is 46% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Remote Patient Monitoring, Telehealth Platforms, Show more. | Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -139% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 83% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% Key risksBAX key risks include [1] product safety issues and regulatory scrutiny over its Novum IQ infusion pumps, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldDividend Yield is 2.9%, FCF Yield is 7.7% |
| Low stock price volatilityVol 12M is 46% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Remote Patient Monitoring, Telehealth Platforms, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -94%, 3Y Excs Rtn is -139% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 83% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -13% |
| Key risksBAX key risks include [1] product safety issues and regulatory scrutiny over its Novum IQ infusion pumps, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Disappointing Q4 2025 Earnings and Weak 2026 Guidance.
Baxter International reported adjusted earnings per share (EPS) of $0.44 for the fourth quarter of 2025, falling short of the consensus estimate of $0.54. More significantly, the company's forward-looking adjusted EPS guidance for the full year 2026, set between $1.85 and $2.05, was considerably below analysts' expectations of $2.25. This negative outlook triggered a substantial investor reaction, with the stock plummeting over 16% in a single trading session on February 16, 2026.
2. Persistent Margin Compression and Increased Costs.
The company experienced significant pressure on its profitability. Adjusted gross margins in Q4 2025 compressed by nearly 900 basis points due to an unfavorable product mix and rising logistics expenses. In Q1 2026, adjusted EPS decreased by 35% year-over-year from $0.55, primarily due to higher costs stemming from tariffs and increased manufacturing expenses, including lower absorption rates.
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Stock Movement Drivers
Fundamental Drivers
The -9.2% change in BAX stock from 1/31/2026 to 5/10/2026 was primarily driven by a -11.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.06 | 18.21 | -9.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,023 | 11,320 | 2.7% |
| P/S Multiple | 0.9 | 0.8 | -11.4% |
| Shares Outstanding (Mil) | 514 | 515 | -0.2% |
| Cumulative Contribution | -9.2% |
Market Drivers
1/31/2026 to 5/10/2026| Return | Correlation | |
|---|---|---|
| BAX | -10.3% | |
| Market (SPY) | 3.6% | 50.0% |
| Sector (XLV) | -6.9% | 39.3% |
Fundamental Drivers
The -1.3% change in BAX stock from 10/31/2025 to 5/10/2026 was primarily driven by a -4.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.45 | 18.21 | -1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,887 | 11,320 | 4.0% |
| P/S Multiple | 0.9 | 0.8 | -4.7% |
| Shares Outstanding (Mil) | 513 | 515 | -0.4% |
| Cumulative Contribution | -1.3% |
Market Drivers
10/31/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| BAX | -2.5% | |
| Market (SPY) | 5.5% | 42.4% |
| Sector (XLV) | 0.3% | 41.4% |
Fundamental Drivers
The -40.8% change in BAX stock from 4/30/2025 to 5/10/2026 was primarily driven by a -44.1% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.75 | 18.21 | -40.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,636 | 11,320 | 6.4% |
| P/S Multiple | 1.5 | 0.8 | -44.1% |
| Shares Outstanding (Mil) | 513 | 515 | -0.4% |
| Cumulative Contribution | -40.8% |
Market Drivers
4/30/2025 to 5/10/2026| Return | Correlation | |
|---|---|---|
| BAX | -41.5% | |
| Market (SPY) | 30.4% | 35.9% |
| Sector (XLV) | 4.0% | 46.2% |
Fundamental Drivers
The -59.1% change in BAX stock from 4/30/2023 to 5/10/2026 was primarily driven by a -63.1% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5102026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.50 | 18.21 | -59.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,012 | 11,320 | 13.1% |
| P/S Multiple | 2.2 | 0.8 | -63.1% |
| Shares Outstanding (Mil) | 505 | 515 | -1.9% |
| Cumulative Contribution | -59.1% |
Market Drivers
4/30/2023 to 5/10/2026| Return | Correlation | |
|---|---|---|
| BAX | -59.6% | |
| Market (SPY) | 78.7% | 35.0% |
| Sector (XLV) | 13.0% | 47.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BAX Return | 8% | -40% | -22% | -22% | -33% | -8% | -76% |
| Peers Return | 9% | -8% | 5% | 3% | 14% | -11% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| BAX Win Rate | 42% | 25% | 42% | 50% | 42% | 60% | |
| Peers Win Rate | 55% | 50% | 52% | 50% | 60% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| BAX Max Drawdown | -7% | -41% | -36% | -24% | -39% | -17% | |
| Peers Max Drawdown | -7% | -20% | -10% | -6% | -7% | -14% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MDT, BDX, JNJ, ABT, SYK. See BAX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | BAX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -23.0% | -33.7% |
| % Gain to Breakeven | 29.8% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.9% | -19.2% |
| % Gain to Breakeven | 23.3% | 23.7% |
| Time to Breakeven | 109 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.6% | -12.2% |
| % Gain to Breakeven | 25.9% | 13.9% |
| Time to Breakeven | 157 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -18.2% | -6.8% |
| % Gain to Breakeven | 22.3% | 7.3% |
| Time to Breakeven | 142 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -18.6% | -17.9% |
| % Gain to Breakeven | 22.8% | 21.8% |
| Time to Breakeven | 401 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -14.5% | -15.4% |
| % Gain to Breakeven | 17.0% | 18.2% |
| Time to Breakeven | 123 days | 125 days |
In The Past
Baxter International's stock fell -9.4% during the 2025 US Tariff Shock. Such a loss loss requires a 10.3% gain to breakeven.
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| Event | BAX | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -23.0% | -33.7% |
| % Gain to Breakeven | 29.8% | 50.9% |
| Time to Breakeven | 32 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.6% | -12.2% |
| % Gain to Breakeven | 25.9% | 13.9% |
| Time to Breakeven | 157 days | 62 days |
In The Past
Baxter International's stock fell -9.4% during the 2025 US Tariff Shock. Such a loss loss requires a 10.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Baxter International (BAX)
AI Analysis | Feedback
Here are 1-3 brief analogies for Baxter International:
- Like Becton Dickinson (BD), but with a deeper specialization in dialysis and critical care infusion therapies.
- Imagine Fresenius Medical Care (FMC) expanded to also be a major provider of IVs, critical care, and surgical products to hospitals.
AI Analysis | Feedback
```html- Dialysis Therapies and Services: Provides peritoneal and hemodialysis, along with other related dialysis therapies and services.
- Intravenous (IV) Therapies and Devices: Offers intravenous solutions, infusion pumps, administration sets, and drug reconstitution devices.
- Hospital Pharmacy Products & Compounding: Includes remixed and oncology drug platforms, inhaled anesthesia, critical care products, and pharmacy compounding services.
- Parenteral Nutrition: Supplies therapies and related products for providing nutrition intravenously to patients.
- Surgical Biologics and Devices: Develops biological products and medical devices used for hemostasis, tissue sealing, and adhesion prevention during surgery.
- Organ Support Therapies: Provides continuous renal replacement therapies and other critical organ support therapies, primarily for intensive care units.
- Connected Care Solutions: Offers integrated solutions encompassing devices, software, communications, and integration technologies for healthcare.
- Patient Monitoring & Diagnostic Technologies: Delivers integrated technologies for diagnosing, treating, and managing various illnesses, including respiratory, cardiology, and vision.
- Surgical Equipment & Technologies: Supplies surgical video technologies, tables, lights, pendants, precision positioning devices, and other surgical accessories.
- Contracted Pharmaceutical Services: Provides specialized contracted services to various pharmaceutical and biopharmaceutical companies.
AI Analysis | Feedback
```htmlBaxter International (BAX) sells primarily to other companies and healthcare institutions, rather than directly to individuals. Based on the company description, its major customers fall into the following categories:
- Healthcare Providers: This category includes hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, and doctors' offices. These entities directly utilize Baxter's extensive portfolio of medical devices, therapies, and services for patient care.
- Healthcare Distributors and Wholesalers: Baxter sells its products through independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. These companies act as intermediaries, distributing Baxter's products to a wide range of healthcare settings.
- Pharmaceutical and Biopharmaceutical Companies: Baxter provides contracted services to various pharmaceutical and biopharmaceutical companies, suggesting these companies are also customers for specialized services like drug development support.
The company description does not name specific customer companies within these categories that are public, therefore no specific company names or symbols can be provided.
```AI Analysis | Feedback
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Andrew Hider - President and Chief Executive Officer
Andrew Hider was appointed President and Chief Executive Officer of Baxter International, effective no later than September 3, 2025. Before joining Baxter, he served as CEO of ATS Corporation since 2017, where adjusted revenues nearly doubled, adjusted EBITDA grew at a similar rate, and ATS's stock more than tripled during his tenure. He previously held the role of president and CEO of the Taylor Made Group, LLC. Hider also spent 10 years at Danaher Corp. in various leadership roles, including president of Veeder-Root. He began his career with General Electric Co. in 2000, concluding his six-year tenure as president and general manager of GE Tri-Remanufacturing.
Joel Grade - Executive Vice President and Chief Financial Officer
Joel Grade was appointed Executive Vice President and Chief Financial Officer of Baxter International, effective October 18, 2023. He joined Baxter after a 25-year career with Sysco, where he held various financial, commercial, and executive leadership positions, including executive vice president and CFO, senior vice president of finance and chief accounting officer, and senior vice president of foodservice operations. Grade began his career as a senior auditor at Ernst & Young LLP.
Jeanne Mason - Executive Vice President and Chief Human Resources Officer
Jeanne Mason joined Baxter in 2006 and currently serves as Executive Vice President and Chief Human Resources Officer. Prior to Baxter, she was responsible for global human resource functions at GE Insurance Solutions. Her career at General Electric, which began in 1988, included leadership roles in Europe for GE Information Services and GE Capital Real Estate. Mason also previously served as vice president of Human Resources for PHH Vehicle Management Services.
James Borzi - Executive Vice President and Chief Supply Chain Officer
James Borzi is the Executive Vice President and Chief Supply Chain Officer at Baxter International, having joined the company in August 2020. Before Baxter, he served as Vice President, Chief Supply Chain Officer at GE Healthcare from 2019 to 2020. Prior to his time at GE Healthcare, Borzi spent five years with Becton Dickinson (BD) in various manufacturing operations leadership roles, with his last position being Executive Vice President of Global Operations and Chief Supply Chain Officer.
Andrew Frye - Senior Vice President and President, APAC
Andrew Frye joined Baxter in 2017 and currently holds the position of Senior Vice President and President, APAC. Previously, he was Global Head of Healthcare at DKSH Holdings Ltd. from 2015 to 2017, and prior to that, Vice President of Business Development for DKSH Healthcare from 2011 to 2014. Frye began his career with Abbott in the U.S., where he spent approximately 15 years in various sales, marketing, and managed care roles, including launching drugs in the U.S. and Canadian markets. He also managed Abbott's pharmaceuticals business across Southeast Asia and Eastern Europe.
AI Analysis | Feedback
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The key risks for Baxter International (BAX) primarily revolve around the highly regulated nature of the healthcare industry, intense competition, and the necessity for continuous innovation in its diverse product portfolio.
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Regulatory and Compliance Risks: Baxter International operates in a global healthcare environment, manufacturing and distributing a wide array of medical devices, pharmaceuticals, and services. This subjects the company to stringent and evolving regulations across approximately 100 countries. Changes in healthcare laws, product approval processes, reimbursement policies, and quality standards can significantly impact the company's operations, market access, and profitability. Non-compliance could lead to fines, product recalls, or limitations on sales.
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Competition and Pricing Pressure: The healthcare market is highly competitive, with numerous companies vying for market share in dialysis, IV therapies, surgical products, and connected care solutions. Baxter faces competition from established global players, regional manufacturers, and generic drug producers. This intense competition often leads to pricing pressure from healthcare providers and payers, impacting the company's revenue and profit margins, especially in commodity-like product segments.
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Product Innovation and Technological Obsolescence: With its focus on advanced medical technologies, including connected care solutions and integrated patient monitoring, Baxter International relies on continuous innovation. A failure to develop and commercialize new, differentiated products that meet evolving patient needs and technological standards could result in lost market share or render existing products obsolete. Additionally, given the nature of its products, there is an inherent risk of product defects, recalls, and associated product liability claims, which can damage reputation and incur significant costs.
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The increasing presence and aggressive expansion of major technology companies, such as Apple, Google, and Amazon, into the healthcare sector represents an emerging threat. These companies are investing heavily in consumer-focused health monitoring devices, advanced AI-powered diagnostic tools, and integrated digital health platforms that leverage cloud computing and and extensive data analytics. This trend could disrupt traditional medical device manufacturers like Baxter, particularly in its segments offering connected care solutions and integrated patient monitoring and diagnostic technologies. The threat stems from these tech giants potentially establishing more comprehensive, interoperable, and rapidly evolving ecosystems for patient data management and remote monitoring, which could diminish the competitive advantage or necessity of some of Baxter's proprietary hardware-software integrated solutions, especially in home and non-acute care settings.
AI Analysis | Feedback
```htmlBaxter International Inc. operates in several key healthcare product and service markets globally. Below are the estimated addressable market sizes for its main offerings:
- Dialysis (Peritoneal Dialysis and Hemodialysis): The global dialysis market was valued at approximately USD 96.4 billion in 2024 and is projected to reach USD 168.2 billion by 2034. The hemodialysis segment alone generated USD 83.2 billion in revenue in 2024. In the U.S., the dialysis market was valued at USD 29.7 billion in 2024. Another estimate places the global hemodialysis and peritoneal dialysis market at USD 102.1 billion in 2023, with a projection to reach USD 185.88 billion by 2030.
- Intravenous Therapies and Infusion Pumps: The global intravenous infusion pumps market was estimated at USD 6,151.7 million in 2024 and is projected to grow to USD 9,976.7 million by 2030. Other analyses indicate the global infusion pump market size was valued at USD 18.01 billion in 2024 and is poised to grow to USD 36.61 billion by 2033.
- Inhaled Anesthesia and Critical Care Products: The global inhalation anesthesia market size was estimated at USD 1.51 billion in 2024 and is projected to reach USD 2.22 billion by 2030. North America dominated this market, accounting for 52.77% of revenue share in 2024.
- Pharmacy Compounding Services: The global compounding pharmacy market size was estimated at USD 13.1 billion in 2023 and is expected to reach USD 18.6 billion by 2030. North America held the largest share of this market, at 43.56% in 2022. Another source indicates the global compounding pharmacy market size was valued at USD 14.65 billion in 2025 and is projected to grow to USD 23.08 billion by 2034.
- Parenteral Nutrition Therapies: The global parenteral nutrition market generated a revenue of USD 7,108.5 million in 2023 and is expected to reach USD 10,677.5 million by 2030. North America accounted for 41.5% of the global market revenue in 2023. Another report valued the global parenteral nutrition market at US$ 7.2 billion in 2024, projected to reach US$ 13.4 billion by 2035.
- Biological Products and Medical Devices for Hemostasis, Tissue Sealing, and Adhesion Prevention: The global hemostasis & tissue sealing agents market size was estimated at USD 8,671.7 million in 2024 and is projected to reach USD 14,478.3 million by 2030. North America was the largest revenue-generating market in 2024.
- Continuous Renal Replacement Therapies (CRRT): The global Continuous Renal Replacement Therapy (CRRT) market size was valued at USD 1.25 billion in 2025 and is projected to grow to USD 2.52 billion by 2034. North America dominated this market with a 39.72% share in 2025.
- Connected Care Solutions, Patient Monitoring and Diagnostic Technologies: The global patient monitoring devices market size was valued at USD 56.4 billion in 2025 and is projected to reach USD 137.15 billion by 2034. Another source notes the global patient monitoring devices market was valued at US$48.5 billion in 2024 and is projected to reach US$71.1 billion by 2029. North America held the largest share of approximately 34.0% of the global market in 2023.
- Surgical Video Technologies, Tables, Lights, and Accessories: The global surgical tables and lights market was valued at US$ 1.7 billion in 2021 and is projected to reach more than US$ 2.5 billion by 2031. North America accounted for the largest share in this market in 2022. Another estimate states the surgical tables and lights market size was USD 1.8 billion in 2023 and is projected to reach USD 2.7 billion by 2032.
- Contracted Services to Pharmaceutical and Biopharmaceutical Companies (CDMO): The global Contract Development and Manufacturing Organization (CDMO) market is estimated at approximately USD 220 billion in 2025, with projections reaching USD 420 billion by 2032-2034. Another report valued the global pharmaceutical CDMO market size at USD 255.01 billion in 2025, projected to grow to USD 580.72 billion by 2034.
AI Analysis | Feedback
Here are the expected drivers of future revenue growth for Baxter International (BAX) over the next 2-3 years: * Growth in the Advanced Surgery Business: Baxter's Advanced Surgery business has demonstrated robust growth, with strong demand for its portfolio of products, including hemostats and sealants, across various geographic regions. This segment is identified as a consistent bright spot, contributing significantly to the company's operational growth. * Expansion of Pharmaceutical Offerings and International Market Performance: The Pharmaceuticals segment is expected to be a key growth engine, driven by strong demand for drug compounding services and injectable and anesthesia products. International markets are also showing stronger operational growth compared to the U.S., indicating opportunities for further revenue expansion in these regions. * New Product Launches and Increased Demand in Healthcare Systems & Technologies: Baxter's Healthcare Systems & Technologies segment, particularly its Care and Connectivity Solutions (CCS) division, is expected to contribute to revenue growth. This is fueled by increased demand for connected equipment for hospitals and IT solutions, as well as the launch of new products such as the Connex 360 monitor and the Dynamo Series smart stretcher.AI Analysis | Feedback
Share Repurchases
- Baxter International did not repurchase any shares in 2023, 2024, or 2025.
- As of December 31, 2025, Baxter had approximately $1.30 billion remaining available under its existing share repurchase program.
- In 2022, earnings per share were positively impacted by the repurchase of 0.5 million shares through Rule 10b5-1 purchase plans.
Share Issuance
- Shares outstanding increased by 0.79% in 2023, 0.39% in 2024, and 0.59% in 2025.
Outbound Investments
- Baxter acquired Hillrom in September 2021 for $12.4 billion, adding hospital beds, operating room equipment, and patient monitoring tools to its portfolio.
- The company divested its BioPharma Solutions (BPS) business in October 2023, receiving $4.25 billion in cash.
- Baxter completed the sale of its Kidney Care business (Vantive) in January 2025, generating $3.80 billion in proceeds used for deleveraging.
Capital Expenditures
- Capital expenditures totaled $513 million in 2025, $446 million in 2024, and $719 million in 2023.
- Expected capital expenditures for the upcoming fiscal year (2026) are forecasted at $562 million.
- These investments primarily focus on enhancing quality systems, optimizing manufacturing capabilities, and supporting future growth and production efficiency.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 116.88 |
| Mkt Cap | 103.4 |
| Rev LTM | 30,300 |
| Op Inc LTM | 5,835 |
| FCF LTM | 4,846 |
| FCF 3Y Avg | 4,452 |
| CFO LTM | 6,164 |
| CFO 3Y Avg | 5,674 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 4.5% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 9.8% |
| Op Inc Chg 3Y Avg | 6.9% |
| Op Mgn LTM | 17.9% |
| Op Mgn 3Y Avg | 17.5% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 20.3% |
| CFO/Rev 3Y Avg | 19.5% |
| FCF/Rev LTM | 15.8% |
| FCF/Rev 3Y Avg | 15.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 103.4 |
| P/S | 3.0 |
| P/Op Inc | 19.9 |
| P/EBIT | 17.8 |
| P/E | 24.4 |
| P/CFO | 14.5 |
| Total Yield | 5.9% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.9% |
| 3M Rtn | -18.6% |
| 6M Rtn | -8.0% |
| 12M Rtn | -15.1% |
| 3Y Rtn | -12.2% |
| 1M Excs Rtn | -19.2% |
| 3M Excs Rtn | -25.4% |
| 6M Excs Rtn | -15.9% |
| 12M Excs Rtn | -46.6% |
| 3Y Excs Rtn | -94.5% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| ANDA208103 | DEXMEDETOMIDINE HYDROCHLORIDE | dexmedetomidine hydrochloride | injectable | 4152026 | 2.2% | 2.2% | 2.2% | 2.2% | 2.2% |
| ANDA217032 | PHENYLEPHRINE HYDROCHLORIDE | phenylephrine hydrochloride | solution | 4032026 | 7.9% | 7.9% | 7.9% | 7.9% | 7.9% |
| NDA220626 | EPINEPHRINE | epinephrine | solution | 3302026 | 13.9% | 13.9% | 13.9% | 13.9% | 13.9% |
| ANDA216852 | PHYTONADIONE | phytonadione | injectable | 2262026 | -11.6% | -11.6% | -11.6% | -11.6% | -11.6% |
| ANDA219684 | KETAMINE HYDROCHLORIDE | ketamine hydrochloride | solution | 9172025 | -16.8% | -26.3% | -22.4% | -22.4% | -22.4% |
| ANDA219797 | HYDRALAZINE HYDROCHLORIDE | hydralazine hydrochloride | injectable | 7172025 | -17.1% | -26.4% | -35.0% | -35.0% | -35.0% |
| NDA218475 | EPINEPHRINE BITARTRATE IN 0.9% SODIUM CHLORIDE | epinephrine bitartrate | solution | 2282025 | -11.1% | -27.6% | -40.2% | -47.2% | -47.2% |
| ANDA216747 | DIHYDROERGOTAMINE MESYLATE | dihydroergotamine mesylate | injectable | 1072025 | -5.0% | 4.7% | -29.8% | -38.1% | -38.1% |
| ANDA217250 | ERIBULIN MESYLATE | eribulin mesylate | solution | 10012024 | -20.6% | -6.9% | -35.3% | -50.1% | -50.1% |
| ANDA218878 | SUCCINYLCHOLINE CHLORIDE | succinylcholine chloride | injectable | 9242024 | -25.0% | -14.6% | -40.8% | -52.7% | -52.7% |
| ... | |||||||||
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Products and Therapies | 5,207 | 5,011 | 4,815 | ||
| Healthcare Systems and Technologies | 2,951 | 3,013 | 2,939 | ||
| Pharmaceuticals | 2,411 | 2,249 | 2,126 | 2,291 | 2,098 |
| Other | 67 | 87 | 177 | 109 | 105 |
| Kidney Care | 4,449 | ||||
| Acute Therapies | 782 | 740 | |||
| Advanced Surgery | 977 | 886 | |||
| BioPharma Solutions | 669 | 486 | |||
| Clinical Nutrition | 964 | 910 | |||
| Front Line Care | 70 | ||||
| Global Surgical Solutions | 27 | ||||
| Medication Delivery | 2,880 | 2,691 | |||
| Patient Support Systems | 115 | ||||
| Renal Care | 3,900 | 3,757 | |||
| Total | 10,636 | 10,360 | 14,506 | 12,784 | 11,673 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Products and Therapies | 950 | 972 | 962 | ||
| Healthcare Systems and Technologies | 468 | 483 | 494 | ||
| Pharmaceuticals | 313 | 401 | 391 | ||
| Other | 18 | 18 | 77 | ||
| Gain on sale of long-lived asset | 0 | ||||
| Separation-related costs | 0 | -7 | |||
| Product-related reserves | -15 | 0 | -44 | ||
| Legal matters | -17 | -7 | 0 | ||
| Acquisition and integration items | -23 | 0 | -213 | ||
| European Medical Devices Regulation | -33 | -41 | -48 | ||
| Indefinite-lived asset impairments | -50 | 0 | -344 | ||
| Hurricane Helene costs | -110 | 0 | |||
| Business optimization items | -162 | -174 | -225 | ||
| Unallocated corporate costs | -275 | -355 | -54 | ||
| Goodwill impairments | -425 | 0 | -2,812 | ||
| Intangible asset amortization expense | -625 | -590 | -753 | ||
| Loss on product divestiture arrangement | 0 | -54 | |||
| Loss on subsidiary liquidation | 0 | -21 | |||
| Investigation and related costs | 0 | ||||
| Kidney Care | 408 | ||||
| Total | 14 | 707 | -2,243 |
Price Behavior
| Market Price | $17.99 | |
| Market Cap ($ Bil) | 9.2 | |
| First Trading Date | 10/27/1981 | |
| Distance from 52W High | -42.8% | |
| 50 Days | 200 Days | |
| DMA Price | $17.56 | $20.43 |
| DMA Trend | down | down |
| Distance from DMA | 2.5% | -11.9% |
| 3M | 1YR | |
| Volatility | 54.2% | 46.1% |
| Downside Capture | 1.59 | 0.99 |
| Upside Capture | 165.01 | 72.18 |
| Correlation (SPY) | 54.1% | 34.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.74 | 1.75 | 1.71 | 1.51 | 1.31 | 0.83 |
| Up Beta | 1.76 | 1.75 | 0.87 | 0.97 | 1.06 | 0.85 |
| Down Beta | 2.24 | 1.93 | 3.24 | 2.41 | 1.79 | 0.98 |
| Up Capture | 128% | 120% | 151% | 114% | 64% | 19% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 17 | 30 | 61 | 121 | 358 |
| Down Capture | 115% | 209% | 175% | 155% | 150% | 100% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 25 | 32 | 60 | 126 | 387 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAX | |
|---|---|---|---|---|
| BAX | -40.8% | 46.0% | -0.98 | - |
| Sector ETF (XLV) | 7.9% | 15.4% | 0.30 | 46.5% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 36.1% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 8.0% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -6.7% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 41.1% |
| Bitcoin (BTCUSD) | -17.4% | 42.1% | -0.34 | 7.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAX | |
|---|---|---|---|---|
| BAX | -25.4% | 33.4% | -0.81 | - |
| Sector ETF (XLV) | 4.9% | 14.6% | 0.16 | 47.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 35.5% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 8.2% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 5.2% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 36.3% |
| Bitcoin (BTCUSD) | 7.0% | 56.0% | 0.34 | 9.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BAX | |
|---|---|---|---|---|
| BAX | -7.1% | 29.1% | -0.20 | - |
| Sector ETF (XLV) | 9.3% | 16.5% | 0.46 | 54.9% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 46.1% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 5.9% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 12.0% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 39.3% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 7.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/30/2026 | 4.0% | 0.5% | |
| 2/12/2026 | -16.0% | -4.2% | -21.8% |
| 10/30/2025 | -14.5% | -19.9% | -14.9% |
| 7/31/2025 | -22.4% | -19.8% | -13.0% |
| 5/1/2025 | -1.6% | -1.4% | -1.6% |
| 2/3/2025 | -2.8% | -6.0% | 7.4% |
| 11/8/2024 | -3.9% | -12.0% | -11.2% |
| 8/6/2024 | 6.6% | 6.6% | 9.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 6 | 5 |
| # Negative | 19 | 19 | 19 |
| Median Positive | 3.4% | 2.0% | 9.2% |
| Median Negative | -5.2% | -8.3% | -9.9% |
| Max Positive | 6.6% | 6.6% | 12.4% |
| Max Negative | -22.4% | -19.9% | -21.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Reported Sales Growth | 0.0% | 0.5% | 1.0% | -88.9% | -4.0% | Lowered | Guidance: 4.5% for 2025 |
| 2026 Organic Sales Growth | 0.0% | -100.0% | -1.5% | Lowered | Guidance: 1.5% for 2025 | ||
| 2026 Adjusted Diluted EPS | 1.85 | 1.95 | 2.05 | -17.9% | Lowered | Guidance: 2.38 for 2025 | |
Prior: Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue Growth (Reported) | 2.0% | ||||||
| Q4 2025 Revenue Growth (Operational) | -2.0% | ||||||
| Q4 2025 Adjusted Diluted EPS | 0.52 | 0.55 | 0.57 | ||||
| 2025 Revenue Growth (Reported) | 4.0% | 4.5% | 5.0% | -30.8% | -2.0% | Lowered | Guidance: 6.5% for 2025 |
| 2025 Revenue Growth (Operational) | 1.0% | 1.5% | 2.0% | -57.1% | -2.0% | Lowered | Guidance: 3.5% for 2025 |
| 2025 Adjusted Diluted EPS | 2.35 | 2.38 | 2.4 | -3.8% | Lowered | Guidance: 2.47 for 2025 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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