Baxter International (BAX)
Market Price (12/23/2025): $18.86 | Market Cap: $9.7 BilSector: Health Care | Industry: Health Care Equipment
Baxter International (BAX)
Market Price (12/23/2025): $18.86Market Cap: $9.7 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% | Weak multi-year price returns2Y Excs Rtn is -93%, 3Y Excs Rtn is -136% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 82% |
| Attractive yieldDividend Yield is 4.2% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 191x | |
| Low stock price volatilityVol 12M is 43% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5% | |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Aging Population & Chronic Disease. Themes include Remote Patient Monitoring, Telehealth Platforms, Show more. | 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 -3.5% | |
| Key risksBAX key risks include [1] product safety issues and regulatory scrutiny over its Novum IQ infusion pumps, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -38% |
| Attractive yieldDividend Yield is 4.2% |
| Low stock price volatilityVol 12M is 43% |
| 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 -93%, 3Y Excs Rtn is -136% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 82% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 191x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.5% |
| 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 -3.5% |
| Key risksBAX key risks include [1] product safety issues and regulatory scrutiny over its Novum IQ infusion pumps, Show more. |
Why The Stock Moved
Qualitative Assessment
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Here are the key points for the negative movement of Baxter International (BAX) stock during the approximate period from August 31, 2025, to December 23, 2025: 1. Q3 2025 Revenue Miss: Baxter International reported third-quarter 2025 financial results that, while surpassing earnings expectations, fell short of revenue estimates, which was a primary driver for the negative market reaction.2. Cautious Outlook and Lowered Full-Year Guidance: The company issued a tempered outlook for the fourth quarter of 2025, projecting an operational sales decline, and subsequently cut its full-year 2025 adjusted earnings per share guidance, raising investor concerns about near-term growth.
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Stock Movement Drivers
Fundamental Drivers
The -16.7% change in BAX stock from 9/22/2025 to 12/22/2025 was primarily driven by a -17.6% change in the company's P/S Multiple.| 9222025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 22.80 | 18.98 | -16.75% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 10887.00 | 11023.00 | 1.25% |
| P/S Multiple | 1.07 | 0.89 | -17.61% |
| Shares Outstanding (Mil) | 513.00 | 514.00 | -0.19% |
| Cumulative Contribution | -16.75% |
Market Drivers
9/22/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BAX | -16.7% | |
| Market (SPY) | 2.7% | 26.3% |
| Sector (XLV) | 13.7% | 47.4% |
Fundamental Drivers
The -36.2% change in BAX stock from 6/23/2025 to 12/22/2025 was primarily driven by a -37.4% change in the company's P/S Multiple.| 6232025 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 29.77 | 18.98 | -36.23% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 10771.00 | 11023.00 | 2.34% |
| P/S Multiple | 1.41 | 0.89 | -37.45% |
| Shares Outstanding (Mil) | 512.00 | 514.00 | -0.39% |
| Cumulative Contribution | -36.24% |
Market Drivers
6/23/2025 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BAX | -36.2% | |
| Market (SPY) | 14.4% | 21.9% |
| Sector (XLV) | 18.0% | 52.3% |
Fundamental Drivers
The -34.5% change in BAX stock from 12/22/2024 to 12/22/2025 was primarily driven by a -36.5% change in the company's P/S Multiple.| 12222024 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 28.98 | 18.98 | -34.50% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 10609.00 | 11023.00 | 3.90% |
| P/S Multiple | 1.39 | 0.89 | -36.46% |
| Shares Outstanding (Mil) | 510.00 | 514.00 | -0.78% |
| Cumulative Contribution | -34.50% |
Market Drivers
12/22/2024 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BAX | -34.5% | |
| Market (SPY) | 16.9% | 38.9% |
| Sector (XLV) | 14.5% | 57.0% |
Fundamental Drivers
The -59.2% change in BAX stock from 12/23/2022 to 12/22/2025 was primarily driven by a -48.0% change in the company's P/S Multiple.| 12232022 | 12222025 | Change | |
|---|---|---|---|
| Stock Price ($) | 46.52 | 18.98 | -59.20% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 13786.00 | 11023.00 | -20.04% |
| P/S Multiple | 1.70 | 0.89 | -47.96% |
| Shares Outstanding (Mil) | 504.00 | 514.00 | -1.98% |
| Cumulative Contribution | -59.22% |
Market Drivers
12/23/2023 to 12/22/2025| Return | Correlation | |
|---|---|---|
| BAX | -48.2% | |
| Market (SPY) | 47.7% | 34.2% |
| Sector (XLV) | 18.4% | 51.7% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BAX Return | -3% | 8% | -40% | -22% | -22% | -34% | -74% |
| Peers Return | 11% | 9% | -8% | 5% | 3% | 15% | 39% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 113% |
Monthly Win Rates [3] | |||||||
| BAX Win Rate | 50% | 42% | 25% | 42% | 50% | 42% | |
| Peers Win Rate | 57% | 55% | 50% | 52% | 50% | 58% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| BAX Max Drawdown | -14% | -7% | -41% | -36% | -24% | -39% | |
| Peers Max Drawdown | -30% | -7% | -20% | -10% | -6% | -7% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[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] 2025 data is for the year up to 12/22/2025 (YTD)
How Low Can It Go
| Event | BAX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -64.6% | -25.4% |
| % Gain to Breakeven | 182.1% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -23.3% | -33.9% |
| % Gain to Breakeven | 30.4% | 51.3% |
| Time to Breakeven | 35 days | 148 days |
| 2018 Correction | ||
| % Loss | -20.9% | -19.8% |
| % Gain to Breakeven | 26.4% | 24.7% |
| Time to Breakeven | 129 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -34.8% | -56.8% |
| % Gain to Breakeven | 53.3% | 131.3% |
| Time to Breakeven | 1,385 days | 1,480 days |
Compare to
In The Past
Baxter International's stock fell -64.6% during the 2022 Inflation Shock from a high on 2/9/2022. A -64.6% loss requires a 182.1% gain to breakeven.
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Baxter International Inc., through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; intravenous therapies, infusion pumps, administration sets, and drug reconstitution devices; remixed and oncology drug platforms, inhaled anesthesia and critical care products and pharmacy compounding services; parenteral nutrition therapies and related products; biological products and medical devices used in surgical procedures for hemostasis, tissue sealing and adhesion prevention; and continuous renal replacement therapies and other organ support therapies focused in the intensive care unit. It also provides connected care solutions, including devices, software, communications, and integration technologies; integrated patient monitoring and diagnostic technologies to help diagnose, treat, and manage a various illness and diseases, including respiratory therapy, cardiology, vision screening, and physical assessment; surgical video technologies, tables, lights, pendants, precision positioning devices and other accessories. In addition, the company offers contracted services to various pharmaceutical and biopharmaceutical companies. Its products are used in hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and patients at home under physician supervision. The company sells its products through direct sales force, as well as through independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers in approximately 100 countries. It has an agreement with Celerity Pharmaceutical, LLC to develop acute care generic injectable premix and oncolytic molecules. Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.
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Here are 1-2 brief analogies for Baxter International (BAX):
- Abbott Laboratories for essential hospital and renal care products.
- Grainger for hospitals and clinics.
AI Analysis | Feedback
- Renal Care Products: Devices and solutions for patients undergoing hemodialysis and peritoneal dialysis.
- Intravenous (IV) Solutions: A wide range of sterile solutions used for hydration, drug delivery, and nutrition in healthcare settings.
- Infusion Systems: Pumps and administration sets designed for the controlled delivery of fluids and medications to patients.
- Injectable Pharmaceuticals: Generic sterile injectable drugs for critical care, anti-infectives, analgesics, and other therapeutic areas.
- Biosurgery Products: Hemostats and sealants utilized to control bleeding and promote healing during surgical procedures.
- Clinical Nutrition Products: Parenteral nutrition therapies that provide essential nutrients to patients unable to receive adequate nutrition orally or enterally.
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Baxter International (BAX) primarily sells its products and services to other companies within the healthcare sector. Its major customers are healthcare providers, including hospitals, clinics, dialysis centers, and other alternate-site facilities.
A significant portion of Baxter's sales are facilitated through Group Purchasing Organizations (GPOs) and medical distributors, which act as crucial intermediaries in the healthcare supply chain by aggregating purchasing volumes and negotiating contracts on behalf of their member healthcare providers. While the ultimate end-users are healthcare facilities and patients, these GPOs represent major "customer companies" in terms of procurement and distribution channels for Baxter.
Key organizations that serve as major customers or significant purchasing channels for Baxter include:
- Premier, Inc. (Symbol: PINC): A leading healthcare improvement company, uniting an alliance of approximately 4,400 U.S. hospitals and health systems and more than 225,000 other providers and organizations.
- HealthTrust Performance Group (Parent Company: HCA Healthcare, Symbol: HCA): A leading GPO for healthcare providers, serving over 1,600 hospitals and health systems and 55,000 alternate care sites. HealthTrust is a wholly-owned subsidiary of HCA Healthcare.
- Vizient, Inc.: The nation's largest member-driven healthcare performance improvement company, serving more than half the nation’s acute care providers and an expanded membership base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks, and non-acute health care providers. (Note: Vizient is a privately held company.)
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Andrew Hider President and Chief Executive Officer
Andrew Hider became President and Chief Executive Officer of Baxter International no later than September 3, 2025. Before joining Baxter, Hider led ATS, a factory automation solutions provider, for approximately eight years, during which time the company nearly doubled its adjusted revenue over five fiscal years while restructuring its portfolios. He previously served as president and CEO of Taylor Made Group and spent a decade at Danaher in various positions, including president of its Veeder-Root subsidiary.
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. Prior to Baxter, he had a 25-year career at Sysco, a global foodservice leader, where his roles included CFO, chief accounting officer, and executive vice president of corporate development. He began his career as a senior auditor at Ernst & Young LLP.
Jeanne Mason, Ph.D. Executive Vice President and Chief Human Resources Officer
Jeanne Mason, Ph.D., serves as Executive Vice President and Chief Human Resources Officer at Baxter International.
Tobi Karchmer, M.D., M.S. Senior Vice President and Chief Medical & Scientific Officer
Tobi Karchmer, M.D., M.S., is the Senior Vice President and Chief Medical & Scientific Officer at Baxter International.
James Borzi Executive Vice President, Chief Supply Chain Officer
James Borzi holds the position of Executive Vice President, Chief Supply Chain Officer at Baxter International.
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The key risks to Baxter International's business include:
- Regulatory Scrutiny and Product Safety Issues with Novum IQ Infusion Pumps: Baxter is facing significant operational and regulatory risks related to its Novum IQ Large Volume Pump (LVP), including a class-action securities lawsuit alleging concealed safety defects, malfunctions, injuries, and deaths linked to the pumps. This issue has led to increased regulatory scrutiny from bodies like the FDA and raises material questions about product oversight and the credibility of past disclosures. Any further legal or remediation costs could limit financial flexibility and impact profitability.
- Deteriorating Financial Performance and High Leverage: Baxter has reported GAAP net losses from continuing operations and a significant decline in gross margins, reflecting increased cost pressures and operational strain. The company's trailing twelve-month (TTM) Operating Margin of -2.95% is a substantial underperformance compared to its peers. While there are expectations for a return to profitability, revenue growth is projected to lag the broader U.S. market, and the company carries a high debt-to-equity ratio of 131.7%.
- Intense Competition and Soft Demand in Key Segments: Baxter operates in a highly competitive healthcare market with major rivals such as Medtronic, Johnson & Johnson, Boston Scientific, and Fresenius Medical Care. The company has experienced weak constant currency revenue growth and softening demand in its core hospital and pharmaceutical segments, particularly in U.S. injectables, partly due to changing preferences in drug administration methods. Maintaining and growing market share against well-resourced competitors requires continuous innovation and adaptation to technological advancements.
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- Radical Miniaturization and Automation in Home Dialysis: Baxter is a global leader in renal care, particularly known for its peritoneal dialysis (PD) products and its growing presence in hemodialysis (HD). However, there is a clear emerging threat from companies developing significantly smaller, more automated, and user-friendly home dialysis systems. These innovations aim to make home HD more accessible and less burdensome for patients, directly competing with Baxter's established offerings in both PD and clinic-based HD. For instance, companies like Quanta Dialysis Technologies have launched compact home HD systems, while others like AWAK Technologies are developing wearable PD devices. These advancements represent a shift towards greater patient autonomy and convenience, potentially disrupting the market for traditional, larger dialysis equipment and clinic-dependent services by offering a superior patient experience.
- Advanced Regenerative Medicine and Therapeutics for Kidney Disease: Significant investments and scientific breakthroughs are occurring in the development of therapies that could prevent, delay, or potentially reverse kidney disease. This includes gene therapies, stem cell-based treatments, and other advanced biologics aimed at addressing the underlying causes of kidney failure or regenerating kidney function. While many of these are still in clinical development, the accelerating pace of innovation in biotechnology and regenerative medicine poses a long-term existential threat to the demand for traditional dialysis therapies. If successful, widespread adoption of such advanced therapeutics could reduce the patient population requiring dialysis, directly impacting Baxter's core renal care business.
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Baxter International operates in several key product and service areas, with varying addressable market sizes across different regions.
- Renal Care: The global dialysis market size was estimated at approximately USD 98.51 billion in 2024 and is projected to reach USD 181.16 billion by 2032. For North America, the dialysis market generated a revenue of USD 38.73 billion in 2023.
- Advanced Surgery: The global biosurgery market is projected to grow from USD 15.83 billion in 2025 to USD 21.59 billion by 2030. Additionally, the global anastomosis devices market, a component of advanced surgery, is expected to reach USD 4.26 billion by 2029 from USD 2.45 billion in 2022.
- Parenteral Nutrition: The global parenteral nutrition market size is estimated at USD 7.22 billion in 2024 and is anticipated to reach approximately USD 13.17 billion by 2034. In the U.S., the parenteral nutrition market size was USD 2.07 billion in 2024, with a projection to reach around USD 3.83 billion by 2034.
- Pharmaceuticals: null
- Infusion Therapies and Technologies: null
- Healthcare Systems and Technologies: null
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Baxter International (NYSE: BAX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:- New Product Launches and Pharmaceutical Growth: Baxter anticipates continued momentum from new product launches within its Pharmaceuticals segment, expecting sales growth of 6% to 7% in 2024. This growth is also fueled by increased demand for the company's Drug Compounding services.
- Expansion in Advanced Surgery: The Advanced Surgery business is a significant growth driver, exhibiting strong performance and international growth. This segment is expected to continue its positive trajectory, contributing to overall revenue expansion.
- Infusion Systems Portfolio and Innovation: Despite past challenges with the Novum IQ large volume infusion pump, Baxter continues to focus on its infusion system portfolio. The company has seen solid performance in this area, with the Novum IQ having a successful launch and the Spectrum IQ serving as an interim option during shipment holds. Continued innovation and resolution of shipment issues for advanced infusion pumps will be crucial for revenue growth.
- Strategic Transformation and Operational Efficiencies: Baxter is undergoing a strategic transformation, including a new operating model, which is contributing to solid operational performance. These initiatives, coupled with ongoing efforts to improve operational execution, are aimed at accelerating performance and driving increased value, which can indirectly support revenue growth through improved efficiency and resource allocation.
- Positive Pricing Momentum: The company has experienced positive pricing momentum, particularly from GPO (Group Purchasing Organization) contract renewals, which has contributed to its financial performance. This ability to command favorable pricing for its essential healthcare products is expected to continue to be a factor in revenue growth.
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Capital Allocation Decisions of Baxter International (BAX)
Share Repurchases
- Baxter International had approximately $1.30 billion of repurchase authority remaining under its share repurchase program as of December 31, 2024. This program does not have an expiration date.
- In 2022, Baxter repurchased 0.5 million shares through Rule 10b5-1 purchase plans.
- In 2020, Baxter repurchased 6.3 million shares through cash repurchases pursuant to a Rule 10b5-1 repurchase plan.
Share Issuance
- As of June 30, 2025, Baxter International Inc.'s Common Shares Outstanding amounted to 513.5 million USD.
- The average annual Common Shares Outstanding growth rate for Baxter International Inc. has been 1% over the past three years.
Outbound Investments
- In December 2021, Baxter completed the acquisition of Hillrom for a purchase price of $10.5 billion in cash, with an enterprise value of approximately $12.5 billion including assumed debt. This acquisition aimed to expand Baxter's connected care and medical innovation globally, and was expected to generate approximately $250 million of annual pre-tax cost synergies by the end of year three.
- Baxter acquired toSense, a company developing body-worn sensors for remote monitoring of chronic diseases, in April 2020.
Capital Expenditures
- Baxter International's capital expenditures for fiscal years ending December 2020 to 2024 averaged $472.3 million.
- Capital expenditures peaked in December 2021 at $607.1 million and hit a 5-year low in December 2022 of $352.1 million.
- Baxter's capital expenditures in 2020 focused on projects improving production efficiency and enhancing manufacturing capabilities to support geographic expansion and investments in growing markets.
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Peer Comparisons for Baxter International
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 160.97 |
| Mkt Cap | 130.8 |
| Rev LTM | 29,570 |
| Op Inc LTM | 5,752 |
| FCF LTM | 4,640 |
| FCF 3Y Avg | 4,099 |
| CFO LTM | 5,972 |
| CFO 3Y Avg | 5,289 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 4.6% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 17.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 20.1% |
| CFO/Rev 3Y Avg | 18.6% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 14.5% |
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 |
| ANDA219684 | KETAMINE HYDROCHLORIDE | ketamine hydrochloride | solution | 9172025 | -16.8% | -18.2% | -18.2% | -18.2% | -18.2% |
| ANDA219797 | HYDRALAZINE HYDROCHLORIDE | hydralazine hydrochloride | injectable | 7172025 | -17.1% | -31.5% | -31.5% | -31.5% | -31.5% |
| NDA218475 | EPINEPHRINE BITARTRATE IN 0.9% SODIUM CHLORIDE | epinephrine bitartrate | solution | 2282025 | -11.1% | -27.6% | -44.3% | -44.3% | -44.3% |
| ANDA216747 | DIHYDROERGOTAMINE MESYLATE | dihydroergotamine mesylate | injectable | 1072025 | -5.0% | 4.7% | -34.7% | -34.7% | -34.7% |
| ANDA217250 | ERIBULIN MESYLATE | eribulin mesylate | solution | 10012024 | -20.6% | -6.9% | -35.3% | -47.4% | -47.4% |
| ANDA218878 | SUCCINYLCHOLINE CHLORIDE | succinylcholine chloride | injectable | 9242024 | -25.0% | -14.6% | -40.8% | -50.2% | -50.2% |
| NDA217512 | PANTOPRAZOLE SODIUM IN 0.9% SODIUM CHLORIDE | pantoprazole sodium | solution | 2142024 | -10.0% | -8.9% | -20.5% | -49.9% | -49.9% |
| ANDA217059 | LEVETIRACETAM IN SODIUM CHLORIDE | levetiracetam | injectable | 10022023 | 4.3% | 18.4% | 2.0% | -34.0% | -46.4% |
| NDA217569 | VASOPRESSIN IN SODIUM CHLORIDE 0.9% | vasopressin | solution | 9292023 | 3.3% | 15.0% | 6.4% | -38.5% | -47.0% |
| NDA216142 | MICAFUNGIN IN SODIUM CHLORIDE 0.9% | micafungin sodium | solution | 9292023 | 3.3% | 15.0% | 6.4% | -38.5% | -47.0% |
| ... | |||||||||
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Medical Products and Therapies | 5,011 | 4,815 | |||
| Healthcare Systems and Technologies | 3,013 | 2,939 | |||
| Pharmaceuticals | 2,249 | 2,126 | 2,291 | 2,098 | 2,155 |
| Other | 87 | 177 | 109 | 105 | 485 |
| Kidney Care | 4,449 | ||||
| Acute Therapies | 782 | 740 | 535 | ||
| Advanced Surgery | 977 | 886 | 877 | ||
| BioPharma Solutions | 669 | 486 | |||
| Clinical Nutrition | 964 | 910 | 872 | ||
| Front Line Care | 70 | ||||
| Global Surgical Solutions | 27 | ||||
| Medication Delivery | 2,880 | 2,691 | 2,799 | ||
| Patient Support Systems | 115 | ||||
| Renal Care | 3,900 | 3,757 | 3,639 | ||
| Total | 10,360 | 14,506 | 12,784 | 11,673 | 11,362 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Medical Products and Therapies | 972 | 962 | |||
| Healthcare Systems and Technologies | 483 | 494 | |||
| Pharmaceuticals | 401 | 391 | |||
| Other | 18 | 77 | |||
| Acquisition and integration items | 0 | -213 | |||
| Goodwill impairments | 0 | -2,812 | |||
| Hurricane Helene costs | 0 | ||||
| Long-lived asset impairments | 0 | -344 | |||
| Loss on product divestiture arrangement | 0 | -54 | |||
| Loss on subsidiary liquidation | 0 | -21 | |||
| Product-related items | 0 | -44 | |||
| Legal matters | -7 | 0 | |||
| European Medical Devices Regulation | -41 | -48 | |||
| Business optimization items | -174 | -225 | |||
| Unallocated corporate costs | -355 | -54 | |||
| Intangible asset amortization expense | -590 | -753 | |||
| Investigation and related costs | 0 | ||||
| Kidney Care | 408 | ||||
| Separation-related costs | -7 | ||||
| Total | 707 | -2,243 |
Price Behavior
Price Behavior
| Market Price | $18.98 | |
| Market Cap ($ Bil) | 9.8 | |
| First Trading Date | 10/27/1981 | |
| Distance from 52W High | -47.4% | |
| 50 Days | 200 Days | |
| DMA Price | $19.63 | $25.90 |
| DMA Trend | down | down |
| Distance from DMA | -3.3% | -26.7% |
| 3M | 1YR | |
| Volatility | 41.2% | 43.2% |
| Downside Capture | 131.00 | 97.88 |
| Upside Capture | 24.96 | 41.36 |
| Correlation (SPY) | 25.8% | 38.9% |
BAX Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.56 | 1.01 | 1.05 | 1.17 | 0.88 | 0.75 |
| Up Beta | 0.23 | 0.71 | 0.84 | 1.07 | 0.90 | 0.74 |
| Down Beta | -0.14 | 1.52 | 1.34 | 1.13 | 1.04 | 0.84 |
| Up Capture | 61% | 10% | 8% | 31% | 28% | 15% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 9 | 20 | 30 | 60 | 118 | 359 |
| Down Capture | 81% | 149% | 170% | 200% | 105% | 99% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 9 | 20 | 31 | 63 | 127 | 386 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of BAX With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| BAX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -34.8% | 13.6% | 14.7% | 67.3% | 6.8% | -0.5% | -16.6% |
| Annualized Volatility | 43.0% | 17.3% | 19.7% | 19.3% | 15.2% | 17.6% | 35.4% |
| Sharpe Ratio | -0.86 | 0.57 | 0.57 | 2.54 | 0.23 | -0.18 | -0.25 |
| Correlation With Other Assets | 57.0% | 39.3% | -1.3% | 11.4% | 50.1% | 11.4% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of BAX With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| BAX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -23.2% | 8.7% | 15.0% | 18.9% | 11.8% | 5.1% | 35.8% |
| Annualized Volatility | 31.1% | 14.5% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | -0.79 | 0.42 | 0.71 | 0.98 | 0.51 | 0.18 | 0.63 |
| Correlation With Other Assets | 49.5% | 34.6% | 5.0% | 7.2% | 36.8% | 10.7% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of BAX With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| BAX | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -4.8% | 10.0% | 14.9% | 14.9% | 6.7% | 5.5% | 69.9% |
| Annualized Volatility | 27.9% | 16.7% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | -0.13 | 0.50 | 0.71 | 0.84 | 0.30 | 0.23 | 0.90 |
| Correlation With Other Assets | 57.0% | 47.1% | 2.4% | 14.0% | 40.8% | 8.2% | |
ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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 |
| 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% |
| 5/2/2024 | -8.5% | -11.4% | -14.8% |
| 2/8/2024 | 2.7% | 0.7% | 11.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 6 | 6 |
| # Negative | 18 | 18 | 18 |
| Median Positive | 3.4% | 3.4% | 8.3% |
| Median Negative | -4.6% | -9.1% | -8.4% |
| Max Positive | 6.6% | 6.6% | 12.4% |
| Max Negative | -22.4% | -19.9% | -16.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11042025 | 10-Q 9/30/2025 |
| 6302025 | 8052025 | 10-Q 6/30/2025 |
| 3312025 | 5062025 | 10-Q 3/31/2025 |
| 12312024 | 2212025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8062024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2082024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 7272023 | 10-Q 6/30/2023 |
| 3312023 | 4272023 | 10-Q 3/31/2023 |
| 12312022 | 2092023 | 10-K 12/31/2022 |
| 9302022 | 10272022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4282022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
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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