TORVANTA
Health Care · S&P 500 · data as of 2026-10-05

BAX stock analysis: Baxter

Baxter (BAX) is an S&P 500 company in Health Care Equipment. It grades weakest on profitability.

The model's view of BAX · subscribers

Where BAX ranks among the 1,500 U.S. stocks the model scores each trading day, its expected return, the evidence for and against it, and whether the model portfolio holds it. The grades below describe the company's data; they are not the model's view.

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What's happening with BAX · updated 2026-10-05 · from prices and SEC filings

BAX price performance

BAX against the S&P 500, one year
-20%+0%+20%S&P 500 +18%BAX +8%2025-09-292026-10-05
Year to date+26.9%S&P 500 +14.5% · ahead by 12.4 pts
1 year+1.7%S&P 500 +17.0% · behind by 15.3 pts
3 years-30.9%S&P 500 +89.3% · behind by 120.1 pts
5 years-67.0%S&P 500 +91.3% · behind by 158.3 pts

Total returns with dividends reinvested.

BAX factor grades

Each grade compares BAX with the rest of its sector (A+ best, F worst); the numbers behind it are shown with the typical figure for its peers.

B+ValueFCF yield 10.5% (industry 4.4%)
B-GrowthRevenue growth +5% (industry +9%)
DProfitabilityOperating margin -2.4% (industry 18.5%)ROIC -5.3% (industry 11.1%)
CMomentum12-month change +2%From 52-wk high -15%

BAX in plain numbers

BAX key statistics

SectorHealth Care
IndustryHealth Care Equipment
IndexS&P 500
Market value$12.5B
Revenue growth (y/y)+5%
Free-cash-flow yield10.5%
Dividend yield0.2%
Next earnings (expected)2026-10-29
Valuation measures
Market value$12.5B
Enterprise value$10.4B
Price / sales1.1x
Price / book2.0x
EV / revenue0.9x
EV / EBITDA15.3x
Financial highlights
Revenue, last 12 months$11.5B
Net income, last 12 months-$1.1B
EPS, last 12 months (GAAP)$-2.08
Gross margin30.1%
Operating margin-2.4%
Net margin-9.3%
Return on equity-15.7%
Return on invested capital-5.3%
Cash$2.1B
Total debt$0
Current ratio1.95x

Company figures from its latest SEC filings; market value and returns from end-of-day prices.

BAX earnings trends

Revenue vs earnings
-$1.1B-$102.5M$923.0M$1.9B$3.0BSep 2024 Revenue: $2.7BDec 2024 Revenue: $2.8BMar 2025 Revenue: $2.6BJun 2025 Revenue: $2.8BSep 2025 Revenue: $2.8BDec 2025 Revenue: $3.0BMar 2026 Revenue: $2.7BJun 2026 Revenue: $3.0BSep 2024 Net income: $140.0MDec 2024 Net income: -$512.0MMar 2025 Net income: $126.0MJun 2025 Net income: $91.0MSep 2025 Net income: -$46.0MDec 2025 Net income: -$1.1BMar 2026 Net income: -$15.0MJun 2026 Net income: $126.0MSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Net margin: 5.2%Net margin: -18.6%Net margin: 4.8%Net margin: 3.2%Net margin: -1.6%Net margin: -37.9%Net margin: -0.6%Net margin: 4.3%-38%-16%5%■ Revenue ■ Net income ━ Net margin
Earnings per share$-2.2$-1.6$-1.0$-0.4$0.3Sep 2024 EPS (GAAP, diluted): $0.3Dec 2024 EPS (GAAP, diluted): $-1.0Mar 2025 EPS (GAAP, diluted): $0.3Jun 2025 EPS (GAAP, diluted): $0.2Sep 2025 EPS (GAAP, diluted): $-0.1Dec 2025 EPS (GAAP, diluted): $-2.2Mar 2026 EPS (GAAP, diluted): $-0.0Jun 2026 EPS (GAAP, diluted): $0.2Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026■ EPS (GAAP, diluted) Change from a year earlier: Sep 2025 -133% · Mar 2026 -112% · Jun 2026 +33%

From the company's 10-Q and 10-K filings with the SEC.

Baxter financials (from SEC filings)

Fiscal yearFY2021FY2022FY2023FY2024FY2025
Revenue$12.8B$15.0B$14.9B$12.9B$11.2B
Net income$1.3B-$2.4B$2.7B-$649.0M-$1.0B
EPS (GAAP)$2.53$-4.83$5.22$-1.28$-1.86
Free cash flow$1.5B$532.0M$1.0Bn/an/a

BAX earnings history

ReportedEPS (GAAP)EPS y/yRevenue y/yStock vs S&P 500, 2 days
2026-07-30$0.24+33%+5%+3.2%
2026-04-30$-0.03-112%+3%+0.6%
2026-02-12$-2.20n/a+8%-9.7%
2025-10-30$-0.09-133%+5%-16.8%
2025-07-31$0.18n/a-26%-19.7%
2025-05-01$0.25+257%-27%-3.7%

About Baxter

HeadquartersDeerfield, IL
Industry (SEC code)Surgical & Medical Instruments & Apparatus
Fiscal year endsDecember 31
Incorporated inDE
Listed onNYSE

From the company's SEC registration record.

Companies similar to BAX

CompanyMarket valueP/ERevenue growthOperating margin12-month change
BAX Baxter$12.5Bn/a+5%-2.4%+2%
PODD Insulet$9.4B25.4x+29%16.9%-56%compare
ZBH Zimmer Biomet$17.5B22.2x+9%14.2%-8%compare
RVTY Revvity$17.6B75.3x+4%12.3%+68%compare
STE Steris$20.6Bn/a+8%18.9%-12%
GEHC GE HealthCare$29.9B15.7x+6%12.6%-14%
RMD ResMed$32.1B21.4x+10%33.4%-19%

All Health Care stock ratings

Frequently asked questions

Is BAX stock a buy?

Torvanta does not tell individuals what to buy. Its grades for BAX are shown above. Subscribers see the model's rank, expected return and whether the model portfolio holds it. This is research, not a recommendation.

When does BAX report earnings next?

Based on its filing history, Torvanta expects Baxter to report around 2026-10-29.

Does BAX pay a dividend?

Yes. Its dividend yield is about 0.2%.

How has BAX performed against the S&P 500?

Over the past year BAX returned +1.7%, against +17.0% for the S&P 500, dividends reinvested.

See the model's view

Subscribers get the model's rank and expected return for every covered company, the reasoning behind each, and the Torvanta model portfolio's trades each trading day, sized and explained, at three risk levels.

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Torvanta is research only - not investment advice and not a recommendation to buy or sell any security. Grades describe a company's reported data against its sector; they are not the model's view, change as data changes and can be wrong. Financial figures come from the company's SEC filings; returns include reinvested dividends. Past performance does not predict future results.

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