Reading the tape
NYSE: BAX
Baxter International Inc.
Healthcare · Medical - Instruments & Supplies
Market Cap
$8.88B
52w High
$32.68
52w Low
$15.73
P/E
-8.07
Volume
9.34M
Outstanding Shares
516.25M
Price vs Fundamentals
Why The Stock Is Moving
Likely multiple compressionModerate confidence
1Y Price: -43.89%Revenue (TTM): 5.1%FCF (TTM): 162.3%P/FCF: 8th pct
What changed
The stock fell 43.89% over the last year. Revenue grew 5.1% over the trailing twelve months. Operating margin moved from -0.4% to -2.65%. Free cash flow grew 162.3% over the trailing twelve months.
What the market seems to be pricing
Visible fundamentals weakened far less than the stock price, and the shares now sit around the 8th percentile of their historical P/FCF range. That looks more like a rerating of the multiple than a collapse in the business.
What would invalidate this read
This read changes if operating margin (currently -2.65%) continues to decline, or if revenue growth turns negative. The bull case requires the business to hold its current trajectory.
Company profile
Baxter International Inc., through its subsidiaries, develops and provides a portfolio of healthcare products worldwide.
CEOAndrew Hider
SectorHealthcare
IndustryMedical - Instruments & Supplies
Employees38,000
IPO dateOct 27, 1981
Valuation
Forward P/E—
EV/EBITDA23.29
Enterprise value$17.84B
Stock splits
Jul 1, 2015↑ Forward
Every 1000 shares became 1841
May 31, 2001↑ Forward
Every 1 shares became 2
Dec 1, 1992↑ Forward
Every 90823 shares became 100000
Nov 18, 1983↑ Forward
Every 1 shares became 2
Nov 9, 1981↑ Forward
Every 1 shares became 2
Profitability & growth
Revenue growth2.9%
Gross margin30.11%▼19.77%vs FY2024
Operating margin-2.65%▼2181.04%vs FY2024
ROE-15.61%▼67.55%vs FY2024
Analyst consensus
RatingHold
Target price$19.75▲14.76%
15
Buy
20
Hold
1
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 30, 2026
Q3 FY26 · EPS est $0.40 · Revenue est $2.8B
View
Dividends
$0.20/shareQuarterlyEx-div May 29, 2026 · in 25dStretchedBAX pays a dividend with a 1.16% declared yield, covered 0.9× by free cash flow.
Declared Yield
1.16%
Annual Div / Share
$0.20
TTM $0.36
5yr CAGR
-27.74%
Dividend has been cut
Payout Ratio
—
Stretched
Dividend Growth Rate
3yr CAGR
-44.34%
5yr CAGR
-27.74%
10yr CAGR
-8.29%
Dividend Safety
2/10Stretched
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$0.20-75.0%
2025$0.80-31.0%
2024$1.16+0.0%
2023$1.16+2.7%
2022$1.13+11.3%
2021$1.01+12.2%
2020$0.91+14.6%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$12/yr
$1/mo
In 5 yrs
$12/yr
$1/mo
In 10 yrs
$12/yr
$1/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$12/yr $1/mo | $12/yr $1/mo | $12/yr $1/mo |
Analysis
Dividend Strengths
No strong strength signal stands out from the latest period pair.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only 0.93× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.
Dividend has been reduced
The 5-year dividend CAGR of -27.74% is negative, indicating the payout has been cut over this period.
Congressional Activity
Congress Trades in BAX
STOCK Act disclosures from senators and representatives.
Michael McCaul
TXhouseRepublicanPurchaseSpouse2026-03-23$15,001 - $50,000+18d to disclose