Baxter International Inc.
BAXFinancial Snapshot
ticker: BAX step: 04 generated: 2026-05-12 source: quick-research
Baxter International Inc. (BAX) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue (cont. ops) | ~$8.5B | ~$10.4B | ~$10.6B | +2.7% |
| Gross Margin | ~43% | ~40% | ~38% | |
| Operating Margin | ~8% | ~5% | ~(5)% | |
| Net Income (GAAP) | ~$0.3B | ~$(0.1)B | ~$(0.6)B | N/M |
| Adj. EPS (cont. ops) | ~$2.90 | ~$2.60 | ~$2.00 | -23% |
Note: GAAP results are heavily impacted by non-cash items — FY2024 net loss of ~$(649)M included $2.13B after-tax in special items (goodwill impairment of Front Line Care and Chronic Therapies, separation-related costs, business optimization charges). Adjusted EPS from continuing operations ($2.00 in 2024) better reflects underlying operational performance. The Kidney Care (renal) business was classified as discontinued operations and sold to Carlyle in January 2025 — historical revenue comparisons are restated on a continuing-ops basis. Hurricane Helene damaged the North Cove, NC IV solutions facility in Q3 2024, cutting guidance and disrupting supply. FY2025 guidance: adj. EPS $2.45–$2.55 from continuing operations.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$1.2B |
| Free Cash Flow | ~$0.6B |
| Cash & Equivalents | ~$2.5B (pre-Kidney Care close proceeds) |
| Total Debt | ~$10B (high leverage from Hillrom acquisition) |
| Kidney Care Sale Proceeds | ~$3.8B (closed January 2025) |
Key Ratios (approximate, FY2024)
- P/E: N/M (GAAP loss) | EV/EBITDA: ~12–14x (on adj. EBITDA)
- Adj. FCF Yield: ~6–8% | Market Cap: ~$8–10B
- Debt/EBITDA: ~5–6x (elevated; being reduced with Kidney Care proceeds)
Growth Profile
Baxter has been in restructuring mode since the challenged $12B acquisition of Hillrom (2021) which saddled the balance sheet with $10B+ in debt. The Kidney Care divestiture (January 2025, ~$3.8B) deleverages the balance sheet and narrows focus. From continuing operations, sales growth guidance of 5–6% for 2025 reflects a recovery from Hurricane Helene disruptions and improving execution. Adj. EPS is expected to recover from the $2.00 trough (2024) toward $2.45–$2.55 in 2025 as production normalizes.
Forward Estimates
- FY2025E: Revenue ~$11.2B, Adj. EPS $2.45–$2.55 (company guidance)
- FY2026E: Revenue ~$11.5–12B, Adj. EPS ~$2.70–$3.00 (consensus estimate)
- Post-Kidney Care deleveraging target: Debt/EBITDA below 3x by 2026–2027
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $BAX.