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Baxter International Inc. — Intrinsic Value & Fair Price

BAX
NYSEHealthcareMedical - Instruments & SuppliesCIK 0000010456baxter.comAbout BAX
Last close · Oct 16, 202625.28−0.48 (−1.86%)
Market cap$13.1B
Model value · EV/Revenue · peers
18.75
Baxter International closed at $25.28 — overvalued by 35% vs model.
11.18the model's range21.87

EV/Revenue · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero); P/E · peers does not describe this kind of business; EV/EBITDA · peers could not run on the filed statements. From its peers' median EV/Revenue.

Other models
—
Wall St. target
25.00 1% above
Above model, 1y
5 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $25.28 · as of Oct 17, 2026

EV/Revenue · peers leads because DCF · Perpetuity growth · 5y could not lead: the cash-flow gate is shut (an operating loss, or three years of free cash flow summing below zero); P/E · peers does not describe this kind of business; EV/EBITDA · peers could not run on the filed statements. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
0.16%
Past 2 years
low 0.15%high 3.90%
Dividends per share, a year at a time
$1.05Sep ’21$1.14Sep ’22$1.16Aug ’23$1.16Aug ’24$0.68Aug ’25$0.04TTM
Dividends / free cash flow, FY2025
104.8%
Raised
—
Growth, 5 yrs
-48.0% a year
Last change
−94.1% · Nov 2025
Every payment, with ex-dates · latest $0.01, paid Oct 1, 2026

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How it is valued

Valued asMature & stable
Revenue declining (~-13% recent)Currently unprofitablePays dividendsHighly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies
P/E
—
EV / EBITDA
26.9×
FCF yield
2.5%
Dividend yield, TTM
0.16%
Beta
0.65
Cost of capital (WACC)
6.48%
Full financials

Analyst actions

third-party, quoted
10-06Barclays · target20.00
07-31Citigroup · “Neutral” from “Sell”upgrade
07-31Stifel Nicolaus · target28.00
07-28UBS · target25.00
Ratings, targets and estimates

Comparable companies

by business, not by industry label
2 more companies list BAX as a comparable

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About Baxter International

Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products. The company's comprehensive portfolio includes various dialysis treatments, such as peritoneal and hemodialysis, along with related therapies and services. It also specializes in intravenous (IV) therapies, infusion pumps, administration sets, and devices for drug reconstitution. Further expanding its pharmaceutical offerings, Baxter delivers pre-mixed and oncology drug platforms, inhaled anesthetic agents, critical care products, and pharmacy compounding services. Nutritional support is provided through its parenteral nutrition therapies and associated products. For surgical procedures, the company develops biological products and medical devices vital for achieving hemostasis, tissue sealing, and preventing adhesions. Additionally, Baxter supplies continuous renal replacement therapies (CRRT) and other organ support solutions, primarily tailored for intensive care units. Beyond direct medical supplies, Baxter provides sophisticated connected care solutions, integrating devices, software, communication systems, and other advanced technologies. This includes a range of patient monitoring and diagnostic technologies designed to aid in the diagnosis, treatment, and management of numerous illnesses and conditions, spanning respiratory therapy, cardiology, vision screening, and physical assessment. The surgical suite benefits from its specialized video technologies, operating tables, lights, pendants, precision positioning tools, and various ancillary accessories. The company also offers contracted services to a multitude of pharmaceutical and biopharmaceutical companies. Baxter's products are utilized across diverse healthcare environments, including hospitals, kidney dialysis centers, nursing homes, rehabilitation centers, doctors' offices, and for home-based patients under medical supervision. Operating in approximately 100 countries, Baxter distributes its extensive product line through a direct sales force, independent distributors, drug wholesalers, and specialty pharmacies or other alternative site providers. The company also holds a collaborative agreement with Celerity Pharmaceutical, LLC, focused on developing generic injectable pre-mixed medications for acute care and oncolytic molecules. Established in 1931, Baxter International Inc. is headquartered in Deerfield, Illinois.

CEO
Andrew Hider
Headquarters
Deerfield, IL
Employees
37,500
IPO
1981-10-27
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.