---
title: Baxter International (BAX) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/bax
ticker: BAX
as_of: 2026-10-17
sector: Healthcare
industry: Medical - Instruments & Supplies
---
# Baxter International (BAX)

Baxter International (BAX) closed at $25.28 on Oct 16, 2026, overvalued by 35% vs its model value of $18.75 (from its peers' median EV/Revenue).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $25.28 (Oct 16, 2026) |
| Model value (from its peers' median EV/Revenue) | $18.75 |
| Price vs model | overvalued by 35% vs model |
| Range of that model | $11.18 – $21.87 |
| Market value | $13.1B |
| P/E (fiscal 2025) | — |
| Net margin (fiscal 2025) | -8.5% |
| Free cash flow (fiscal 2025) | $332.0M |
| Dividend yield (trailing twelve months) | 0.16% |
| Beta | 0.65 |
| Cost of capital (WACC) | 6.48% |
| Business classification | Loss-Making (Revenue declining (~-13% recent), Currently unprofitable, Pays dividends, Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 0.16% |
| Dividends per share, last 12 months | $0.04 |
| Dividends / free cash flow (fiscal 2025) | 104.8% |
| Raised | — |
| Growth over 5 years | -48.0% a year |
| Latest payment | $0.01, ex-date Aug 28, 2026, paid Oct 1, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 2, 2021 | $1.05 |
| To Sep 1, 2022 | $1.14 |
| To Aug 31, 2023 | $1.16 |
| To Aug 30, 2024 | $1.16 |
| To Aug 29, 2025 | $0.68 |
| Trailing twelve months (to Aug 28, 2026) | $0.04 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $0.00 |
| DCF · Perpetuity growth · 10y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 5y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 10y | cross check | $0.00 | $0.00 | $0.00 |
| EV/EBITDA · peers | cross check | $0.00 | $0.00 | $0.00 |
| EV/Revenue · peers | cross check | $18.75 | $11.18 | $21.87 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |
| Dividend discount | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

No open-market insider buys or sales filed in the past 90 days.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 1, 2026 | Teaff James | President, CCS | Tax withholding | 750 | $19,110 |
| Sep 2, 2026 | Hider Andrew P. | President and CEO | Tax withholding | 54,276 | $1.4M |
| Sep 2, 2026 | Foster Julie | President, Front Line Care | Tax withholding | 2,098 | $53,918.6 |
| Jun 1, 2026 | Zielinski Anita A | SVP, Interim CFO, CAO & Cntrlr | Grant / award | 13,426 | $0 |
| Jun 2, 2026 | Wallace Steven P. | President, Adv. Surgery | Tax withholding | 153 | $2,858 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 19, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/10456/000119312526356188/d154782d8k.htm |
| Aug 18, 2026 | 8-K | 1.01 Entry into a Material Agreement; 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/10456/000162828026057739/bax-20260818.htm |
| Aug 4, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/10456/000162828026052180/bax-20260804.htm |
| Aug 4, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/10456/000119312526333134/d169940d8k.htm |
| Jul 30, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/10456/000162828026051118/bax-20260630.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Richard Pzena | 2026-06-30 | 65,295,393 | $1.4B |
| Dodge & Cox | 2026-06-30 | 58,386,345 | $1.2B |
| Greenhaven | 2026-06-30 | 14,285,228 | $304.6M |
| First Pacific Advisors | 2026-06-30 | 7,618,145 | $162.4M |

9 tracked managers in all.

## About

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 su…

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Source: https://sweetvaluelab.com/stocks/bax (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.