Latest revenue
$2.70B
as of 2026-03-31
Latest net income
$-15.0M
as of 2026-03-31
Net margin
-0.6%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $9.91B
- Enterprise value
- $19.17B
- P/E (trailing)
- —
- Forward P/E
- —
- P/B
- 1.64×
- Dividend yield
- 1.9%
- 52-wk high
- $32.04
- 52-wk low
- $15.73
- Beta
- —
- Shares out
- 516.5M
5-year trend
What this company does
Baxter makes hospital and medical products including IV solutions, infusion pumps, surgical and critical-care equipment, and pharmacy injectables sold to hospitals and clinicians worldwide. Revenue comes primarily from selling these medical devices and consumables, generating $2.7 billion in the quarter at roughly 33% gross margin. Baxter is reshaping itself after divesting its Kidney Care unit to Carlyle in early 2025, using proceeds to slash debt while operating margins remain thin and quarterly results swung to a small loss.
Generated from BAX's filing dated 2026-04-30
Key risks
- Heavy leverage: $9.46B total debt against $6.04B equity, with $842M long-term debt now current—refinancing risk amid only $66M operating income.
- Razor-thin profitability: Q1 2026 swung to $17M continuing operations loss vs. $64M prior-year profit; operating margin just 2.4% on $2.7B sales.
- Post-Kidney Care divestiture concentration: lost Vantive segment leaves smaller revenue base; goodwill/intangibles of $9.1B (46% of assets) exposed to impairment.
Generated from BAX's filing dated 2026-04-30
Profitability
Gross margin
30.1%
19.8%Operating margin
-2.7%
2181.0%Net margin
-8.5%
39.5%Return on equity
-15.6%
67.5%Return on assets
-4.8%
89.6%Leverage
Debt / equity
2.27×
15.9%Long-term debt / equity
1.49×
12.5%Debt / assets
69.4%
4.9%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.70B | +2.9% | $-15.0M | -111.9% | -0.6% |
Q4 2025 2025-12-31 | $2.97B | +8.0% | $-1.13B | -314.7% | -37.9% |
Q3 2025 2025-09-30 | $2.83B | +5.0% | $-46.0M | +66.4% | -1.6% |
Q2 2025 2025-06-30 | $2.81B | +4.3% | $91.0M | +132.9% | 3.2% |
Q1 2025 2025-03-31 | $2.63B | +5.4% | $126.0M | +240.5% | 4.8% |
Q4 2024 2024-12-31 | $2.75B | — | $-272.0M | — | -9.9% |
Q3 2024 2024-09-30 | $2.70B | +3.8% | $-137.0M | -105.7% | -5.1% |
Q2 2024 2024-06-30 | $2.69B | -27.3% | $-277.0M | -185.6% | -10.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Surgical & Medical Instruments & Apparatus · SIC 3841
Your notes
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns BAX
Institutional value
$5.25B
Total shares held
322.9M
Distinct holders
472
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 79.4M | $1.33B | — | New |
| 2 | PZENA INVESTMENT MANAGEMENT LLC | 64.5M | $1.08B | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 33.5M | $562.9M | — | New |
| 4 | VANGUARD PORTFOLIO MANAGEMENT LLC | 24.0M | $403.1M | — | New |
| 5 | GREENHAVEN ASSOCIATES INC | 14.3M | $240.4M | — | New |
| 6 | Invesco Ltd. | 13.1M | $220.4M | — | New |
| 7 | EQUITY INVESTMENT CORP | 6.4M | $107.0M | — | New |
| 8 | STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | 6.2M | $104.6M | — | New |
| 9 | DIMENSIONAL FUND ADVISORS LP | 5.9M | $99.6M | — | New |
| 10 | Artisan Partners Limited Partnership | 4.9M | $81.7M | — | New |
| 11 | UBS Group AG | 4.3M | $72.6M | — | New |
| 12 | Russell Investments Group, Ltd. | 3.4M | $57.5M | — | New |
| 13 | RWC Asset Management LLP | 3.1M | $51.7M | — | New |
| 14 | VANGUARD FIDUCIARY TRUST CO | 2.9M | $48.7M | — | New |
| 15 | Bank of New York Mellon Corp | 2.6M | $44.1M | — | New |
| 16 | EDMOND DE ROTHSCHILD HOLDING S.A. | 2.5M | $41.9M | — | New |
| 17 | JPMORGAN CHASE & CO | 2.6M | $41.8M | — | New |
| 18 | DEUTSCHE BANK AG\ | 2.2M | $37.5M | — | New |
| 19 | BNP PARIBAS FINANCIAL MARKETS | 1.9M | $32.1M | — | New |
| 20 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.8M | $29.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
With $842M of long-term debt now current and only $2B cash, what's the refinancing plan and expected interest cost impact?
- 2
Operating margin compressed to just 2.4% on 2.9% revenue growth—why is SG&A growing 3.6% faster than gross profit dollars?
- 3
Tax expense swung from a $67M benefit to $11M expense year-over-year despite a pretax loss—what's driving this and is it recurring?
Refreshed when BAX files a new report · last from 2026-04-30