Baxter International (BAX) Financials

$28.33 +0.49 (+1.76%)

Closing price 04/14/2025 03:58 PM Eastern

Extended Trading

$28.25 -0.08 (-0.28%)

As of 09:12 AM Eastern

Annual Income Statements for Baxter International

This table shows Baxter International's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	968	4,965	602	1,546	1,001	1,102	1,284	-2,433	2,656	-649
Consolidated Net Income / (Loss)	968	4,965	602	1,546	1,011	1,110	1,295	-2,421	2,663	-638
Net Income / (Loss) Continuing Operations	393	4,966	609	1,552	1,011	1,110	1,033	-3,113	181	-326
Total Pre-Tax Income	428	4,954	1,100	1,617	970	1,292	1,116	-3,248	242	-289
Total Operating Income	449	745	1,288	1,584	1,772	1,616	1,350	-2,845	707	14
Total Gross Profit	4,146	4,116	4,474	4,759	4,761	4,587	4,720	3,549	4,150	3,984
Total Revenue	9,968	10,163	10,584	11,099	11,362	11,673	12,146	10,057	10,360	10,636
Operating Revenue	9,968	10,163	10,584	11,099	11,362	11,673	12,146	10,057	10,360	10,636
Total Cost of Revenue	5,822	6,047	6,110	6,340	6,601	7,086	7,426	6,508	6,210	6,652
Operating Cost of Revenue	5,822	6,047	6,110	6,340	6,601	7,086	7,426	6,508	6,210	6,652
Total Operating Expenses	3,697	3,371	3,186	3,175	2,989	2,971	3,370	6,394	3,443	3,970
Selling, General & Admin Expense	3,094	2,725	2,627	2,620	2,535	2,469	2,845	3,097	2,953	2,967
Research & Development Expense	603	646	615	654	595	521	531	450	518	590
Other Operating Expenses / (Income)	-	0.00	-56	-99	-141	-19	-6.00	35	-28	-12
Impairment Charge	-	-	-	-	-	0.00	0.00	2,812	0.00	425
Total Other Income / (Expense), net	-21	4,209	-188	33	-802	-324	-234	-403	-465	-303
Interest & Investment Income	-	-	-	-	-	-	-	-394	-439	-341
Other Income / (Expense), net	105	4,275	-133	78	-731	-190	-41	-9.00	-26	38
Income Tax Expense	35	-12	491	65	-41	182	83	-135	61	37
Net Income / (Loss) Discontinued Operations	575	-1.00	-7.00	-6.00	-	-	262	692	2,482	-312
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	10	8.00	11	12	7.00	11
Basic Earnings per Share	$1.78	$9.09	$1.11	$2.90	$1.97	$2.17	$2.56	($4.83)	$5.25	($1.27)
Weighted Average Basic Shares Outstanding	545M	546M	543M	534M	509M	509M	502M	504M	506M	510M
Diluted Earnings per Share	$1.76	$9.01	$1.08	$2.83	$1.93	$2.13	$2.53	($4.83)	$5.23	($1.27)
Weighted Average Diluted Shares Outstanding	549M	551M	555M	546M	519M	517M	508M	504M	508M	510M
Weighted Average Basic & Diluted Shares Outstanding	543.80M	546.20M	543.20M	534.20M	507.26M	505.10M	502.29M	504.67M	507.83M	511.62M
Cash Dividends to Common per Share	$1.27	$0.51	$0.61	$0.73	$0.85	$0.96	$1.09	$1.15	$1.16	$1.04

This table shows Baxter International's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	-2,937	181	44	-141	2,508	245	37	-314	140	-512
Consolidated Net Income / (Loss)	-2,934	185	45	-139	2,511	246	39	-311	144	-510
Net Income / (Loss) Continuing Operations	-2,991	-380	0.00	-193	37	337	39	-311	61	-115
Total Pre-Tax Income	-3,045	-516	14	-183	64	347	116	-257	69	-217
Total Operating Income	-2,880	-392	129	-17	179	416	187	-192	155	-136
Total Gross Profit	1,045	-215	1,275	1,111	1,056	708	1,387	1,431	1,033	133
Total Revenue	3,609	-853	3,513	3,707	2,599	541	3,592	3,812	2,699	533
Operating Revenue	3,609	-853	3,513	3,707	2,599	541	3,592	3,812	2,699	533
Total Cost of Revenue	2,564	-638	2,238	2,596	1,543	-167	2,205	2,381	1,666	400
Operating Cost of Revenue	2,564	-638	2,238	2,596	1,543	-167	2,205	2,381	1,666	400
Total Operating Expenses	3,925	177	1,146	1,128	877	292	1,200	1,623	878	269
Selling, General & Admin Expense	941	134	995	964	744	250	1,027	1,021	754	165
Research & Development Expense	151	1.00	164	165	133	56	176	173	129	112
Other Operating Expenses / (Income)	48	15	-13	-1.00	0.00	-14	-3.00	-1.00	-5.00	-3.00
Total Other Income / (Expense), net	-165	-124	-115	-166	-115	-69	-71	-65	-86	-81
Other Income / (Expense), net	-61	-8.00	2.00	-42	12	2.00	7.00	20	1.00	10
Income Tax Expense	-54	-136	14	10	27	10	77	54	8.00	-102
Net Income / (Loss) Discontinued Operations	57	-	45	54	2,474	-91	0.00	0.00	83	-395
Net Income / (Loss) Attributable to Noncontrolling Interest	3.00	4.00	1.00	2.00	3.00	1.00	2.00	3.00	4.00	2.00
Basic Earnings per Share	($5.83)	$0.36	$0.09	($0.28)	$4.95	$0.49	$0.07	($0.62)	$0.27	($0.99)
Weighted Average Basic Shares Outstanding	504M	504M	505M	506M	507M	506M	508M	510M	510M	510M
Diluted Earnings per Share	($5.83)	$0.36	$0.09	($0.28)	$4.93	$0.49	$0.07	($0.62)	$0.27	($0.99)
Weighted Average Diluted Shares Outstanding	504M	504M	505M	506M	509M	508M	510M	510M	512M	510M
Weighted Average Basic & Diluted Shares Outstanding	504.12M	504.67M	505.85M	506.40M	507.32M	507.83M	509.58M	510.18M	510.59M	511.62M

This table details how cash moves in and out of Baxter International's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-712	588	617	-1,502	1,497	401	-780	-1,234	1,476	-784
Net Cash From Operating Activities	1,771	1,654	1,714	2,017	2,104	1,868	2,222	1,211	1,726	1,019
Net Cash From Continuing Operating Activities	1,253	1,624	1,730	2,017	2,110	1,870	2,026	528	1,207	819
Net Income / (Loss) Continuing Operations	393	4,966	609	1,552	1,011	1,110	1,033	-3,113	181	-326
Consolidated Net Income / (Loss)	968	4,965	602	1,546	1,011	1,110	1,295	-2,421	2,663	-638
Net Income / (Loss) Discontinued Operations	575	-1.00	-7.00	-6.00	-	-	262	692	2,482	-312
Depreciation Expense	759	800	750	771	789	823	867	1,072	984	997
Non-Cash Adjustments To Reconcile Net Income	401	-3,828	270	205	1,045	297	344	3,435	137	646
Changes in Operating Assets and Liabilities, net	-300	-314	101	-511	-735	-360	-218	-866	-95	-498
Net Cash From Discontinued Operating Activities	518	30	-16	0.00	-6.00	-2.00	196	683	519	200
Net Cash From Investing Activities	-1,807	-715	-1,292	-916	-1,100	-1,179	-11,200	-931	3,213	-626
Net Cash From Continuing Investing Activities	-861	-730	-1,292	-916	-1,100	-1,179	-11,148	-624	-410	-410
Purchase of Property, Plant & Equipment	-911	-719	-616	-659	-696	-709	-691	-377	-432	-446
Acquisitions	-34	-48	-686	-268	-418	-494	-10,502	-258	-4.00	-14
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	0.00	0.00	34
Other Investing Activities, net	-	-	10	-	-	24	45	11	26	16
Net Cash From Discontinued Investing Activities	-946	15	-	-	-	-	-52	-307	3,623	-216
Net Cash From Financing Activities	-481	-324	93	-2,603	498	-345	8,245	-1,438	-3,489	-1,081
Net Cash From Continuing Financing Activities	-481	-324	93	-2,603	498	-345	8,245	-1,438	-3,489	-1,081
Repayment of Debt	-4,510	-1,691	-40	-33	-48	-1,233	-2,961	-1,015	-2,998	-2,688
Repurchase of Common Equity	0.00	-292	-564	-2,452	-1,270	-500	-600	-32	0.00	0.00
Payment of Dividends	-3,032	-268	-315	-376	-423	-473	-530	-573	-586	-590
Issuance of Debt	6,868	1,641	665	0.00	1,883	1,659	12,149	55	0.00	2,126
Issuance of Common Equity	193	286	347	258	356	202	187	127	95	71
Other Net Changes in Cash	-	-	-	-	-	57	-47	-76	-	-96

This table details how cash moves in and out of Baxter International's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-252	118	-45	49	4,066	-2,594	-168	-934	-16	334
Net Cash From Operating Activities	290	439	479	351	365	531	163	115	253	488
Net Cash From Continuing Operating Activities	225	-66	469	311	12	415	163	115	98	443
Net Income / (Loss) Continuing Operations	-2,991	-315	0.00	-193	155	219	39	-311	434	-488
Consolidated Net Income / (Loss)	-2,934	185	45	-139	2,511	246	39	-311	144	-510
Net Income / (Loss) Discontinued Operations	57	500	45	54	2,356	27	0.00	-	-290	-22
Depreciation Expense	331	18	313	315	92	264	335	288	129	245
Non-Cash Adjustments To Reconcile Net Income	3,302	69	35	321	-257	38	29	478	-391	530
Changes in Operating Assets and Liabilities, net	-417	162	121	-132	22	-106	-240	-340	-74	156
Net Cash From Discontinued Operating Activities	65	505	10	40	353	116	0.00	-	155	45
Net Cash From Investing Activities	-184	-256	-170	-173	3,786	-230	-166	-91	-164	-205
Net Cash From Continuing Investing Activities	-177	10	-163	-163	1.00	-85	-166	-91	-24	-129
Purchase of Property, Plant & Equipment	-161	61	-165	-163	-12	-92	-176	-116	-22	-132
Acquisitions	-16	-52	-3.00	-	-1.00	-	-6.00	-1.00	-2.00	-5.00
Other Investing Activities, net	-	1.00	5.00	-	14	7.00	0.00	8.00	-	8.00
Net Cash From Discontinued Investing Activities	-7.00	-266	-7.00	-10	3,785	-145	0.00	-	-140	-76
Net Cash From Financing Activities	-302	-119	-372	-120	-62	-2,935	-140	-936	-146	141
Net Cash From Continuing Financing Activities	-302	-119	-372	-120	-62	-2,935	-140	-936	-146	141
Repayment of Debt	-225	-11	-13	-190	-212	-2,583	-33	-800	-9.00	-1,846
Payment of Dividends	-146	-146	-146	-146	-147	-147	-147	-148	-148	-147
Issuance of Common Equity	26	13	36	18	32	9.00	40	12	11	8.00

This table presents Baxter International's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	20,962	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782
Total Current Assets	11,796	6,574	7,263	5,959	7,503	8,411	8,872	8,011	9,600	8,853
Cash & Equivalents	2,213	2,801	3,394	1,838	3,335	3,730	2,951	1,718	3,078	1,764
Accounts Receivable	1,731	1,691	1,793	1,840	1,896	2,007	2,629	2,571	1,719	1,679
Inventories, net	1,604	1,430	1,475	1,667	1,653	1,916	2,453	2,679	1,918	2,046
Prepaid Expenses	855	602	601	614	619	758	839	857	706	753
Other Current Nonoperating Assets	245	50	-	-	-	-	-	186	2,179	2,611
Plant, Property, & Equipment, net	4,386	4,289	4,588	4,530	4,512	0.00	0.00	4,695	2,871	2,870
Total Noncurrent Assets	4,780	4,683	5,260	5,231	6,178	11,608	24,649	15,581	15,805	14,059
Goodwill	2,687	2,595	3,099	3,002	3,030	3,217	9,836	6,452	5,793	5,275
Intangible Assets	1,349	1,111	1,374	1,410	1,471	1,671	7,792	6,793	5,918	5,223
Other Noncurrent Operating Assets	744	977	787	819	1,677	6,720	7,021	1,650	1,145	1,061
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	686	2,949	2,500
Total Liabilities & Shareholders' Equity	20,962	15,546	17,111	15,720	18,193	20,019	33,521	28,287	28,276	25,782
Total Liabilities	12,097	7,266	7,995	7,854	10,281	11,293	24,400	22,392	19,808	18,758
Total Current Liabilities	5,750	2,744	2,821	2,814	3,230	3,333	4,236	4,745	6,503	6,511
Short-Term Debt	2,585	3.00	3.00	4.00	541	406	511	1,404	2,667	2,752
Accounts Payable	2,666	2,612	2,733	2,810	2,689	1,043	1,246	1,110	881	968
Accrued Expenses	-	-	-	-	-	1,884	2,479	2,170	1,915	1,861
Other Current Nonoperating Liabilities	46	3.00	-	-	-	-	-	61	1,040	930
Total Noncurrent Liabilities	6,347	4,522	5,174	5,040	7,051	7,960	20,164	17,647	13,305	12,247
Long-Term Debt	3,922	2,779	3,509	3,481	4,809	5,786	17,149	15,232	11,089	10,374
Other Noncurrent Operating Liabilities	2,425	1,743	1,665	1,559	2,242	2,174	3,015	2,295	1,665	1,319
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	120	551	554
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	8,865	8,280	9,116	7,866	7,912	8,726	9,121	5,895	8,468	7,024
Total Preferred & Common Equity	8,846	8,290	9,124	7,844	7,882	8,689	9,077	5,833	8,402	6,964
Total Common Equity	8,846	8,290	9,124	7,844	7,882	8,689	9,077	5,833	8,402	6,964
Common Stock	6,585	6,641	6,623	6,581	6,638	6,726	6,880	7,005	7,072	7,104
Retained Earnings	9,683	14,200	14,483	15,075	15,718	16,328	17,065	14,050	16,114	14,929
Treasury Stock	-7,646	-7,995	-7,981	-9,989	-10,764	-11,051	-11,488	-11,389	-11,230	-11,059
Accumulated Other Comprehensive Income / (Loss)	224	-4,556	-4,001	-3,823	-3,710	-3,314	-3,380	-3,833	-3,554	-4,010
Noncontrolling Interest	19	-10	-8.00	22	30	37	44	62	66	60

This table presents Baxter International's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	27,965	28,287	28,291	27,885	30,656	28,276	27,788	26,312	26,676	25,782
Total Current Assets	7,810	8,011	8,099	8,205	12,034	9,600	9,400	8,593	8,864	8,853
Cash & Equivalents	1,601	1,718	1,673	1,722	5,788	3,078	3,026	2,095	1,420	1,764
Accounts Receivable	2,555	2,571	2,547	2,495	2,512	1,719	2,521	2,639	1,729	1,679
Inventories, net	2,675	2,679	2,922	2,897	2,873	1,918	2,988	2,985	2,103	2,046
Prepaid Expenses	979	857	957	858	861	706	865	874	720	753
Other Current Nonoperating Assets	-	186	-	233	0.00	2,179	-	-	2,892	2,611
Plant, Property, & Equipment, net	4,799	4,695	5,000	4,494	4,278	2,871	4,370	4,314	2,833	2,870
Total Noncurrent Assets	15,356	15,581	15,192	15,186	14,344	15,805	14,018	13,405	14,979	14,059
Goodwill	6,639	6,452	6,868	6,418	6,407	5,793	6,430	6,001	5,783	5,275
Intangible Assets	6,927	6,793	6,640	6,470	6,230	5,918	5,905	5,741	5,449	5,223
Other Noncurrent Operating Assets	1,790	1,650	1,684	1,600	1,707	1,145	1,683	1,663	1,213	1,061
Other Noncurrent Nonoperating Assets	-	686	-	698	0.00	2,949	-	-	2,534	2,500
Total Liabilities & Shareholders' Equity	27,965	28,287	28,291	27,885	30,656	28,276	27,788	26,312	26,676	25,782
Total Liabilities	22,386	22,392	22,350	22,254	22,490	19,808	19,553	18,604	18,734	18,758
Total Current Liabilities	3,708	4,745	4,760	5,765	6,209	6,503	6,365	6,131	6,200	6,511
Short-Term Debt	279	1,404	1,153	2,177	2,426	2,667	2,634	2,468	2,498	2,752
Accounts Payable	1,234	1,110	1,290	1,240	1,246	881	1,329	1,251	841	968
Accrued Expenses	2,195	2,170	2,317	2,278	2,537	1,915	2,402	2,412	1,772	1,861
Other Current Nonoperating Liabilities	-	61	-	70	0.00	1,040	-	-	1,089	930
Total Noncurrent Liabilities	18,678	17,647	17,590	16,489	16,281	13,305	13,188	12,473	12,534	12,247
Long-Term Debt	16,153	15,232	15,278	14,306	14,067	11,089	11,092	10,436	10,437	10,374
Other Noncurrent Operating Liabilities	2,525	2,295	2,312	2,060	2,214	1,665	2,096	2,037	1,522	1,319
Other Noncurrent Nonoperating Liabilities	-	120	-	123	0.00	551	-	-	575	554
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	5,579	5,895	5,941	5,631	8,166	8,468	8,235	7,708	7,942	7,024
Total Preferred & Common Equity	5,535	5,833	5,879	5,569	8,101	8,402	8,173	7,643	7,872	6,964
Total Common Equity	5,535	5,833	5,879	5,569	8,101	8,402	8,173	7,643	7,872	6,964
Common Stock	6,980	7,005	6,995	7,024	7,051	7,072	7,022	7,036	7,074	7,104
Retained Earnings	14,015	14,050	13,947	13,655	16,015	16,114	16,003	15,539	15,529	14,929
Treasury Stock	-11,406	-11,389	-11,324	-11,296	-11,249	-11,230	-11,130	-11,104	-11,084	-11,059
Accumulated Other Comprehensive Income / (Loss)	-4,054	-3,833	-3,739	-3,814	-3,716	-3,554	-3,722	-3,828	-3,647	-4,010
Noncontrolling Interest	44	62	62	62	65	66	62	65	70	60

This table displays calculated financial ratios and metrics derived from Baxter International's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.01%	1.96%	4.14%	4.87%	2.37%	2.74%	4.05%	-17.20%	3.01%	2.66%
EBITDA Growth	-7.99%	343.26%	-67.27%	27.72%	-24.78%	22.90%	-3.25%	-181.89%	193.43%	-37.00%
EBIT Growth	-12.76%	806.14%	-76.99%	43.90%	-37.36%	36.98%	-8.20%	-318.03%	123.86%	-92.36%
NOPAT Growth	-32.61%	81.14%	-4.52%	113.20%	21.48%	-24.83%	-9.99%	-259.37%	126.55%	-98.15%
Net Income Growth	-61.23%	412.91%	-87.88%	156.81%	-34.61%	9.79%	16.67%	-286.95%	210.00%	-123.96%
EPS Growth	-61.40%	411.93%	-88.01%	162.04%	-31.80%	10.36%	18.78%	-290.91%	208.28%	-124.28%
Operating Cash Flow Growth	-44.91%	-6.61%	3.63%	17.68%	4.31%	-11.22%	18.95%	-45.50%	42.53%	-40.96%
Free Cash Flow Firm Growth	-93.44%	-31.08%	-189.01%	504.45%	15.43%	-91.11%	-9,045.10%	115.07%	193.73%	-82.95%
Invested Capital Growth	-1.11%	5.15%	12.42%	3.02%	4.35%	12.70%	113.00%	-15.56%	-22.43%	-5.45%
Revenue Q/Q Growth	35.20%	0.42%	1.46%	0.20%	1.97%	1.23%	-2.45%	-27.05%	-22.77%	-29.55%
EBITDA Q/Q Growth	663.37%	1.57%	-5.69%	9.99%	-24.47%	25.36%	-10.01%	-50.89%	10.41%	-32.28%
EBIT Q/Q Growth	189.21%	1.11%	-8.11%	15.58%	-37.21%	46.26%	-16.09%	-16.16%	47.40%	-79.53%
NOPAT Q/Q Growth	194.84%	19.74%	-35.77%	32.41%	36.43%	-25.76%	-17.29%	-17.08%	50.78%	-94.38%
Net Income Q/Q Growth	-43.59%	0.77%	-41.61%	45.30%	-23.76%	20.65%	5.80%	-2.41%	2.34%	-640.68%
EPS Q/Q Growth	-43.95%	-0.55%	-42.86%	45.13%	-23.11%	20.34%	6.30%	-2.33%	2.55%	-652.17%
Operating Cash Flow Q/Q Growth	-19.13%	-0.66%	-15.82%	18.72%	6.05%	-5.89%	-0.85%	-17.34%	5.63%	-4.05%
Free Cash Flow Firm Q/Q Growth	-92.60%	-80.68%	74.63%	46.53%	0.79%	-84.33%	-1,665.28%	116.20%	166.80%	-74.34%
Invested Capital Q/Q Growth	-5.66%	15.37%	-2.18%	-2.34%	2.63%	4.27%	106.98%	-1.41%	-17.29%	-5.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.59%	40.50%	42.27%	42.88%	41.90%	39.30%	38.86%	35.29%	40.06%	37.46%
EBITDA Margin	13.17%	57.27%	18.00%	21.92%	16.11%	19.27%	17.92%	-17.72%	16.07%	9.86%
Operating Margin	4.50%	7.33%	12.17%	14.27%	15.60%	13.84%	11.11%	-28.29%	6.82%	0.13%
EBIT Margin	5.56%	49.39%	10.91%	14.97%	9.16%	12.22%	10.78%	-28.38%	6.57%	0.49%
Profit (Net Income) Margin	9.71%	48.85%	5.69%	13.93%	8.90%	9.51%	10.66%	-24.07%	25.70%	-6.00%
Tax Burden Percent	226.17%	100.22%	54.73%	95.61%	104.23%	85.91%	116.04%	74.54%	1,100.41%	220.76%
Interest Burden Percent	77.26%	98.69%	95.24%	97.29%	93.18%	90.60%	85.26%	113.81%	35.54%	-555.77%
Effective Tax Rate	8.18%	-0.24%	44.64%	4.02%	-4.23%	14.09%	7.44%	0.00%	25.21%	0.00%
Return on Invested Capital (ROIC)	5.25%	9.32%	8.17%	16.22%	19.00%	13.15%	7.14%	-9.06%	2.96%	0.06%
ROIC Less NNEP Spread (ROIC-NNEP)	-79.66%	-744.60%	-419.07%	19.13%	-26.65%	0.72%	7.67%	-12.03%	22.94%	-8.64%
Return on Net Nonoperating Assets (RNNOA)	6.13%	48.60%	-1.25%	1.99%	-6.19%	0.19%	7.38%	-23.18%	34.12%	-8.30%
Return on Equity (ROE)	11.37%	57.92%	6.92%	18.21%	12.82%	13.34%	14.51%	-32.25%	37.08%	-8.24%
Cash Return on Invested Capital (CROIC)	6.37%	4.30%	-3.52%	13.24%	14.74%	1.21%	-65.07%	7.81%	28.22%	5.66%
Operating Return on Assets (OROA)	2.35%	27.50%	7.07%	10.12%	6.14%	7.46%	4.89%	-9.24%	2.41%	0.19%
Return on Assets (ROA)	4.11%	27.20%	3.69%	9.42%	5.96%	5.81%	4.84%	-7.83%	9.42%	-2.36%
Return on Common Equity (ROCE)	11.34%	57.89%	6.93%	18.19%	12.77%	13.29%	14.45%	-32.02%	36.75%	-8.17%
Return on Equity Simple (ROE_SIMPLE)	10.94%	59.89%	6.60%	19.71%	12.83%	12.77%	14.27%	-41.51%	31.69%	-9.16%
Net Operating Profit after Tax (NOPAT)	412	747	713	1,520	1,847	1,388	1,250	-1,992	529	9.80
NOPAT Margin	4.14%	7.35%	6.74%	13.70%	16.26%	11.89%	10.29%	-19.80%	5.10%	0.09%
Net Nonoperating Expense Percent (NNEP)	84.91%	753.92%	427.24%	-2.91%	45.65%	12.44%	-0.53%	2.97%	-19.98%	8.71%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-8.84%	2.38%	0.05%
Cost of Revenue to Revenue	58.41%	59.50%	57.73%	57.12%	58.10%	60.70%	61.14%	64.71%	59.94%	62.54%
SG&A Expenses to Revenue	31.04%	26.81%	24.82%	23.61%	22.31%	21.15%	23.42%	30.79%	28.50%	27.90%
R&D to Revenue	6.05%	6.36%	5.81%	5.89%	5.24%	4.46%	4.37%	4.47%	5.00%	5.55%
Operating Expenses to Revenue	37.09%	33.17%	30.10%	28.61%	26.31%	25.45%	27.75%	63.58%	33.23%	37.33%
Earnings before Interest and Taxes (EBIT)	554	5,020	1,155	1,662	1,041	1,426	1,309	-2,854	681	52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,313	5,820	1,905	2,433	1,830	2,249	2,176	-1,782	1,665	1,049
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.07	2.58	3.46	4.05	4.96	4.37	4.45	4.16	2.27	2.14
Price to Tangible Book Value (P/TBV)	3.81	4.67	6.79	9.25	11.57	9.99	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.84	2.11	2.99	2.86	3.44	3.25	3.33	2.41	1.84	1.40
Price to Earnings (P/E)	18.92	4.31	52.49	20.54	39.08	34.47	31.45	0.00	7.18	0.00
Dividend Yield	2.38%	1.28%	1.05%	1.22%	1.11%	1.28%	1.35%	2.39%	3.09%	3.57%
Earnings Yield	5.28%	23.18%	1.91%	4.87%	2.56%	2.90%	3.18%	0.00%	13.93%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.24	2.60	3.43	3.51	4.15	3.62	2.31	1.95	1.91	1.78
Enterprise Value to Revenue (EV/Rev)	1.75	2.10	3.00	3.01	3.62	3.47	4.54	3.90	2.88	2.47
Enterprise Value to EBITDA (EV/EBITDA)	13.32	3.67	16.64	13.74	22.49	18.00	25.34	0.00	17.90	25.08
Enterprise Value to EBIT (EV/EBIT)	31.56	4.26	27.45	20.11	39.54	28.39	42.12	0.00	43.77	505.98
Enterprise Value to NOPAT (EV/NOPAT)	42.41	28.64	44.47	21.98	22.29	29.16	44.12	0.00	56.37	2,684.77
Enterprise Value to Operating Cash Flow (EV/OCF)	9.87	12.93	18.50	16.57	19.56	21.67	24.81	32.40	17.27	25.82
Enterprise Value to Free Cash Flow (EV/FCFF)	34.95	62.03	0.00	26.92	28.73	317.85	0.00	22.86	5.91	30.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.73	0.34	0.39	0.44	0.68	0.71	1.94	2.82	1.62	1.87
Long-Term Debt to Equity	0.44	0.34	0.38	0.44	0.61	0.66	1.88	2.58	1.31	1.48
Financial Leverage	-0.08	-0.07	0.00	0.10	0.23	0.27	0.96	1.93	1.49	0.96
Leverage Ratio	2.77	2.13	1.88	1.93	2.15	2.30	3.00	4.12	3.94	3.49
Compound Leverage Factor	2.14	2.10	1.79	1.88	2.00	2.08	2.56	4.68	1.40	-19.39
Debt to Total Capital	42.33%	25.15%	27.81%	30.70%	40.34%	41.51%	65.94%	73.84%	61.90%	65.14%
Short-Term Debt to Total Capital	16.82%	0.03%	0.02%	0.04%	4.08%	2.72%	1.91%	6.23%	12.00%	13.66%
Long-Term Debt to Total Capital	25.51%	25.12%	27.79%	30.67%	36.26%	38.79%	64.03%	67.60%	49.90%	51.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.12%	-0.09%	-0.06%	0.19%	0.23%	0.25%	0.16%	0.28%	0.30%	0.30%
Common Equity to Total Capital	57.55%	74.94%	72.25%	69.10%	59.43%	58.25%	33.89%	25.89%	37.81%	34.56%
Debt to EBITDA	4.96	0.48	1.84	1.43	2.92	2.75	8.12	-9.34	8.26	12.51
Net Debt to EBITDA	-0.65	0.00	0.06	0.68	1.10	1.09	6.76	-8.37	6.41	10.83
Long-Term Debt to EBITDA	2.99	0.48	1.84	1.43	2.63	2.57	7.88	-8.55	6.66	9.89
Debt to NOPAT	15.78	3.73	4.93	2.29	2.90	4.46	14.13	-8.35	26.01	1,339.39
Net Debt to NOPAT	-2.07	-0.03	0.17	1.08	1.09	1.77	11.77	-7.49	20.19	1,159.39
Long-Term Debt to NOPAT	9.51	3.72	4.92	2.29	2.60	4.17	13.72	-7.65	20.97	1,058.57
Altman Z-Score	2.46	5.06	4.71	5.06	4.59	4.28	2.36	1.51	1.95	1.82
Noncontrolling Interest Sharing Ratio	0.32%	0.05%	-0.10%	0.08%	0.33%	0.40%	0.45%	0.71%	0.89%	0.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.05	2.40	2.57	2.12	2.32	2.52	2.09	1.69	1.48	1.36
Quick Ratio	1.58	1.64	1.84	1.31	1.62	1.72	1.32	0.90	0.74	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	500	345	-307	1,241	1,433	127	-11,392	1,717	5,042	860
Operating Cash Flow to CapEx	194.40%	230.04%	278.25%	306.07%	302.30%	263.47%	321.56%	321.22%	399.54%	228.48%
Free Cash Flow to Firm to Interest Expense	3.97	5.22	-5.58	27.59	20.18	0.95	-59.03	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	14.06	25.06	31.16	44.82	29.63	13.94	11.51	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	6.83	14.17	19.96	30.18	19.83	8.65	7.93	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.42	0.56	0.65	0.68	0.67	0.61	0.45	0.33	0.37	0.39
Accounts Receivable Turnover	5.51	5.94	6.08	6.11	6.08	5.98	5.24	3.87	4.83	6.26
Inventory Turnover	3.66	3.99	4.21	4.04	3.98	3.97	3.40	2.54	2.70	3.36
Fixed Asset Turnover	2.26	2.34	2.38	2.43	2.51	0.00	0.00	0.00	2.74	3.71
Accounts Payable Turnover	2.18	2.29	2.29	2.29	2.40	3.80	6.49	5.52	6.24	7.20
Days Sales Outstanding (DSO)	66.19	61.45	60.07	59.74	60.01	61.02	69.66	94.36	75.57	58.31
Days Inventory Outstanding (DIO)	99.71	91.57	86.77	90.44	91.79	91.92	107.37	143.91	135.10	108.75
Days Payable Outstanding (DPO)	167.49	159.29	159.65	159.56	152.03	96.12	56.25	66.07	58.51	50.73
Cash Conversion Cycle (CCC)	-1.59	-6.27	-12.81	-9.38	-0.23	56.82	120.78	172.21	152.16	116.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,812	8,214	9,234	9,513	9,927	11,188	23,830	20,122	15,609	14,759
Invested Capital Turnover	1.27	1.27	1.21	1.18	1.17	1.11	0.69	0.46	0.58	0.70
Increase / (Decrease) in Invested Capital	-88	402	1,020	279	414	1,261	12,642	-3,708	-4,513	-850
Enterprise Value (EV)	17,483	21,387	31,708	33,422	41,162	40,481	55,138	39,236	29,807	26,311
Market Capitalization	18,318	21,416	31,598	31,753	39,117	37,982	40,385	24,256	19,063	14,889
Book Value per Share	$16.17	$15.24	$16.75	$14.74	$15.44	$17.01	$18.13	$11.57	$16.56	$13.64
Tangible Book Value per Share	$8.79	$8.43	$8.54	$6.45	$6.62	$7.44	($17.08)	($14.70)	($6.52)	($6.92)
Total Capital	15,372	11,062	12,628	11,351	13,262	14,918	26,781	22,531	22,224	20,150
Total Debt	6,507	2,782	3,512	3,485	5,350	6,192	17,660	16,636	13,756	13,126
Total Long-Term Debt	3,922	2,779	3,509	3,481	4,809	5,786	17,149	15,232	11,089	10,374
Net Debt	-854	-19	118	1,647	2,015	2,462	14,709	14,918	10,678	11,362
Capital Expenditures (CapEx)	911	719	616	659	696	709	691	377	432	446
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,270	1,032	1,051	1,311	1,479	1,754	2,196	2,952	2,686	3,330
Debt-free Net Working Capital (DFNWC)	8,631	3,833	4,445	3,149	4,814	5,484	5,147	4,670	5,764	5,094
Net Working Capital (NWC)	6,046	3,830	4,442	3,145	4,273	5,078	4,636	3,266	3,097	2,342
Net Nonoperating Expense (NNE)	-556	-4,218	111	-26	836	278	-45	430	-2,134	648
Net Nonoperating Obligations (NNO)	-1,053	-66	118	1,647	2,015	2,462	14,709	14,227	7,141	7,735
Total Depreciation and Amortization (D&A)	759	800	750	771	789	823	867	1,072	984	997
Debt-free, Cash-free Net Working Capital to Revenue	12.74%	10.15%	9.93%	11.81%	13.02%	15.03%	18.08%	29.35%	25.93%	31.31%
Debt-free Net Working Capital to Revenue	86.59%	37.72%	42.00%	28.37%	42.37%	46.98%	42.38%	46.44%	55.64%	47.89%
Net Working Capital to Revenue	60.65%	37.69%	41.97%	28.34%	37.61%	43.50%	38.17%	32.47%	29.89%	22.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$3.04	$1.97	$2.17	$2.56	($4.83)	$5.25	($1.27)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	534M	509M	509M	502M	504M	506M	510M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$2.97	$1.93	$2.13	$2.53	($4.83)	$5.25	($1.27)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	546M	519M	517M	508M	504M	506M	510M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	512.54M	507.26M	505.10M	502.29M	504.67M	507.83M	511.62M
Normalized Net Operating Profit after Tax (NOPAT)	412	522	713	1,520	1,240	1,388	1,250	-23	529	307
Normalized NOPAT Margin	4.14%	5.13%	6.74%	13.70%	10.92%	11.89%	10.29%	-0.23%	5.10%	2.89%
Pre Tax Income Margin	4.29%	48.75%	10.39%	14.57%	8.54%	11.07%	9.19%	-32.30%	2.34%	-2.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.40	76.06	21.00	36.93	14.66	10.64	6.78	0.00	0.00	0.00
NOPAT to Interest Expense	3.27	11.32	12.97	33.79	26.01	10.36	6.47	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-2.83	65.17	9.80	22.29	4.86	5.35	3.20	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-3.96	0.42	1.77	19.14	16.21	5.07	2.89	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	313.22%	5.40%	52.33%	24.32%	41.84%	42.61%	40.93%	-23.67%	22.01%	-92.48%
Augmented Payout Ratio	313.22%	11.28%	146.01%	182.92%	167.46%	87.66%	87.26%	-24.99%	22.01%	-92.48%

This table displays calculated financial ratios and metrics derived from Baxter International's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.87%	-129.66%	-5.23%	3.14%	-27.99%	163.42%	2.25%	2.83%	3.85%	-1.48%
EBITDA Growth	-469.17%	-274.43%	-20.57%	-60.68%	110.84%	278.53%	19.14%	-54.69%	0.71%	-82.55%
EBIT Growth	-687.03%	-13,233.33%	-26.82%	-119.16%	106.49%	204.50%	48.09%	-191.53%	-18.32%	-130.14%
NOPAT Growth	-492.11%	-1,804.35%	-100.00%	-105.34%	105.13%	247.23%	0.00%	-1,029.41%	32.42%	-123.56%
Net Income Growth	-749.12%	-23.55%	-38.36%	-154.51%	185.58%	32.97%	-13.33%	-123.74%	-94.27%	-307.32%
EPS Growth	-755.06%	-23.40%	-35.71%	-156.00%	184.56%	36.11%	-22.22%	-121.43%	-94.52%	-302.04%
Operating Cash Flow Growth	-57.04%	-36.65%	130.29%	28.10%	25.86%	20.96%	-65.97%	-67.24%	-30.68%	-8.10%
Free Cash Flow Firm Growth	-3,958.95%	127.19%	126.45%	134.07%	115.05%	43.20%	-44.64%	-75.37%	101.71%	-84.65%
Invested Capital Growth	77.28%	-15.56%	-13.75%	-17.20%	-7.54%	-22.43%	-8.52%	-5.79%	-16.83%	-5.45%
Revenue Q/Q Growth	0.42%	-123.64%	-2.31%	5.52%	-29.89%	-79.18%	-7.54%	6.12%	-29.20%	-80.25%
EBITDA Q/Q Growth	-500.92%	85.36%	-15.43%	-42.34%	10.55%	140.99%	-16.69%	-78.07%	145.69%	-58.25%
EBIT Q/Q Growth	-1,054.87%	86.40%	-34.17%	-145.04%	423.73%	118.85%	-37.62%	-188.66%	190.70%	-180.77%
NOPAT Q/Q Growth	-1,003.98%	86.39%	-100.00%	0.00%	969.62%	290.41%	-37.70%	-313.77%	201.96%	-169.47%
Net Income Q/Q Growth	-1,250.59%	106.31%	-75.68%	-408.89%	1,906.47%	-90.20%	-84.15%	-897.44%	146.30%	-454.17%
EPS Q/Q Growth	-1,266.00%	106.18%	-75.00%	-411.11%	1,860.71%	-90.06%	-86.27%	-985.71%	143.55%	-466.67%
Operating Cash Flow Q/Q Growth	5.84%	51.38%	9.11%	-26.72%	3.99%	45.48%	-69.30%	-29.45%	120.00%	92.89%
Free Cash Flow Firm Q/Q Growth	8.66%	131.46%	-15.61%	23.37%	-59.66%	199.36%	58.73%	-45.12%	230.44%	-77.22%
Invested Capital Q/Q Growth	-14.02%	-1.41%	2.87%	-5.05%	-3.98%	-17.29%	-0.72%	-2.21%	-15.24%	-5.96%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.96%	0.00%	36.29%	29.97%	40.63%	130.87%	38.61%	37.54%	38.27%	24.95%
EBITDA Margin	-72.32%	0.00%	12.64%	6.91%	10.89%	126.06%	14.73%	3.04%	10.56%	22.33%
Operating Margin	-79.80%	0.00%	3.67%	-0.46%	6.89%	76.89%	5.21%	-5.04%	5.74%	-25.52%
EBIT Margin	-81.49%	0.00%	3.73%	-1.59%	7.35%	77.26%	5.40%	-4.51%	5.78%	-23.64%
Profit (Net Income) Margin	-81.30%	0.00%	1.28%	-3.75%	96.61%	45.47%	1.09%	-8.16%	5.34%	-95.68%
Tax Burden Percent	96.35%	-35.85%	321.43%	75.96%	3,923.44%	70.89%	33.62%	121.01%	208.70%	235.02%
Interest Burden Percent	103.54%	129.00%	10.69%	310.17%	33.51%	83.01%	59.79%	149.42%	44.23%	172.22%
Effective Tax Rate	0.00%	0.00%	100.00%	0.00%	42.19%	2.88%	66.38%	0.00%	11.59%	0.00%
Return on Invested Capital (ROIC)	-48.25%	0.00%	0.00%	-0.21%	2.72%	43.31%	1.32%	-2.77%	4.43%	-12.51%
ROIC Less NNEP Spread (ROIC-NNEP)	-58.72%	0.00%	0.30%	-1.09%	21.58%	41.83%	1.13%	-4.19%	4.51%	-18.09%
Return on Net Nonoperating Assets (RNNOA)	-71.51%	0.00%	0.60%	-2.17%	40.08%	62.23%	2.03%	-7.81%	5.17%	-17.37%
Return on Equity (ROE)	-119.76%	0.00%	0.60%	-2.39%	42.80%	105.53%	3.34%	-10.58%	9.60%	-29.88%
Cash Return on Invested Capital (CROIC)	-66.40%	7.81%	7.63%	10.57%	9.62%	28.22%	10.48%	6.96%	19.38%	5.66%
Operating Return on Assets (OROA)	-47.03%	0.00%	1.75%	-0.77%	3.36%	28.30%	2.87%	-2.50%	3.04%	-9.30%
Return on Assets (ROA)	-46.92%	0.00%	0.60%	-1.81%	44.22%	16.66%	0.58%	-4.52%	2.81%	-37.65%
Return on Common Equity (ROCE)	-119.02%	0.00%	0.59%	-2.37%	42.46%	104.59%	3.31%	-10.48%	9.52%	-29.64%
Return on Equity Simple (ROE_SIMPLE)	-42.71%	0.00%	-41.66%	-51.05%	32.12%	0.00%	32.51%	32.51%	1.50%	0.00%
Net Operating Profit after Tax (NOPAT)	-2,016	-274	0.00	-12	103	404	63	-134	137	-95
NOPAT Margin	-55.86%	0.00%	0.00%	-0.32%	3.98%	74.68%	1.75%	-3.53%	5.08%	-17.86%
Net Nonoperating Expense Percent (NNEP)	10.47%	-3.18%	-0.30%	0.88%	-18.86%	1.48%	0.19%	1.42%	-0.08%	5.58%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.22%	-	-	-	1.82%	-	-	-	-0.47%
Cost of Revenue to Revenue	71.04%	0.00%	63.71%	70.03%	59.37%	-30.87%	61.39%	62.46%	61.73%	75.05%
SG&A Expenses to Revenue	26.07%	0.00%	28.32%	26.00%	28.63%	46.21%	28.59%	26.78%	27.94%	30.96%
R&D to Revenue	4.18%	0.00%	4.67%	4.45%	5.12%	10.35%	4.90%	4.54%	4.78%	21.01%
Operating Expenses to Revenue	108.76%	0.00%	32.62%	30.43%	33.74%	53.97%	33.41%	42.58%	32.53%	50.47%
Earnings before Interest and Taxes (EBIT)	-2,941	-400	131	-59	191	418	194	-172	156	-126
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2,610	-382	444	256	283	682	529	116	285	119
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.66	4.16	3.35	4.01	2.29	2.27	2.63	2.23	2.46	2.14
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.87	2.41	1.38	1.55	1.38	1.84	1.44	1.14	1.28	1.40
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	7.15	7.18	8.11	6.88	179.37	0.00
Dividend Yield	2.23%	2.39%	2.97%	2.63%	3.17%	3.09%	2.74%	3.47%	3.06%	3.57%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	13.99%	13.93%	12.32%	14.53%	0.56%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.99	1.95	1.67	1.89	1.55	1.91	1.70	1.51	1.97	1.78
Enterprise Value to Revenue (EV/Rev)	2.95	3.90	2.41	2.58	2.18	2.88	2.17	1.86	2.05	2.47
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	19.42	17.90	19.12	18.05	19.98	25.08
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	63.40	43.77	80.24	96.61	121.88	505.98
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	83.52	56.37	102.86	146.10	177.60	2,684.77
Enterprise Value to Operating Cash Flow (EV/OCF)	27.77	32.40	23.30	23.84	17.93	17.27	22.88	23.78	29.15	25.82
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.86	20.24	16.22	15.50	5.91	15.53	21.02	9.24	30.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.95	2.82	2.77	2.93	2.02	1.62	1.67	1.67	1.63	1.87
Long-Term Debt to Equity	2.90	2.58	2.57	2.54	1.72	1.31	1.35	1.35	1.31	1.48
Financial Leverage	1.22	1.93	1.97	1.99	1.86	1.49	1.80	1.86	1.15	0.96
Leverage Ratio	3.32	4.12	4.05	4.11	4.26	3.94	3.96	4.06	3.56	3.49
Compound Leverage Factor	3.44	5.31	0.43	12.74	1.43	3.27	2.37	6.07	1.57	6.01
Debt to Total Capital	74.65%	73.84%	73.44%	74.54%	66.88%	61.90%	62.50%	62.60%	61.96%	65.14%
Short-Term Debt to Total Capital	1.27%	6.23%	5.15%	9.84%	9.84%	12.00%	11.99%	11.97%	11.97%	13.66%
Long-Term Debt to Total Capital	73.39%	67.60%	68.29%	64.69%	57.05%	49.90%	50.51%	50.63%	49.99%	51.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.20%	0.28%	0.28%	0.28%	0.26%	0.30%	0.28%	0.32%	0.34%	0.30%
Common Equity to Total Capital	25.15%	25.89%	26.28%	25.18%	32.85%	37.81%	37.22%	37.08%	37.71%	34.56%
Debt to EBITDA	-13.91	-9.34	-16.60	-11.90	10.94	8.26	8.14	8.34	8.35	12.51
Net Debt to EBITDA	-12.56	-8.37	-14.91	-10.66	7.10	6.41	6.34	6.99	7.43	10.83
Long-Term Debt to EBITDA	-13.68	-8.55	-15.43	-10.33	9.33	6.66	6.58	6.75	6.74	9.89
Debt to NOPAT	-9.66	-8.35	-10.31	-9.21	47.03	26.01	43.77	67.52	74.21	1,339.39
Net Debt to NOPAT	-8.72	-7.49	-9.26	-8.24	30.52	20.19	34.12	56.56	66.06	1,159.39
Long-Term Debt to NOPAT	-9.50	-7.65	-9.59	-7.99	40.11	20.97	35.37	54.61	59.88	1,058.57
Altman Z-Score	1.72	1.79	1.88	1.90	1.91	1.92	2.16	2.04	2.14	1.79
Noncontrolling Interest Sharing Ratio	0.62%	0.00%	0.70%	0.73%	0.79%	0.89%	0.87%	0.95%	0.84%	0.81%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	1.69	1.70	1.42	1.94	1.48	1.48	1.40	1.43	1.36
Quick Ratio	1.12	0.90	0.89	0.73	1.34	0.74	0.87	0.77	0.51	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-10,913	3,434	3,300	4,071	1,642	4,917	1,827	1,003	3,313	755
Operating Cash Flow to CapEx	180.12%	0.00%	290.30%	215.34%	3,041.67%	577.17%	92.61%	99.14%	1,150.00%	369.70%
Free Cash Flow to Firm to Interest Expense	-104.93	0.00	28.21	0.00	0.00	0.00	23.42	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	2.79	0.00	4.09	0.00	0.00	0.00	2.09	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	1.24	0.00	2.68	0.00	0.00	0.00	-0.17	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.58	0.33	0.47	0.48	0.46	0.37	0.53	0.55	0.53	0.39
Accounts Receivable Turnover	5.96	3.87	5.70	5.81	5.30	4.83	5.88	5.84	7.12	6.26
Inventory Turnover	3.83	2.54	3.41	3.49	3.13	2.70	3.32	3.26	3.90	3.36
Fixed Asset Turnover	2.94	0.00	2.83	3.05	2.96	2.74	3.18	3.41	4.25	3.71
Accounts Payable Turnover	8.06	5.52	7.42	7.69	6.99	6.24	7.49	7.70	9.31	7.20
Days Sales Outstanding (DSO)	61.28	94.36	63.99	62.85	68.93	75.57	62.11	62.48	51.27	58.31
Days Inventory Outstanding (DIO)	95.30	143.91	107.12	104.69	116.77	135.10	110.00	111.94	93.50	108.75
Days Payable Outstanding (DPO)	45.28	66.07	49.21	47.49	52.20	58.51	48.75	47.40	39.21	50.73
Cash Conversion Cycle (CCC)	111.30	172.21	121.90	120.06	133.51	152.16	123.36	127.01	105.55	116.33
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	20,410	20,122	20,699	19,654	18,871	15,609	18,935	18,517	15,695	14,759
Invested Capital Turnover	0.86	0.46	0.64	0.66	0.68	0.58	0.75	0.79	0.87	0.70
Increase / (Decrease) in Invested Capital	8,897	-3,708	-3,300	-4,083	-1,539	-4,513	-1,764	-1,137	-3,176	-850
Enterprise Value (EV)	40,676	39,236	34,530	37,174	29,292	29,807	32,257	27,919	30,956	26,311
Market Capitalization	25,801	24,256	19,710	22,351	18,522	19,063	21,495	17,045	19,371	14,889
Book Value per Share	$10.99	$11.57	$11.65	$11.01	$16.00	$16.56	$16.09	$15.00	$15.43	$13.64
Tangible Book Value per Share	($15.95)	($14.70)	($15.12)	($14.47)	($8.96)	($6.52)	($8.19)	($8.04)	($6.59)	($6.92)
Total Capital	22,011	22,531	22,372	22,114	24,659	22,224	21,961	20,612	20,877	20,150
Total Debt	16,432	16,636	16,431	16,483	16,493	13,756	13,726	12,904	12,935	13,126
Total Long-Term Debt	16,153	15,232	15,278	14,306	14,067	11,089	11,092	10,436	10,437	10,374
Net Debt	14,831	14,918	14,758	14,761	10,705	10,678	10,700	10,809	11,515	11,362
Capital Expenditures (CapEx)	161	-61	165	163	12	92	176	116	22	132
Debt-free, Cash-free Net Working Capital (DFCFNWC)	2,780	2,952	2,819	2,895	2,463	2,686	2,643	2,835	3,742	3,330
Debt-free Net Working Capital (DFNWC)	4,381	4,670	4,492	4,617	8,251	5,764	5,669	4,930	5,162	5,094
Net Working Capital (NWC)	4,102	3,266	3,339	2,440	5,825	3,097	3,035	2,462	2,664	2,342
Net Nonoperating Expense (NNE)	918	-459	-45	127	-2,408	158	24	177	-6.97	415
Net Nonoperating Obligations (NNO)	14,831	14,227	14,758	14,023	10,705	7,141	10,700	10,809	7,753	7,735
Total Depreciation and Amortization (D&A)	331	18	313	315	92	264	335	288	129	245
Debt-free, Cash-free Net Working Capital to Revenue	20.17%	29.35%	19.70%	20.07%	18.36%	25.93%	17.75%	18.90%	24.79%	31.31%
Debt-free Net Working Capital to Revenue	31.78%	46.44%	31.39%	32.01%	61.51%	55.64%	38.07%	32.87%	34.19%	47.89%
Net Working Capital to Revenue	29.75%	32.47%	23.33%	16.92%	43.42%	29.89%	20.38%	16.42%	17.65%	22.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($5.83)	$0.36	$0.09	($0.28)	$4.95	$0.49	$0.07	($0.62)	$0.27	($0.99)
Adjusted Weighted Average Basic Shares Outstanding	504M	504M	505M	506M	507M	506M	508M	510M	510M	510M
Adjusted Diluted Earnings per Share	($5.83)	$0.36	$0.09	($0.28)	$4.93	$0.49	$0.07	($0.62)	$0.27	($0.99)
Adjusted Weighted Average Diluted Shares Outstanding	504M	504M	507M	506M	509M	508M	510M	510M	512M	510M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	504.12M	504.67M	505.85M	506.40M	507.32M	507.83M	509.58M	510.18M	510.59M	511.62M
Normalized Net Operating Profit after Tax (NOPAT)	-67	-274	90	-12	103	404	131	167	137	-95
Normalized NOPAT Margin	-1.84%	0.00%	2.57%	-0.32%	3.98%	74.68%	3.64%	4.37%	5.08%	-17.86%
Pre Tax Income Margin	-84.37%	0.00%	0.40%	-4.94%	2.46%	64.14%	3.23%	-6.74%	2.56%	-40.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-28.28	0.00	1.12	0.00	0.00	0.00	2.49	0.00	0.00	0.00
NOPAT to Interest Expense	-19.38	0.00	0.00	0.00	0.00	0.00	0.81	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-29.83	0.00	-0.29	0.00	0.00	0.00	0.23	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-20.93	0.00	-1.41	0.00	0.00	0.00	-1.45	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-23.98%	-23.67%	-23.64%	-20.54%	22.48%	22.01%	22.09%	23.70%	500.00%	-92.48%
Augmented Payout Ratio	-25.34%	-24.99%	-23.64%	-20.54%	22.48%	22.01%	22.09%	23.70%	500.00%	-92.48%

Frequently Asked Questions About Baxter International's Financials

When does Baxter International's financial year end?

According to the most recent income statement we have on file, Baxter International's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Baxter International's net income changed over the last 9 years?

Baxter International's net income appears to be on a downward trend, with a most recent value of -$638 million in 2024, falling from $968 million in 2015. The previous period was $2.66 billion in 2023.

What is Baxter International's operating income?

Baxter International's total operating income in 2024 was $14 million, based on the following breakdown:

Total Gross Profit: $3.98 billion
Total Operating Expenses: $3.97 billion

How has Baxter International revenue changed over the last 9 years?

Over the last 9 years, Baxter International's total revenue changed from $9.97 billion in 2015 to $10.64 billion in 2024, a change of 6.7%.

How much debt does Baxter International have?

Baxter International's total liabilities were at $18.76 billion at the end of 2024, a 5.3% decrease from 2023, and a 55.1% increase since 2015.

How much cash does Baxter International have?

In the past 9 years, Baxter International's cash and equivalents has ranged from $1.72 billion in 2022 to $3.73 billion in 2020, and is currently $1.76 billion as of their latest financial filing in 2024.

How has Baxter International's book value per share changed over the last 9 years?

Over the last 9 years, Baxter International's book value per share changed from 16.17 in 2015 to 13.64 in 2024, a change of -15.7%.

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This page (NYSE:BAX) was last updated on 4/15/2025 by MarketBeat.com Staff

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