Baxter International
BAX on NYSE. Baxter sells medical products to hospitals, clinics, care facilities, and patients. Market value $12.5bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.64 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns 0 cents a year. Above 10 is good.
Quality score: 34 of 100. Price score: 14 of 100. Our list needs 70 on quality and 60 on price.
$24.36 a share, 55% above its 1-year low
Over the past year the price has ranged from $15.73 to $30.00.
Dividend: 1.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $12.1bn | $10.1bn | $10.4bn | $10.6bn | $11.2bn |
| Operating margin | |||||
| Operating margin | 11.1% | -28.3% | 6.8% | 0.1% | -2.7% |
| Debt to equity | |||||
| Debt to equity | 1.98 | 2.90 | 1.64 | 2.19 | 1.55 |
| Shares outstanding | |||||
| Shares outstanding | 0.50bn | 0.51bn | 0.51bn | 0.51bn | 0.52bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.55× equity
- Revenue growth, five yearsShrinking, 0.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 billion last quarter, up 5% on a year ago.
- Profit: $126 million, up 38% on a year ago.
- It loses 2 cents on each $1 of sales, after keeping 0 cents a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $2.7bn |
| December 2024 | $2.8bn |
| March 2025 | $2.6bn |
| June 2025 | $2.8bn |
| September 2025 | $2.8bn |
| December 2025 | $3.0bn |
| March 2026 | $2.7bn |
| June 2026 | $3.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $140m |
| December 2024 | -$512m |
| March 2025 | $126m |
| June 2025 | $91m |
| September 2025 | -$46m |
| December 2025 | -$1.1bn |
| March 2026 | -$15m |
| June 2026 | $126m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 12 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
11 long-term investors we follow own it, down from 12 last quarter. 685 funds in all.
- Pzena Investment ManagementRichard Pzena
- Value
- $1.4bn
- Share of fund
- 4.1%
- Dodge & CoxDodge & Cox investment committee
- Value
- $1.2bn
- Share of fund
- 0.7%
- Greenhaven AssociatesEdgar Wachenheim III
- Value
- $305m
- Share of fund
- 3.5%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Pzena Investment ManagementRichard Pzena | $1.4bn | 4.1% | |
| Dodge & CoxDodge & Cox investment committee | $1.2bn | 0.7% | |
| Greenhaven AssociatesEdgar Wachenheim III | $305m | 3.5% | |
| First Pacific Advisors (FPA)Steven Romick | $162m | 2.0% | Added |
| LSV Asset ManagementJosef Lakonishok | $83m | 0.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $18m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $10m | <0.1% | Added |
| Hillman Capital ManagementMark Hillman | $5m | 3.6% | Cut |
| First Manhattan Co.First Manhattan partners | $792,985 | <0.1% | Cut |
| Mairs & PowerAndy Adams | $267,182 | <0.1% | Cut |
| Tweedy, BrowneTweedy Browne partners | $202,092 | <0.1% | Cut |
Sold out this quarter
Largest holders overall
- BlackRock$1.7bnAdded
- Pzena Investment Management$1.4bn
- Dodge & Cox$1.2bn
- FMR$1.1bnAdded
- Vanguard Capital Management$720m
- Vanguard Portfolio Management$513m
- State Street$439mAdded
- Greenhaven Associates$305m
- Geode Capital Management$301mAdded
- Invesco$264mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Pzena Investment ManagementPassive investor12.7%−1.1 ptsSince 31 March 2026
- Dodge & CoxPassive investor11.2%+1.1 ptsSince 30 September 2025
- FMR LLCPassive investorat least 10.3%+1.3 pts(filed with 1 related holder)Since 29 May 2026
- BlackRock Portfolio Management LLCPassive investor8.7%+1.1 ptsSince 31 December 2025
- Vanguard Capital ManagementPassive investor7.4%Since 31 March 2026
- BlackRock, Inc.Passive investor6.4%−1.1 ptsSince 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Pzena Investment Management Passive investor | 12.7%−1.1 pts | 31 March 2026 | |
Dodge & Cox Passive investor | 11.2%+1.1 pts | 30 September 2025 | |
FMR LLC Passive investor | at least 10.3%+1.3 pts (filed with 1 related holder) | 29 May 2026 | |
BlackRock Portfolio Management LLC Passive investor | 8.7%+1.1 pts | 31 December 2025 | |
Vanguard Capital Management Passive investor | 7.4% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 6.4%−1.1 pts | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 12 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 10 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 0.7% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.