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Company Overview Baxter International Inc., through our subsidiaries, provides a broad portfolio of essential healthcare products, including sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monit…
The business is unprofitable at the operating level (-2.74% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 5.7%, steady but not accelerating. Margins contracted 2.9pp, which offsets some of the top-line progress.
Free cash flow declined 42% versus the prior year, cash generation momentum has weakened. Net debt of $7.80B represents 23.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$11.24B
▲ +5.7% YoY
Net Income (TTM)
-$957M
▼ -47.5% YoY
Op. Margin
-2.74%
▼ -2.9pp YoY
ROIC
-1.75%
▼ -1.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$332M
▼ -42.1% YoY
Op. Cash Flow (TTM)
$845M
▼ -17.1% YoY
Net Debt
$7.80B
Cash & Equiv.
$1.97B
5Y CAGR: -0.7%
5Y CAGR: -22.1%
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