# Baxter International Inc. (BAX) — Stock CV

Baxter International Inc. is a $12.6B healthcare company. Revenue grew 32.3% over the last year, it currently loses money, and it holds more cash than debt.

> Baxter offers a variety of medical supplies and equipment to providers. From its legacy operations, Baxter sells injectable therapies for use in care settings, including IV pumps, administrative sets, and solutions; nutritional products; and surgical sealants and hemostatic agents.

## Identity

- **Ticker**: BAX
- **Sector**: Healthcare
- **Industry**: Surgical & Medical Instruments & Apparatus
- **Headquarters**: DEERFIELD, IL
- **Employees**: 37 500
- **Website**: https://www.baxter.com
- **Market cap**: $12.6B
- **Last price**: $24.35
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $11.5B
- **Net income**: -$1.06B
- **Free cash flow**: $931M
- **Net cash**: $1.97B
- **Revenue growth (YoY)**: 32.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 45 |
| Growth | 0 |
| Profitability | 0 |
| Health | 61 |
| Quality | 65 |
| Moat | 51 |

## Qualifications (beginner checklist) — 8 of 10 passed

- [x] Revenue growing — +32.3% YoY
- [ ] Profitable — -$1.06B TTM
- [ ] Profit growing — -47.5% YoY
- [x] Generates cash — $931M TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $12.6B market cap
- [x] Not printing shares — -0.8% shares over ~5y
- [x] Proven track record — 7/10 profitable years
- [x] Financially stable — Altman Z 2.1 — grey
- [x] Pays a dividend — yield 1.46%

## Experience (career milestones)

- **2021** — The acquisition was completed in December 2021 for $12.5 billion
- **FY2019** — Became debt-free: cash now exceeds total debt
- **FY2016** — First recorded profitable year: $4.96B net income
- **FY2016** — Revenue already above $10B: $10.2B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **FY2016** — Best year on record: $4.96B net income
- **2016** — Shire PLC agreed to acquire Baxalta for $32 billion
- **Nov 10, 2011** — Baxter acquired medical device firm Baxa on November 10, 2011
- **2010** — Baxter was ordered by the FDA to recall all of their Colleague infusion pumps from the market due to 87…
- **1982** — Baxter acquired Medcom, Inc., a New York-based firm founded by Richard Fuisz and his brother
- **1956** — Baxter International introduced the first functioning artificial kidney
- **1939** — The company developed a vacuum-type collection container, extending the shelf life of blood from hours to…
- **1935** — Baxter's interest was bought out in 1935 by Ralph Falk, who established a research and development function
- **1931** — Baxter International was founded in 1931 by Donald Baxter, a Los Angeles-based medical doctor

## Strengths

- Revenue growing 32.3% year over year
- Net cash position after subtracting debt from cash

## Watch-outs

- Not profitable — 9.3% net margin
- Net debt would take ~8.1 years of free cash flow to repay
- Thin interest coverage (-1.0×)
- Loss-making in 3 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.8B | $1.28B | $1.48B |
| FY2022 | $15.1B | -$2.43B | $532M |
| FY2023 | $14.8B | $2.66B | $1.03B |
| FY2024 | $10.6B | -$649M | $573M |
| FY2025 | $11.2B | -$957M | $332M |

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Source: https://stockcv.com/BAX — derived from company filings; may be delayed or incomplete. Information, not investment advice.