Financials Baxter International Inc.

Equities

BAX

US0718131099

Medical Equipment, Supplies & Distribution

Real-time Estimate Cboe BZX 10:09:18 2024-06-10 am EDT 5-day change 1st Jan Change
33 USD -0.47% Intraday chart for Baxter International Inc. -3.49% -14.92%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 42,693 40,981 42,980 25,695 19,613 16,898 - -
Enterprise Value (EV) 1 44,708 43,443 57,689 40,613 30,217 26,745 25,953 25,359
P/E ratio 43.3 x 37.7 x 33.9 x -10.6 x 7.36 x 18 x 14.8 x 14.1 x
Yield 1.02% 1.19% 1.26% 2.26% 3% 3.6% 3.74% 4.01%
Capitalization / Revenue 3.76 x 3.51 x 3.36 x 1.7 x 1.32 x 1.12 x 1.08 x 1.04 x
EV / Revenue 3.93 x 3.72 x 4.51 x 2.69 x 2.04 x 1.77 x 1.66 x 1.56 x
EV / EBITDA 16.4 x 16.1 x 19.2 x 12.6 x 11.1 x 9.01 x 8.29 x 7.55 x
EV / FCF 31.8 x 37.4 x 39 x 76.3 x 30 x 14.3 x 13.7 x 13.2 x
FCF Yield 3.15% 2.67% 2.56% 1.31% 3.33% 6.98% 7.29% 7.55%
Price to Book 5.37 x 4.77 x 4.74 x 4.41 x 2.33 x 1.88 x 1.72 x 1.7 x
Nbr of stocks (in thousands) 510,556 510,731 500,693 504,121 507,324 509,580 - -
Reference price 2 83.62 80.24 85.84 50.97 38.66 33.16 33.16 33.16
Announcement Date 3/17/20 2/4/21 2/17/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 11,362 11,673 12,784 15,113 14,813 15,115 15,665 16,289
EBITDA 1 2,726 2,698 3,003 3,233 2,734 2,967 3,130 3,358
EBIT 1 2,120 2,097 2,400 2,583 2,123 2,268 2,440 2,655
Operating Margin 18.66% 17.96% 18.77% 17.09% 14.33% 15.01% 15.58% 16.3%
Earnings before Tax (EBT) 1 970 1,292 1,477 -2,353 -103 1,933 1,590 1,116
Net income 1 1,001 1,102 1,284 -2,433 2,656 702.9 950.2 1,179
Net margin 8.81% 9.44% 10.04% -16.1% 17.93% 4.65% 6.07% 7.24%
EPS 2 1.930 2.130 2.530 -4.830 5.250 1.838 2.238 2.347
Free Cash Flow 1 1,408 1,161 1,479 532 1,007 1,868 1,893 1,914
FCF margin 12.39% 9.95% 11.57% 3.52% 6.8% 12.36% 12.08% 11.75%
FCF Conversion (EBITDA) 51.65% 43.03% 49.25% 16.46% 36.83% 62.94% 60.47% 56.99%
FCF Conversion (Net income) 140.66% 105.35% 115.19% - 37.91% 265.71% 199.2% 162.36%
Dividend per Share 2 0.8500 0.9550 1.085 1.150 1.160 1.195 1.241 1.329
Announcement Date 3/17/20 2/4/21 2/17/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 3,514 3,707 3,746 3,773 3,887 3,649 3,707 3,708 3,885 3,592 3,752 3,788 3,982 3,716 3,892
EBITDA 1 821 829 1,147 815 822 660 798 714 783 684 693.7 739.3 827 694.7 -
EBIT 1 714 666 605 649 663 503 489 565 630 515 519.7 578.5 655.2 546.9 591.8
Operating Margin 20.32% 17.97% 16.15% 17.2% 17.06% 13.78% 13.19% 15.24% 16.22% 14.34% 13.85% 15.27% 16.45% 14.72% 15.2%
Earnings before Tax (EBT) 1 283 94 295 -2,966 224 70 -183 -172 238 116 432 491.2 565.5 - -
Net income 1 238 71 252 -2,937 181 44 335 2,508 - 37 186 225.5 279 - -
Net margin 6.77% 1.92% 6.73% -77.84% 4.66% 1.21% 9.04% 67.64% - 1.03% 4.96% 5.95% 7.01% - -
EPS 2 0.4700 0.1400 0.5000 -5.830 0.3600 0.0900 0.6600 4.930 0.4800 0.0700 0.3600 0.4400 0.5400 - -
Dividend per Share 2 0.2800 0.2800 0.2900 0.2900 0.2900 0.2900 0.2900 0.2900 0.2900 0.2900 0.2993 0.3140 0.3138 0.2872 0.2868
Announcement Date 2/17/22 4/28/22 7/28/22 10/27/22 2/9/23 4/27/23 7/27/23 11/2/23 2/8/24 5/2/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,015 2,462 14,709 14,918 10,604 9,847 9,056 8,461
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 0.7392 x 0.9125 x 4.898 x 4.614 x 3.879 x 3.318 x 2.893 x 2.519 x
Free Cash Flow 1 1,408 1,161 1,479 532 1,007 1,868 1,893 1,914
ROE (net income / shareholders' equity) 21.8% 19.3% 20.7% 23.8% 18.6% 17.1% 17.3% 17.9%
ROA (Net income/ Total Assets) 10.1% 8.4% 6.86% 5.73% 4.69% 5.52% 6.44% 7.41%
Assets 1 9,886 13,119 18,722 -42,432 56,606 12,739 14,753 15,901
Book Value Per Share 2 15.60 16.80 18.10 11.60 16.60 17.70 19.30 19.50
Cash Flow per Share 2 4.050 3.620 4.370 2.400 3.410 4.930 6.450 -
Capex 1 696 709 743 679 719 710 738 1,036
Capex / Sales 6.13% 6.07% 5.81% 4.49% 4.85% 4.7% 4.71% 6.36%
Announcement Date 3/17/20 2/4/21 2/17/22 2/9/23 2/8/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
18
Last Close Price
33.16 USD
Average target price
45.44 USD
Spread / Average Target
+37.03%
Consensus
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