Baxter International Inc.
BAX Healthcare Medical Instruments & Supplies
Baxter International Inc.’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, up 5.72% from fiscal 2024. In the quarter to June 2026, revenue grew 5.34%, EPS grew 33.3%, free cash flow grew 119.5% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years.
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Baxter International Inc. (BAX) Altman Z-score
Baxter International Inc.'s Altman Z-score for fiscal 2025 is 2.12, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.12 | 0.31 |
| FY2024 | 1.81 | (0.16) |
| FY2023 | 1.97 | 0.42 |
| FY2022 | 1.55 | (0.89) |
| FY2021 | 2.43 | (2.03) |
| FY2020 | 4.47 | (0.46) |
| FY2019 | 4.92 | (0.39) |
| FY2018 | 5.31 | 0.31 |
| FY2017 | 5.00 | 0.61 |
| FY2016 | 4.39 | 1.82 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.23 | |
| Retained earnings / total assets | 0.68 | — | 0.96 | |
| EBIT / total assets | (0.02) | — | −0.05 | |
| Market value of equity / total liabilities | 0.70 | — | 0.42 | |
| Sales / total assets | 0.56 | — | 0.56 | |
| Altman Z-score | Grey zone | 2.12 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.86 | ||
Z and Z″ put Baxter International Inc. in different zones: grey zone by Z, safe zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WST West Pharmaceutical Services, Inc. compare | 13.9× |
| RGEN Repligen Corporation compare | 7.5× |
| ALGN Align Technology, Inc. compare | 4.7× |
| ATR AptarGroup, Inc. compare | 3.8× |
| COO The Cooper Companies, Inc. compare | 3.5× |
| SOLV Solventum Corporation compare | 2.2× |
| BAX Baxter International Inc. | 2.1× |
| AVTR Avantor, Inc. compare | 1.5× |
| BLCO Bausch + Lomb Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
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