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) Piotroski F-score
Baxter International Inc.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | (2.00) |
| FY2023 | 6 | 3.00 |
| FY2022 | 3 | (1.00) |
| FY2021 | 4 | (1.00) |
| FY2020 | 5 | 0.00 |
| FY2019 | 5 | (3.00) |
| FY2018 | 8 | 1.00 |
| FY2017 | 7 | 1.00 |
| FY2016 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (4.18%) | (2.40%) | Fail | 0 |
| Positive operating cash flow | 845.00m | 1.02b | Pass | 1 |
| Rising return on assets | (4.18%) | (2.40%) | Fail | 0 |
| Cash flow above net income | 1.80b | 1.67b | Pass | 1 |
| Falling long-term leverage | 0.41 | 0.38 | Fail | 0 |
| Rising current ratio | 2.31 | 1.36 | Pass | 1 |
| No new shares issued | 513,000,000 | 510,000,000 | Fail | 0 |
| Rising gross margin | 30.05% | 37.46% | Fail | 0 |
| Rising asset turnover | 0.49 | 0.39 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| WST West Pharmaceutical Services, Inc. compare | 8 |
| ALGN Align Technology, Inc. compare | 6 |
| RGEN Repligen Corporation compare | 6 |
| ATR AptarGroup, Inc. compare | 5 |
| COO The Cooper Companies, Inc. compare | 5 |
| SOLV Solventum Corporation compare | 5 |
| AVTR Avantor, Inc. compare | 4 |
| BAX Baxter International Inc. | 4 |
| BLCO Bausch + Lomb Corporation compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover
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