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) Return on invested capital
Baxter International Inc.'s return on invested capital over the twelve months to 30 June 2026 was −1.27%, up 0.1 percentage points from fiscal 2025 (−1.41%). Over the past ten years it has ranged from −8.54% (fiscal 2022) to 11.2% (fiscal 2019); the current reading is higher than 18% of that period. That is below the Medical Instruments & Supplies industry median of 0.00% and below the Healthcare sector median of 0.00%.
Return on invested capital, annual
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Annual newest first
| Period | Return on invested capital | Change (points) |
|---|---|---|
| FY2025 | −1.41% | (1.46) |
| FY2024 | 0.05% | (2.26) |
| FY2023 | 2.31% | 10.85 |
| FY2022 | −8.54% | (12.08) |
| FY2021 | 3.54% | (5.49) |
| FY2020 | 9.03% | (2.13) |
| FY2019 | 11.2% | 0.75 |
| FY2018 | 10.4% | 1.69 |
| FY2017 | 8.72% | 3.08 |
| FY2016 | 5.64% | 2.14 |
Against its own ten years
Return on invested capital against peers
| Company | Return on invested capital |
|---|---|
| WST West Pharmaceutical Services, Inc. compare | 15.4% |
| SOLV Solventum Corporation compare | 13.4% |
| ALGN Align Technology, Inc. compare | 10.9% |
| ATR AptarGroup, Inc. compare | 7.82% |
| COO The Cooper Companies, Inc. compare | 3.17% |
| RGEN Repligen Corporation compare | 2.18% |
| BLCO Bausch + Lomb Corporation compare | 1.81% |
| BAX Baxter International Inc. | −1.27% |
| AVTR Avantor, Inc. compare | −2.09% |
| Medical Instruments & Supplies industry median | 0.00% |
| Healthcare sector median | 0.00% |
| Market median | 0.00% |
What Return on invested capital is
Return on Invested Capital shows how much after-tax operating profit a company earns on the money its lenders and shareholders have put in.
TTM: (Operating Income × 0.625) ÷ (Shareholders Equity (Total) (latest quarter) + Long Term Debt (Total) (latest quarter) + Current Part of Debt (latest quarter) − Cash & Short Term Investments (latest quarter)); Annual: (Operating Income × 0.625) ÷ (Shareholders Equity (Total) + Long Term Debt (Total) + Current Part of Debt − Cash & Short Term Investments)
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