Avantor, Inc. (AVTR) vs Baxter International Inc. (BAX)

Avantor, Inc. and Baxter International Inc. are both Medical Instruments & Supplies companies. Baxter International Inc. is the larger, with a market value of $12.2B against $10.4B — 1.2× the size. Baxter International Inc. grew revenue faster over the last twelve months: 5.36% against −1.57%. Avantor, Inc. has the higher net margin (−8.81% vs −9.27%) and the lower return on invested capital (−2.09% vs −1.27%). Across the 20 metrics below, Baxter International Inc. leads on 12 and Avantor, Inc. on 8.

Valuation

Metric AVTR BAX Medical Instruments & Supplies median
P/E n/m n/m 34.17
P/S 1.57 1.05 2.83
P/B 1.83 1.96 2.82
Price to free cash flow 22.68 14.82 25.69
EV/EBITDA 109.80 13.34 16.08
EV/Sales 2.09 1.69 3.06
Earnings yield (5.51%) (8.86%) (1.84%)
Free cash flow yield 4.41% 6.75% 0.17%

Profitability

Metric AVTR BAX Medical Instruments & Supplies median
Gross margin 31.83% 30.08% 54.62%
Operating margin (4.59%) (2.39%) 1.64%
Net margin (8.81%) (9.27%) 0.00%
Free cash flow margin 6.93% 7.11% 1.61%
Return on equity (9.70%) (15.78%) 0.00%
Return on assets (4.74%) (5.21%) 0.00%
Return on invested capital (2.09%) (1.27%) 0.00%

Growth

Metric AVTR BAX Medical Instruments & Supplies median
Revenue growth (TTM) (1.57%) 5.36% 9.20%
EPS growth (last fiscal year) (175.00%) (47.24%) —
Revenue growth, 5-year CAGR 0.49% (0.75%) 9.48%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AVTR BAX Medical Instruments & Supplies median
Debt to equity 0.66 1.53 0.08
Current ratio 1.78 1.95 2.49
Net debt to EBITDA 20.76 5.19 0.83

Dividend

Metric AVTR BAX Medical Instruments & Supplies median
Dividend yield — 2.60% 0.99%
Payout ratio 0.00 0.57 0.00

Size

Metric AVTR BAX Medical Instruments & Supplies median
Market cap 10.40b 12.15b 938.39m

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