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 $13.3B against $10.9B — 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 33.75
P/S 1.69 1.14 2.52
P/B 1.97 2.12 2.48
Price to free cash flow 24.42 16.07 25.19
EV/EBITDA 116.14 14.03 14.62
EV/Sales 2.21 1.78 2.88
Earnings yield (5.12%) (8.17%) (2.67%)
Free cash flow yield 4.10% 6.22% 0.09%

Profitability

Metric AVTR BAX Medical Instruments & Supplies median
Gross margin 31.83% 30.08% 54.29%
Operating margin (4.59%) (2.39%) 1.07%
Net margin (8.81%) (9.27%) (1.61%)
Free cash flow margin 6.93% 7.11% 1.08%
Return on equity (9.70%) (15.78%) (1.32%)
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% 8.85%
EPS growth (last fiscal year) (175.00%) (47.24%) 8.65%
Revenue growth, 5-year CAGR 0.49% (0.75%) 9.17%
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 0.10
Current ratio 1.78 1.95 2.48
Net debt to EBITDA 20.76 5.19 0.89

Dividend

Metric AVTR BAX Medical Instruments & Supplies median
Dividend yield — 0.16% 1.11%
Payout ratio — — 0.27

Size

Metric AVTR BAX Medical Instruments & Supplies median
Market cap 10.88b 13.32b 619.84m

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