Baxter International Inc. (BAX) vs Repligen Corporation (RGEN)

Baxter International Inc. and Repligen Corporation are both Medical Instruments & Supplies companies. Baxter International Inc. is the larger, with a market value of $13.3B against $11.7B — 1.1× the size. Baxter International Inc. has negative trailing earnings, so its P/E is not meaningful; Repligen Corporation trades at 234×. Repligen Corporation grew revenue faster over the last twelve months: 16.5% against 5.36%. Repligen Corporation has the higher net margin (5.29% vs −9.27%) and the higher return on invested capital (2.18% vs −1.27%). Across the 21 metrics below, Repligen Corporation leads on 14 and Baxter International Inc. on 7.

Valuation

Metric BAX RGEN Medical Instruments & Supplies median
P/E n/m 233.60 33.75
P/S 1.14 12.59 2.52
P/B 2.12 4.68 2.48
Price to free cash flow 16.07 161.81 25.19
EV/EBITDA 14.03 60.20 14.62
EV/Sales 1.78 12.35 2.88
Earnings yield (8.17%) 0.43% (2.67%)
Free cash flow yield 6.22% 0.62% 0.09%

Profitability

Metric BAX RGEN Medical Instruments & Supplies median
Gross margin 30.08% 53.52% 54.29%
Operating margin (2.39%) 8.23% 1.07%
Net margin (9.27%) 5.29% (1.61%)
Free cash flow margin 7.11% 14.06% 1.08%
Return on equity (15.78%) 1.99% (1.32%)
Return on assets (5.21%) 1.42% 0.00%
Return on invested capital (1.27%) 2.18% 0.00%

Growth

Metric BAX RGEN Medical Instruments & Supplies median
Revenue growth (TTM) 5.36% 16.49% 8.85%
EPS growth (last fiscal year) (47.24%) 286.96% 8.65%
Revenue growth, 5-year CAGR (0.75%) 15.05% 9.17%
Net income growth, 5-year CAGR 0.00% (3.99%) 0.00%

Health

Metric BAX RGEN Medical Instruments & Supplies median
Debt to equity 1.53 0.26 0.10
Current ratio 1.95 9.05 2.48
Net debt to EBITDA 5.19 (1.50) 0.89

Dividend

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

Size

Metric BAX RGEN Medical Instruments & Supplies median
Market cap 13.32b 11.69b 619.84m

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