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 $12.2B against $10.8B — 1.1× the size. Baxter International Inc. has negative trailing earnings, so its P/E is not meaningful; Repligen Corporation trades at 253×. 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 252.91 34.17
P/S 1.05 13.63 2.83
P/B 1.96 5.07 2.82
Price to free cash flow 14.82 175.18 25.69
EV/EBITDA 13.34 65.28 16.08
EV/Sales 1.69 13.39 3.06
Earnings yield (8.86%) 0.40% (1.84%)
Free cash flow yield 6.75% 0.57% 0.17%

Profitability

Metric BAX RGEN Medical Instruments & Supplies median
Gross margin 30.08% 53.52% 54.62%
Operating margin (2.39%) 8.23% 1.64%
Net margin (9.27%) 5.29% 0.00%
Free cash flow margin 7.11% 14.06% 1.61%
Return on equity (15.78%) 1.99% 0.00%
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% 9.20%
EPS growth (last fiscal year) (47.24%) 286.96% —
Revenue growth, 5-year CAGR (0.75%) 15.05% 9.48%
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 0.08
Current ratio 1.95 9.05 2.49
Net debt to EBITDA 5.19 (1.50) 0.83

Dividend

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

Size

Metric BAX RGEN Medical Instruments & Supplies median
Market cap 12.15b 10.76b 938.39m

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