Baxter International Inc. (BAX) vs Stevanato Group S.p.A. (STVN)

Baxter International Inc. and Stevanato Group S.p.A. are both Medical Instruments & Supplies companies. Baxter International Inc. is the larger, with a market value of $12.2B against $5.8B — 2.1× the size. Baxter International Inc. has negative trailing earnings, so its P/E is not meaningful; Stevanato Group S.p.A. trades at 37.7×. Stevanato Group S.p.A. grew revenue faster over the last twelve months: 14.3% against 5.36%. Stevanato Group S.p.A. has the higher net margin (11.0% vs −9.27%) and the higher return on invested capital (6.56% vs −1.27%). Both pay a dividend; Baxter International Inc. yields more (2.60% vs 0.07%). Across the 21 metrics below, Stevanato Group S.p.A. leads on 12 and Baxter International Inc. on 9.

Valuation

Metric BAX STVN Medical Instruments & Supplies median
P/E n/m 37.73 34.17
P/S 1.05 4.05 2.83
P/B 1.96 3.20 2.82
Price to free cash flow 14.82 n/m 25.69
EV/EBITDA 13.34 18.11 16.08
EV/Sales 1.69 4.34 3.06
Earnings yield (8.86%) 2.65% (1.84%)
Free cash flow yield 6.75% (0.60%) 0.17%

Profitability

Metric BAX STVN Medical Instruments & Supplies median
Gross margin 30.08% 29.13% 54.62%
Operating margin (2.39%) 16.29% 1.64%
Net margin (9.27%) 10.95% 0.00%
Free cash flow margin 7.11% (2.43%) 1.61%
Return on equity (15.78%) 9.21% 0.00%
Return on assets (5.21%) 5.46% 0.00%
Return on invested capital (1.27%) 6.56% 0.00%

Growth

Metric BAX STVN Medical Instruments & Supplies median
Revenue growth (TTM) 5.36% 14.28% 9.20%
EPS growth (last fiscal year) (47.24%) 23.40% —
Revenue growth, 5-year CAGR (0.75%) 12.16% 9.48%
Net income growth, 5-year CAGR 0.00% 12.02% 0.00%

Health

Metric BAX STVN Medical Instruments & Supplies median
Debt to equity 1.53 0.29 0.08
Current ratio 1.95 1.61 2.49
Net debt to EBITDA 5.19 1.15 0.83

Dividend

Metric BAX STVN Medical Instruments & Supplies median
Dividend yield 2.60% 0.07% 0.99%
Payout ratio 0.57 0.10 0.00

Size

Metric BAX STVN Medical Instruments & Supplies median
Market cap 12.15b 5.84b 938.39m

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