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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash-to-Debt 1.01
BAX's Cash-to-Debt is ranked lower than
56% of the 197 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.69 vs. BAX: 1.01 )
Ranked among companies with meaningful Cash-to-Debt only.
BAX' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.01  Med: 0.24 Max: 1.13
Current: 1.01
0.01
1.13
Equity-to-Asset 0.54
BAX's Equity-to-Asset is ranked lower than
62% of the 188 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 0.60 vs. BAX: 0.54 )
Ranked among companies with meaningful Equity-to-Asset only.
BAX' s Equity-to-Asset Range Over the Past 10 Years
Min: 0.22  Med: 0.37 Max: 0.56
Current: 0.54
0.22
0.56
Debt-to-Equity 0.37
BAX's Debt-to-Equity is ranked lower than
52% of the 145 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 0.35 vs. BAX: 0.37 )
Ranked among companies with meaningful Debt-to-Equity only.
BAX' s Debt-to-Equity Range Over the Past 10 Years
Min: 0.32  Med: 0.79 Max: 1.91
Current: 0.37
0.32
1.91
Debt-to-EBITDA 1.71
BAX's Debt-to-EBITDA is ranked higher than
53% of the 109 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.93 vs. BAX: 1.71 )
Ranked among companies with meaningful Debt-to-EBITDA only.
BAX' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0.48  Med: 1.54 Max: 7.87
Current: 1.71
0.48
7.87
Interest Coverage 15.14
BAX's Interest Coverage is ranked lower than
68% of the 137 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 44.21 vs. BAX: 15.14 )
Ranked among companies with meaningful Interest Coverage only.
BAX' s Interest Coverage Range Over the Past 10 Years
Min: 3.08  Med: 17.4 Max: 32.02
Current: 15.14
3.08
32.02
Piotroski F-Score: 6
Altman Z-Score: 4.92
Beneish M-Score: -2.74
WACC vs ROIC
6.69%
12.17%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating Margin % 12.05
BAX's Operating Margin % is ranked higher than
67% of the 194 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 4.72 vs. BAX: 12.05 )
Ranked among companies with meaningful Operating Margin % only.
BAX' s Operating Margin % Range Over the Past 10 Years
Min: 4.5  Med: 17.94 Max: 22.9
Current: 12.05
4.5
22.9
Net Margin % 9.88
BAX's Net Margin % is ranked higher than
67% of the 193 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 4.03 vs. BAX: 9.88 )
Ranked among companies with meaningful Net Margin % only.
BAX' s Net Margin % Range Over the Past 10 Years
Min: 9.71  Med: 16.5 Max: 48.85
Current: 9.88
9.71
48.85
ROE % 11.64
BAX's ROE % is ranked higher than
65% of the 189 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 5.68 vs. BAX: 11.64 )
Ranked among companies with meaningful ROE % only.
BAX' s ROE % Range Over the Past 10 Years
Min: 11.41  Med: 30.38 Max: 57.95
Current: 11.64
11.41
57.95
ROA % 6.32
BAX's ROA % is ranked higher than
64% of the 197 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 2.36 vs. BAX: 6.32 )
Ranked among companies with meaningful ROA % only.
BAX' s ROA % Range Over the Past 10 Years
Min: 4.11  Med: 11.59 Max: 27.2
Current: 6.32
4.11
27.2
ROC (Joel Greenblatt) % 22.90
BAX's ROC (Joel Greenblatt) % is ranked higher than
63% of the 196 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 10.63 vs. BAX: 22.90 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
BAX' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 5.65  Med: 39.84 Max: 91.88
Current: 22.9
5.65
91.88
3-Year Revenue Growth Rate 2.50
BAX's 3-Year Revenue Growth Rate is ranked lower than
56% of the 162 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 3.90 vs. BAX: 2.50 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
BAX' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -17.6  Med: 2.8 Max: 17.3
Current: 2.5
-17.6
17.3
3-Year EBITDA Growth Rate 71.00
BAX's 3-Year EBITDA Growth Rate is ranked higher than
93% of the 146 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 6.70 vs. BAX: 71.00 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
BAX' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -28.3  Med: 2.9 Max: 71
Current: 71
-28.3
71
3-Year EPS without NRI Growth Rate 151.00
BAX's 3-Year EPS without NRI Growth Rate is ranked higher than
98% of the 144 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 4.90 vs. BAX: 151.00 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
BAX' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -44  Med: 7.1 Max: 169.6
Current: 151
-44
169.6
GuruFocus has detected 9 Warning Signs with Baxter International Inc BAX.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» BAX's 30-Y Financials

Financials (Next Earnings Date: 2018-02-01)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q4 2016

BAX Guru Trades in Q4 2016

Bill Nygren 4,600,000 sh (New)
Joel Greenblatt 1,271,879 sh (+99.33%)
Lee Ainslie 71,400 sh (+6.00%)
John Hussman 202,300 sh (+1.15%)
Tom Gayner 22,000 sh (unchged)
Daniel Loeb 51,901,767 sh (unchged)
Tweedy Browne Global Value 1,055,212 sh (unchged)
Steven Cohen Sold Out
Tweedy Browne 2,150,819 sh (-0.30%)
Paul Tudor Jones 32,911 sh (-0.79%)
Murray Stahl 13,922 sh (-1.42%)
Mario Gabelli 120,900 sh (-2.11%)
Mairs and Power 1,752,525 sh (-7.94%)
George Soros 184,327 sh (-27.52%)
Vanguard Health Care Fund 3,094,340 sh (-36.89%)
Jim Simons 64,100 sh (-59.43%)
Keeley Asset Management Corp 21,474 sh (-62.60%)
Richard Pzena 225,790 sh (-78.73%)
First Eagle Investment 1,100 sh (-99.96%)
» More
Q1 2017

BAX Guru Trades in Q1 2017

Jeremy Grantham 74,400 sh (New)
Steven Cohen 633,448 sh (New)
Caxton Associates 10,900 sh (New)
Jim Simons 1,897,115 sh (+2859.62%)
Bill Nygren 5,300,000 sh (+15.22%)
Vanguard Health Care Fund 3,094,340 sh (unchged)
First Eagle Investment 1,100 sh (unchged)
Tom Gayner 22,000 sh (unchged)
Tweedy Browne Global Value 1,055,212 sh (unchged)
George Soros Sold Out
Richard Pzena Sold Out
Murray Stahl 13,822 sh (-0.72%)
Mario Gabelli 119,600 sh (-1.08%)
Mairs and Power 1,631,800 sh (-6.89%)
Daniel Loeb 46,000,000 sh (-11.37%)
Joel Greenblatt 1,017,461 sh (-20.00%)
Paul Tudor Jones 25,876 sh (-21.38%)
Lee Ainslie 55,790 sh (-21.86%)
Tweedy Browne 1,559,436 sh (-27.50%)
John Hussman 102,300 sh (-49.43%)
» More
Q2 2017

BAX Guru Trades in Q2 2017

Robert Olstein 66,000 sh (New)
Dodge & Cox 3,382 sh (New)
Vanguard Health Care Fund 5,424,086 sh (+75.29%)
Jeremy Grantham 103,000 sh (+38.44%)
Jim Simons 1,978,413 sh (+4.29%)
Tweedy Browne Global Value 1,055,212 sh (unchged)
Tom Gayner 22,000 sh (unchged)
First Eagle Investment 1,100 sh (unchged)
Bill Nygren 5,300,000 sh (unchged)
Paul Tudor Jones Sold Out
Steven Cohen Sold Out
Mario Gabelli 119,300 sh (-0.25%)
Caxton Associates 10,800 sh (-0.92%)
Tweedy Browne 1,535,525 sh (-1.53%)
Murray Stahl 13,372 sh (-3.26%)
Mairs and Power 1,471,022 sh (-9.85%)
Daniel Loeb 41,000,000 sh (-10.87%)
Lee Ainslie 39,730 sh (-28.79%)
John Hussman 50,000 sh (-51.12%)
Joel Greenblatt 270,869 sh (-73.38%)
» More
Q3 2017

BAX Guru Trades in Q3 2017

Paul Tudor Jones 7,450 sh (New)
Steven Cohen 47,900 sh (New)
Jeremy Grantham 350,900 sh (+240.68%)
Lee Ainslie 56,540 sh (+42.31%)
Vanguard Health Care Fund 6,747,291 sh (+24.39%)
Tweedy Browne Global Value 1,055,212 sh (unchged)
Tom Gayner 22,000 sh (unchged)
John Hussman 50,000 sh (unchged)
Mario Gabelli 119,300 sh (unchged)
First Eagle Investment 1,100 sh (unchged)
Daniel Loeb 41,000,000 sh (unchged)
Dodge & Cox 3,382 sh (unchged)
Tweedy Browne 1,532,534 sh (-0.19%)
Caxton Associates 10,700 sh (-0.93%)
Murray Stahl 13,172 sh (-1.50%)
Robert Olstein 54,000 sh (-18.18%)
Mairs and Power 1,166,500 sh (-20.70%)
Joel Greenblatt 185,121 sh (-31.66%)
Jim Simons 468,113 sh (-76.34%)
» More
» Details

Insider Trades

Latest Guru Trades with BAX

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Vanguard Health Care Fund 2017-09-30 Add 24.39%0.18%$59.5 - $64.61 $ 64.124%6,747,291
Tweedy Browne 2017-09-30 Reduce -0.19%0.01%$59.5 - $64.61 $ 64.124%1,532,534
Joel Greenblatt 2017-09-30 Reduce -31.66%0.07%$59.5 - $64.61 $ 64.124%185,121
Robert Olstein 2017-09-30 Reduce -18.18%0.09%$59.5 - $64.61 $ 64.124%54,000
Vanguard Health Care Fund 2017-06-30 Add 75.29%0.3%$51.86 - $61.38 $ 64.1213%5,424,086
Tweedy Browne 2017-06-30 Reduce -1.53%0.04%$51.86 - $61.38 $ 64.1213%1,535,525
Joel Greenblatt 2017-06-30 Reduce -73.38%0.49%$51.86 - $61.38 $ 64.1213%270,869
Mario Gabelli 2017-06-30 Reduce -0.25%$51.86 - $61.38 $ 64.1213%119,300
Robert Olstein 2017-06-30 New Buy0.51%$51.86 - $61.38 $ 64.1213%66,000
Dodge & Cox 2017-06-30 New Buy$51.86 - $61.38 $ 64.1213%3,382
Bill Nygren 2017-03-31 Add 15.22%0.22%$44.44 - $52.3 $ 64.1230%5,300,000
Tweedy Browne 2017-03-31 Reduce -27.50%0.82%$44.44 - $52.3 $ 64.1230%1,559,436
Joel Greenblatt 2017-03-31 Reduce -20.00%0.15%$44.44 - $52.3 $ 64.1230%1,017,461
Mario Gabelli 2017-03-31 Reduce -1.08%$44.44 - $52.3 $ 64.1230%119,600
George Soros 2017-03-31 Sold Out 0.27%$44.44 - $52.3 $ 64.1230%0
Richard Pzena 2017-03-31 Sold Out 0.06%$44.44 - $52.3 $ 64.1230%0
Bill Nygren 2016-12-31 New Buy1.34%$43.63 - $49.16 $ 64.1239%4,600,000
Vanguard Health Care Fund 2016-12-31 Reduce -36.89%0.18%$43.63 - $49.16 $ 64.1239%3,094,340
Tweedy Browne 2016-12-31 Reduce -0.30%0.01%$43.63 - $49.16 $ 64.1239%2,150,819
Joel Greenblatt 2016-12-31 Add 99.33%0.36%$43.63 - $49.16 $ 64.1239%1,271,879
Richard Pzena 2016-12-31 Reduce -78.73%0.24%$43.63 - $49.16 $ 64.1239%225,790
George Soros 2016-12-31 Reduce -27.52%0.12%$43.63 - $49.16 $ 64.1239%184,327
Mario Gabelli 2016-12-31 Reduce -2.11%$43.63 - $49.16 $ 64.1239%120,900
Keeley Asset Management Corp 2016-12-31 Reduce -62.60%0.08%$43.63 - $49.16 $ 64.1239%21,474
First Eagle Investment 2016-12-31 Reduce -99.96%0.32%$43.63 - $49.16 $ 64.1239%1,100
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Business Description

Industry: Medical Instruments & Equipment » Medical Instruments & Supplies    NAICS: 339112    SIC: 3841
Compare:NAS:ILMN, XPAR:EI, NYSE:BCR, NYSE:BDX, OCSE:COLO B, NYSE:MTD, NYSE:WAT, TSE:4543, NAS:XRAY, TSE:7733, NYSE:RMD, NYSE:COO, XSWX:STMN, NAS:HOLX, NYSE:STE, NYSE:WST, OSTO:GETI B, SZSE:002294, NYSE:HRC, NYSE:CMD » details
Traded in other countries:BTL.Germany, BAX.Mexico, BAX.Switzerland, 0QK8.UK,
Headquarter Location:USA
Baxter International Inc operates in the healthcare industry. It provides renal and hospital products such as infusion systems and systems, parenteral nutrition therapies, and biosurgery products.

Baxter manufactures medical products across four major business segments. The renal segment (38% of sales) includes hemodialysis and peritoneal dialysis products. Integrated pharmacy solutions (23% of sales) includes nutrition, injectable drugs, and compounding services. IV pumps and solutions make up the fluid systems segment (21% of sales), while biosurgical supplies and anesthetic gases constitute the surgical care segment (13% of sales). Contract manufacturing services round out the roughly remaining 4% of sales.

Guru Investment Theses on Baxter International Inc

Daniel Loeb Comments on Baxter International - Jul 26, 2017

Two years ago, we initiated a 9.9% position worth over $1.5 billion in Baxter (NYSE:BAX). An under-earner in the medtech industry with margins trailing its peers, Baxter was about to spin out



its biopharma business, Baxalta. Shortly after the spin-off, Baxter’s long-time CEO announced his intention to retire. We believed these two major changes at the company presented an opportunity to create a more focused Baxter, cure its under-earning problem, and even make it an industry leader in operational performance – if the company took the right steps. Third Point’s Munib Islam joined the Baxter Board of Directors in September 2015. Munib also participated on the search committee that successfully recruited former Covidien CEO José “Joe” Almeida as Baxter’s new CEO starting on January 1, 2016.



Mr. Almeida’s sweeping changes to Baxter’s business over the past 18 months have created meaningful shareholder value. His tenure thus far is a case study on how leadership and cultural change can be transformational. Prior to his arrival, Baxter had guided to 2016 operating margins of 10%, growing to 14% by 2020. Under Mr. Almeida’s leadership, Baxter delivered 2016 operating margins of 13.6% and in May 2016, updated 2020 guidance to 17-18% operating margins. Due to continued strong operational performance, Baxter subsequently upgraded its 2020 guidance to ~20% operating margins on the Q2 2017 earnings call. The increases have been driven by multiple factors including:



  • Cost cutting initiatives: Mr. Almeida instituted a Zero-Base Budgeting process that had immediate impact: SG&A spend declined over 10% in 2016 vs pro forma 2015 levels, while R&D spend also declined year over year in absolute dollars.

  • Addition by subtraction: As part of an extensive portfolio review, Mr. Almeida madedecisionsto exitcertain unprofitable product lines/markets and legacy R&D projects with negative expected value.

  • Focus on high gross margin businesses: Baxter supplemented its generic injectable drug pipelinethrough three transactions and strategic partnerships (including the proposed acquisition of Claris Injectables). As the pipeline matures and products are approved, the high gross margin products will naturally improve Baxter’s underlying operating margin.

Baxter’s free cash flow generation has benefited from the improved operational efficiency. The prior free cash flow guidance was for $400 million in 2016 growing to $1.1 billion by 2020. Under Mr. Almeida, Baxter reported $ 935 million in 2016 free cash flow that is forecast to grow to ~$2.0 billion by 2020. Through the Zero-Base Budgeting process, the company has cut capex spending by nearly $200 million to $720 million in 2016 and forecasts continued reduction in capex through 2020.



In addition to continued margin expansion and improving free cash flow generation, there is renewed anticipation about how Baxter might deploy its pristine balance sheet. Since the spinoff, Baxter successfully monetized its Baxalta retained stake and currently sits at a zero net debt position; this contrasts with medtech peers who carry 1-2 turns of net leverage. Mr. Almeida has significant capacity to create value for shareholders through a combination of business development, share repurchases, and potential dividend increases.



Investors have clearly approved of Mr. Almeida and Baxter’s improved performance. Between January 1, 2016 and June 30, 2017, Baxter delivered a Total Shareholder Return (TSR) of 61%, nearly 3x the S&P 500 return of 22.4%. Despite the 18 month outperformance, Baxter’s forward EV / EBITDA multiple has remained largely unchanged at 12.5-13.0x; stock appreciation has been driven almost exclusively by an increase in Baxter’s underlying earnings power. Looking forward, we are confident that Mr. Almeida can combine operational efficiency with an unlevered balance sheet to drive continued earnings growth which – even absent any multiple expansion – should drive strong returns for Baxter shareholders.



From Dan Loeb's second quarter 2017 shareholder letter.



Check out Daniel Loeb latest stock trades

Daniel Loeb Comments on Baxter International - Jul 26, 2017

Two years ago, we initiated a 9.9% position worth over $1.5 billion in Baxter (NYSE:BAX). An under-earner in the medtech industry with margins trailing its peers, Baxter was about to spin out its biopharma business, Baxalta. Shortly after the spin-off, Baxter’s long-time CEO announced his intention to retire. We believed these two major changes at the company presented an opportunity to create a more focused Baxter, cure its under-earning problem, and even make it an industry leader in operational performance – if the company took the right steps. Third Point’s Munib Islam joined the Baxter Board of Directors in September 2015. Munib also participated on the search committee that successfully recruited former Covidien CEO José “Joe” Almeida as Baxter’s new CEO starting on January 1, 2016.



Mr. Almeida’s sweeping changes to Baxter’s business over the past 18 months have created meaningful shareholder value. His tenure thus far is a case study on how leadership and cultural change can be transformational. Prior to his arrival, Baxter had guided to 2016 operating margins of 10%, growing to 14% by 2020. Under Mr. Almeida’s leadership, Baxter delivered 2016 operating margins of 13.6% and in May 2016, updated 2020 guidance to 17-18% operating margins. Due to continued strong operational performance, Baxter subsequently upgraded its 2020 guidance to ~20% operating margins on the Q2 2017 earnings call. The increases have been driven by multiple factors including:




  • Cost cutting initiatives: Mr. Almeida instituted a Zero-Base Budgeting process that had immediate impact: SG&A spend declined over 10% in 2016 vs pro forma 2015 levels, while R&D spend also declined year over year in absolute dollars.

  • Addition by subtraction: As part of an extensive portfolio review, Mr. Almeida madedecisionsto exitcertain unprofitable product lines/markets and legacy R&D projects with negative expected value.

  • Focus on high gross margin businesses: Baxter supplemented its generic injectable drug pipelinethrough three transactions and strategic partnerships (including the proposed acquisition of Claris Injectables). As the pipeline matures and products are approved, the high gross margin products will naturally improve Baxter’s underlying operating margin.



Baxter’s free cash flow generation has benefited from the improved operational efficiency. The prior free cash flow guidance was for $400 million in 2016 growing to $1.1 billion by 2020. Under Mr. Almeida, Baxter reported $ 935 million in 2016 free cash flow that is forecast to grow to ~$2.0 billion by 2020. Through the Zero-Base Budgeting process, the company has cut capex spending by nearly $200 million to $720 million in 2016 and forecasts continued reduction in capex through 2020.



In addition to continued margin expansion and improving free cash flow generation, there is renewed anticipation about how Baxter might deploy its pristine balance sheet. Since the spinoff, Baxter successfully monetized its Baxalta retained stake and currently sits at a zero net debt position; this contrasts with medtech peers who carry 1-2 turns of net leverage. Mr. Almeida has significant capacity to create value for shareholders through a combination of business development, share repurchases, and potential dividend increases.



Investors have clearly approved of Mr. Almeida and Baxter’s improved performance. Between January 1, 2016 and June 30, 2017, Baxter delivered a Total Shareholder Return (TSR) of 61%, nearly 3x the S&P 500 return of 22.4%. Despite the 18 month outperformance, Baxter’s forward EV / EBITDA multiple has remained largely unchanged at 12.5-13.0x; stock appreciation has been driven almost exclusively by an increase in Baxter’s underlying earnings power. Looking forward, we are confident that Mr. Almeida can combine operational efficiency with an unlevered balance sheet to drive continued earnings growth which – even absent any multiple expansion – should drive strong returns for Baxter shareholders.



Check out Daniel Loeb latest stock trades

Bill Nygren Comments on Baxter - Jan 10, 2017

Baxter (NYSE:BAX) is a collection of disparate health care businesses, which include dialysis consumables, intravenous solutions and surgical sealants. These businesses represent what was left at Baxter following the spinoff of Baxalta in mid-2015. The businesses hadn’t been run optimally, and at the time of the spin were only producing 9% margins, which represents less than half of the levels we believe to be achievable. Baxter hired outsider Jose Almeida as CEO in late 2015. Oakmark Fund shareholders might fondly remember Almeida from his successful tenure as CEO of our long-time holding Covidien, where he fixed (and eventually sold) a collection of health care assets that had been spun out from Tyco International. We believe Almeida has the right skill set to improve Baxter’s margins and portfolio of assets, and that the company is selling at a large discount to intrinsic value.



From Bill Nygren (Trades, Portfolio)'s Oakmark Fund fourth quarter 2016 commentary.

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Daniel Loeb Comments on Baxter International Guru stock highlight
Two years ago, we initiated a 9.9% position worth over $1.5 billion in Baxter (NYSE:BAX). An under-earner in the medtech industry with margins trailing its peers, Baxter was about to spin out its biopharma business, Baxalta. Shortly after the spin-off, Baxter’s long-time CEO announced his intention to retire. We believed these two major changes at the company presented an opportunity to create a more focused Baxter, cure its under-earning problem, and even make it an industry leader in operational performance – if the company took the right steps. Third Point’s Munib Islam joined the Baxter Board of Directors in September 2015. Munib also participated on the search committee that successfully recruited former Covidien CEO José “Joe” Almeida as Baxter’s new CEO starting on January 1, 2016. Read more...
Daniel Loeb Comments on Baxter International Guru stock highlight
Two years ago, we initiated a 9.9% position worth over $1.5 billion in Baxter (NYSE:BAX). An under-earner in the medtech industry with margins trailing its peers, Baxter was about to spin out Read more...
Daniel Loeb’s Favorite Idea Spurs May Outperformance High-conviction top position is more than twice size of next biggest
Returns at value-influenced Daniel Loeb (Trades, Portfolio)’s Third Point Offshore Fund exceeded the broader market for the first five months of the year, helped by a sizable advance in his most concentrated long position, Baxter International (NYSE:BAX). Read more...
Daniel Loeb’s Value-Seeking Journey This guru investor has gone from being a brash activist to an observer of the really big picture
Over slightly more than two decades, Loeb’s Master Fund has returned average annual returns of 17.9%. Read more...
SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Baxter International, Inc. (BAX)

Ratios

vs
industry
vs
history
PE Ratio 34.11
BAX's PE Ratio is ranked lower than
62% of the 120 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 31.08 vs. BAX: 34.11 )
Ranked among companies with meaningful PE Ratio only.
BAX' s PE Ratio Range Over the Past 10 Years
Min: 4.88  Med: 9.45 Max: 37.53
Current: 34.11
4.88
37.53
Forward PE Ratio 23.98
BAX's Forward PE Ratio is ranked higher than
57% of the 40 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 25.51 vs. BAX: 23.98 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 34.11
BAX's PE Ratio without NRI is ranked lower than
63% of the 120 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 31.48 vs. BAX: 34.11 )
Ranked among companies with meaningful PE Ratio without NRI only.
BAX' s PE Ratio without NRI Range Over the Past 10 Years
Min: 4.89  Med: 10.1 Max: 115.67
Current: 34.11
4.89
115.67
Price-to-Owner-Earnings 35.09
BAX's Price-to-Owner-Earnings is ranked lower than
68% of the 84 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 30.51 vs. BAX: 35.09 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
BAX' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 5.31  Med: 11.74 Max: 45.09
Current: 35.09
5.31
45.09
PB Ratio 3.68
BAX's PB Ratio is ranked lower than
55% of the 190 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 3.25 vs. BAX: 3.68 )
Ranked among companies with meaningful PB Ratio only.
BAX' s PB Ratio Range Over the Past 10 Years
Min: 2.06  Med: 2.68 Max: 3.78
Current: 3.68
2.06
3.78
PS Ratio 3.39
BAX's PS Ratio is ranked higher than
51% of the 187 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 3.36 vs. BAX: 3.39 )
Ranked among companies with meaningful PS Ratio only.
BAX' s PS Ratio Range Over the Past 10 Years
Min: 1.06  Med: 1.66 Max: 3.48
Current: 3.39
1.06
3.48
Price-to-Free-Cash-Flow 24.85
BAX's Price-to-Free-Cash-Flow is ranked higher than
54% of the 72 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 30.99 vs. BAX: 24.85 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
BAX' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 6.94  Med: 10.08 Max: 54.26
Current: 24.85
6.94
54.26
Price-to-Operating-Cash-Flow 17.42
BAX's Price-to-Operating-Cash-Flow is ranked higher than
60% of the 93 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 19.95 vs. BAX: 17.42 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
BAX' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 4.57  Med: 7.23 Max: 19.32
Current: 17.42
4.57
19.32
EV-to-EBIT 27.14
BAX's EV-to-EBIT is ranked lower than
64% of the 121 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 25.17 vs. BAX: 27.14 )
Ranked among companies with meaningful EV-to-EBIT only.
BAX' s EV-to-EBIT Range Over the Past 10 Years
Min: -2940.9  Med: 8.5 Max: 63.8
Current: 27.14
-2940.9
63.8
EV-to-EBITDA 17.05
BAX's EV-to-EBITDA is ranked higher than
53% of the 134 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 18.83 vs. BAX: 17.05 )
Ranked among companies with meaningful EV-to-EBITDA only.
BAX' s EV-to-EBITDA Range Over the Past 10 Years
Min: 4.1  Med: 6.8 Max: 45.7
Current: 17.05
4.1
45.7
EV-to-Revenue 3.34
BAX's EV-to-Revenue is ranked higher than
53% of the 191 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 3.54 vs. BAX: 3.34 )
Ranked among companies with meaningful EV-to-Revenue only.
BAX' s EV-to-Revenue Range Over the Past 10 Years
Min: 1.2  Med: 1.8 Max: 3.5
Current: 3.34
1.2
3.5
Shiller PE Ratio 15.10
BAX's Shiller PE Ratio is ranked higher than
92% of the 51 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 50.91 vs. BAX: 15.10 )
Ranked among companies with meaningful Shiller PE Ratio only.
BAX' s Shiller PE Ratio Range Over the Past 10 Years
Min: 9.7  Med: 12.84 Max: 21.71
Current: 15.1
9.7
21.71
Current Ratio 2.80
BAX's Current Ratio is ranked higher than
59% of the 192 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 2.57 vs. BAX: 2.80 )
Ranked among companies with meaningful Current Ratio only.
BAX' s Current Ratio Range Over the Past 10 Years
Min: 1.08  Med: 1.65 Max: 3.01
Current: 2.8
1.08
3.01
Quick Ratio 2.22
BAX's Quick Ratio is ranked higher than
66% of the 192 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.88 vs. BAX: 2.22 )
Ranked among companies with meaningful Quick Ratio only.
BAX' s Quick Ratio Range Over the Past 10 Years
Min: 0.74  Med: 1.06 Max: 2.42
Current: 2.22
0.74
2.42
Days Inventory 91.44
BAX's Days Inventory is ranked higher than
70% of the 189 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 131.23 vs. BAX: 91.44 )
Ranked among companies with meaningful Days Inventory only.
BAX' s Days Inventory Range Over the Past 10 Years
Min: 91.44  Med: 138.8 Max: 219.03
Current: 91.44
91.44
219.03
Days Sales Outstanding 61.16
BAX's Days Sales Outstanding is ranked higher than
52% of the 163 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 61.37 vs. BAX: 61.16 )
Ranked among companies with meaningful Days Sales Outstanding only.
BAX' s Days Sales Outstanding Range Over the Past 10 Years
Min: 58.53  Med: 66.28 Max: 112.88
Current: 61.16
58.53
112.88

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 0.91
BAX's Dividend Yield % is ranked lower than
56% of the 159 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.32 vs. BAX: 0.91 )
Ranked among companies with meaningful Dividend Yield % only.
BAX' s Dividend Yield % Range Over the Past 10 Years
Min: 0.88  Med: 3.81 Max: 5.89
Current: 0.91
0.88
5.89
Dividend Payout Ratio 0.31
BAX's Dividend Payout Ratio is ranked higher than
67% of the 92 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 0.30 vs. BAX: 0.31 )
Ranked among companies with meaningful Dividend Payout Ratio only.
BAX' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.06  Med: 0.35 Max: 3.37
Current: 0.31
0.06
3.37
3-Year Dividend Growth Rate -35.90
BAX's 3-Year Dividend Growth Rate is ranked lower than
82% of the 62 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 8.50 vs. BAX: -35.90 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
BAX' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: -35.9  Med: 6.3 Max: 22.5
Current: -35.9
-35.9
22.5
Forward Dividend Yield % 1.00
BAX's Forward Dividend Yield % is ranked lower than
65% of the 148 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.32 vs. BAX: 1.00 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 0.44
BAX's 5-Year Yield-on-Cost % is ranked lower than
62% of the 193 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.44 vs. BAX: 0.44 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
BAX' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 0.42  Med: 1.82 Max: 2.82
Current: 0.44
0.42
2.82
3-Year Average Share Buyback Ratio 0.20
BAX's 3-Year Average Share Buyback Ratio is ranked higher than
84% of the 137 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: -4.10 vs. BAX: 0.20 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
BAX' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -5.1  Med: -0.4 Max: 3.3
Current: 0.2
-5.1
3.3

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 7.02
BAX's Price-to-Tangible-Book is ranked lower than
62% of the 163 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 4.82 vs. BAX: 7.02 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
BAX' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 2.11  Med: 5.13 Max: 18.21
Current: 7.02
2.11
18.21
Price-to-Intrinsic-Value-Projected-FCF 1.52
BAX's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
73% of the 84 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 2.18 vs. BAX: 1.52 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
BAX' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.52  Med: 1.03 Max: 2.71
Current: 1.52
0.52
2.71
Price-to-Median-PS-Value 2.05
BAX's Price-to-Median-PS-Value is ranked lower than
86% of the 166 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 1.12 vs. BAX: 2.05 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
BAX' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.18  Med: 0.81 Max: 2.05
Current: 2.05
0.18
2.05
Price-to-Graham-Number 3.26
BAX's Price-to-Graham-Number is ranked lower than
57% of the 91 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 2.62 vs. BAX: 3.26 )
Ranked among companies with meaningful Price-to-Graham-Number only.
BAX' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.76  Med: 1.53 Max: 7
Current: 3.26
0.76
7
Earnings Yield (Greenblatt) % 3.69
BAX's Earnings Yield (Greenblatt) % is ranked higher than
61% of the 197 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 2.49 vs. BAX: 3.69 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
BAX' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: 1.6  Med: 11.6 Max: 20.9
Current: 3.69
1.6
20.9
Forward Rate of Return (Yacktman) % 8.09
BAX's Forward Rate of Return (Yacktman) % is ranked lower than
59% of the 97 Companies
in the Global Medical Instruments & Supplies industry.

( Industry Median: 9.48 vs. BAX: 8.09 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) % only.
BAX' s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: -11.8  Med: 15.7 Max: 30
Current: 8.09
-11.8
30

More Statistics

Revenue (TTM) (Mil) $10,432.00
EPS (TTM) $ 1.88
Beta0.83
Short Percentage of Float1.03%
52-Week Range $43.13 - 65.70
Shares Outstanding (Mil)544.83

Analyst Estimate

Dec17 Dec18 Dec19
Revenue (Mil $) 10,502 10,954 11,415
EPS ($) 2.38 2.68 2.95
EPS without NRI ($) 2.38 2.68 2.95
EPS Growth Rate
(Future 3Y To 5Y Estimate)
14.82%
Dividends per Share ($) 0.61 0.66 0.77

Piotroski F-Score Details

Piotroski F-Score: 66
Positive ROAY
Positive CFROAY
Higher ROA yoyN
CFROA > ROAY
Lower Leverage yoyN
Higher Current Ratio yoyY
Less Shares Outstanding yoyN
Higher Gross Margin yoyY
Higher Asset Turnover yoyY

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