Baxter International Inc (BAX) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Baxter International Inc stock $2.39, price $25.65, that is 90.7% below the price, quality 43 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range $15.79 – $81.43 · the $25.65 price screens above the $2.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 2, 2026.
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Baxter International Inc., through its subsidiaries, provides a portfolio of healthcare products in the United States. The company operates through three segments: Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals.
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It offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; inhaled anesthetics; generic injectable pharmaceuticals; surgical hemostat and sealant products; advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space comprising operating room integration technologies, precision positioning devices, and other accessories.
The company also provides specialty injectable pharmaceuticals, inhaled anesthetics, and drug compounding services.
Its products are used in hospitals, nursing homes, rehabilitation centers, ambulatory surgery centers, doctors' offices, kidney dialysis centers, and patients at home under physician supervision.
The company sells its products through direct sales force, independent distributors, drug wholesalers, and specialty pharmacy or other alternate site providers. It operates in Eastern Europe, the Middle East, Africa, Latin America, Asia, Western Europe, Canada, Japan, Australia, and New Zealand.
Baxter International Inc. was incorporated in 1931 and is headquartered in Deerfield, Illinois.
Stock analysis
Baxter International Inc (BAX) currently trades at $25.65, while our model-based Fair Value estimate is $2.39, 91% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $2.68 per share, and 0 of the 5 models we run sit above the $25.65 price.
Bear case: the DCF Models group reads lowest at $2.06, and 5 of the 5 models stay below the price. Data coverage for this calculation is low.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Spin-off in 1992: revenue and profit before it include the divested business. Growth is measured afresh from 1992.
Baxter International Inc reported revenue of $11.2B in FY2025 versus $12.1B in FY2021, a compound −1.9%/yr. Reported net income was −$957M in FY2025.
Key figures
Market cap $13.3B Large · P/S ratio 1.02 · EPS (TTM) $−1.21 · Dividend yield 0.2% · Net margin −6.2% · Return on equity −9.0% · Return on assets (EBIT) −1.0% · Operating margin 9.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 23 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 62% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −46% fair-value upside, at −91%, BAX screens richer than that median.
Fair Value models
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
Plus 6 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 1992: revenue and profit before it include the divested business. Growth is measured afresh from 1992.
Revenue growth 1 year
+5.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.7%
Start year 2020 (pandemic). Over 10 years: +1.2% a year
Revenue growth 33 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.9%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
13.8% (2020) → −2.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+27.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +24.7% a year for the price and +0.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Baxter shows turnaround progress through debt paydowns and raised 2026 targets, yet limited durable advantages, weak profitability and high leverage remain core weaknesses.
Main risk: Ongoing FDA scrutiny over manufacturing compliance at facilities like Round Lake could lead to further recalls, production restrictions or remediation costs that disrupt supply of sterile drugs and infusion products.
Bull case: Baxter could strengthen its position by accelerating innovation in connected care platforms and securing regulatory clearances faster than rivals, turning compliance investments into differentiated offerings.
Bear case: Persistent regulatory issues and competitive pressure in core hospital products could prolong supply disruptions and erode market share in infusion and surgical segments over several years.
Baxter is pushing through its turnaround with debt paydowns and raised 2026 growth targets after solid second-quarter results across segments. Yet fresh leadership changes at the CFO level come as supply issues and pricing pressure linger in parts of the portfolio. Will the transitions speed up stabilization or extend the period of uneven execution?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Instruments & Supplies · 181 stocks
Beats the industry median on 2/12 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside−90.7% · Bottom 25%
Profitability
Return on assets−4.8% · Bottom 25%
Net margin (12 months)−6.2% · Bottom 25%
Operating margin (12 months)9.9% · Below median
Growth and dividend
Revenue growth (quarter YoY)5.0% · Below median
Dividend yield (12 months)0.2% · Bottom 25%
Balance sheet
Debt / equity1.55× · Highest 25%
Valuation Multiplesvs Medical Instruments & Supplies median · lower = cheaper
P/B2.17× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.14× · Cheapest 25%
Price / free cash flow41.1× · Priciest 25%
EV/EBITDA11.3× · Cheaper than median
PEG36.68× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 22
FUTURE (revenue growth)25· sector 40
PAST (return on equity)0· sector 30
HEALTH (low debt)23· sector 96
DIVIDEND (yield)3· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Baxter International Inc Fair Value". https://www.fairvalue-calculator.com/stock/BAX
Frequently asked questions
Is Baxter International Inc (BAX) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of $2.39 versus a price of $25.65, about 91% lower (overvalued).
What is the fair value of BAX?
Our model-based fair value for Baxter International Inc is $2.39 (as of Nov 2, 2026), built from audited fundamentals. The current price: $25.65.
What is the quality score of BAX?
Baxter International Inc has a Quality Score of 43/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Baxter International Inc (BAX)?
Our model-based price target is the fair value of $2.39 (as of Nov 2, 2026) from 6 valuation models. It is a calculation from audited fundamentals, not an analyst target.
What is the Baxter International Inc stock forecast for 2026?
Our models put fair value at $2.39, about 91% lower versus a price of $25.65 (overvalued). The calculation is refreshed regularly with new filings.
What is the revenue of Baxter International Inc (BAX)?
Baxter International Inc reported trailing-twelve-month revenue of about $11.6B (latest available figure, as of Nov 2, 2026).
Does Baxter International Inc pay a dividend?
Baxter International Inc currently shows a dividend yield of 0.16% relative to its recent price (as of Nov 2, 2026).
What growth is priced into Baxter International Inc (BAX)?
For today's price to be fair in a discounted-cash-flow model, Baxter International Inc would have to grow free cash flow by +27.7 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.8 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of BAX use?
Our models discount Baxter International Inc at 8.4 %: a base by market capitalisation (large), damped by beta 0.65, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Baxter International Inc that is +27.7 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has Baxter International Inc (BAX) delivered so far?
Over the past 5 years revenue at Baxter International Inc grew -0.8 % a year. The price currently implies +27.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Baxter International Inc (BAX) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Baxter International Inc (+27.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Baxter International Inc (BAX)?
The free-cash-flow yield on the price is 2.43 %: that much free cash flow Baxter International Inc produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Baxter International Inc (BAX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Baxter International Inc it is $2.39 per share (as of Nov 2, 2026), against a price of $25.65. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Baxter International Inc stock overvalued or undervalued in 2026?
As of Nov 2, 2026, BAX trades above its calculated fair value: price $25.65, fair value $2.39, a gap of about −91% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BAX?
No. The price is what the market pays today ($25.65); the fair value is what the company's own numbers justify ($2.39). For Baxter International Inc the two are $23.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Baxter International Inc worth?
The market values Baxter International Inc at about $13.3B (market capitalisation, as of Nov 2, 2026). Per share that is $25.65; our models calculate a fair value of $2.39 per share.
What is the PEG ratio of BAX?
The PEG ratio of Baxter International Inc is 36.68 (P/E divided by earnings growth, as of Nov 2, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Baxter International Inc (BAX)?
Balance-sheet figures for Baxter International Inc (as of Nov 2, 2026): return on equity −9.0%, debt of 1.55 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is BAX from its 52-week high?
Baxter International Inc trades at $25.65, about 10% below its 52-week high of $28.35 and 62% above the low of $15.79 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $2.39 is for.
Which stocks are comparable to Baxter International Inc?
From the same area (Healthcare) we also value Intuitive Surgical, Inc, EssilorLuxottica Société anonyme, Medline Inc, Becton, Dickinson and Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Baxter International Inc stock attractive at the current price?
The data as of Nov 2, 2026: price $25.65, calculated fair value $2.39 (−91%), Quality Score 43/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BAX calculated?
We run Baxter International Inc through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $2.39, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Baxter International Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Baxter International Inc (BAX)?
The closing price on Nov 5, 2026 was $25.65. Our model-based fair value is $2.39, about 91% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Baxter International Inc right now?
Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Baxter International Inc
How large is the market capitalisation of Baxter International Inc (BAX)?
The market capitalisation of Baxter International Inc is $13.3B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Baxter International Inc (BAX)?
The price-to-sales ratio of Baxter International Inc is 1.02 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Baxter International Inc (BAX)?
Earnings per share at Baxter International Inc are $−1.21. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Baxter International Inc (BAX)?
The dividend yield of Baxter International Inc is 0.2%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Baxter International Inc (BAX)?
The net margin of Baxter International Inc is −6.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Baxter International Inc (BAX)?
The return on equity (ROE) of Baxter International Inc is −9.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Baxter International Inc (BAX)?
On an EBIT basis the return on assets of Baxter International Inc is −1.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Baxter International Inc (BAX)?
The operating margin of Baxter International Inc is 9.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Baxter International Inc (BAX)?
Revenue at Baxter International Inc is growing +5.0% versus a year earlier (3y avg +3.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Baxter International Inc (BAX)?
Earnings per share at Baxter International Inc are growing +36.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Baxter International Inc (BAX) carry?
The net debt of Baxter International Inc is $8.0B (fiscal year 2025, ≈ 24.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 2, 2026