Baxter International Inc.

NYSE:BAX Stock Report

Market Cap: US$10.0b

Baxter International Future Growth

Future criteria checks 3/6

Baxter International is forecast to grow earnings and revenue by 60.7% and 2.3% per annum respectively. EPS is expected to grow by 64.9% per annum. Return on equity is forecast to be 13.1% in 3 years.

Key information

60.7%

Earnings growth rate

64.91%

EPS growth rate

Medical Equipment earnings growth15.9%
Revenue growth rate2.3%
Future return on equity13.08%
Analyst coverage

Good

Last updated28 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 31

BAX: Back Half Execution Will Shape Margin Recovery And Rerating Potential

Analysts have trimmed their overall price expectations for Baxter International, with the updated fair value estimate easing slightly to about $21.54 from $21.63. Recent target cuts, including Citi's move to $17 and other adjustments across the Street, reflect concerns around a back-half weighted year, the ongoing CFO search, and revised assumptions for profit margins and future P/E multiples.
Narrative Update • May 14

BAX: Mixed Price Signals And Margin Pressures Will Shape A Cautious Fair Outlook

Analysts now place Baxter International's fair value at $18.00, up from $17.00, reflecting updated assumptions for discount rate, growth, margins, and expected future P/E after a mix of recent price target cuts and a more recent $2 increase from the Street. Analyst Commentary Recent research has been mixed, with several bearish analysts trimming price targets over the past few months even as one bank lifted its target by US$2.
Seeking Alpha • May 08

Baxter International Still Has A Path To Upside

Summary In recent years, stocks like Baxter International have underperformed: most low-growth, high-debt, struggling names have been bad investments at basically any price. Concerns are real, and early missteps under new CEO Andrew Hider haven't helped. But valuation is attractive not just on an absolute basis but also relative to the outlook, and Q1 results seemed helpful to the bull case. Time and patience should change investors perspectives toward BAX, at which point the stock should be back above $20. Read the full article on Seeking Alpha
Narrative Update • Apr 29

BAX: 2026 Margin Execution And Cost Clarity Will Drive Repricing Potential

Narrative Update The analyst price target for Baxter International has been trimmed by $0.09 as analysts factor in recent sector wide target cuts and concerns about margin pressures and limited near term visibility following the company's 2026 outlook. Analyst Commentary Recent research coverage on Baxter International has centered on margin headwinds, higher non operating items, and an outlook that many see as underwhelming, particularly into 2026.
Narrative Update • Apr 14

BAX: Margin Pressures And Execution Risks Will Shape A More Balanced Outlook

Analyst fair value for Baxter International has been reset from $15.00 to $17.00 as analysts factor in updated revenue growth, margin assumptions, and sector level price target cuts across recent research notes. Analyst Commentary Recent research has centered on resetting expectations for Baxter International, with bearish analysts trimming price targets and highlighting execution and earnings risk tied to the latest guidance.
Narrative Update • Mar 31

BAX: 2026 Execution And Margin Visibility Will Determine Potential Upside Repricing

Analysts have edged Baxter International's fair value estimate higher to about $33.38 from $32.59, even as several firms recently reduced their price targets to a range of $17 to $30 after underwhelming 2026 guidance and margin pressures. Analyst Commentary Recent Street research has centered on Baxter's 2026 outlook, with several firms trimming price targets after guidance and margin commentary fell short of earlier expectations.
Narrative Update • Mar 16

BAX: Future Margin Stability And 2026 Outlook Could Unlock Upside Potential

Analysts have trimmed Baxter International's fair value estimate from $43.95 to $32.59, citing lower price targets in the $17 to $30 range and updated assumptions for slower revenue growth, slimmer margins, a higher discount rate, and a richer future P/E multiple. Analyst Commentary Recent Street research on Baxter reflects a cautious tone overall, but there are still pockets of constructive commentary that matter if you are weighing the new fair value estimate against external views.
Narrative Update • Mar 02

BAX: Q4 Reset And 2026 Outlook Will Test Margin Recovery Hopes

Analysts have trimmed their average 12 month price target for Baxter International by several dollars into the high teens, pointing to weaker than expected 2026 margin guidance and limited near term visibility as key drivers of the reset. Analyst Commentary Recent research shows a clear reset in expectations for Baxter International, with most firms trimming price targets and highlighting weaker 2026 guidance as a key catalyst.
Narrative Update • Feb 16

BAX: Q4 Results And 2026 Outlook Will Clarify Fairly Balanced Risks

The updated analyst price target for Baxter International has decreased by about $1.50, as analysts cite limited visibility around the company’s 2026 outlook while still accounting for modest adjustments to growth, margins, and future P/E expectations. Analyst Commentary Recent research updates show a mix of caution and selective optimism around Baxter International, with several firms revising price targets and reassessing how much uncertainty is already reflected in the shares.
Narrative Update • Feb 02

BAX: Q4 Results And 2026 Outlook Will Resolve Discounted Uncertainty

Analysts have made only minor tweaks to their modeled discount rate, revenue growth, profit margin, and future P/E for Baxter International, resulting in a relatively stable fair value estimate around $23.13. In contrast, Street price targets have shifted modestly, with one firm trimming its view to $30 and another nudging its target to $23 as they factor in current uncertainty and the potential clarity from upcoming results and the 2026 outlook.
Narrative Update • Jan 19

BAX: Q4 And 2026 Outlook Will Reduce Uncertainty And Support Margin Recovery

Narrative Update: Baxter International Analyst Price Target Shift Analysts have modestly reduced their blended price target on Baxter International, with updated modeling pointing to a fair value trim of about US$0.67 per share to US$23.13, as they factor in lower future P/E assumptions and recent guidance cuts, partly balanced by slightly firmer revenue growth expectations. Analyst Commentary Recent research shows a clear split between bullish analysts, who see current uncertainty as already reflected in the share price, and bearish analysts, who focus on execution risk and softer guidance.
Narrative Update • Jan 05

BAX: Earnings Headwinds And Margin Pressure Will Drive A Lower Share Repricing

Analysts have reduced their fair value estimate for Baxter International from about US$19.00 to about US$15.00 per share, reflecting lower price targets of US$22.00 (previously US$25.00) and more modest expectations for growth and margins following recent results and guidance cuts. Analyst Commentary Bearish analysts are resetting expectations on Baxter International after recent quarterly results and guidance cuts, pointing to weaker execution and softer growth than previously anticipated.
Narrative Update • Dec 15

BAX: Margin Recovery Will Follow New Leadership And Cost Discipline Over Time

Analysts have trimmed their fair value estimate for Baxter International slightly, from approximately $24.07 to $23.80 per share, reflecting reduced price targets to around $22 in light of softer sales, margin pressure, and lowered guidance that signal ongoing near term earnings headwinds. Analyst Commentary Analyst sentiment around Baxter International remains mixed, with recent earnings results and guidance prompting a more cautious stance on the stock despite its reduced valuation.
Narrative Update • Dec 01

BAX: Margin Recovery Will Follow New CEO’s Drive for Operational Efficiency

Analysts have lowered their price target for Baxter International from $25 to $22. They cite weaker-than-expected sales, margin pressures, continued business headwinds, and reduced forward guidance as key factors behind the adjustment.
Narrative Update • Nov 17

BAX: Margin Headwinds Will Ease With New CEO and Business Resilience

Analysts have lowered their price target for Baxter International from $25 to $22 per share. They cite disappointing recent sales performance and ongoing margin pressures that are expected to persist into 2026.
Narrative Update • Nov 03

BAX: Near-Term Headwinds Will Resolve As Margins Stabilize Into 2026

Analysts have reduced their price target for Baxter International from approximately $28 to $24.07 per share. They cite persistent revenue headwinds, lower margins, and management's more cautious outlook for 2025 and beyond.
Narrative Update • Oct 20

Hospital Normalization And Demographic Trends Will Support Connected Healthcare

Baxter International’s analyst price target has been lowered from approximately $29.47 to $28.00. Analysts cite slower-than-expected progress in margin expansion and revenue growth following disappointing earnings and reduced guidance.
Narrative Update • Oct 05

Hospital Normalization And Demographic Trends Will Support Connected Healthcare

Analysts have lowered their price targets for Baxter International to $25 from previous levels above $36, citing concerns about slower than expected margin expansion, delayed sales growth recovery, and business challenges highlighted in recent guidance cuts. Analyst Commentary Recent analyst reports have provided a mixed outlook for Baxter International, highlighting both challenges and potential positives as the company navigates through a period of transition and recovery.
Narrative Update • Sep 05

Hospital Normalization And Demographic Trends Will Support Connected Healthcare

Baxter International's consensus price target was slightly reduced to $29.00, as disappointing Q2 results, lowered full-year guidance, and a slower-than-expected path to sales and margin improvement undermined near-term growth confidence. Analyst Commentary Disappointing Q2 performance and reduced full-year guidance undermined near-term confidence in Baxter's growth trajectory.
Analysis Article • Jun 21

Baxter International Inc.'s (NYSE:BAX) Shares Lagging The Industry But So Is The Business

You may think that with a price-to-sales (or "P/S") ratio of 1.4x Baxter International Inc. ( NYSE:BAX ) is a stock...
Seeking Alpha • Apr 21

Baxter: Messy, Yet Appealing, If New Management Can Deliver

Summary Baxter's sale of its kidney business, Vantive, was executed at a low price, raising concerns about its ability to effectively deleverage its balance sheet. Despite the sale, Baxter's net debt remains high, and adjusted earnings are under pressure, with a significant reduction in the dividend indicating anticipated earnings challenges. The company's leadership change and modest organic growth provide some hope, but the highly adjusted earnings and mixed track record create an opaque investment outlook. Shares appear reasonably priced, but the situation remains fluid and uncertain, making it difficult to have strong conviction about improved shareholder outcomes. Read the full article on Seeking Alpha
Seeking Alpha • Jan 31

Baxter International: An Uncompelling Investment With High Debt

Summary Recent capital allocation decisions have been questionable. The stock doesn't really seem to fit compellingly within a portfolio constructed along the lines of any popular investment approaches. Baxter International seems pretty uncompelling as an investment opportunity, and investors should look elsewhere. Read the full article on Seeking Alpha
Seeking Alpha • Aug 07

Baxter- Reiterating Our Buy Rating After A Promising Q2

Summary BAX's Novum IQ Large Volume Pumps are playing a key role in driving topline progress, whilst the HST division too looks set to benefit from a few tailwinds. BAX's revamped operating model is paying off with strong operating leverage expected this year (14% bottomline growth on 3% topline growth). The current yield is already quite compelling at over 3%, but the sale or spin-off of the Kidney Care Division by Q1-25 could lead to a long overdue dividend hike. Baxter offers good mean-reversion prospects as it looks beaten down versus other medical device stocks, whilst the recent price action has been encouraging as well. Read the full article on Seeking Alpha
Seeking Alpha • Jul 16

Baxter: Why Investors Should Take Advantage Of The Low Valuation

Summary Baxter has been a poor performer over the last year. The stock now trades with an extremely low valuation relative to the stock's historical performance. Recently, the company raised guidance, which points to double-digit earnings growth. Analysts seem to believe this growth is sustainable. Baxter has plans to sell its least profitable business to focus on higher margin segments. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NYSE:BAX - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202811,9135718991,2868
12/31/202711,5833977771,14613
12/31/202611,3592191,0731,42413
3/31/202611,320-9817141,251N/A
12/31/202511,244-900323845N/A
9/30/202511,023-353230749N/A
6/30/202510,887-236218765N/A
3/31/202510,771-268191663N/A
12/31/202410,636-3265591,019N/A
9/30/202410,6093876471,062N/A
6/30/202410,5093558851,174N/A
3/31/20249,3371881,0321,410N/A
12/31/202310,3601811,2901,726N/A
9/30/202311,379961,1081,634N/A
6/30/202312,389-2,9328851,559N/A
3/31/202314,461-2,6738341,482N/A
12/31/202210,057-3,1145761,211N/A
9/30/202214,275-2,5687921,465N/A
6/30/202213,8928761,1591,850N/A
3/31/202213,3969921,3412,053N/A
12/31/202112,1461,0221,5312,222N/A
9/30/202112,4511,2141,4962,241N/A
6/30/202112,1971,1201,3542,076N/A
3/31/202111,8171,0681,2651,973N/A
12/31/202011,6731,1021,1591,868N/A
9/30/202011,5319111,2361,985N/A
6/30/202011,4109241,4162,176N/A
3/31/202011,5269911,4872,248N/A
12/31/201911,3621,001N/A2,104N/A
9/30/201911,1561,335N/A1,984N/A
6/30/201911,0661,484N/A1,739N/A
3/31/201911,0601,505N/A1,698N/A
12/31/201811,0991,552N/A2,017N/A
9/30/201811,0631,065N/A1,699N/A
6/30/201811,009795N/A1,848N/A
3/31/201810,763840N/A2,095N/A
12/31/201710,584609N/A1,714N/A
9/30/201710,4321,025N/A2,036N/A
6/30/201710,283904N/A1,963N/A
3/31/201710,2631,852N/A2,176N/A
12/31/201610,1634,966N/A1,654N/A
9/30/201610,1214,909N/A1,665N/A
6/30/201610,0504,784N/A1,388N/A
3/31/20169,9403,646N/A1,342N/A
12/31/20159,968393N/A1,771N/A
9/30/201510,154337N/A2,190N/A
6/30/201510,376510N/A2,849N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: BAX is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.5%).

Earnings vs Market: BAX is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: BAX is expected to become profitable in the next 3 years.

Revenue vs Market: BAX's revenue (2.3% per year) is forecast to grow slower than the US market (11.2% per year).

High Growth Revenue: BAX's revenue (2.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: BAX's Return on Equity is forecast to be low in 3 years time (13.1%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/05 21:29
End of Day Share Price 2026/06/05 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Baxter International Inc. is covered by 33 analysts. 13 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jasper HellwegArgus Research Company
Matthew TaylorBarclays
Matthew MiksicBarclays