Baxter International Inc.

NYSE:BAX Stock Report

Market Cap: US$16.1b

Baxter International Valuation

Is BAX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BAX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
US$57.34
Fair Value
46.9% undervalued intrinsic discount
16
Number of Analysts

Below Fair Value: BAX ($30.43) is trading below our estimate of fair value ($57.34)

Significantly Below Fair Value: BAX is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BAX?

Key metric: As BAX is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for BAX. This is calculated by dividing BAX's market cap by their current revenue.
What is BAX's PS Ratio?
PS Ratio1.4x
SalesUS$10.77b
Market CapUS$16.14b

Price to Sales Ratio vs Peers

How does BAX's PS Ratio compare to its peers?

The above table shows the PS ratio for BAX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.6x
HOLX Hologic
3x4.82%US$12.6b
ZBH Zimmer Biomet Holdings
2.4x5.08%US$18.9b
STE STERIS
4.4x6.07%US$24.6b
PEN Penumbra
8.4x11.55%US$10.9b
BAX Baxter International
1.4x4.70%US$16.1b

Price-To-Sales vs Peers: BAX is good value based on its Price-To-Sales Ratio (1.4x) compared to the peer average (4.6x).

Price to Sales Ratio vs Industry

How does BAX's PS Ratio compare vs other companies in the US Medical Equipment Industry?

59 CompaniesPrice / SalesEstimated GrowthMarket Cap
IART Integra LifeSciences Holdings
0.6x3.97%US$1.04b
EMBC Embecta
0.7x0.99%US$718.26m
OFIX Orthofix Medical
0.6x4.31%US$469.78m
VREX Varex Imaging
0.4x2.58%US$337.91m
BAX 1.4xIndustry Avg. 3.0xNo. of Companies59PS02.85.68.411.214+
59 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: BAX is good value based on its Price-To-Sales Ratio (1.4x) compared to the US Medical Equipment industry average (3x).

Price to Sales Ratio vs Fair Ratio

What is BAX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BAX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.4x
Fair PS Ratio1.8x

Price-To-Sales vs Fair Ratio: BAX is good value based on its Price-To-Sales Ratio (1.4x) compared to the estimated Fair Price-To-Sales Ratio (1.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BAX forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$30.43
US$38.68
+27.11%
18.04%US$55.00US$28.00n/a16
May ’26US$30.67
US$39.49
+28.76%
16.72%US$55.00US$30.00n/a16
Apr ’26US$34.02
US$39.80
+17.00%
16.04%US$55.00US$30.00n/a16
Mar ’26US$34.51
US$39.92
+15.67%
17.49%US$57.82US$30.00n/a16
Feb ’26US$32.56
US$40.08
+23.11%
21.64%US$62.00US$30.00n/a14
Jan ’26US$29.16
US$40.69
+39.55%
20.94%US$62.00US$30.00n/a14
Dec ’25US$33.71
US$40.32
+19.61%
17.36%US$62.00US$35.00n/a12
Nov ’25US$35.87
US$42.25
+17.77%
16.49%US$62.00US$30.00n/a13
Oct ’25US$36.91
US$42.25
+14.46%
16.49%US$62.00US$30.00n/a13
Sep ’25US$37.94
US$42.09
+10.94%
16.71%US$62.00US$30.00n/a13
Aug ’25US$36.01
US$44.75
+24.27%
19.55%US$67.00US$30.00n/a16
Jul ’25US$33.06
US$45.44
+37.44%
17.57%US$67.00US$36.00n/a16
Jun ’25US$34.09
US$45.44
+33.29%
17.57%US$67.00US$36.00n/a16
May ’25US$40.34
US$47.40
+17.50%
15.75%US$67.00US$39.00US$30.6715
Apr ’25US$43.55
US$47.20
+8.38%
16.08%US$67.00US$39.00US$34.0215
Mar ’25US$41.01
US$47.00
+14.61%
16.35%US$67.00US$39.00US$34.5115
Feb ’25US$39.19
US$44.86
+14.46%
18.50%US$67.00US$35.00US$32.5614
Jan ’25US$38.66
US$44.64
+15.48%
19.61%US$67.00US$35.00US$29.1614
Dec ’24US$36.55
US$45.50
+24.49%
19.01%US$67.00US$35.00US$33.7114
Nov ’24US$32.79
US$47.79
+45.73%
19.10%US$67.00US$33.00US$35.8714
Oct ’24US$37.74
US$51.33
+36.02%
11.10%US$67.00US$44.00US$36.9115
Sep ’24US$40.60
US$51.25
+26.23%
10.76%US$67.00US$44.00US$37.9416
Aug ’24US$45.00
US$51.38
+14.17%
10.50%US$67.00US$44.00US$36.0116
Jul ’24US$45.56
US$51.63
+13.31%
10.09%US$67.00US$45.00US$33.0616
Jun ’24US$41.23
US$51.63
+25.21%
10.09%US$67.00US$45.00US$34.0916
May ’24US$47.38
US$51.53
+8.77%
10.41%US$67.00US$45.00US$40.3415
AnalystConsensusTarget
Consensus Narrative from 16 Analysts
US$38.68
Fair Value
21.3% undervalued intrinsic discount
16
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/21 00:22
End of Day Share Price 2025/05/21 00:00
Earnings2025/03/31
Annual Earnings2024/12/31

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 47 analysts. 16 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
Benjamin YeohAtlantic Equities LLP
Daniel OwczarskiAvondale Partners