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Baxter International BAX Free cash flow margin

Free cash flow margin at other companies

Becton, Dickinson and Company logo
Becton, Dickinson and CompanyBDX
16.4%
Stryker logo
StrykerSYK
18.1%+2.7pp
The Cooper Companies, Inc. logo
The Cooper Companies, Inc.COO
13.5%+4.3pp
Medtronic logo
MedtronicMDT
14.9%-0.5pp
STERIS logo
STERISSTE
16.4%+2.1pp
Medline, Inc.
 logo
Medline, Inc. MDLN
6.4%+0.5pp

Other financials

Income statement

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Revenue$2.7B+2.9%
Gross profit$891.0M+3.5%
Operating income$66.0M+13.8%
Net income-$15.0M-112%
EPS (diluted)-$0.03-112%

Balance sheet

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Cash & equivalents$2.0B-12.1%
Total debt$224.0M-8.9%
Total equity$6.0B-14.7%
Total assets$19.8B-6.8%

Cash flow

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Operating cash flow$213.0M+210%
CapEx$128.3M+15.0%
Free cash flow$83.0M-42.1%

Valuation

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Market cap$10.27B-50.6%
Enterprise value$8.48B-55.6%
P/S0.9×-1.0×

Profitability

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Gross margin30.1%-5.9pp
Operating margin-2.7%
Net margin-9.7%+62.5pp

Returns & leverage

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Return on equity-16.7%-76.7pp
Debt / equity0.0×
Current ratio1.9×-0.2×

Where this comes from

Calculated from Baxter International’s reported figures.

Based on trailing twelve months.

The official record: Baxter International’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Baxter International's free cash flow margin?
Baxter International (BAX) reported free cash flow margin of 3% in Q4 2025.
How has Baxter International's free cash flow margin changed year-over-year?
Baxter International's free cash flow margin decreased by 45.2% year-over-year, from 5.4% to 3%.
What is the long-term trend for Baxter International's free cash flow margin?
Over 5 years (2020 to 2025), Baxter International's free cash flow margin has grown at a -21.5% compound annual growth rate (CAGR), from 9.9% to 3%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.