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Discontinued — last reported Q1 '26

Net debt at other companies

Cirrus Logic logo
Cirrus LogicCRUS
$133.98M-6.8%
LPL Financial Holdings logo
LPL Financial HoldingsLPLA
$7.18B+26.3%
Ready Capital logo
Ready CapitalRC
$536.97M-34.3%
The Ensign Group logo
The Ensign GroupENSG
$136.49M-2.9%
FTAI Aviation Ltd. logo
FTAI Aviation Ltd.FTAI
$2.5B+53.8%
Cigna logo
CignaCI
-$13M+98.5%

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
FCF margin3%-2.4pp

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.

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 net debt?
Baxter International (BAX) reported net debt of -$1.8B in Q1 2026.
How has Baxter International's net debt changed year-over-year?
Baxter International's net debt increased by 12.4% year-over-year, from -$2.05B to -$1.8B.
What is the long-term trend for Baxter International's net debt?
Over 5 years (2020 to 2025), Baxter International's net debt has grown at a -11.7% compound annual growth rate (CAGR), from -$3.06B to -$1.64B.
What does net debt mean?
Debt left over after using all the company's cash to pay it down.
How do you interpret net debt?
A negative value means net cash — more cash than debt, a position of strength. The numerator of net-debt/EBITDA, the most common leverage yardstick.
How does net debt compare across companies?
Most informative as net-debt/EBITDA; cash-rich balance sheets can show large total debt yet little or negative net debt.