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Arphra AIPlain-English read on Baxter International Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +38.86% | +35.29% | +40.06% | +37.46% | +30.05% | +36.08% | +36.15% | +36.62% |
| Operating margin | +11.11% | -28.29% | +6.82% | +0.13% | -2.74% | +1.40% | +1.43% | +1.41% |
| EBITDA margin | +18.03% | -17.53% | +16.74% | +10.49% | +6.81% | +11.13% | +11.34% | +11.56% |
| EBIT margin | +10.89% | -28.19% | +7.24% | +1.12% | -1.91% | +2.15% | +2.21% | +2.21% |
| Pre-tax margin | +9.19% | -32.30% | +2.34% | -2.72% | -4.49% | -1.58% | -1.62% | -1.58% |
| Net margin | +10.57% | -24.19% | +25.64% | -6.10% | -8.51% | +1.42% | +1.41% | +1.41% |
| Cost structure | ||||||||
| Cost of revenue / sales | +61.14% | +64.71% | +59.94% | +62.54% | +69.95% | +64.00% | +63.54% | +65.48% |
| R&D intensity | +4.37% | +4.47% | +5.00% | +5.55% | +4.61% | +5.18% | +5.06% | +4.99% |
| SG&A intensity | +23.42% | +30.79% | +28.50% | +27.90% | +25.70% | +27.84% | +27.68% | +27.52% |
| Effective tax rate | +7.44% | — | +25.21% | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +14.08% | -41.27% | +31.37% | -9.24% | -15.68% | +2.12% | +2.14% | +2.14% |
| Return on assets (ROA) | +3.83% | -8.60% | +9.39% | -2.52% | -4.77% | +0.60% | +0.62% | +0.59% |
| Return on capital (ROC) | +4.92% | -12.32% | +3.13% | +0.07% | -1.91% | +0.77% | +0.77% | +0.78% |
| Return on invested capital (ROIC) | +4.68% | -9.24% | +11.76% | +0.05% | -1.43% | +0.78% | +0.77% | +0.78% |
| Asset turnover | +36.23% | +35.55% | +36.64% | +41.25% | +56.07% | +42.00% | +43.97% | +42.09% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +10.57% | -24.19% | +25.64% | -6.10% | -8.51% | +1.42% | +1.41% | +1.41% |
| Asset turnover (× revenue / assets) | +36.23% | +35.55% | +36.64% | +41.25% | +56.07% | +42.00% | +43.97% | +42.09% |
| Equity multiplier (× assets / equity) | +367.51% | +479.85% | +333.92% | +367.06% | +328.66% | +355.47% | +345.08% | +361.52% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.36 | 0.36 | 0.37 | 0.41 | 0.56 | 0.42 | 0.44 | 0.42 |
| Fixed-asset turnover | 2.09 | 1.92 | 3.23 | 3.35 | 3.53 | — | — | — |
| Inventory turnover | 3.03 | 2.43 | 3.24 | 3.25 | 3.52 | — | — | — |
| Receivables turnover | 4.48 | 3.83 | 5.85 | 6.15 | 5.82 | — | — | — |
| Payables turnover | 5.96 | 5.86 | 7.05 | 6.87 | 7.87 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 81.53 | 95.20 | 62.43 | 59.37 | 62.72 | — | — | — |
| Days inventory outstanding (DIO) | 120.57 | 150.25 | 112.73 | 112.27 | 103.58 | — | — | — |
| Days payables outstanding (DPO) | 61.24 | 62.25 | 51.78 | 53.11 | 46.36 | — | — | — |
| Cash conversion cycle | 140.85 | 183.19 | 123.38 | 118.52 | 119.94 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.73 | -0.50 | 0.65 | -1.57 | -0.88 | 7.81 | 8.02 | 7.78 |
| FCF / Net income | 1.19 | -0.24 | 0.49 | -0.86 | -0.34 | 4.75 | 4.73 | 4.79 |
| FCF margin | +12.60% | +5.73% | +12.45% | +5.26% | +2.87% | +6.75% | +6.67% | +6.73% |
| OCF margin | +18.29% | +12.04% | +16.66% | +9.58% | +7.52% | +11.11% | +11.30% | +10.94% |
| CapEx / Revenue | +5.69% | +6.31% | +4.21% | +4.32% | +4.64% | +4.44% | +4.38% | +4.40% |
| CapEx / D&A | 0.80 | 0.59 | 0.44 | 0.46 | 0.53 | — | — | — |
| Stock-based comp / Revenue | +1.20% | +1.39% | +1.11% | +1.07% | +1.04% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.53 | -4.83 | 5.23 | -1.27 | -1.75 | 1.92 | 2.00 | 2.15 |
| EPS · basic | 2.56 | -4.83 | 5.25 | -1.27 | -1.75 | 1.95 | 1.98 | 2.18 |
| Book value / share | 17.95 | 11.70 | 16.74 | 13.77 | 11.89 | 14.74 | 14.95 | 15.33 |
| Tangible BV / share | -16.75 | -14.58 | -6.41 | -6.81 | -6.23 | 14.74 | 14.95 | 15.33 |
| Sales / share | 23.91 | 19.95 | 20.47 | 20.85 | 21.92 | 22.01 | 22.69 | 23.32 |
| Operating CF / share | 4.37 | 2.40 | 3.41 | 2.00 | 1.65 | 2.45 | 2.56 | 2.55 |
| Free cash flow / share | 3.01 | 1.14 | 2.55 | 1.10 | 0.63 | 1.49 | 1.51 | 1.57 |
| Dividends / share | 1.04 | 1.14 | 1.16 | 1.16 | 0.68 | 1.04 | 1.08 | 1.14 |
| Payout ratio | +41.28% | -23.55% | +22.06% | -90.91% | -36.36% | +330.99% | +336.78% | +347.92% |
| Retention ratio | +58.72% | +123.55% | +77.94% | +190.91% | +136.36% | -230.99% | -236.78% | -247.92% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | -17.20% | +3.01% | +2.66% | +5.72% | +1.03% | +1.97% | +2.63% | -0.31% |
| Gross profit · YoY | — | -24.81% | +16.93% | -4.00% | -15.19% | +21.29% | +2.16% | +3.99% | -1.15% |
| Profit | |||||||||
| Operating income · YoY | — | -310.74% | +124.85% | -98.02% | -2300.00% | +151.70% | +3.73% | +1.56% | -25.76% |
| EBITDA · YoY | — | -180.50% | +198.36% | -35.64% | -31.36% | +65.12% | +3.86% | +4.63% | -6.44% |
| Net income · YoY | — | -289.49% | +209.17% | -124.44% | -47.46% | +116.88% | +1.03% | +2.42% | -25.27% |
| Operating | |||||||||
| EBIT · YoY | — | -314.29% | +126.46% | -84.13% | -280.67% | +213.75% | +4.51% | +2.79% | -20.62% |
| R&D · YoY | — | -15.25% | +15.11% | +13.90% | -12.20% | +13.69% | -0.52% | +1.32% | +1.60% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -290.91% | +208.28% | -124.28% | -37.80% | +209.71% | +4.01% | +7.67% | -2.30% |
| EPS · basic · YoY | — | -288.67% | +208.70% | -124.19% | -37.80% | +211.23% | +1.80% | +9.83% | -2.29% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $18.31B | $17.2B | $14.11B | $13.45B | $10B | $13.2B | $13.68B | $13.7B |
| Net debt | $15.36B | $15.49B | $11.04B | $11.69B | $8.04B | $10.8B | $11.18B | $11.23B |
| Net debt / EBITDA | 7.01 | -8.78 | 6.36 | 10.47 | 10.49 | 8.54 | 8.51 | 8.17 |
| Debt / equity | 2.01 | 2.92 | 1.67 | 1.91 | 1.64 | 1.73 | 1.79 | 1.75 |
| Debt / assets | +54.62% | +60.82% | +49.91% | +52.16% | +49.88% | +48.80% | +51.95% | +48.51% |
| Equity / assets | +27.21% | +20.84% | +29.95% | +27.24% | +30.43% | +28.13% | +28.98% | +27.66% |
| Coverage | ||||||||
| EBITDA / interest expense | 10.58 | -4.27 | 3.41 | 2.74 | 2.64 | 2.88 | 2.96 | 3.00 |
| Operating income / interest | 6.52 | -6.89 | 1.39 | 0.03 | -1.06 | 0.36 | 0.37 | 0.37 |
| Interest expense | $207M | $413M | $508M | $408M | $290M | $439.52M | $443.65M | $457.96M |
| Liquidity | ||||||||
| Current ratio | 2.09 | 1.69 | 1.48 | 1.36 | 2.31 | — | — | — |
| Quick ratio | 1.34 | 0.91 | 0.75 | 0.54 | 1.31 | — | — | — |
| Cash ratio | 0.70 | 0.36 | 0.47 | 0.27 | 0.66 | — | — | — |
| Working capital | $4.64B | $3.27B | $3.1B | $2.34B | $3.9B | — | — | — |
| Working capital / revenue | +38.17% | +32.47% | +29.89% | +22.02% | +34.70% | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).