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BAX
Baxter InternationalNYSEHealth CareMedical Instruments & SuppliesSnapshot 2026-06-12
Intact
$20.86+1.81%
Close 2026-06-12 · 1-day change
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
The bottom line
Recent financial performance is neutral. Earnings quality is not assessable due to losses. Management's recent track record has been unsteady. Risk is elevated, and the sector backdrop is a headwind. Compared with sector peers, BAX trades above typical levels. Peer multiples imply a price about 53% above where it trades (it looks cheap on this basis); the read is cheap, value-trap risk. This is because it trades below peer multiples, but recent financials are weak. The read is provisional.
as of 2026-06-12
Quick facts
- Exchange
- NYSE
- Sector
- Health Care
- Industry
- Medical Instruments & Supplies
- Market cap
- $10.34B
- Employees
- —
- IPO date
- 1994-03-21
- Next earnings
- 2026-07-30
Price
Daily closes. Earnings/event dots are placed inline.
Adjusted daily closes (split & dividend). Scroll over the chart to zoom; click a range to reset.
EarningsMaterial event
What's priced in
(what the market already expects)What it's worth (estimated)
A consensus fair price across 6 valuation methods, at three horizons. Current price $20.86. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
12-month· primaryinexpensive
$46.98consensus
Range $34.24 – $49.30
vs price: -56% below
Method agreement — · 6 methods
No-growth: today's peer multiple on trailing earnings. The headline read.
3-yearinexpensive
$42.82consensus
Range $26.81 – $45.68
vs price: -51% below
Method agreement — · 5 methods
Embeds projected growth. Leans optimistic by design. Upside context.
5-yearinexpensive
How much to trust our fair value
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
Cheap vs peerslow confidence
At $21 BAX trades at 10× p/e, below its 23× p/e peer median. Our $47 fair value sits above the price; low confidence. Analysts: $17–$27. Not investment advice.
Multiple (P/E)
10.0x
peer 23.3x · own history 13.0x
Premium
0.4x peer
0.8x its own history
Growth the price needs
-56%
our forecast 1%
Our fair value
$46.98
range $34.28 – $49.30
Analyst range(a guide on our number, not a target)Our number is above the analyst range
How this stock is priced
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
Long-term · 1–3 yr
inexpensivecheap — value-trap risk12-month view
What's priced inJustified
The price implies about 56% below a flat-multiple fair value, below our forecast of about 1%. This describes what's priced in, not a forecast of the move.
Low fragilityrisk posture, not a price call
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
Historical context
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
How strong is the business
(quality & execution)Factor signals
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Recent financial performance
neutralOperating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated neutral grew net income 50% of the time over the next year (vs 57% for the rest of the cohort, n=3115).
64th pctl · Health Care
Earnings quality
loss makingOver the trailing year it converted -1.14x of net income into operating cash flow.
Macro sensitivity
Most sensitive to the broad stock market.
- the broad stock market: This stock moves with the broad market (high beta).
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
Management & capital allocation
volatile29 material management or governance events in the past 24 months, led by executive changes. Historically, Health Care names rated volatile grew net income 43% of the time over the next year (vs 57% for the rest of the cohort, n=600).
Earnings setup & market context
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
Earnings setup · pre-print positioning
forward-looking
Strongly bearishEPS revised -16.1% / 30d, n=11for period ending 2026-06-30
Why this setup
Consensus revisions
EPS estimate $0.44 → $0.37 (-16.1% / 30d). 0 raised, 12 cut, 11 covering analysts.
Rating actions
0 upgrades, 1 downgrade / 30d, 0 maintained. 14% of analysts rate Buy.
Sector context
Intermediate · WeeklySector phase: health care is in maturing, with decelerating (~0.5 years in phase).
Sector regime (90d momentum): headwind.Secular epoch: Mature by revenue growth · theme AI-drug-discovery.Management scorecard
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Long-term · 1–3 yr
Overall: neutral
- Capital allocation
- strong
- Earnings discipline
- neutral
- Margin discipline
- neutral
- Balance sheet
- strong
- Guidance credibility
- weak
- Post-call reaction
How bumpy is the path
(risk while you hold it)Risk: how this stock moves
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
Intermediate · WeeklyLong-term · 1–3 yr
On a typical day, $10k can swing ±$204.
How much price usually moves either way.
On a bad day, this stock has moved -$347.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $4,922.
Deepest peak-to-trough drop in the last year.
elevatedas of 2026-06-12
Past results, not a forecast. Not investment advice.
What would change the read
(catalysts & re-read triggers)What changed
The most important moves since the prior daily snapshot.
Short-term · Daily
- No material changes since the prior snapshot.
No material changes since the prior snapshot.
as of 2026-06-12
What to watch next
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Intermediate · Weekly
- DownsideHigh confidenceQuartersactive 18d
Watch for Q1 2026 sales growth below 1%
Why it matters: Sales growth below this level may show problems in Baxter's recovery plan.
What confirms / what disproves
Confirms:Q1 2026 sales growth from continuing operations was below 1%.
Disproves:Q1 2026 sales growth from continuing operations was 1% or higher.
Earnings call
News catalysts
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for BAX yet.
This sector is also watching
- Watch for Health Care revenue growth dropping below 8% YoY
What could change this view
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Intermediate · Weekly
Upside triggers
- If sector bellwethers like ISRG, MDLN, and BDX keep beating earnings and guiding higher, the Healthcare sector momentum should keep lifting BAX and other Healthcare names. Worth watching these names for early signals.
- If BAX raises forward guidance on the next earnings call (currently REAFFIRMED as of 2026-04-30), that's a momentum boost. Street estimates typically follow guidance up and the stock tends to re-rate higher.
- If the Fed starts cutting rates from the current 3.62%, that would be a tailwind for BAX and other Healthcare names, since rate-sensitive parts of the market tend to rally when the Fed eases.
Downside triggers
- If BAX cuts guidance on the next call (currently REAFFIRMED as of 2026-04-30), that's a meaningful negative. The Street tends to walk down estimates and the stock usually takes a leg lower.
- If sector bellwethers like ISRG, MDLN, and BDX start missing or guiding lower, the Healthcare tailwind helping BAX and other Healthcare names could fade. Watch these names for early warning.
Recent events
(material 8-K / filing activity)Material updates
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
- 2026-04-301mo agoItem 2.02
of Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Earnings preannouncementpositive
Score history
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
+7.7 vs last weeklatest as of 2026-06-13
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.