Touchstone
Last syncNov 1, 2026, 6:55 PM ET

BAX

Baxter International Inc Health Care Surgical & Medical Instruments & Apparatus S&P 500Russell 3000
$23.00Close $15.7BMarket cap $15.79 – $28.3452-week range Late-januaryNext report · estimated

Highlights

Cautions

  • Trend not confirmed 6 of 8 conditions · under the 50-day, RS under 70
  • Lagging the market RS 49 · weaker than 51% of stocks over 12 months
  • Distribution down-day volume 1.8× up-day volume over 50 sessions

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Oct 29, 2026
Off 12-month high 19%
1wk down 9.1% price change
1mo down 4.2% price change
12-month return up 20% market up 11% · its own down 8%
F-score 6 / 9 Mixed
Altman Z 2.38 Moderate risk
P/E — price / earnings
PEG — P/E / EPS growth
P/B 2.6× price / book
Earnings yield down 1.3% EBIT / enterprise value
Cheaper than 40% of the market · expensive
Revenue growth up 6% year on year
EPS growth — latest quarter
Sales growth up 5% latest quarter · -0 pts
ROE down 15% return on equity
Free cash margin up 3% $332.0M FCF
D/E 1.55 long-term debt / equity
Net debt / EBITDA 11.2×
Interest cover Lossoperating loss
Piotroski tests
  • not yet profitable on its assets
  • profitability slipped from last year
  • gross margin narrowed
  • generating cash from operations
  • profits backed by cash
  • reduced long-term debt
  • short-term liquidity improved
  • no new shares issued
  • assets working harder

Repair signals

  • Long-term debt down 28% ($13.1B → $9.5B)

Trade setup

ATR% 3.9% $0.91 a day · 2×ATR $21.19
RS 49 / 99 vs the universe
Trend 6 / 8 under the 50-day, RS under 70
Relative volume 1.9× vs 50-day average
Up/down volume 0.57 50 sessions
Implied move — no scheduled report
Trend template · 6 of 8
  • Price above the 50-day average: fails
  • RS rank 70 or higher: fails

Screen verdict

Did not qualify for any screen.

Warning signs

3 flagged
  • Losing money before interest is even paid The company made an operating loss, so interest is not covered at all - the debt is being serviced from cash reserves, asset sales or new borrowing rather than from the business.
  • Heavily indebted Net debt is 11.2 times EBITDA — roughly 11 years of earnings before interest, tax and depreciation to repay borrowings in full.
  • Gross margin narrowing Gross margin fell from 37.5% to 30.1%. The company is keeping less of each dollar of sales than it did a year ago.
Last reported Oct 29, 2026
Results reaction Oct 29, 2026-8% vs market2 sessions after results
Options $280,90036.0% IV · activity

Financials

6 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $11.2B +6% on FY2024
$0 $20B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $11.7B FY2021 · $12.1B FY2022 · $10.1B FY2023 · $10.4B FY2024 · $10.6B FY2025 · $11.2B
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology -$957.0M
-$2.5B $0 $5B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $1.1B FY2021 · $1.3B FY2022 · -$2.4B FY2023 · $2.7B FY2024 · -$649.0M FY2025 · -$957.0M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology $332.0M -42% on FY2024
$0 $2B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $1.2B FY2021 · $1.5B FY2022 · $834.0M FY2023 · $1.3B FY2024 · $573.0M FY2025 · $332.0M
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Gross 30%
  • Net -9%
  • Free cash 3%
-25% 0% 50% FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Gross 39% · Net 9% · Free cash 10% FY2021 · Gross 39% · Net 11% · Free cash 13% FY2022 · Gross 35% · Net -24% · Free cash 8% FY2023 · Gross 40% · Net 26% · Free cash 12% FY2024 · Gross 37% · Net -6% · Free cash 5% FY2025 · Gross 30% · Net -9% · Free cash 3%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $7.5B net debt
  • Cash
  • Long-term debt
$0 $20B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Cash $3.7B · Long-term debt $6.2B FY2021 · Cash $3.0B · Long-term debt $17.7B FY2022 · Cash $1.6B · Long-term debt $16.6B FY2023 · Cash $3.1B · Long-term debt $13.8B FY2024 · Cash $1.8B · Long-term debt $13.1B FY2025 · Cash $2.0B · Long-term debt $9.5B
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 683.49m +0.0% since FY2020
683.49m FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · 683.49m FY2021 · 683.49m FY2022 · 683.49m FY2023 · 683.49m FY2024 · 683.49m FY2025 · 683.49m
  FY2020Dec 31, 2020 FY2021Dec 31, 2021 FY2022Dec 31, 2022 FY2023Dec 31, 2023 FY2024Dec 31, 2024 FY2025Dec 31, 2025
Revenue $11.7B $12.1B $10.1B $10.4B $10.6B $11.2B
Gross margin 39% 39% 35% 40% 37% 30%
Operating income $1.6B $1.4B -$2.8B $707.0M $14.0M -$308.0M
Net income $1.1B $1.3B -$2.4B $2.7B -$649.0M -$957.0M
Net margin 9% 11% -24% 26% -6% -9%
Earnings per share $2.13 $2.53 -$4.83 $5.23 -$1.27 -$1.87
Free cash flow $1.2B $1.5B $834.0M $1.3B $573.0M $332.0M
Free cash margin 10% 13% 8% 12% 5% 3%
Cash $3.7B $3.0B $1.6B $3.1B $1.8B $2.0B
Long-term debt $6.2B $17.7B $16.6B $13.8B $13.1B $9.5B
Shareholders' equity $8.7B $9.1B $5.8B $8.4B $7.0B $6.1B
Shares outstanding 683.49m 683.49m 683.49m 683.49m 683.49m 683.49m

What options price now

Expected 1-month range The at-the-money straddle for the expiry nearest a month out, as a share of the price: the move, either way, the option market is pricing by then. The range is the price plus and minus that move; the stock ends inside it a little more often than not. Methodology
$21 – $25 ±7.9% by Nov 27, 2026
Swings expected vs recent The daily swings the options are priced for (implied volatility) against the swings the stock actually had over the last 20 sessions (realised volatility). Bigger means options charge for more movement than the stock has been delivering; smaller, less. On a contract row, that contract's own implied volatility over the stock's realised. Methodology
Smaller 36.0% priced · 42.2% recent
Next month vs later At-the-money implied volatility for 8-45 day expiries over 46-90 day ones: whether options price the coming month as choppier or calmer than the two after it. Ahead of a report it usually reads choppier, and the extra comes out once the report is out. Methodology
Choppier
Crash protection What options that pay off in a fall cost against options that pay off in a rise (the 25-delta skew), compared with this company's own normal - the median of its stored nightly readings, once there are 20 - and with five sessions ago. Protection costs a little more than upside on most shares. More than usual means readers of the chain are paying up to insure against a drop; it does not say which way the stock will go. Methodology
past week: costs more
Positioning
Premium traded
$280,900 calls $188,038 · puts $92,862 · latest session
Puts against calls, by premium Money spent on puts divided by money spent on calls. Measured in dollars rather than contracts on purpose: counting contracts treats a hundred cheap lottery tickets as more meaningful than one large position, which is backwards. Methodology
0.49× +0.45 over the week
Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology
calls +1.47k · puts +277 past week

For options traders: ATM IV 36.0% (-15.7% 1w) · 1m ÷ 3m IV 1.14 · 25Δ skew 2.6 pts · Net GEX $726,949

Most traded contracts

No contract passed the liquidity filters this week.

Filings

SEC EDGAR
FiledReportPeriod to Lag
Oct 29, 2026 Quarterly ↗ Sep 30, 2026 29d
Jul 30, 2026 Quarterly ↗ Jun 30, 2026 30d
Apr 30, 2026 Quarterly ↗ Mar 31, 2026 30d
Feb 12, 2026 Annual ↗ Dec 31, 2025 43d
Nov 4, 2025 Quarterly ↗ Sep 30, 2025 35d
Aug 5, 2025 Quarterly ↗ Jun 30, 2025 36d
May 6, 2025 Quarterly ↗ Mar 31, 2025 36d
Feb 21, 2025 Annual ↗ Dec 31, 2024 52d
Nov 12, 2024 Quarterly ↗ Sep 30, 2024 43d
Aug 6, 2024 Quarterly ↗ Jun 30, 2024 37d
May 2, 2024 Quarterly ↗ Mar 31, 2024 32d
Feb 8, 2024 Annual ↗ Dec 31, 2023 39d

Current reports

FiledDisclosed
Oct 29, 2026 Results · Other events ↗
Aug 19, 2026 Director or officer change · Regulation FD ↗
Aug 18, 2026 Material agreement · Other events ↗
Aug 4, 2026 Other events ↗
Aug 4, 2026 Director or officer change ↗
Jul 30, 2026 Results · Other events ↗
Jul 14, 2026 Regulation FD ↗
May 8, 2026 Director or officer change · Charter or bylaws · Shareholder vote ↗
Apr 30, 2026 Results · Other events ↗
Mar 19, 2026 Regulation FD ↗
Mar 16, 2026 Director or officer change · Regulation FD ↗
Feb 12, 2026 Results · Director or officer change · Other events ↗