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Research · S&P 500 · Health Care

BAX · Baxter International

The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.

Price · last 3 months · daily close

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Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5 where the data allows, plus moat evidence

23/55
low-moderate value score11 of 12 checks scored

11 of the 12 checks that carry a score were scored from the data available. 1 could not be scored (Margin of Safety) and was left out, so the score is out of 55 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.

Earnings & returns

EPS Trend

1/5

Diluted EPS: -$4.83 (2022), $5.25 (2023), -$1.27 (2024), -$1.87 (2025). The latest figure is at or below zero; the framework scores that as 1.

ROE Trend

1/5

ROE (net income / common equity): -41.7% (2022), 31.6% (2023), -9.3% (2024), -15.6% (2025). Median -12.5%, lowest -41.7%; the framework scores a median 5% or less as 1.

ROIC

1/5

ROIC of -1.8%: operating income of -$308.00M divided by $17.09B of capital (total assets $20.05B minus current liabilities $2.97B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores below 5% as 1.

Profit Margins

1/5

Net margin of -9.3%; the framework scores a negative net margin as 1; gross margin 34.1%, operating margin 14.4%.

Balance sheet & cash

Debt-to-Equity

2/5

Debt-to-equity of 1.56; the framework scores 1.5-2.5 as 2 (total debt $9.67B, total cash $2.15B).

Free Cash Flow

2/5

Free cash flow (operating cash flow minus capital expenditure): $576.00M (2022), $1.29B (2023), $559.00M (2024), $323.00M (2025). It ended at or below 2022; the framework scores that as 2.

Retained Earnings

2/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $14.05B (2022), $16.11B (2023), $14.93B (2024), $13.71B (2025). It ended at or below 2022; the framework scores that as 2.

Valuation models

Graham IV

1/5

Trailing EPS is -$1.88; the Graham formula requires positive trailing EPS, so no intrinsic value is computed.

DCF Value

4/5

FCF/share = $1.935, stage 1 growth = 4.2% for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $8.25, PV of terminal value = $21.72, DCF value = $29.96. Current price $25.28; price is 15.6% below the model value.

Margin of Safety

Not scored

Needs both a Graham value and a DCF value. Graham value N/A (not comparable); DCF value $29.96 (price is 15.6% below the model value).

Price-to-Book

3/5

P/B of 2.11; the framework scores 1.5-3.0 as 3.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 0 of 10 years (2016-2025); lowest -12.1%, highest 12.3%.

2016: 5.8%, 2017: 9.0%, 2018: 12.3%, 2019: 11.8%, 2020: 9.7%, 2021: 4.6%, 2022: -12.1%, 2023: 3.2%, 2024: 0.1%, 2025: -1.8%

Gross margin, each year

Between 30.1% and 42.9% over 10 years (a range of 12.8 points).

2016: 40.5%, 2017: 42.3%, 2018: 42.9%, 2019: 41.9%, 2020: 39.3%, 2021: 38.9%, 2022: 35.3%, 2023: 40.1%, 2024: 37.5%, 2025: 30.1%

Competition, in the company’s own words · 10-K filed Feb 12, 2026

The latest 10-K has no section headed “Competition” that could be quoted. Open the filing to read how the company describes its markets.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

5/5

Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $2.13B paid out against $2.75B of free cash flow (pass); total debt $17.20B to $9.78B, down 43.1%, 12.8x EBITDA (pass: not up more than 10%); shares outstanding 0.50B to 0.51B, up 2.0% (pass). 4 of 4 tests passed; the framework scores that as 5.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated
  Graham Formula:
    Trailing EPS -$1.88 — formula requires positive trailing EPS, no value computed.

  DCF:
    FCF/share = $1.935
    Stage 1 growth = 4.2% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
      Y1: $2.016 → PV $1.833
      Y2: $2.101 → PV $1.736
      Y3: $2.189 → PV $1.645
      Y4: $2.281 → PV $1.558
      Y5: $2.377 → PV $1.476
    Stage 1 PV sum = $8.25
    Terminal value at end of Y5 = $34.97
    PV of terminal value = $21.72
    DCF value = $29.96
    Current price $25.28 vs DCF value $29.96 — price is 15.6% below the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $25.28. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.