BAXBAXTER INTERNATIONAL INC

Surgical & Medical Instruments & Apparatus

Revenue: $11.2B; 5.7% YoY
Operating margin: -2.7%; 2181% YoY
EBITDA: $673M; 33% YoY
Market cap: $11.9B
Employees: 37,500; $300K revenue each
Net debt / EBITDA: 11.1×; $7.5B net debt
AI in 10-K: 3.7; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
25% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$300K · 31st pct
Bottom quartile of its SIC industry
Quiet on AINo
3.7 per 10K words · 76th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
11.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.1B	$10.1B	$10.4B	$10.6B	$11.2B	5.7%
Operating income	$1.4B	−$2.8B	$707M	$14M	−$308M	2300%
Net income	$1.3B	−$2.4B	$2.7B	−$649M	−$957M	47%
Operating cash flow	$2.2B	$1.2B	$1.7B	$1.0B	$845M	17%
Capex	$691M	$377M	$432M	$446M	$513M	15%
Stock-based comp	$146M	$140M	$115M	$114M	$117M	2.6%
Buybacks	$600M	$32M	$0	$0	—
Dividends	$530M	$573M	$586M	$590M	$348M	41%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 17, 2019	Third Point LLC	SC 13D/A	4.5%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

No pay-versus-performance disclosure yet.