BAX Baxter International Inc. Common Stock

NYSE · Health Care · View on SEC EDGAR ↗
$26.20
Price · Aug 25, 2026
Fundamentals as of Jul 30, 2026

About Baxter International Inc. Common Stock Company overview from Wikipedia

Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.

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Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.

The company primarily focuses on products to treat chronic and acute medical conditions. The company had 2023 global net sales of $14.8 billion (+2% vs 2022), across three business: "Medical Product and Therapies", "Healthcare Systems and Technologies" and Pharmaceuticals.

Baxter's Medical Product and Therapies business comprise two divisions: the first named "Advanced Surgery" that produce technologies to enhance surgeons' technique, increase efficiencies and improve outcomes. The second named "Infusion Therapies and Technologies" produces intravenous products and other products used in the delivery of fluids and drugs to patients.

Baxter's Healthcare System and Technologies business has four divisions "Front Line Care", "Digital Platform and Innovations", "Care and Connectivity Solutions" and "Global Services".

Baxter's Pharmaceuticals business produce inhalational anaesthetics and other differentiated hospital pharmaceuticals in areas of pain, critical care, anti-infection and oncology.

History

Baxter International was founded in 1931 by Donald Baxter, a Los Angeles-based medical doctor, as a manufacturer and distributor of intravenous therapy solutions. Seeing a need for products closer to the Midwest, the company opened a manufacturing plant in Glenview, Illinois, in 1933. Baxter's interest was bought out in 1935 by Ralph Falk, who established a research and development function. In 1939, the company developed a vacuum-type collection container, extending the shelf life of blood from hours to weeks. In 1954, the company expanded operations outside of the United States by opening an office in Belgium. In 1956, Baxter International introduced the first functioning artificial kidney, and in 1971 became a member of the Fortune 500.

In 1971, Baxter built a major manufacturing plant in Ashdod, Israel. As a result, the company was placed on the Arab League boycott list in the early 1980s.

Throughout the 1980s and 1990s, the company expanded to deliver a wider variety of products and services (including vaccines and a greater variety of blood products) through acquisitions of various companies. Sales and production facilities also expanded throughout the world.

In 1982, Baxter acquired Medcom, Inc., a New York-based firm founded by Richard Fuisz and his brother, that had large markets in the United States and Saudi Arabia. Baxter chief executive Vernon Loucks fired Fuisz who then brought anti-boycott charges against Baxter to the U.S. Commerce Department Office of Anti-Boycott Compliance (OAC). Fuisz alleged that Baxter had sold their profitable Ashdod facility to Teva Pharmaceutical Industries in 1988 while simultaneously negotiating the construction of a similar plant in Syria in partnership with the Syrian military in order to be removed from the Arab League blacklist in 1989. In 1993, Baxter pleaded guilty to a felony in relation to an anti-boycott law in the United States.

On July 15, 1985, American Hospital Supply Corporation CEO Karl D. Bays and Baxter's then-CEO Vernon R. Loucks Jr. signed an agreement that merged two of the United States' "largest producers of medical supplies". This was a "one-Baxter approach" in which the company provided "70% to 80% of what a hospital needed."

In 1991, Baxter's home infusion subsidiary, Caremark International, "was accused by the government of paying doctors to steer patients to its intravenous drug service" In 1992, Caremark spun off from Baxter International. Caremark was fined $160 million for the "four-year-long federal mail-fraud and kickback" scheme in which the "home-infusion business unit made weekly payments to scores of doctors that averaged about $75 per patient for referring those patients to its services. Some doctors earned as much as $80,000 a year from the kickbacks, according to government documents."

In 1996, the company entered into a four-way, $640 million settlement with haemophiliacs 1999 in relation to blood clotting concentrates that were infected with HIV. Under pressure from shareholders due to poor performance and an unsuccessful merger, Loucks was forced to resign.

Baxter acquired medical device firm Baxa on November 10, 2011. In 2011, Hikma Pharmaceuticals PLC completed the acquisition of Baxter Healthcare Corporation's US generic injectables business (Multi-Source Injectables or MSI).

In July 2013, EU antitrust regulators approved Baxter's bid for Sweden's Gambro.

In March 2014, Baxter announced plans to create two independent global healthcare companies—one focused on developing and marketing bio-pharmaceuticals and the other on medical products. The medical products company retained the name Baxter International Inc. and the bio-pharmaceuticals company is named Baxalta and spun-off as a new public company that showed on trading boards as of July 1, 2015.

In July 2014, Baxter announced that it was exiting the vaccines business—divesting its commercial vaccine portfolio to Pfizer (with the sale expected to close by the end of the year) and exploring options for its vaccines R&D program, including influenza. In October 2015, José E. Almeida was named chairman and chief executive officer. In January 2016 Shire PLC agreed to acquire Baxalta for $32 billion.

In December 2016, Baxter announced it would acquire Claris Lifesciences injectables subsidiary, Claris Injectables, for $625 million.

In December 2019, the company announced it would acquire Seprafilm from Sanofi for $350 million.

In September 2021, Baxter announced it would acquire Hill-rom for $12.4 billion. The acquisition was completed in December 2021 for $12.5 billion.

In May 2023, Baxter announced it was selling its biopharma solutions business, which offers drugmakers support in the form of products like injectable delivery systems and services that include regulatory resources, help with drug formulation and development, and packaging capabilities, to private equity firms Warburg Pincus and Advent International for $4.25 billion in cash.

In August 2024, Baxter agreed to divest its kidney care business unit, Vantive, to private equity firm Carlyle Group for $3.8 billion.

In September 2024, Hurricane Helene caused significant flooding in North Carolina, affecting a Baxter International facility in Marion. This facility produces approximately 60% of the intravenous (IV) fluids used in the United States. The disruption led to nationwide IV fluid shortages, prompting hospitals to ration supplies and implement strategies to conserve fluids. This also prompted questions from medical professionals about why such a large portion of the country's IV manufacturing capacity is tied to a single facility. As of November 7, 2024, the facility resumed producing some IV fluids. However, with the onset of flu season, hospitals continued to prioritize conservation efforts.

Environmental activities

In 1997, a report produced by the company indicated that changes made to reduce environmental impacts generated savings that exceeded their cost, producing a net profit. Reporting was company-wide, with a variety of aggregation and reporting, including on the company's internet and intranet sites. The company was an early joiner in the "green and greedy" movement, which aims to lessen the environmental impacts of manufacturing its products while saving the company money. In 2009, the company announced it had reached a variety of its environmentally friendly goals, and that it would continue to try to reduce waste, emissions, energy use and environmental incidents over the coming years.

Structure

The company had 2014 sales of $16.7 billion, across two businesses: BioScience (2013 sales - $6.6 billion) and Medical Products ($8.7 billion). Sales in 2013 were 42% in the United States, 30% in Europe, 16% in Asia Pacific, 12% in Latin America and Canada. In 2011, Baxter had approximately 61,500 employees. The breakdown of regional employees in 2013 was 36% in the United States; 34% in Europe; 16% in Asia Pacific; 14% in Latin America and Canada. In 2013, Baxter International spent more than $1.2 billion on research and development. As of December 31, 2016, the company had approximately 48,000 employees.

Corporate governance

In 1953, William Graham became the company's CEO. Vernon Loucks became president and CEO in 1980. Loucks was forced to resign by shareholders.

In January, as Baxter International Inc.'s Vernon Loucks relinquished his CEO duties after 18 years, directors handed him a special stock-option grant of 950,000 shares "for the specific purposes of motivating" him "to implement a smooth transition of his responsibilities." If Mr. Loucks sells all the 400,000 shares he can exercise at year end and Baxter's stock price remains at its current level, he will make more than $4 million.

During the tenure of Vernon Loucks, who was Baxter's CEO from 1980 to 1998 and chairman from 1987 to 1999, company sales "more than quadrupled to $5.7 billion while its workforce rose from 30,000 to 42,000." During that time, Loucks hired and groomed staff who went on to become CEOs elsewhere. Baxter alumni groomed by Loucks included Terry Mulligan of MedAssets, Lance Piccolo at Caremark, Mike Mussallem of Edwards Lifesciences Corp and CEOs of Boston Scientific Corp. and Cardinal Health.

Loucks was succeeded by Harry Kraemer, who was succeeded by Robert Parkinson, who took the CEO position in 2004.

H1N1 vaccine

In July 2009, Baxter International announced completion of the first commercial vaccine for the H1N1 ("swine flu") influenza. The company has been one of several working with the World Health Organization and United States Centers for Disease Control and Prevention on the vaccine, and uses a cell-based rather than egg-based technology that allows a shorter production time.

Philanthropy

In 2008, Baxter launched Science@Work: Expanding Minds with Real-World Science, which supports teacher training and student development in healthcare and biotechnology in Chicago Public Schools.

In 2013, the company was included in The Civic 50, a list of the most community-minded companies in America from The National Conference on Citizenship and Points of Light, published by Bloomberg.

In 2014, roughly 6,300 Baxter employees volunteered in their communities through The Baxter International Foundation's Dollars for Doers program, addressing local concerns such as healthcare, the environment and education. In 2014, Baxter and The Baxter International Foundation gave over $50 million.

Baxter was included for the 13th year in Corporate Responsibility magazine's 100 Best Corporate Citizens list in 2014 for its social responsibility performance.

Product defects and contamination

In August 1975, Baxter / Travenol withdrew a clotting factor product Hemofil after the product was associated with an outbreak of hepatitis B.

Baxter, unknown to the FDA, continued to use prison plasma in factor concentrate production until October 1983, despite having entered into an agreement with the FDA (11 months earlier) that they would no longer use US prison plasma, which posed a high risk of virus transmission.

It was announced in quarter 1 of 1996 that Baxter had agreed to settle a lawsuit involving 200 Japanese haemophilia patients who had become infected with HIV as a result of using contaminated haemophilia products which were unheated. The Japanese courts ordered for each victim to receive $411,460 by March 29 that year.

In 2010, a jury in Las Vegas, Nevada, ordered Baxter and Teva Pharmaceuticals to pay $144 million to patients who had been infected with hepatitis C after doctors wrongly reused dirty medical supplies to administer propofol to patients, although the label for propofol clearly states that it is for single-patient use only and that aseptic procedures should be used at all times. Per a 2009 indemnity agreement between Teva (the manufacturer) and Baxter (acting as a distributor on behalf of Teva), the litigation and related settlements were defended and paid by Teva.

In 2010, Baxter was ordered by the FDA to recall all of their Colleague infusion pumps from the market due to 87 recalls and deaths associated with the pump.

2001 Althane disaster

The Baxter Althane disaster in autumn 2001 was a series of over 50 sudden deaths of kidney failure patients in Spain, Croatia, Italy, Germany, Taiwan, Colombia and the USA (mainly Nebraska and Texas). All had received hospital treatment with Althane hemodialysis equipment, a product range manufactured by Baxter International, USA.

2008 Chinese heparin adulteration

In 2008, the quality of blood thinning products produced by Baxter was brought into question when they were linked to 81 deaths and 785 severe allergic reactions in the United States according to the FDA. Upon inspection, one of the raw ingredients used by Baxter was found to be contaminated – between 5 and 20 percent – with a substance that was similar, but not identical, to the ingredient itself. The company initiated a voluntary recall, temporarily suspended the manufacture of heparin, and launched an investigation.

The investigation into the contamination has focused on raw heparin produced by one of Baxter's subcontractors Changzhou Scientific Protein Laboratories, a China-based branch of Scientific Protein Laboratories, based in Waunakee, Wisconsin. Changzhou SPL's facilities were never subjected to inspection by US FDA officials. In addition, Changzhou SPL's products were also never certified as safe for use in pharmaceutical products by Chinese FDA officials, due to Changzhou SPL's registration as a chemical company rather than a pharmaceutical manufacturer.

Upon investigation of these adverse events by the FDA, academic institutions, and the involved pharmaceutical companies, the contaminant was identified as an "over-sulfated" derivative of chondroitin sulfate, a closely related substance obtained from mammal or fish cartilage and often used as a treatment for arthritis. Since over-sulfated chondroitin is not a naturally occurring molecule, it costs a fraction of true heparin precursor chemical, and mimics the in-vitro properties of heparin, the counterfeit was almost certainly intentional as opposed to an accidental lapse in manufacturing. The raw heparin batches were found to have been cut from 2–60% with the counterfeit substance, and motivation for the adulteration was attributed to a combination of cost effectiveness and a shortage of suitable pigs in Mainland China. In mid-January 2008 Baxter voluntarily recalled some lots of multi-dose vials of Heparin in February in consultation with the FDA Baxter recalled the rest of their Heparin products.

2009 Avian flu contamination

In early 2009, samples of viral material supplied by Baxter International to a series of European laboratories were found to be contaminated with live Avian flu virus (Influenza A virus subtype H5N1). Samples of the less harmful seasonal flu virus (subtype H3N2) were found to be mixed with the deadly H5N1 strain after a vaccine made from the material killed test animals in a lab in the Czech Republic. Though the serious consequences were avoided by the lab in the Czech Republic, Baxter then claimed the failed controls over the distribution of the virus were 'stringent' and there was 'little chance' of the lethal virus harming humans.

2009 drug cost inflation

On July 2, 2009, Kentucky Attorney General Jack Conway announced a settlement between the state and Baxter Healthcare Corporation, a subsidiary of Baxter International, worth $2 million. The company had been inflating the cost of the intravenous drugs sold to Kentucky Medicaid, at times as much as 1300%.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

BAX Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$26.20
Market Cap
$17.89B
P/E (TTM)
-14.0
EPS (TTM)
$-1.87
Revenue (TTM)
$11.24B
Div Yield
1.9%
ROE
-14.6%
Debt/Equity
0.0
52W Range
$16 – $30

BAX Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $11.24B
8-point trend, +1.3%
2018-12-31 2025-12-31
EPS $-1.87
8-point trend, -166.1%
2018-12-31 2025-12-31
Free Cash Flow $332M
8-point trend, -76.5%
2018-12-31 2025-12-31
Margins -8.5%
8-point trend, -30.1%
2018-12-31 2025-12-31

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
BAX
Peer Median
P/E (TTM)
5-point trend, -130.1%
-14.0
27.5
P/S (TTM)
3-point trend, -54.5%
1.6
3.7
P/B
3-point trend, -32.2%
2.9
3.4
EV / EBITDA
3-point trend, +17.3%
23.7
Price / FCF
3-point trend, +54.0%
53.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
BAX
Peer Median
Gross Margin
5-point trend, -24.7%
30.0%
64.7%
Operating Margin
5-point trend, -120.5%
-2.7%
Net Profit Margin
5-point trend, -184.8%
-8.5%
9.8%
ROA
5-point trend, -187.1%
-4.2%
5.1%
ROE
5-point trend, -201.2%
-14.6%
8.6%
ROIC
5-point trend, -156.0%
-8.9%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
BAX
Peer Median
Debt / Equity
5-point trend, -99.4%
0.0
Current Ratio
5-point trend, +10.5%
2.3
2.7
Quick Ratio
5-point trend, -2.2%
1.3

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
BAX
Peer Median
Revenue YoY
5-point trend, -7.4%
5.7%
Revenue CAGR 3Y
5-point trend, -7.4%
3.8%
Revenue CAGR 5Y
5-point trend, -7.4%
-0.75%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
BAX
Peer Median
EPS (Diluted)
5-point trend, -173.9%
$-1.87

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
BAX
Peer Median
Payout Ratio
5-point trend, -188.1%
-36.4%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
1.9%
Payout Ratio
-36.4%
5Y Div CAGR
Ex-dateAmount
May 29, 2026$0.0100
Feb. 27, 2026$0.0100
Nov. 28, 2025$0.0100
Aug. 29, 2025$0.1700
May 30, 2025$0.1700
Feb. 28, 2025$0.1700
Nov. 29, 2024$0.1700
Aug. 30, 2024$0.2900
May 31, 2024$0.2900
Feb. 29, 2024$0.2900
Nov. 30, 2023$0.2900
Aug. 31, 2023$0.2900
June 1, 2023$0.2900
Feb. 23, 2023$0.2900
Dec. 1, 2022$0.2900
Sept. 1, 2022$0.2900
June 2, 2022$0.2900
Feb. 24, 2022$0.2800
Dec. 2, 2021$0.2800
Sept. 2, 2021$0.2800

BAX Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

HOLD 20 analysts
  • Strong Buy 1 5.0%
  • Buy 4 20.0%
  • Hold 14 70.0%
  • Sell 1 5.0%
  • Strong Sell 0 0.0%

12-Month Price Target

11 analysts · 2026-08-20
Median target $28.00 +6.9%
Mean target $28.73 +9.7%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.04%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.56 $0.37 0.19%
March 31, 2026 $0.36 $0.31 0.05%
Dec. 31, 2025 $0.44 $0.54 -0.10%
Sept. 30, 2025 $0.69 $0.60 0.09%
June 30, 2025 $0.59 $0.62 -0.03%
March 31, 2025 $0.55 $0.49 0.06%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
BAX $13.05B -10.2 5.7% -8.5% -14.6% 30.0%
DXCM $25.54B 31.8 15.6% 17.9% 31.4% 60.1%
RMD $28.11B 18.7 9.8% 26.9% 23.6% 61.1%
GEHC 18.0 4.8% 10.1% 22.1% 40.0%
ZBH $28.66B 25.3 7.2% 8.6% 5.6%
PEN $12.20B 68.8 17.5% 12.7% 13.1% 67.1%
GMED 22.3 16.7% 18.3% 12.1%
GKOS $6.49B -34.4 32.3% -37.0% -26.4% 55.7%
PODD $20.01B 81.7 30.7% 9.1% 16.6% 71.6%
TFX -6.0 17.2% -45.5% -24.6% 56.2%
ABT $250.18B 33.7 5.7% 14.7% 13.1%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17
Annual Income Statement data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +4.9% $11.24B $10.64B $10.36B $10.06B $12.15B $11.67B $11.36B $11.10B $10.58B $10.16B $9.97B $10.72B
Cost of Revenue 12-point trend, +28.1% $7.87B $6.65B $6.21B $6.51B $7.43B $7.09B $6.60B $6.34B $6.11B $6.05B $5.82B $6.14B
Gross Profit 12-point trend, -26.2% $3.38B $3.98B $4.15B $3.55B $4.72B $4.59B $4.76B $4.76B $4.47B $4.12B $4.15B $4.58B
R&D Expense 12-point trend, -15.1% $518M $590M $518M $450M $531M $521M $595M $654M $615M $646M $603M $610M
SG&A Expense 12-point trend, -12.8% $2.89B $2.97B $2.95B $3.10B $2.85B $2.47B $2.54B $2.62B $2.63B $2.73B $3.09B $3.31B
Operating Income 12-point trend, -147.0% $-308M $14M $707M $-2.85B $1.35B $1.62B $1.77B $1.58B $1.29B $745M $449M $656M
Interest Expense 12-point trend, +73.7% $290M $408M $508M $413M $207M $153M $111M $93M $85M $89M $146M $167M
Interest Income 12-point trend, +136.4% $52M $67M $69M $19M $14M $19M $40M $48M $30M $23M $20M $22M
Other Non-op 12-point trend, +295.2% $41M $38M $-26M $-9M $-41M $-190M $-731M $78M $-133M $4.28B $105M $-21M
Pretax Income 12-point trend, -203.1% $-505M $-289M $242M $-3.25B $1.12B $1.29B $970M $1.62B $1.10B $4.95B $428M $490M
Income Tax 12-point trend, +1097.0% $395M $37M $61M $-135M $83M $182M $-41M $65M $491M $-12M $35M $33M
Net Income 12-point trend, -138.3% $-957M $-649M $2.66B $-2.43B $1.28B $1.10B $1.00B $1.55B $602M $4.96B $968M $2.50B
EPS (Basic) 12-point trend, -140.6% $-1.87 $-1.27 $5.25 $-4.83 $2.56 $2.17 $1.97 $2.90 $1.11 $9.09 $1.78 $4.61
EPS (Diluted) 12-point trend, -141.0% $-1.87 $-1.27 $5.23 $-4.83 $2.53 $2.13 $1.93 $2.83 $1.08 $9.01 $1.76 $4.56
Shares (Basic) 12-point trend, -5.4% 513,000,000 510,000,000 506,000,000 504,000,000 502,000,000 509,000,000 509,000,000 534,000,000 543,000,000 546,000,000 545,000,000 542,000,000
Shares (Diluted) 12-point trend, -6.2% 513,000,000 510,000,000 508,000,000 504,000,000 508,000,000 517,000,000 519,000,000 546,000,000 555,000,000 551,000,000 549,000,000 547,000,000
EBITDA 12-point trend, -33.0% $673M $1.01B $1.65B $-540M $2.60B $2.44B $2.56B $2.38B $2.02B $724M $1.21B $1.00B
Balance Sheet 31
Annual Balance Sheet data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, -32.8% $1.97B $1.76B $3.08B $1.62B $2.95B $3.73B $3.33B $1.84B $3.39B $2.80B $2.21B $2.92B
Short-term Investments · · · · · · · · · · $5.15B ·
Receivables 8-point trend, +1.1% $1.86B $1.68B $1.72B $2.57B $2.63B $2.01B $1.90B $1.84B · · · ·
Inventory 12-point trend, +41.5% $2.23B $2.05B $1.92B $2.68B $2.45B $1.92B $1.65B $1.67B $1.48B $1.43B $1.60B $1.58B
Prepaid Expense 12-point trend, +70.1% $813M $753M $706M $857M $839M $758M $619M $614M $601M $602M $855M $478M
Other Current Assets 12-point trend, -10.3% $341M $205M $145M $368M $390M $342M $315M $404M $368M $341M $435M $380M
Current Assets 12-point trend, -32.4% $6.87B $8.85B $9.60B $8.01B $8.87B $8.41B $7.50B $5.96B $7.26B $6.57B $11.80B $10.16B
PP&E (Net) 12-point trend, -34.4% $2.91B $2.87B $2.87B $4.70B $5.18B $4.72B $4.51B $4.53B $4.59B $4.29B $4.39B $4.43B
PP&E (Gross) 12-point trend, -10.1% $8.05B $7.65B $7.65B $10.78B $11.73B $11.27B $10.66B $10.33B $10.15B $9.16B $8.99B $8.95B
Accum. Depreciation 12-point trend, +13.8% $5.14B $4.78B $4.78B $6.08B $6.55B $6.55B $6.15B $5.80B $5.56B $4.87B $4.60B $4.52B
Goodwill 12-point trend, +68.4% $4.93B $5.28B $5.79B $6.45B $9.84B $3.22B $3.03B $3.00B $3.10B $2.60B $2.69B $2.93B
Intangibles 12-point trend, +169.7% $4.37B $5.22B $5.92B $6.79B $7.79B $1.67B $1.47B $1.41B $1.37B $1.11B $1.35B $1.62B
Other Non-current Assets 12-point trend, -24.8% $699M $755M $809M $1.11B $1.21B $1.40B $1.07B $819M $787M $977M $744M $930M
Total Assets 12-point trend, -23.3% $20.05B $25.78B $28.28B $28.29B $33.52B $20.02B $18.19B $15.72B $17.11B $15.55B $20.96B $26.14B
Accounts Payable 12-point trend, -62.7% $999M $968M $881M $1.11B $1.25B $1.04B $2.69B $2.81B $2.73B $2.61B $2.67B $2.68B
Accrued Liabilities 6-point trend, +4.5% $1.97B $1.86B $1.92B $2.17B $2.48B $1.88B · · · · · ·
Short-term Debt 11-point trend, -99.9% $1M $2.13B $0 $299M $301M $0 $226M $2M · $0 $1.77B $913M
Current Liabilities 12-point trend, -50.8% $2.97B $6.51B $6.50B $4.75B $4.24B $3.33B $3.23B $2.81B $2.82B $2.74B $5.75B $6.04B
Capital Leases 7-point trend, -56.3% $223M $243M $265M $447M $522M $501M $510M · · · · ·
Deferred Tax 12-point trend, +45.8% $245M $103M $403M $661M $962M $143M $192M $215M $280M $93M $195M $168M
Other Non-current Liabilities 12-point trend, -56.2% $1.29B $1.08B $1.40B $1.85B $2.49B $1.67B $1.73B $1.56B $1.67B $1.74B $2.42B $2.94B
Total Liabilities 9-point trend, +74.5% $13.95B $18.76B $19.81B $22.39B $24.40B $11.29B $10.28B $7.85B $8.00B · · ·
Long-term Debt 6-point trend, +51.4% $9.44B $13.18B $13.86B $16.70B $17.75B $6.23B · · · · · ·
Total Debt 10-point trend, -99.9% $1M $2.13B $0 $299M $301M $0 $226M $2M · · $1.77B $913M
Common Stock Flat — no change across 12 periods $683M $683M $683M $683M $683M $683M $683M $683M $683M $683M $683M $683M
Retained Earnings 12-point trend, +3.6% $13.71B $14.93B $16.11B $14.05B $17.07B $16.33B $15.72B $15.07B $14.48B $14.20B $9.68B $13.23B
Treasury Stock 12-point trend, +36.0% $10.87B $11.06B $11.23B $11.39B $11.49B $11.05B $10.76B $9.99B $7.98B $8.00B $7.65B $7.99B
AOCI 12-point trend, -2.8% $-3.75B $-4.01B $-3.55B $-3.83B $-3.38B $-3.31B $-3.71B $-3.82B $-4.00B $-4.56B $224M $-3.65B
Stockholders' Equity 12-point trend, -24.5% $6.13B $6.96B $8.40B $5.83B $9.08B $8.69B $7.88B $7.84B $9.12B $8.29B $8.85B $8.12B
Liabilities + Equity 12-point trend, -23.3% $20.05B $25.78B $28.28B $28.29B $33.52B $20.02B $18.19B $15.72B $17.11B $15.55B $20.96B $26.14B
Shares Outstanding Flat — no change across 6 periods 683,000,000 683,000,000 683,000,000 683,000,000 683,000,000 683,000,000 · · · · · ·
Cash Flow 19
Annual Cash Flow data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +23.9% $981M $997M $984M $1.07B $867M $823M $789M $771M $750M $800M $759M $792M
Stock-based Comp 12-point trend, -7.1% $117M $114M $115M $140M $146M $130M $122M $115M $107M $115M $126M $126M
Deferred Tax 12-point trend, +581.2% $77M $-262M $-256M $-260M $-161M $-88M $-310M $-263M $211M $-301M $-53M $-16M
Amort. of Intangibles 12-point trend, +253.8% $598M $625M $590M $679M $298M $222M $183M $169M $154M $163M $158M $169M
Restructuring 12-point trend, +2800.0% $162M $146M $141M $144M $91M $111M $134M $117M $70M $285M $130M $-6M
Other Non-cash 11-point trend, +270.4% $627M $819M $-1.83B $2.31B $48M $-99M $502M $-161M $58M · $-153M $-368M
Operating Cash Flow 12-point trend, -73.7% $845M $1.02B $1.73B $1.21B $2.22B $1.87B $2.10B $2.02B $1.71B $1.65B $1.77B $3.21B
CapEx 12-point trend, -44.5% $513M $446M $432M $377M $691M $709M $696M $659M $616M $719M $911M $925M
Investing Cash Flow 12-point trend, +284.2% $2.84B $-626M $3.21B $-931M $-11.20B $-1.18B $-1.10B $-916M $-1.29B $-715M $-1.81B $-1.54B
Debt Issued 12-point trend, +4773.2% $2.00B $0 $0 $0 $11.90B $1.89B $1.66B $0 $665M $1.64B $6.87B $41M
Net Debt Issued 10-point trend, +302.2% $2.00B · $0 $-954M $9.08B $704M $1.66B · $632M $260M $3.09B $-988M
Stock Repurchased 10-point trend, -100.0% · $0 $0 $32M $600M $500M $1.27B $2.45B $564M $292M · $550M
Net Stock Activity 10-point trend, +100.0% · $0 $0 $-32M $-600M $-500M $-1.27B $-2.45B $-564M $-292M · $-550M
Dividends Paid 12-point trend, -68.2% $348M $590M $586M $573M $530M $473M $423M $376M $315M $268M $910M $1.09B
Financing Cash Flow 12-point trend, -200.7% $-4.22B $-1.08B $-3.49B $-1.44B $8.24B $-345M $498M $-2.60B $93M $-324M $-481M $-1.40B
Net Change in Cash 12-point trend, -332.3% $-446M $-784M $1.48B $-1.23B $-780M $401M $1.50B $-1.56B $617M $588M $-712M $192M
Taxes Paid 5-point trend, -69.4% $222M · · · · · · · $255M $500M $466M $726M
Free Cash Flow 12-point trend, -74.8% $332M $573M $1.03B $532M $1.48B $1.16B $1.41B $1.42B $1.20B $935M $736M $1.32B
Levered FCF 12-point trend, -115.6% $-185M $113M $691M $105M $1.30B $1.03B $1.29B $1.33B $1.15B $846M $602M $1.18B
Profitability 8
Annual Profitability data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, -38.6% 30.0% 37.5% 33.6% 35.7% 39.9% 39.3% 41.9% 43.0% 42.2% 40.4% 41.6% 48.9%
Operating Margin 11-point trend, -160.9% -2.7% 0.13% 2.6% -12.9% 13.4% 13.8% 15.6% 14.4% 11.9% 7.1% 4.5% ·
Net Margin 12-point trend, -156.8% -8.5% -6.1% 17.9% -16.1% 10.0% 9.4% 8.8% 14.6% 6.8% 48.9% 9.7% 15.0%
Pretax Margin 12-point trend, -130.7% -4.5% -2.7% -0.70% -15.6% 11.6% 11.1% 8.5% 15.2% 11.5% 48.8% 4.3% 14.6%
EBITDA Margin 12-point trend, -0.7% 6.0% 9.5% 11.2% -3.6% 20.3% 20.9% 22.5% 21.4% 19.1% 7.1% 12.1% 6.0%
ROA 12-point trend, -142.8% -4.2% -2.4% 9.4% -7.9% 4.8% 5.8% 5.6% 10.0% 4.4% 27.2% 4.1% 9.8%
ROE 12-point trend, -148.5% -14.6% -8.5% 37.3% -32.6% 14.4% 13.3% 12.8% 19.2% 8.2% 58.0% 11.4% 30.1%
ROIC 11-point trend, -330.7% -8.9% 0.17% 3.1% -32.6% 16.0% 16.0% 22.8% 19.8% 8.2% 8.8% 3.9% ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +35.1% 2.3 1.4 1.5 1.7 2.1 2.5 2.3 2.1 2.6 2.4 2.1 1.7
Quick Ratio 12-point trend, +166.2% 1.3 0.5 0.9 0.9 1.3 1.7 1.6 0.6 1.2 1.0 1.3 0.5
Debt / Equity 10-point trend, -99.8% 0.0 0.3 0.0 0.1 0.0 0.0 0.0 0.0 · · 0.2 0.1
Interest Coverage 11-point trend, -134.5% -1.1 0.0 0.8 -4.7 8.3 10.6 16.0 17.2 14.8 8.1 3.1 ·
Efficiency 3
Annual Efficiency data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -24.8% 0.5 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.6 0.6 0.4 0.7
Inventory Turnover 12-point trend, +52.4% 3.7 3.4 3.6 3.8 3.5 4.0 3.9 3.8 4.2 4.0 3.7 2.4
Receivables Turnover 7-point trend, +4.4% 6.4 6.3 5.6 5.7 5.5 5.9 6.1 · · · · ·
Per Share 6
Annual Per Share data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 3-point trend, -27.1% $8.97 $10.20 $12.30 · · · · · · · · ·
Revenue / Share 12-point trend, -28.1% $21.92 $20.85 $29.27 $29.99 $25.17 $22.58 $21.89 $20.38 $19.03 $18.44 $18.16 $30.48
Cash Flow / Share 12-point trend, -72.0% $1.65 $2.00 $3.41 $2.40 $4.37 $3.61 $4.05 $3.84 $3.31 $3.00 $3.00 $5.88
Cash / Share 3-point trend, -38.4% $2.88 $2.58 $4.68 · · · · · · · · ·
Dividend / Share 12-point trend, -74.6% $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $1 $2
EPS (TTM) 12-point trend, -141.0% $-1.87 $-1.27 $5.23 $-4.83 $2.53 $2.13 $1.93 $2.83 $1.08 $9.01 $1.76 $4.56
Growth Rates 8
Annual Growth Rates data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, +41.2% 5.7% 2.7% 3.0% -17.2% 4.0% · · · · · · ·
Revenue CAGR 3Y 3-point trend, +197.2% 3.8% -4.3% -3.9% · · · · · · · · ·
Revenue CAGR 5Y -0.75% · · · · · · · · · · ·
EPS YoY · · · · 18.8% · · · · · · ·
EPS CAGR 3Y · · 34.9% · · · · · · · · ·
Net Income YoY · · · · 16.5% · · · · · · ·
Net Income CAGR 3Y · · 34.1% · · · · · · · · ·
Dividend CAGR 5Y -5.9% · · · · · · · · · · ·
Valuation (TTM) 16
Annual Valuation (TTM) data for BAX
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +4.9% $11.24B $10.64B $10.36B $10.06B $12.15B $11.67B $11.36B $11.10B $10.58B $10.16B $9.97B $10.72B
Net Income TTM 12-point trend, -138.3% $-957M $-649M $2.66B $-2.43B $1.28B $1.10B $1.00B $1.55B $602M $4.96B $968M $2.50B
Market Cap 3-point trend, -50.6% $13.05B $19.92B $26.40B · · · · · · · · ·
Enterprise Value 3-point trend, -52.2% $11.09B $20.28B $23.21B · · · · · · · · ·
P/E 12-point trend, -217.1% -10.2 -23.0 7.4 -10.6 33.9 37.7 43.3 23.3 59.9 4.9 21.7 8.7
P/S 3-point trend, -54.5% 1.2 1.9 2.5 · · · · · · · · ·
P/B 3-point trend, -32.2% 2.1 2.9 3.1 · · · · · · · · ·
P / Cash Flow 3-point trend, +1.0% 15.4 19.5 15.3 · · · · · · · · ·
P / FCF 3-point trend, +54.0% 39.3 34.8 25.5 · · · · · · · · ·
EV / EBITDA 3-point trend, +17.3% 16.5 20.1 14.0 · · · · · · · · ·
EV / FCF 3-point trend, +48.8% 33.4 35.4 22.4 · · · · · · · · ·
EV / Revenue 3-point trend, -56.0% 1.0 1.9 2.2 · · · · · · · · ·
Dividend Yield 3-point trend, +20.3% 2.7% 3.0% 2.2% · · · · · · · · ·
Earnings Yield 12-point trend, -185.5% -9.8% -4.4% 13.5% -9.5% 2.9% 2.6% 2.3% 4.3% 1.7% 20.3% 4.6% 11.5%
Payout Ratio 12-point trend, -182.9% -36.4% -90.9% 22.1% -23.5% 41.3% 42.9% 42.3% 23.2% 43.9% 5.4% 94.0% 43.9%
Annual Payout 12-point trend, -68.2% $348M $590M $586M $573M $530M $473M $423M $376M $315M $268M $910M $1.09B

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $11.24B$10.64B$10.36B$10.06B$12.15B
Gross Margin % 30.0%37.5%33.6%35.7%39.9%
Operating Margin % -2.7%0.13%2.6%-12.9%13.4%
Net Income $-957M$-649M$2.66B$-2.43B$1.28B
Diluted EPS $-1.87$-1.27$5.23$-4.83$2.53
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.00.30.00.10.0
Current Ratio 2.31.41.51.72.1
Quick Ratio 1.30.50.90.91.3
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $332M$573M$1.03B$532M$1.48B

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Institutional owners (13F) 771 filers · $6.5B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
107 (+9 vs prior Q) 71 (-39 vs prior Q) 243 (+42 vs prior Q) 204 (-52 vs prior Q) +2.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Dodge & Cox $1,244,796,875 58,386,345 19.21% Shares
VANGUARD CAPITAL MANAGEMENT LLC $719,641,250 33,754,280 11.11% Shares
FMR LLC $544,747,618 25,551,014 8.41% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $512,899,291 24,057,190 7.92% Shares
STATE STREET CORP $439,402,323 20,600,468 6.78% Shares
GREENHAVEN ASSOCIATES INC $304,561,061 14,285,228 4.70% Shares
GEODE CAPITAL MANAGEMENT, LLC $263,945,712 12,405,122 4.07% Shares
First Pacific Advisors, LP $162,418,851 7,618,145 2.51% Shares
EQUITY INVESTMENT CORP $146,815,171 6,886,265 2.27% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $127,846,531 5,996,554 1.97% Shares
DIMENSIONAL FUND ADVISORS LP $111,687,150 5,238,610 1.72% Shares
NORGES BANK $88,369,375 4,144,905 1.36% Shares
Camber Capital Management LP $86,298,000 2,850,000 1.33% Shares
RWC Asset Management LLP $70,977,862 3,329,168 1.10% Shares
VANGUARD FIDUCIARY TRUST CO $61,825,911 2,899,902 0.95% Shares
Holocene Advisors, LP $56,847,563 2,666,396 0.88% Shares
JONES FINANCIAL COMPANIES LLLP $53,005,815 2,404,983 0.82% Shares
BANK OF AMERICA CORP /DE/ $52,035,681 2,440,698 0.80% Shares
EDMOND DE ROTHSCHILD HOLDING S.A. $51,957,949 2,437,052 0.80% Shares
GOLDMAN SACHS GROUP INC $48,488,012 2,274,297 0.75% Shares
RAYMOND JAMES FINANCIAL INC $42,309,683 1,984,507 0.65% Shares
BNP PARIBAS FINANCIAL MARKETS $35,469,274 1,663,662 0.55% Shares
BlackRock, Inc. $32,408,639 1,520,105 0.50% Shares
Defilade Capital Management, L.P. $31,113,982 1,459,380 0.48% Shares
TOCQUEVILLE ASSET MANAGEMENT L.P. $30,604,007 1,435,460 0.47% Shares
Front Street Capital Management, Inc. $28,142,229 1,319,992 0.43% Shares
GENDELL JEFFREY L $28,076,798 1,316,923 0.43% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $27,995,292 1,313,100 0.43% Call option
ENVESTNET ASSET MANAGEMENT INC $27,447,411 1,287,402 0.42% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $25,257,804 1,184,700 0.39% Put option
RHUMBLINE ADVISERS $24,047,417 1,127,932 0.37% Shares
Vanguard Global Advisers, LLC $23,023,958 1,079,923 0.36% Shares
Auto-Owners Insurance Co $22,386,000 1,050,000 0.35% Shares
Swiss National Bank $22,083,768 1,035,824 0.34% Shares
PZENA INVESTMENT MANAGEMENT LLC $22,010,875 1,032,405 0.34% Shares
Artisan Partners Limited Partnership $21,824,794 1,023,677 0.34% Shares
VANGUARD GROUP INC $21,532,364 1,126,759 0.33% Shares
INVESTMENT MANAGEMENT ASSOCIATES INC /ADV $19,205,970 900,843 0.30% Shares
Gotham Asset Management, LLC $18,380,462 862,123 0.28% Shares
California Public Employees Retirement System $17,911,380 840,121 0.28% Shares
Connor, Clark & Lunn Investment Management Ltd. $17,497,942 820,729 0.27% Shares
Amundi $17,048,090 799,629 0.26% Shares
BANK OF MONTREAL /CAN/ $16,429,512 770,615 0.25% Shares
Great Hill Capital LLC $16,414,000 820,700 0.25% Call option
STATE FARM MUTUAL AUTOMOBILE INSURANCE CO $15,112,085 708,822 0.23% Shares
O'Keefe Stevens Advisory, Inc. $14,329,203 672,101 0.22% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $14,064,122 659,668 0.22% Shares
Arnhold LLC $13,437,292 630,267 0.21% Shares
CITADEL ADVISORS LLC $13,000,936 609,800 0.20% Call option
Great Hill Capital LLC $12,998,506 609,686 0.20% Shares
MORGAN STANLEY $12,922,018 606,098 0.20% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $12,720,343 596,639 0.20% Shares
BARCLAYS PLC $12,356,453 579,571 0.19% Shares
QSM Asset Management Ltd $12,254,981 567,886 0.19% Shares
PRINCIPAL FINANCIAL GROUP INC $11,895,324 557,942 0.18% Shares
GABELLI FUNDS LLC $10,734,620 503,500 0.17% Shares
VANGUARD ASSET MANAGEMENT, Ltd $10,704,175 502,072 0.17% Shares
Verition Fund Management LLC $9,898,450 464,280 0.15% Shares
GAMCO INVESTORS, INC. ET AL $9,689,215 454,466 0.15% Shares
CITADEL ADVISORS LLC $9,472,476 444,300 0.15% Put option
Freestone Grove Partners LP $9,401,075 440,951 0.15% Shares
ALLIANCEBERNSTEIN L.P. $9,369,024 557,680 0.14% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $9,327,457 437,498 0.14% Shares
HSBC HOLDINGS PLC $8,613,792 404,024 0.13% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $8,134,710 381,553 0.13% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $8,097,997 379,831 0.12% Shares
AMERIPRISE FINANCIAL INC $7,845,648 367,971 0.12% Shares
Allianz Asset Management GmbH $7,472,404 350,488 0.12% Shares
UBS Group AG $7,396,185 346,913 0.11% Shares
Point72 Asset Management, L.P. $6,741,384 316,200 0.10% Call option
Fiduciary Alliance LLC $6,234,004 292,401 0.10% Shares
OPPENHEIMER ASSET MANAGEMENT INC. $6,178,344 289,791 0.10% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $6,147,558 288,347 0.09% Shares
Point72 Asset Management, L.P. $5,894,980 276,500 0.09% Put option
VICTORY CAPITAL MANAGEMENT INC $5,862,296 274,967 0.09% Shares
JANE STREET GROUP, LLC $5,860,868 274,900 0.09% Call option
STATE OF WISCONSIN INVESTMENT BOARD $5,852,766 274,520 0.09% Shares
Man Group plc $5,787,634 271,465 0.09% Shares
ASSETMARK, INC $5,585,454 261,982 0.09% Shares
OSAIC HOLDINGS, INC. $5,379,438 252,317 0.08% Shares
CONTINENTAL ADVISORS LLC $5,268,748 247,127 0.08% Shares
PRUDENTIAL FINANCIAL INC $5,216,535 244,678 0.08% Shares
NEUBERGER BERMAN GROUP LLC $5,161,320 242,088 0.08% Shares
Chevy Chase Trust Holdings, LLC $5,150,592 241,585 0.08% Shares
NOMURA HOLDINGS INC $5,093,348 238,900 0.08% Call option
Hillman Capital Management, Inc. $5,032,202 236,032 0.08% Shares
BECKER CAPITAL MANAGEMENT INC $4,987,052 233,801 0.08% Shares
Police & Firemen's Retirement System of New Jersey $4,919,825 230,761 0.08% Shares
Legal & General Group Plc $4,887,824 229,260 0.08% Shares
NEW YORK STATE COMMON RETIREMENT FUND $4,851,878 227,574 0.07% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $4,820,962 286,962 0.07% Shares
Saba Capital Management, L.P. $4,793,056 224,815 0.07% Shares
Quantinno Capital Management LP $4,784,027 224,391 0.07% Shares
CITADEL ADVISORS LLC $4,748,966 222,747 0.07% Shares
Invesco Ltd. $4,476,688 209,976 0.07% Shares
LPL Financial LLC $4,290,203 201,229 0.07% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $4,111,242 192,835 0.06% Shares
MOORE CAPITAL MANAGEMENT, LP $4,098,280 192,227 0.06% Shares
JANUS HENDERSON GROUP PLC $3,994,263 237,683 0.06% Shares
EASTERLY INVESTMENT PARTNERS LLC $3,829,072 179,600 0.06% Shares

Company insiders 86 insiders · 48 officers · 27 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
David Brent Shafer Interim CEO and Chair Feb. 5, 2025 A 89,841 0 0 $0
Jose E Almeida Chairman, CEO, President Dec. 13, 2024 F 243,589 0 0 $0
Robert L Parkinson JR Chairman of the Board and CEO Aug. 11, 2015 A 693,401 0 0 $0
Joel T. Grade EVP and CFO March 6, 2025 A 118,434 0 0 $0
James Saccaro EVP, Chief Financial Officer March 2, 2023 F 177,899 0 0 $0
Heather Knight EVP, Chief Operating Officer March 6, 2025 A 177,362 0 0 $0
Giuseppe Accogli EVP, Chief Operating Officer March 2, 2022 A 76,495 0 0 $0
James W Borzi EVP,Chief Supply Chain Officer Sept. 2, 2025 F 71,948 0 0 $0
David S. Rosenbloom EVP and General Counsel June 2, 2025 F 106,327 0 0 $0
Reaz Rasul EVP,Group Pres,Healthcare March 6, 2025 A 124,614 0 0 $0
Alok Sonig EVP,Group President,Pharma March 6, 2025 A 130,298 0 0 $0
Anita A Zielinski SVP, CAO and Controller March 6, 2025 A 17,123 0 0 $0
Jeanne K Mason EVP, Chief HR Officer March 6, 2025 A 199,659 0 0 $0
Christopher A. Toth EVP, Group Pres, Kidney Care Jan. 31, 2025 F 105,186 0 0 $0
Brian Stevens SVP, CAO & Controller March 6, 2024 A 67,538 0 0 $0
Jacqueline Kunzler SVP, Chief Quality Officer March 2, 2023 F 22,625 0 0 $0
Cristiano Franzi SVP, President, EMEA March 2, 2023 F 102,145 0 0 $0
Steven Flynn SVP, President, APAC March 1, 2023 A 31,080 0 0 $0
Andrew Frye SVP, President, APAC March 2, 2022 A 22,002 0 0 $0
Sean Martin SVP and General Counsel March 2, 2022 A 52,632 0 0 $0
David P. Scharf CVP and General Counsel Feb. 21, 2017 A 109,789 0 0 $0
Robert Felicelli CVP, Business Transformation Nov. 4, 2016 A 20,788 0 0 $0
Brik V Eyre CVP, Hospital Products July 1, 2015 J 38,895 0 0 $0
Timothy P Lawrence CVP, Operations July 1, 2015 A 34,184 0 0 $0
Marcus Schabacker CVP, Chief Scientific Officer July 1, 2015 J 29,459 0 0 $0
Jill M Schaaf CVP, Renal July 1, 2015 J 48,948 0 0 $0
Paul Vibert CVP, International July 1, 2015 A 47,699 0 0 $0
Sebastian J Bufalino CVP, Controller July 1, 2015 J 19,042 0 0 $0
Ludwig Hantson Corporate Vice President June 1, 2015 F 109,990 0 0 $0
Robert J. Hombach Corporate Vice President March 3, 2015 A 80,967 0 0 $0
Phillip L. Batchelor Corporate Vice President March 4, 2014 A 19,705 0 0 $0
Norbert G Riedel Corporate Vice President Jan. 16, 2013 F 56,689 0 0 $0
James M Gatling Corporate Vice President March 4, 2011 A 154,390 0 0 $0
Joy A Amundson Corporate Vice President March 15, 2010 F 81,665 0 0 $0
LICHTENSTEIN SUSAN R Corporate Vice President March 16, 2009 F 21,676 0 0 $0
Carlos Del Salto Corporate Vice President Sept. 8, 2005 M 36,289 0 0 $0
Karen J May Corporate Vice President July 28, 2005 M 63,126 0 0 $0
Michael J Tucker Senior Vice President May 24, 2004 M 210,616 0 0 $0
David F Drohan Senior Vice President May 3, 2004 S 61,879 0 0 $0
Brian P Anderson Senior Vice President and April 26, 2004 M 155,427 0 0 $0
John C Moon Corporate Vice President Dec. 19, 2003 A 0 0 $0
Neville J Jeharajah Corporate Vice President Dec. 19, 2003 A 127,603 0 0 $0
Gregory P Young Corporate Vice President Nov. 18, 2003 A 0 0 $0
Thomas J Sabatino JR Senior Vice President Nov. 18, 2003 A 0 0 $0
Steven J Meyer Treasurer Nov. 18, 2003 A 0 0 $0
James R Hurley Corporate Vice President Nov. 18, 2003 A 0 0 $0
Thomas H Glanzmann Senior Vice President Nov. 18, 2003 A 0 0 $0
Harry M Jansen Kraemer JR Chairman and Nov. 18, 2003 A 694,556 0 0 $0
William A. Ampofo II Director May 6, 2025 A 17,299 0 0 $0
David S. Wilkes Director May 6, 2025 A 23,906 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 16 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
OR May 17, 2019 Initial filing SEC
Third Point LLC, Daniel S. Loeb ×6 filings Dec. 4, 2018 Initial filing SEC
Baxter International Inc. ( Dec. 21, 2011 Initial filing M&A / sale SEC
Undisclosed reporting person Dec. 18, 2003 Initial filing SEC
BAXTER INTERNATIONAL INC. (“Parent”) June 25, 2003 Initial filing M&A / sale SEC
Undisclosed reporting person March 24, 2003 Initial filing SEC
Undisclosed reporting person Nov. 1, 2002 Initial filing SEC
Undisclosed reporting person Oct. 18, 2002 Initial filing SEC
Undisclosed reporting person Sept. 20, 2002 Initial filing SEC
Undisclosed reporting person June 27, 2002 Initial filing SEC
Undisclosed reporting person March 12, 2002 Initial filing SEC
Undisclosed reporting person March 8, 2002 Initial filing M&A / sale SEC
Undisclosed reporting person March 6, 2002 Initial filing M&A / sale SEC
Undisclosed reporting person Jan. 16, 2002 Initial filing SEC
Undisclosed reporting person July 3, 2001 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 123 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
MDEV · First Trust Exchange-Traded Fund VI 2.55% 2,294 NS June 30, 2026 N-PORT
IHI · iShares Trust 1.89% 2,459,188 SH Aug. 21, 2026 Daily
RSPH · Invesco Exchange-Traded Fund Trust 1.88% 584,208 SH Aug. 21, 2026 Daily
FPAG · Investment Managers Series Trust III 1.37% 348,271 NS June 30, 2026 N-PORT
RPV · Invesco Exchange-Traded Fund Trust 0.97% 637,365 SH Aug. 21, 2026 Daily
RCGE · EA Series Trust 0.49% 26,421 NS April 30, 2026 N-PORT
ISCV · iShares Trust 0.43% 113,547 SH Aug. 21, 2026 Daily
ITAN · EA Series Trust 0.39% 18,651 NS May 29, 2026 N-PORT
ABCS · EA Series Trust 0.39% 2,337 NS May 29, 2026 N-PORT
FFLC · FIDELITY COVINGTON TRUST 0.36% 230,197 NS April 30, 2026 N-PORT
BSCS · Invesco Exchange-Traded Self-Indexe… 0.27% 10,091,000 Aug. 21, 2026 Daily
BKMC · BNY Mellon ETF Trust 0.25% 87,080 NS April 30, 2026 N-PORT
DFSV · Dimensional ETF Trust 0.25% 1,049,227 NS April 30, 2026 N-PORT
RSP · Invesco Exchange-Traded Fund Trust 0.24% 9,196,769 SH Aug. 21, 2026 Daily
DFVE · DoubleLine ETF Trust 0.23% 3,513 NS June 30, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.23% 7,517,603 SH Aug. 19, 2026 Daily
ISCB · iShares Trust 0.21% 23,045 SH Aug. 21, 2026 Daily
IYH · iShares Trust 0.21% 307,140 SH Aug. 21, 2026 Daily
BSCR · Invesco Exchange-Traded Self-Indexe… 0.18% 8,546,000 Aug. 21, 2026 Daily
BSCU · Invesco Exchange-Traded Self-Indexe… 0.18% 5,024,000 Aug. 21, 2026 Daily
SMMD · iShares Trust 0.18% 262,648 SH Aug. 21, 2026 Daily
BBMC · J.P. Morgan Exchange-Traded Fund Tr… 0.18% 207,856 NS April 30, 2026 N-PORT
SCHM · SCHWAB STRATEGIC TRUST 0.18% 1,390,019 NS May 31, 2026 N-PORT
PFIG · Invesco Exchange-Traded Fund Trust … 0.17% 215,000 Aug. 21, 2026 Daily
IXJ · iShares Trust 0.16% 270,930 SH Aug. 21, 2026 Daily
ESML · iShares Trust 0.16% 178,305 SH Aug. 21, 2026 Daily
VHT · VANGUARD WORLD FUND 0.16% 1,551,880 SH Aug. 19, 2026 Daily
SPXD · DBX ETF Trust 0.15% 541 NS May 31, 2026 N-PORT
GINN · Goldman Sachs ETF Trust 0.15% 16,689 NS May 31, 2026 N-PORT
FHLC · FIDELITY COVINGTON TRUST 0.15% 237,837 NS April 30, 2026 N-PORT
RXL · ProShares Trust 0.14% 5,365 NS May 31, 2026 N-PORT
CURE · Direxion Shares ETF Trust 0.13% 10,260 NS April 30, 2026 N-PORT
VB · VANGUARD INDEX FUNDS 0.13% 11,840,903 SH Aug. 19, 2026 Daily
IWS · iShares Trust 0.13% 773,838 SH Aug. 21, 2026 Daily
WSML · iShares Trust 0.12% 31,271 SH Aug. 21, 2026 Daily
EQAL · Invesco Exchange-Traded Fund Trust … 0.12% 38,330 SH Aug. 21, 2026 Daily
CVMC · Morgan Stanley ETF Trust 0.11% 5,378 NS June 30, 2026 N-PORT
AVMC · AMERICAN CENTURY ETF TRUST 0.10% 22,555 NS May 31, 2026 N-PORT
IWR · iShares Trust 0.10% 2,088,142 SH Aug. 21, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.09% 336,997 SH Aug. 21, 2026 Daily
TILT · FlexShares Trust 0.08% 97,944 NS April 30, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.08% 625,503 NS April 30, 2026 N-PORT
URSP · ProShares Trust 0.08% 1,243 NS May 31, 2026 N-PORT
XOEF · iShares Trust 0.07% 648 SH Aug. 21, 2026 Daily
RWL · Invesco Exchange-Traded Fund Trust … 0.07% 271,775 SH Aug. 21, 2026 Daily
IUS · Invesco Exchange-Traded Self-Indexe… 0.07% 26,061 SH Aug. 21, 2026 Daily
FNDX · SCHWAB STRATEGIC TRUST 0.06% 776,234 NS May 31, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.05% 37,305 NS May 31, 2026 N-PORT
CAPE · DoubleLine ETF Trust 0.05% 5,604 NS June 30, 2026 N-PORT
VYM · VANGUARD WHITEHALL FUNDS 0.05% 2,050,276 SH Aug. 19, 2026 Daily