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Held by 675 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (105%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $348.0M dividends + $0 buybacks = $348.0M returned on $332.0M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.97B covers the $0 due within a year 1966000000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~3.1% on $9.44B of debt.
Cash of $1.97B fully covers short-term debt of $1.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-14
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.24B 100.0% | $10.64B 100.0% | $10.36B 100.0% | $10.06B 100.0% | $12.15B 100.0% | $11.67B 100.0% | $11.36B 100.0% | $11.10B 100.0% | $10.58B 100.0% | $10.16B 100.0% |
| Cost of Revenue | $7.87B 69.9% | $6.65B 62.5% | $6.21B 59.9% | $6.51B 64.7% | $7.43B 61.1% | $7.09B 60.7% | $6.60B 58.1% | $6.34B 57.1% | $6.11B 57.7% | $6.05B 59.5% |
| Gross Profit | $3.38B 30.1% | $3.98B 37.5% | $4.15B 40.1% | $3.55B 35.3% | $4.72B 38.9% | $4.59B 39.3% | $4.76B 41.9% | $4.76B 42.9% | $4.47B 42.3% | $4.12B 40.5% |
| Research & Development | $518.0M 4.6% | $590.0M 5.5% | $518.0M 5.0% | $450.0M 4.5% | $531.0M 4.4% | $521.0M 4.5% | $595.0M 5.2% | $654.0M 5.9% | $615.0M 5.8% | $646.0M 6.4% |
| Selling, General & Admin | $2.89B 25.7% | $2.97B 27.9% | $2.95B 28.5% | $3.10B 30.8% | $2.85B 23.4% | $2.47B 21.2% | $2.54B 22.3% | $2.62B 23.6% | $2.63B 24.8% | $2.73B 26.8% |
| Operating Income | -$308.0M -2.7% | $14.0M 0.1% | $707.0M 6.8% | -$2.85B -28.3% | $1.35B 11.1% | $1.62B 13.8% | $1.77B 15.6% | $1.58B 14.3% | $1.29B 12.2% | $745.0M 7.3% |
| Interest Expense | $290.0M 2.6% | $408.0M 3.8% | $508.0M 4.9% | $413.0M 4.1% | $207.0M 1.7% | $153.0M 1.3% | $111.0M 1.0% | $93.0M 0.8% | $85.0M 0.8% | $89.0M 0.9% |
| Interest & Investment Income | $52.0M 0.5% | $67.0M 0.6% | $69.0M 0.7% | $19.0M 0.2% | $14.0M 0.1% | $19.0M 0.2% | $40.0M 0.4% | $48.0M 0.4% | $30.0M 0.3% | $23.0M 0.2% |
| Other Income (Expense), net | $41.0M 0.4% | $38.0M 0.4% | -$26.0M -0.3% | -$9.0M -0.1% | -$41.0M -0.3% | -$190.0M -1.6% | -$731.0M -6.4% | $78.0M 0.7% | -$133.0M -1.3% | $4.28B 42.1% |
| Pretax Income | -$505.0M -4.5% | -$289.0M -2.7% | $242.0M 2.3% | -$3.25B -32.3% | $1.12B 9.2% | $1.29B 11.1% | $970.0M 8.5% | $1.62B 14.6% | $1.10B 10.4% | $4.95B 48.7% |
| Income Tax Expense | $395.0M 3.5% | $37.0M 0.3% | $61.0M 0.6% | -$135.0M -1.3% | $83.0M 0.7% | $182.0M 1.6% | -$41.0M -0.4% | $65.0M 0.6% | $491.0M 4.6% | -$12.0M -0.1% |
| Net Income | -$957.0M -8.5% | -$649.0M -6.1% | $2.66B 25.6% | -$2.43B -24.2% | $1.28B 10.6% | $1.10B 9.4% | $1.00B 8.8% | $1.55B 13.9% | $602.0M 5.7% | $4.96B 48.9% |
| Per Share | ||||||||||
| EPS (Basic) | -$1.87 | -$1.27 | $5.25 | -$4.83 | $2.56 | $2.17 | $1.97 | $2.90 | $1.11 | $9.09 |
| EPS (Diluted) | -$1.87 | -$1.27 | $5.23 | -$4.83 | $2.53 | $2.13 | $1.93 | $2.83 | $1.08 | $9.01 |
| Weighted Avg Shares (Basic) | 513.0M | 510.0M | 506.0M | 504.0M | 502.0M | 509.0M | 509.0M | 534.0M | 543.0M | 546.0M |
| Weighted Avg Shares (Diluted) | 513.0M | 510.0M | 508.0M | 504.0M | 508.0M | 517.0M | 519.0M | 546.0M | 555.0M | 551.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 16 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SYK | $108.0B | 33.5× | 18.6× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 1.8× | 2,183 |
| MMM | $84.8B | 27.4× | 16.4× | 3.4× | 1.5% | 39.9% | 13.0% | 69.1% | 18.8% | 2.1× | 2,152 |
| BSX | $62.3B | 22.2× | 12.2× | 3.1× | 19.9% | 69.0% | 14.4% | 11.9% | 11.8% | -0.3× | 1,430 |
| BDX | $51.5B | 32.5× | 13.9× | 2.4× | 8.2% | 45.4% | 7.7% | 6.6% | 3.8% | 3.7× | 1,397 |
| RMD | $33.1B | 22.6× | 15.5× | 5.8× | 9.9% | 61.1% | 26.9% | 23.1% | 21.0% | -0.4× | — |
| MDLN | $31.5B | — | 13.1× | 1.1× | — | 26.4% | 4.1% | 10.8% | 5.0% | 3.3× | 395 |
| DXCM | $31.5B | 39.9× | 26.3× | 6.8× | 15.6% | 60.1% | 17.9% | 30.5% | 30.5% | -0.8× | 940 |
| WST | $26.4B | 55.2× | 34.1× | 8.6× | 6.3% | 35.9% | 16.1% | 15.5% | 14.6% | -0.8× | 800 |
| SOLV | $14.9B | 9.8× | 7.1× | 1.8× | 0.9% | 53.5% | 18.7% | 30.8% | 15.4% | 1.6× | 853 |
| BAX | $12.8B | — | 30.2× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 11.1× | 675 |
| PEN | $12.6B | 70.8× | 60.1× | 9.0× | 17.5% | 67.1% | 12.7% | 12.4% | 12.4% | -0.9× | 440 |
| GMED | $10.2B | 19.5× | 12.8× | 3.5× | 16.7% | 67.4% | 18.3% | 11.8% | 11.8% | -0.7× | 581 |
| GKOS | $9.9B | — | — | 19.5× | 32.3% | 55.7% | -37.0% | -28.6% | -28.6% | — | 346 |
| PODD | $9.3B | 38.5× | 16.5× | 3.4× | 30.7% | 71.6% | 9.1% | 16.3% | 16.1% | 0.0× | 708 |
| HAE | $5.5B | 59.1× | 29.8× | 4.1× | -2.0% | 59.0% | 7.3% | 12.2% | 4.8% | 4.5× | 315 |
| TFX | $5.2B | — | 42.9× | 2.6× | 17.2% | 56.2% | -45.4% | -29.0% | -15.7% | 13.0× | 371 |
| MMSI | $5.2B | 40.9× | 17.8× | 3.4× | 11.8% | 48.7% | 8.5% | 8.1% | 5.5% | 0.9× | 386 |
Peers = companies sharing BAX's sector (Surgical & Medical Instruments & Apparatus) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $24.80 today, the market must believe free cash flow compounds 14.4%/yr for a decade (off $733.0M on the 3-yr avg basis).
On the basis ($617.7M) the requirement is 16.8%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 14.4% is more optimistic than its 9-yr track record.
Default is 11.1% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.52B shares (market data) · net debt $7.47B
mean -3.2% · volatility σ 39% · implied rate exceeded in 4/9 yrs
Central path = implied 14.4%/yr growth; shaded band = ±1σ (39%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-10-14
Where each multiple sits in its own 14-yr range · 45th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -16% against ROIC -6% — -9% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 57.1 | 58.1 | 60.7 | 61.1 | 64.7 | 59.9 | 62.5 | 69.9 |
| Gross Profit | 42.9 | 41.9 | 39.3 | 38.9 | 35.3 | 40.1 | 37.5 | 30.1 |
| R&D | 5.9 | 5.2 | 4.5 | 4.4 | 4.5 | 5.0 | 5.5 | 4.6 |
| SG&A | 23.6 | 22.3 | 21.2 | 23.4 | 30.8 | 28.5 | 27.9 | 25.7 |
| Operating Income | 14.3 | 15.6 | 13.8 | 11.1 | -28.3 | 6.8 | 0.1 | -2.7 |
| Income Tax | 0.6 | -0.4 | 1.6 | 0.7 | -1.3 | 0.6 | 0.3 | 3.5 |
| Net Income | 13.9 | 8.8 | 9.4 | 10.6 | -24.2 | 25.6 | -6.1 | -8.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BAX: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Earns -14.84pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 26.4% | 11.1% (today's — no rate published for this year) | 15.3pts |
| FY2020 | 11.3% | 11.1% (today's — no rate published for this year) | 0.1pts |
| FY2021 | 4.5% | 4.0% | 0.5pts |
| FY2022 | -10.9% | 9.1% | -19.9pts |
| FY2023 | 3.0% | 9.3% | -6.3pts |
| FY2024 | 0.1% | 9.8% | -9.7pts |
| FY2025 | -1.8% | 9.6% | -11.4pts |
| Now | -6.1% | 11.1% | -17.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 40.5% | 7.3% | 48.9% |
| FY2017 | 42.3% | 12.2% | 5.7% |
| FY2018 | 42.9% | 14.3% | 13.9% |
| FY2019 | 41.9% | 15.6% | 8.8% |
| FY2020 | 39.3% | 13.8% | 9.4% |
| FY2021 | 38.9% | 11.1% | 10.6% |
| FY2022 | 35.3% | -28.3% | -24.2% |
| FY2023 | 40.1% | 6.8% | 25.6% |
| FY2024 | 37.5% | 0.1% | -6.1% |
| FY2025 | 30.1% | -2.7% | -8.5% |
Return on equity is 9 points BELOW the return on invested capital, which means the equity base is carrying capital the operations are not earning on — usually cash, goodwill, or a recent raise.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$4.9B of goodwill — 69% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer. With goodwill over half the base, the ex-goodwill figure divides by a small remainder and moves sharply — read it as a direction, not a precise rate.
Margins have compressed 2 years running even as the spread stayed positive.
Converts 1.03x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $332M; after share-based compensation it is $215M. The difference is a real cost that the cash flow statement adds back.
Stressed coverage falls to -0.7x — below the level at which interest is reliably covered.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | -1.06x |
| 5% | -1.01x |
| 10% | -0.96x |
| 15% | -0.90x |
| 20% | -0.85x |
| 25% | -0.80x |
| 30% | -0.74x |
| 35% | -0.69x |
| 40% | -0.64x |
| 45% | -0.58x |
| 50% | -0.53x |
| 55% | -0.48x |
| 60% | -0.42x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 11.6x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $24.80, free cash flow must compound 14.67%/yr for 10 years. It has done -21.4%/yr over 6 years, though across a reporting-basis change.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −17.7% | 14.7% |
| FY2021 | 32.1% | 14.7% |
| FY2022 | −45.5% | 14.7% |
| FY2023 | 55.2% | 14.7% |
| FY2024 | −55.7% | 14.7% |
| FY2025 | −42.1% | 14.7% |
The achieved growth rate spans a reporting-basis change in FY2021, so part of it measures the restatement rather than the business.
| Step | Amount | Running total |
|---|---|---|
| Net income | −$957M | −$957M |
| Share-based comp | $117M | −$840M |
| Other non-cash & working capital | $1.69B | $845M |
| Operating cash flow | $845M | $845M |
| Capex | −$513M | $332M |
| Free cash flow | $332M | $332M |
| FCF after SBC | $215M | $215M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 2.7% | 5.8% | 3.1 points |
| FY2021 | 4.0% | 31.0% | 26.9 points |
| FY2022 | -17.2% | -2.2% | 15.0 points |
| FY2023 | 3.0% | -33.1% | -36.1 points |
| FY2024 | 2.7% | -2.3% | -5.0 points |
| FY2025 | 5.7% | 10.8% | 5.1 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 60.9 days | 91.4 days | 49.3 days | 103 days |
| FY2020 | 62.8 days | 98.7 days | 53.7 days | 107.7 days |
| FY2021 | 79 days | 120.6 days | 61.2 days | 138.3 days |
| FY2022 | 93.3 days | 150.3 days | 62.3 days | 181.3 days |
| FY2023 | 60.6 days | 112.7 days | 51.8 days | 121.5 days |
| FY2024 | 57.6 days | 112.3 days | 53.1 days | 116.8 days |
| FY2025 | 60.4 days | 103.6 days | 46.4 days | 117.6 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -6.1 percent |
| FY2020 | -3.8 percent |
| FY2021 | -2.8 percent |
| FY2022 | -12.9 percent |
| FY2023 | 3.3 percent |
| FY2024 | -6.5 percent |
| FY2025 | -9.0 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.