MeritValue

BAXTER INTERNATIONAL INC

BAXdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$12.1B1$10.1B2$10.4B3$10.6B3$11.2B3
Net income$1.28B4−$2.43B5$2.66B6−$649M6−$957M6
Operating cash flow$2.22B7$1.21B8$1.73B9$1.02B9$845M9
Capital expenditure$691M10$377M11$432M12$446M12$513M12
Free cash flow (derived)$1.53B7$834M8$1.29B9$573M9$332M9
Total debt$18.1B13$17B14$13.9B15$15.3B16$9.44B17
Cash & equivalents$2.95B18$1.62B19$3.08B20$1.76B20$1.97B20
Diluted shares508.0M504.0M508.0M510.0M513.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000019%
of the whole company
Your share of last year’s profit
−$18.65
Your share of its debt
$184
Your share of free cash flow
$6.47
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$0.54
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$573M
DCF · Growth Exit 5Y
$1.78
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$573M
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $1.78

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001628280-24-003932 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001628280-25-007201 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001628280-26-007733 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001628280-24-003932 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001628280-25-007201 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001628280-26-007733 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001628280-24-003932 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001628280-25-007201 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001628280-26-007733 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001628280-24-003932 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2022-12-31 · accession 0001628280-25-007201 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2023-12-31 · accession 0001628280-26-007733 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2021-12-31 · accession 0001628280-22-003432 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001628280-23-002864 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0001628280-24-003932 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0001628280-25-007201 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001628280-26-007733 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0001628280-24-003932 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001628280-25-007201 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2023-12-31 · accession 0001628280-26-007733 (CashAndCashEquivalentsAtCarryingValue)