Baxter International Inc.
$19.97B- Market cap
- $12.50B
- Debt
- +$9.44B
- Cash
- −$1.97B
Capital structure 57% equity / 43% debt · EV / Revenue 1.78x · EV proxy / EBITDA proxy 29.68x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
Decision snapshot: BAX stock price at discount vs JNJ $24.18 current versus $148.21 implied using P/S multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at JNJ's multiple
Implied fair value · at BAX's multiple
Snapshot Sep 10, 2026, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth lag
Reported gross margin
Operating income + D&A
Multiple discount
Not comparable
Lower leverage
Statements
Annual statements in reported currencies, with calculations and source evidence.
Values retain reported currencies and share bases. Select a figure to inspect its period, calculation and filing inputs. Differences require compatible units and periods.
Explore enterprise value and market valuation multiples in the valuation sections.
Trendline
Nine period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
USD market cap plus reported borrowing debt, less cash and equivalents. This EV proxy excludes investments, preferred stock and noncontrolling-interest adjustments.
Capital structure 57% equity / 43% debt · EV / Revenue 1.78x · EV proxy / EBITDA proxy 29.68x
Capital structure 93% equity / 7% debt · EV / Revenue 7.11x
JNJ carries the larger enterprise value at $670.11B against $19.97B; BAX trades on the lower EV / Revenue multiple (1.78x vs 7.11x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
BAXTER INTERNATIONAL INC. · implied price per share
Bear
-$0.03
Base
$2.03
Bull
$5.72
Johnson & Johnson · implied price per share
Bear
$93.96
Base
$115.89
Bull
$146.14
Balance sheet health
Inspect reported liquidity and leverage alongside historical financial-health checks.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
Cash excludes investments. EBITDA is an operating-income-plus-D&A proxy. Missing borrowing categories remain unavailable; select a value to inspect its inputs.
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe BAX can sustain revenue growth while repairing operating margins and returning to positive earnings, then the current price could be attractive because the stock trades far below the JNJ-based P/S implied value; if not, the discount likely reflects a deserved quality gap.
On a simple P/S comparison, BAX appears severely undervalued versus JNJ, with an implied price of $143.34 versus the current $26.16. However, that gap is not clean arbitrage because BAX’s operating profile is far weaker than JNJ’s, so the valuation spread likely reflects quality and earnings power differences as much as mispricing.
Supporting Metrics