NYSE: BAX · Medical Instruments & Supplies
Baxter International (BAX) fair value: undervalued or overvalued?
As of 1 Oct 2026, Faircurve's model values Baxter International (BAX) at $23.91 a share. The stock last closed at $23.49, which puts the model's fair value 1.8% above the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 2 Oct 2026. Baxter International Inc.
Faircurve Insights · 1 Oct 2026
Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products.
On 1 Oct 2026, Faircurve's model gave a fair value of $23.91 a share, the midpoint of 2,000 simulations. This was a move of +1.9% from the previous run on 26 Sep 2026, which gave $23.46. The calibrated range over 63 trading days was $20.64 to $29.45, and ranges built this way held the price 60% of the time at this horizon. The model's evidence grade was Medium.
The company's overall quality score was 30 out of 100 against comparable companies. Its profitability score was 0, with ROIC at -2.0% against a peer median of 10.4%. Faircurve's model compares it with The Cooper Companies, Inc., Repligen Corporation, Avantor, Inc., Solventum Corporation, AptarGroup, Inc., West Pharmaceutical Services, Inc., and Merit Medical Systems, Inc. Moves around the last 8 earnings reports had a median size, ignoring direction, of 7.7%.
Written from the figures on this page for the 1 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give BAX?
The calibrated range for BAX over 63 trading days is $20.64 to $29.45. It sits around the last close, and its width comes from the volatility that BAX's own options imply (50% a year), calibrated weekly against realised prices (n = 3,330 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $13.73 to $37.13. In 50% of the simulations the fair value came out above the price the model ran on.
How does BAX score on business quality?
Baxter International's overall quality score is 30 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 0 | -2.0%ROIC | 10.4% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 88 | ||
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 51 | 5.7%Revenue growth, trailing | 8.5% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 22 | 0.0%Net buybacks / market value | 2.5% |
| Balance sheetNet debt to EBITDA and interest coverage. | 5 | 10.02xNet debt / EBITDA | 1.06x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 0 | 10.9 ptsEBITDA margin downside volatility, 5y | 2.6 pts |
How does BAX compare with similar companies?
The companies in medical instruments & supplies closest to Baxter International in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| COO The Cooper Companies, Inc. | $56.91 | $56.76 | -0.3% | Fairly valued |
| RGEN Repligen Corporation | $181.70 | $150.23 | -17.3% | Overvalued |
| AVTR Avantor, Inc. | $15.34 | $18.04 | +17.6% | Undervalued |
| SOLV Solventum Corporation | $87.85 | $97.08 | +10.5% | Fairly valued |
| ATR AptarGroup, Inc. | $119.91 | $120.42 | +0.4% | Fairly valued |
| WST West Pharmaceutical Services, Inc. | $364.98 | $363.43 | -0.4% | Fairly valued |
| TFX Teleflex Incorporated | $124.12 | $125.37 | +1.0% | Low evidence grade |
| MMSI Merit Medical Systems, Inc. | $85.37 | $88.67 | +3.9% | Fairly valued |
All medical instruments & supplies stocks ranked by gap to fair value
When does BAX report earnings, and how has the stock reacted?
Baxter International's next earnings report is scheduled for 29 Oct 2026. Companies can move their dates.
Options prices on 2 Oct 2026 imply a move of about 5.8% in either direction through the nearest expiry, about 13 days out. That is the size the market is pricing, not a direction. BAX's 30 day implied volatility works out to about 14.5% over one month.
How BAX moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 7.7%.
| Report date | Two session move |
|---|---|
| 30 Jul 2026 | +5.6% |
| 30 Apr 2026 | +1.8% |
| 12 Feb 2026 | -11.2% |
| 30 Oct 2025 | -17.6% |
| 31 Jul 2025 | -21.7% |
| 1 May 2025 | -1.5% |
| 20 Feb 2025 | +9.7% |
| 8 Nov 2024 | -5.0% |
Baxter International at a glance
Baxter International Inc., operating globally via its subsidiaries, is a leading developer and provider of a wide spectrum of healthcare products.
- Market value
- $12.1B
- Sector
- Healthcare
- Industry
- Medical Instruments & Supplies
- Revenue expected, next twelve months
- $11.8B
- Consensus revenue growth, next fiscal year
- +3.3%
- Analysts with estimates
- 8
- Beta to the US market
- 1.02
- First valued by Faircurve
- 1 May 2026
How the fair value is worked out: the model prices Baxter International on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 26 Sep 2026 the model's fair value for BAX was $23.46. As of 1 Oct 2026 it is $23.91, a change of +1.9%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Baxter International's valuation
Is Baxter International stock undervalued or overvalued?
On Faircurve's model, BAX reads as Fairly valued as of 1 Oct 2026. The model's fair value is $23.91 a share against a last close of $23.49, a gap of +1.8%.
What is BAX's fair value?
$23.91 a share as of 1 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $13.73 to $37.13.
What price range does the model give BAX?
$20.64 to $29.45 over 63 trading days. Ranges built this way held the price 60% of the time across 3,330 past valuations, refreshed 26 Sep 2026.
When does Baxter International report earnings next?
The next report is scheduled for 29 Oct 2026. Companies can move their dates.
How much has BAX moved on past earnings reports?
Across its last 8 reports the median two session move was 7.7%, ignoring direction. The largest was -21.7% around the report of 31 Jul 2025.
How confident is the model in this valuation?
The model's evidence grade for BAX is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.