BAX Baxter International

healthcare · 2026-10-15

N/A

too hard · 21

Owner-earnings value—

Price$24.80

Margin of safety —

Quality gate · 21/100

Returns on capital 0/30

Consistency 5.5/22

Margins / pricing power 8.5/16

Balance sheet 0/16

Cash conversion 3.3/10

Capital allocation 3.9/6

⚠ sub-hurdle returns (median roic -0% < 9%) · over-levered (net debt/EBITDA 10.3x > 4x) · unprofitable in too many years

Median ROIC-0.3%

Gross margin30.1%

Net debt / EBITDA10.2x

Share count / yr+0.7%

Profitable years1/4

Moat & management

Owner-earnings inputs

Owner earnings (TTM)	-617.00M
Owner-earnings yield	-4.8%
Free-cash-flow yield	6.3%
Growth used (normalized)	—
Terminal growth	—
Discount rate (hurdle)	—

⚠ maintenance capex ≈ min(capex, D&A), capped at FCF · non-positive owner earnings — cannot value as a going wonderful business

Date	Quality	Price	Value	MoS	Rating
2026-10-15	21	$24.80	—	—	N/A
2026-08-26	21	$26.29	—	—	N/A
2026-07-07	21	$22.58	—	—	N/A
2026-07-02	21	$21.69	—	—	N/A
2026-06-30	21	$22.02	—	—	N/A
2026-06-25	21	$21.04	—	—	N/A
2026-06-23	21	$20.10	—	—	N/A

Date

Quality

Price

Value

MoS

Rating

2026-10-15

$24.80

—

N/A

2026-08-26

$26.29

—

N/A

2026-07-07

$22.58

—

N/A

2026-07-02

$21.69

—

N/A

2026-06-30

$22.02

—

N/A

2026-06-25

$21.04

—

N/A

2026-06-23

$20.10

—

N/A

Quality gate · 21/100

Moat & management

Owner-earnings inputs

History