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The Moat Index

BAXTER INTERNATIONAL INC

BAX · Healthcare · $11.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

37/ 100
No moat

The four filters

Pricing power61

Median gross margin 39.7% over 10y, stable.

Returns on capital27

Median ROIC 7.1%, above the 9% hurdle in 50% of years.

Balance-sheet safety0

Net debt/EBITDA 11.2x, interest coverage -1x.

Capital discipline53

Owner earnings trend unclear, share count shrinking (buybacks).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$22.61
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

20 years of fundamentals

The business, in plain English

BAXTER INTERNATIONAL INC booked $11.2B of revenue in FY2025 in the Healthcare sector and kept 30.1% of it as gross profit — a moderate-margin business by that measure. After every other cost, −8.5% of each revenue dollar reached the bottom line.

Across the filed record, revenue held roughly flat, from $11.3B (FY2007) to $11.2B (FY2025) — about −0.0% a year compounded over 18 years.

It earned −1.8% on invested capital in FY2025, with a median of 4.3% across 13 filed years. The Returns on Capital filter above scores it 27/100.

The balance sheet carried $9.5B of total debt in FY2025. Balance-Sheet Safety scores it 0/100.

The share count fell 14.6% between FY2009 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 53/100.

Put together: Pricing Power is the strongest of the four filters (61/100) and Balance-Sheet Safety the weakest (0/100), which is how BAX lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from BAX’s SEC filings

RevenueSales, as filed$11.2B FY2025
$0$10B2006201320202025
Gross marginRevenue kept after cost of goods30.1% FY2025
0%20%40%2006201320202025
Return on invested capitalOperating profit on the capital employed−1.8% FY2025
0%20%2006201320202025
Owner earningsCash an owner could take out−$489.0M FY2025
$0$5B2006201320202025

Gaps in a line mean that item isn’t in BAX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.9 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — BAX has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#277 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #275SCND SCIENTIFIC INDUSTRIES, INC.37.4No moat
  2. #276HBIO HARVARD BIOSCIENCE, INC.37.1No moat
  3. #278ORMP ORAMED PHARMACEUTICALS INC.36.8No moat
  4. #279ECIA ENCISION, INC.36.7No moat

Compare BAX with its nearest peers →All Healthcare companies on the Index →

Common questions about BAX

Does BAXTER INTERNATIONAL INC have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores BAXTER INTERNATIONAL INC (BAX) 36.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 61, returns on capital 27, balance-sheet safety 0, capital discipline 53.
How has BAX's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 36.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell BAX. See the disclaimer.

BAXTER INTERNATIONAL INC (BAX) Moat Score — The Moat Index · Buy Like Buffett