BAXTER INTERNATIONAL INC（BAX）の決算・業績分析
BAXTER INTERNATIONAL INCの2025年有価証券報告書をAI分析。売上高$11.2B(+5.7%)。営業利益-$308M。Health Care。
目次
BAXTER INTERNATIONAL INCの2025年度 業績サマリー
BAXTER INTERNATIONAL INC（証券コード: BAX）の2025年度決算・業績分析。売上高は$11.2B（前年比+5.7%）。営業利益は-$308M（前年比-2300.0%）。純利益は-$957M（前年比-47.5%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
BAXTER INTERNATIONAL INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue declined 17.2% YoY to $10.1B (XBRL), driven by strategic divestitures and operational challenges.
- Operating income plummeted 310.7% YoY to -$2.8B (XBRL), reflecting significant cost pressures and dis-synergies from business transitions.
- Net loss reached $2.4B (-289.5% YoY) (XBRL), with a net margin of -24.2% and ROE of -29.0% (XBRL), highlighting severe financial strain.
- High leverage persists with long-term debt of $13.2B (XBRL) and net debt of $11.6B (XBRL), despite $1.6B in cash reserves (XBRL).
BAXTER INTERNATIONAL INCの売上高変化の要因
- •Total revenue for FY2024 was $10.1B, a -17.2% YoY decline (XBRL). The sale of the Kidney Care business in January 2025 (10-K) is noted as a strategic action, though its impact on FY2024 revenue is not quantified in the data. Segment-specific revenue figures are not disclosed in the XBRL data or 10-K text (N/A). The 5-year revenue CAGR is -1.4% (XBRL), indicating sustained contraction.
BAXTER INTERNATIONAL INCの営業利益変化の要因
- •Gross profit was $3.5B with a gross margin of 35.3% (XBRL), but operating income fell to -$2.8B (-310.7% YoY) (XBRL). Net income was -$2.4B (-289.5% YoY) (XBRL), with a net margin of -24.2% (XBRL). Cost of sales was $6.6B (calculated as revenue minus gross profit), though reasons for cost changes are not specified (N/A). Operating margin deteriorated to -28.3% (XBRL), reflecting significant operational losses.
BAXTER INTERNATIONAL INCの事業リスクと対応
Strategic integration risks from the Hillrom acquisition and divestiture of the Kidney Care business (10-K).
High debt burden of $13.2B (XBRL) limiting financial flexibility.
Global economic volatility impacting supply chains and inflation (10-K).
Financial instability, with net income declining -289.5% YoY (XBRL).
Product quality issues or failure to innovate (10-K).
Regulatory risks from evolving privacy laws, AI/cybersecurity regulations, and reimbursement policy changes (10-K).
Competitive pressures, pricing challenges, and inability to attract key talent (10-K).
BAXTER INTERNATIONAL INCの今後の見通し・業績予想
BAXTER INTERNATIONAL INCの事業内容
Baxter International Inc. operates in the healthcare sector, providing essential products such as sterile IV solutions, infusion systems, parenteral nutrition, surgical hemostat products, and respiratory devices (10-K). Revenue is generated through sales to hospitals, nursing homes, and other healthcare facilities (10-K). Key business segments include Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals (10-K). No significant customer concentration is reported (N/A). Competitive advantages are attributed to the company's global footprint and the critical nature of its products in expanding healthcare access (10-K), though specific intellectual property or barriers to entry are not detailed (N/A).
BAXTER INTERNATIONAL INCのAI業績分析レポート（2024年度）
Baxter International Inc. (BAX) FY2024 Annual Report Analysis
Highlights
Business Overview
Baxter International Inc. operates in the healthcare sector, providing essential products such as sterile IV solutions, infusion systems, parenteral nutrition, surgical hemostat products, and respiratory devices (10-K). Revenue is generated through sales to hospitals, nursing homes, and other healthcare facilities (10-K). Key business segments include Medical Products & Therapies, Healthcare Systems & Technologies, and Pharmaceuticals (10-K). No significant customer concentration is reported (N/A). Competitive advantages are attributed to the company's global footprint and the critical nature of its products in expanding healthcare access (10-K), though specific intellectual property or barriers to entry are not detailed (N/A).
Revenue Analysis
Total revenue for FY2024 was $10.1B, a -17.2% YoY decline (XBRL). The sale of the Kidney Care business in January 2025 (10-K) is noted as a strategic action, though its impact on FY2024 revenue is not quantified in the data. Segment-specific revenue figures are not disclosed in the XBRL data or 10-K text (N/A). The 5-year revenue CAGR is -1.4% (XBRL), indicating sustained contraction.
Profitability Analysis
Gross profit was $3.5B with a gross margin of 35.3% (XBRL), but operating income fell to -$2.8B (-310.7% YoY) (XBRL). Net income was -$2.4B (-289.5% YoY) (XBRL), with a net margin of -24.2% (XBRL). Cost of sales was $6.6B (calculated as revenue minus gross profit), though reasons for cost changes are not specified (N/A). Operating margin deteriorated to -28.3% (XBRL), reflecting significant operational losses.
Balance Sheet Analysis
Total assets were $28.3B (XBRL), with equity of $8.4B (XBRL) and long-term debt of $13.2B (XBRL). The debt-to-equity ratio was 2.36x (XBRL), and cash reserves stood at $1.6B (XBRL). Current ratio was 1.48x (XBRL), indicating moderate liquidity. Return on equity (ROE) was -29.0% (XBRL), and return on assets (ROA) was -8.6% (XBRL), reflecting poor capital efficiency.
Cash Flow Analysis
Operating cash flow was $1.2B (XBRL), significantly higher than net income of -$2.4B (XBRL). Free cash flow (FCF) was $280M (XBRL). Investing cash flow was -$931M (XBRL), with depreciation and amortization (D&A) at $1.1B (XBRL). Financing cash flow was -$1.4B (XBRL), including dividends paid of $573M (XBRL) and share repurchases of $32M (XBRL).
Working Capital Analysis
Cash conversion cycle (CCC) was 121 days (XBRL), with receivables days at 62 days (XBRL), inventory days at 108 days (XBRL), and payables days at 49 days (XBRL).
Risks
Outlook
Management highlights strategic actions, including the Kidney Care sale (completed in 2025) and dis-synergies from divestitures, as factors impacting future results (10-K). A new operating model implemented in 2023 is expected to influence long-term performance (10-K). No explicit forward-looking guidance for FY2025 is provided in the data (N/A).
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 11.1B | 11.4B | 11.7B | 12.1B | 10.1B | 10.4B |
| Operating Income | 1.6B | 1.8B | 1.6B | 1.4B | -2.8B | 707M |
| Net Income | 1.5B | 1.0B | 1.1B | 1.3B | -2.4B | 2.7B |
| Total Assets | 18.2B | 20.0B | 33.5B | 28.3B | 28.3B | 25.8B |
| Total Equity | 7.9B | 8.7B | 9.1B | 5.8B | 8.4B | 7.0B |
| Operating Cash Flow | 2.0B | 2.1B | 1.9B | 2.2B | 1.2B | 1.7B |
Health Careの企業一覧
BAXTER INTERNATIONAL INCと同じ「Health Care」セクターの企業