Baxter International Inc. (BAX) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

Per the Roarable RQD rating, BAX scores 51 out of 100, grade D, with the verdict "Roarable Sell — Underperform / Distribution Warning." The five pillars are:

• Fundamental Cash Engine: 10 / 20. Per the RQD rating and market data, ROIC is -2.4% and FCF yield is 2.79%. A negative ROIC means the business is not currently earning a return above its capital base, which weighs on the cash-engine case even though FCF yield is positive.
• Whale 13F Flow: 10 / 20. The RQD rating cites institutional accumulation and options positioning as the basis for this pillar. Specific 13F holder data is not available in source data, so the score cannot be traced to named holders here.
• Insider Conviction: 12 / 20. The RQD rating references SEC Form 4 and Congressional PTR cluster flow. Individual transactions are not available in source data.
• Macro Regime Fit: 9 / 20. Per the RQD rating, beta is 0.95 and sector sensitivity is the stated driver. A beta near 1.0 implies moves roughly in line with the broader market, but the score reflects a weak fit with the current regime as assessed by the rating.
• Forensic Balance Sheet: 10 / 20. Per the RQD rating, Altman Z is 2.22, Piotroski F is 6/9, and Debt/Equity is 0.96. These are middling readings: the Z-score and F-score do not signal distress or strength decisively, and leverage is near 1x equity.

Taken together, the rating points to weak cash generation on a return basis, mixed institutional and insider signals whose detail is not available, and a balance sheet that is neither a clear strength nor a clear failure. For a prospective investor, the upside case rests on the 2.79% FCF yield and the 18x forward P/E relative to trailing losses (EPS TTM -1.85), while the downside case rests on negative ROIC, negative operating and net margins, and a rating that flags distribution. The valuation tradeoff is that a low forward multiple only helps if forward earnings recover as the rating's negative pillars imply they may not.

Baxter International Inc. is a NYSE-listed issuer in the Health Care sector, Medical/Dental Instruments industry, per the company profile. The profile identifies the company as a Health Care issuer but does not describe its products, customers, or revenue model. Specific product lines, customer segments, and monetization details are not available in source data.

Per the SEC financials, revenue rose from $10360.0M in FY 2023 to $11244.0M in FY 2025, while operating income moved from $707.0M to $-308.0M and net income from $2656.0M to $-957.0M. Per the market data, gross margin is 30.1%, operating margin -2.7%, and net margin -8.5%. ROIC is -2.4%. Per the RQD rating, the Altman Z-Score is 2.22 and the Piotroski F-Score is 6/9, with Debt/Equity at 0.96. Reported debt fell from $8441.1M in FY 2024 to $6278.9M in FY 2025 while cash rose to $1966.0M, and FCF declined from $1259.8M in FY 2023 to $339.0M in FY 2025.

Six news items are tagged to BAX, each labeled YELLOW and as MARKET WIRE. Headlines reference the Vantive transition and margin recovery, a stock-down move, a valuation claim of being about 30% undervalued on cash flow, a technical breakout setup, and a lower trading move. The summaries are generic wire descriptions and do not contain figures, so the specifics of each catalyst are not available in source data. Risk watch items implied by the headlines are the Vantive transition complicating margin recovery and the day-level price declines. Per the Butterfly Supply-Chain Graph, there are no proprietary signals.

Per the Butterfly Supply-Chain Graph, supply chain status is NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies, sector correlations, and second-order bottlenecks are not available in source data. The only sector context is the Health Care / Medical/Dental Instruments classification.

• What is the Vantive transition, and what specific margin effects does it carry, given that operating margin is -2.7%?
• Which institutional holders and insiders underlie the whale 13F and insider pillar scores of 10/20 and 12/20?
• What drove the decline from FY 2023 operating income of $707.0M to FY 2025 operating loss of $-308.0M, and is there a path to recovery?
• What are the P/E (TTM) and EV/EBITDA figures, which are absent from the source data?
• What products and customers generate the $11244.0M revenue base?