Question 1

What is Baxter International's P/B ratio?

Accepted Answer

Baxter International (BAX) P/B ratio is 1.7× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Baxter International?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Baxter International specifically, the relevant sector benchmark is the current sector median of 3.4×.

Question 5

Is Baxter International's P/B ratio high or low?

Accepted Answer

Baxter International's P/B ratio of 1.7× is below its own 5-year average of 3.1× and below the sector median of 3.4×. That places the current reading at the 14th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Baxter International's historical P/B ratio range?

Accepted Answer

In the available daily series, Baxter International (BAX) P/B ratio has ranged from a low of 1.2× in 2025 to a high of 5.9× in 2019. The 5-year average is 3.1× and the 5-year median is 2.6×.

Question 7

What was Baxter International's P/B ratio in 2025?

Accepted Answer

Baxter International (BAX) P/B ratio at the end of 2025 was 1.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Baxter International's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$9.82B	$6.13B	1.6×	-0.5×	Dec 31, 2025
2024	$14.87B	$6.96B	2.1×	-0.2×	Dec 31, 2024
2023	$19.60B	$8.40B	2.3×	-2.1×	Dec 31, 2023
2022	$25.69B	$5.83B	4.4×	-0.3×	Dec 31, 2022
2021	$43.01B	$9.08B	4.7×	+0.0×	Dec 31, 2021
2020	$40.92B	$8.69B	4.7×	-0.7×	Dec 31, 2020
2019	$42.40B	$7.88B	5.4×	+0.9×	Dec 31, 2019
2018	$34.75B	$7.84B	4.4×	+0.6×	Dec 31, 2018
2017	$35.10B	$9.12B	3.8×	+1.0×	Dec 31, 2017
2016	$23.99B	$8.29B	2.9×	+0.5×	Dec 31, 2016
2015	$20.87B	$8.85B	2.4×	-0.3×	Dec 31, 2015
2014	$21.58B	$8.12B	2.7×	+0.2×	Dec 31, 2014
2013	$20.51B	$8.46B	2.4×	-0.4×	Dec 31, 2013
2012	$19.84B	$6.94B	2.9×	+0.6×	Dec 31, 2012
2011	$15.11B	$6.58B	2.3×	-0.1×	Dec 31, 2011
2010	$15.87B	$6.57B	2.4×	-0.3×	Dec 31, 2010
2009	$19.19B	$7.19B	2.7×	-0.2×	Dec 31, 2009
2008	$17.84B	$6.23B	2.9×	-0.0×	Dec 31, 2008
2007	$19.93B	$6.92B	2.9×	+0.3×	Dec 31, 2007
2006	$16.38B	$6.27B	2.6×	-0.4×	Dec 31, 2006
2005	$13.11B	$4.30B	3.0×	-0.1×	Dec 31, 2005
2004	$11.61B	$3.71B	3.1×	+0.0×	Dec 31, 2004
2003	$10.15B	$3.27B	3.1×	+0.0×	Dec 31, 2003
2002	$9.10B	$2.94B	3.1×	-1.6×	Dec 31, 2002
2001	$17.48B	$3.76B	4.7×	—	Dec 31, 2001


Align Technology (ALGN)	3.0×
Quest Diagnostics (DGX)	2.9×
Moderna (MRNA)	2.7×
Charles River (CRL)	2.6×
Regeneron Pharmaceuticals (REGN)	2.6×
Henry Schein (HSIC)	2.5×
Labcorp Holdings (LH)	2.5×
Danaher (DHR)	2.4×
UnitedHealth Group (UNH)	2.4×
Solventum (SOLV)	2.3×
Becton, Dickinson and (BDX)	1.8×
Pfizer (PFE)	1.8×
Molina Healthcare (MOH)	1.7×
Cigna (CI)	1.7×
Waters Corporation (WAT)	1.6×
Cooper Companies (COO)	1.5×
Elevance Health (ELV)	1.5×
Universal Health Services (UHS)	1.5×
Biogen (BIIB)	1.4×
Revvity (RVTY)	1.4×
Zimmer Biomet Holdings (ZBH)	1.2×
CVS Health (CVS)	1.2×
Humana (HUM)	1.1×
Viatris (VTRS)	1.1×
Centene (CNC)	0.8×

P/B Ratio for Baxter International (BAX)

P/B Ratio daily chart for Baxter International (BAX)

Historical P/B Ratio for Baxter International (BAX) from 2001 to 2025

About P/B Ratio at Baxter International (BAX)

Baxter International P/B Ratio by Year

Baxter International P/B Ratio 2025: 1.6×

Baxter International P/B Ratio 2024: 2.1×

Baxter International P/B Ratio 2023: 2.3×

Baxter International P/B Ratio 2022: 4.4×

Baxter International P/B Ratio 2021: 4.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Baxter International (BAX) Key Financials

P/B Ratio daily chart for Baxter International (BAX)

Historical P/B Ratio for Baxter International (BAX) from 2001 to 2025

About P/B Ratio at Baxter International (BAX)

Baxter International P/B Ratio by Year

Baxter International P/B Ratio 2025: 1.6×

Baxter International P/B Ratio 2024: 2.1×

Baxter International P/B Ratio 2023: 2.3×

Baxter International P/B Ratio 2022: 4.4×

Baxter International P/B Ratio 2021: 4.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is Baxter International's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for Baxter International?

+Is Baxter International's P/B ratio high or low?

+What is Baxter International's historical P/B ratio range?

+What was Baxter International's P/B ratio in 2025?

+Why does Baxter International's P/B ratio change over time?

Baxter International (BAX) Key Financials