Question 1

What is Baxter International's P/E ratio?

Accepted Answer

Baxter International (BAX) P/E ratio is 158.5× as of February 20, 2025. The ratio is calculated by dividing market capitalisation by trailing twelve-month earnings (net income), using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/E ratio calculated?

Accepted Answer

P/E = Share Price ÷ Trailing Twelve-Month (TTM) Diluted EPS, or equivalently Market Capitalisation ÷ TTM Net Income. 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/E ratio?

Accepted Answer

The price-to-earnings (P/E) ratio, also called the earnings multiple, measures how much investors pay per dollar of a company's trailing twelve-month (TTM) earnings. It is calculated as share price ÷ TTM diluted EPS (equivalent to market capitalisation ÷ TTM net income). A higher P/E implies the market is pricing in stronger future earnings growth or lower risk; a lower P/E can signal slower expected growth, higher risk, or potential undervaluation.

Question 4

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

Accepted Answer

There is no universal "good" P/E. As a rule of thumb, the S&P 500 has historically averaged a P/E in the mid-to-high teens; mature, slow-growth businesses commonly trade in the 10–18× range, while high-growth or asset-light companies often trade at 25–50×+. What matters is the comparison to sector peers and to the company's own historical range. For Baxter International specifically, the relevant sector benchmark is the current sector median of 25.0×.

Question 5

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

Accepted Answer

Baxter International's P/E ratio of 158.5× is above its own 5-year average of 38.1× and above the sector median of 25.0×. That places the current reading at the 99th 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/E ratio range?

Accepted Answer

In the available daily series, Baxter International (BAX) P/E ratio has ranged from a low of 4.8× in 2016 to a high of 160.4× in 2024. The 5-year average is 38.1× and the 5-year median is 32.6×.

Question 7

What was Baxter International's P/E ratio in 2023?

Accepted Answer

Baxter International (BAX) P/E ratio at the end of 2023 was 7.4×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month earnings figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (earnings). 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	−$957.00M	—	—	Dec 31, 2025
2024	$14.87B	−$649.00M	—	—	Dec 31, 2024
2023	$19.60B	$2.66B	7.4×	—	Dec 31, 2023
2022	$25.69B	−$2.43B	—	—	Dec 31, 2022
2021	$43.01B	$1.28B	33.5×	-3.6×	Dec 31, 2021
2020	$40.92B	$1.10B	37.1×	-5.2×	Dec 31, 2020
2019	$42.40B	$1.00B	42.4×	+20.6×	Dec 31, 2019
2018	$34.75B	$1.60B	21.7×	-27.2×	Dec 31, 2018
2017	$35.10B	$717.00M	49.0×	+44.1×	Dec 31, 2017
2016	$23.99B	$4.96B	4.8×	-16.7×	Dec 31, 2016
2015	$20.87B	$968.00M	21.6×	+12.9×	Dec 31, 2015
2014	$21.58B	$2.50B	8.6×	-1.6×	Dec 31, 2014
2013	$20.51B	$2.01B	10.2×	+1.7×	Dec 31, 2013
2012	$19.84B	$2.33B	8.5×	+1.7×	Dec 31, 2012
2011	$15.11B	$2.22B	6.8×	-4.4×	Dec 31, 2011
2010	$15.87B	$1.42B	11.2×	+2.5×	Dec 31, 2010
2009	$19.19B	$2.21B	8.7×	-0.2×	Dec 31, 2009
2008	$17.84B	$2.01B	8.9×	-2.8×	Dec 31, 2008
2007	$19.93B	$1.71B	11.7×	-0.1×	Dec 31, 2007
2006	$16.38B	$1.40B	11.7×	-2.0×	Dec 31, 2006
2005	$13.11B	$956.00M	13.7×	-16.1×	Dec 31, 2005
2004	$11.61B	$390.00M	29.8×	+18.2×	Dec 31, 2004
2003	$10.15B	$878.00M	11.6×	-0.1×	Dec 31, 2003
2002	$9.10B	$778.00M	11.7×	-16.9×	Dec 31, 2002
2001	$17.48B	$612.00M	28.6×	—	Dec 31, 2001


Medtronic (MDT)	22.2×
McKesson (MCK)	22.2×
Illumina (ILMN)	21.7×
ResMed (RMD)	21.6×
GE HealthCare (GEHC)	21.6×
Pfizer (PFE)	21.1×
Quest Diagnostics (DGX)	21.1×
Henry Schein (HSIC)	21.0×
AptarGroup (ATR)	20.9×
IQVIA (IQV)	20.7×
UnitedHealth Group (UNH)	20.4×
Biogen (BIIB)	19.7×
Zoetis (ZTS)	18.9×
Gilead Sciences (GILD)	18.8×
Humana (HUM)	18.5×
Regeneron Pharmaceuticals (REGN)	18.2×
Bristol-Myers Squibb (BMY)	17.0×
HCA Healthcare (HCA)	15.8×
DaVita (DVA)	13.3×
Incyte (INCY)	13.1×
Elevance Health (ELV)	12.3×
Cigna (CI)	11.1×
Novo Nordisk (NVO)	8.6×
Solventum (SOLV)	7.9×
Universal Health Services (UHS)	7.2×

P/E Ratio for Baxter International (BAX)

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

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

About P/E Ratio at Baxter International (BAX)

Baxter International P/E Ratio by Year

Baxter International P/E Ratio 2023: 7.4×

Baxter International P/E Ratio 2021: 33.5×

Baxter International P/E Ratio 2020: 37.1×

Baxter International P/E Ratio 2019: 42.4×

Baxter International P/E Ratio 2018: 21.7×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

Baxter International (BAX) Key Financials

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

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

About P/E Ratio at Baxter International (BAX)

Baxter International P/E Ratio by Year

Baxter International P/E Ratio 2023: 7.4×

Baxter International P/E Ratio 2021: 33.5×

Baxter International P/E Ratio 2020: 37.1×

Baxter International P/E Ratio 2019: 42.4×

Baxter International P/E Ratio 2018: 21.7×

Sector peers by P/E Ratio — chart

Sector peers by P/E Ratio — table

Frequently asked questions

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

+How is the P/E ratio calculated?

+What is the P/E ratio?

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

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

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

+What was Baxter International's P/E ratio in 2023?

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

Baxter International (BAX) Key Financials