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Side-by-side financial comparison of Aardvark Therapeutics, Inc. (AARD) and Baxter International (BAX). Click either name above to swap in a different company.
Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel targeted therapies for inflammatory, metabolic, and orphan diseases. It advances G-protein coupled receptor-targeting pipeline candidates, serving patient populations primarily in North America and global markets via R&D partnerships.
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
AARD vs BAX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $0 | $3.0B |
| Net Profit | $-17.6M | $-1.1B |
| Gross Margin | — | 19.4% |
| Operating Margin | — | -24.5% |
| Net Margin | — | -37.9% |
| Revenue YoY | — | 458.0% |
| Net Profit YoY | — | -120.3% |
| EPS (diluted) | $-0.81 | $-2.21 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $0 | $3.0B | ||
| Q3 25 | $0 | $2.8B | ||
| Q2 25 | $0 | $2.8B | ||
| Q1 25 | $0 | $2.6B | ||
| Q4 24 | — | $533.0M | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B |
| Q4 25 | $-17.6M | $-1.1B | ||
| Q3 25 | $-16.3M | $-46.0M | ||
| Q2 25 | $-14.4M | $91.0M | ||
| Q1 25 | $-9.3M | $126.0M | ||
| Q4 24 | — | $-512.0M | ||
| Q3 24 | — | $140.0M | ||
| Q2 24 | — | $-314.0M | ||
| Q1 24 | — | $37.0M |
| Q4 25 | — | 19.4% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 35.3% | ||
| Q1 25 | — | 32.8% | ||
| Q4 24 | — | 25.0% | ||
| Q3 24 | — | 38.3% | ||
| Q2 24 | — | 37.5% | ||
| Q1 24 | — | 38.6% |
| Q4 25 | — | -24.5% | ||
| Q3 25 | — | 6.1% | ||
| Q2 25 | — | 6.8% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | -25.5% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | -5.0% | ||
| Q1 24 | — | 5.2% |
| Q4 25 | — | -37.9% | ||
| Q3 25 | — | -1.6% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 4.8% | ||
| Q4 24 | — | -96.1% | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | -8.2% | ||
| Q1 24 | — | 1.0% |
| Q4 25 | $-0.81 | $-2.21 | ||
| Q3 25 | $-0.75 | $-0.09 | ||
| Q2 25 | $-0.66 | $0.18 | ||
| Q1 25 | $-0.71 | $0.25 | ||
| Q4 24 | — | $-0.99 | ||
| Q3 24 | — | $0.27 | ||
| Q2 24 | — | $-0.62 | ||
| Q1 24 | — | $0.07 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.0M | $2.0B |
| Total DebtLower is stronger | — | $9.5B |
| Stockholders' EquityBook value | $106.6M | $6.1B |
| Total Assets | $117.2M | $20.1B |
| Debt / EquityLower = less leverage | — | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $2.0B | ||
| Q3 25 | $126.3M | $1.7B | ||
| Q2 25 | $141.8M | $1.7B | ||
| Q1 25 | $151.3M | $2.3B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | — | $9.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $10.4B | ||
| Q3 24 | — | $10.4B | ||
| Q2 24 | — | $10.4B | ||
| Q1 24 | — | $11.1B |
| Q4 25 | $106.6M | $6.1B | ||
| Q3 25 | $122.4M | $7.2B | ||
| Q2 25 | $136.9M | $7.3B | ||
| Q1 25 | $150.7M | $7.1B | ||
| Q4 24 | — | $7.0B | ||
| Q3 24 | — | $7.9B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $8.2B |
| Q4 25 | $117.2M | $20.1B | ||
| Q3 25 | $133.2M | $21.1B | ||
| Q2 25 | $147.5M | $21.0B | ||
| Q1 25 | $157.0M | $21.3B | ||
| Q4 24 | — | $25.8B | ||
| Q3 24 | — | $26.7B | ||
| Q2 24 | — | $26.3B | ||
| Q1 24 | — | $27.8B |
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.33× | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | — | 1.36× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.8M | $584.0M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.8M | $584.0M | ||
| Q3 25 | $-16.1M | $237.0M | ||
| Q2 25 | $-9.8M | $217.0M | ||
| Q1 25 | $-11.4M | $-193.0M | ||
| Q4 24 | — | $488.0M | ||
| Q3 24 | — | $253.0M | ||
| Q2 24 | — | $115.0M | ||
| Q1 24 | — | $163.0M |
| Q4 25 | — | — | ||
| Q3 25 | $-16.1M | — | ||
| Q2 25 | $-9.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.38× | ||
| Q1 25 | — | -1.53× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AARD
Segment breakdown not available.
BAX
| Other | $1.5B | 51% |
| Infusion Therapies And Technologies | $543.0M | 18% |
| Pharmaceutical Compounding | $316.0M | 11% |
| Front Line Care | $219.0M | 7% |
| Injectables And Anesthesia | $190.0M | 6% |
| Advanced Surgery | $177.0M | 6% |
