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Side-by-side financial comparison of Aptiv (APTV) and Baxter International (BAX). Click either name above to swap in a different company.
Aptiv is the larger business by last-quarter revenue ($5.2B vs $3.0B, roughly 1.7× Baxter International). Aptiv runs the higher net margin — 2.7% vs -37.9%, a 40.6% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 5.0%). Over the past eight quarters, Aptiv's revenue compounded faster (2.5% CAGR vs -9.0%).
Aptiv PLC is an American automotive technology supplier with headquarters in Schaffhausen, Switzerland. Aptiv grew out of the now-defunct American company, Delphi Automotive Systems, which itself was formerly a component of General Motors.
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
APTV vs BAX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $5.2B | $3.0B |
| Net Profit | $138.0M | $-1.1B |
| Gross Margin | 18.7% | 19.4% |
| Operating Margin | 8.2% | -24.5% |
| Net Margin | 2.7% | -37.9% |
| Revenue YoY | 5.0% | 458.0% |
| Net Profit YoY | -48.5% | -120.3% |
| EPS (diluted) | $0.63 | $-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 | $5.2B | $3.0B | ||
| Q3 25 | $5.2B | $2.8B | ||
| Q2 25 | $5.2B | $2.8B | ||
| Q1 25 | $4.8B | $2.6B | ||
| Q4 24 | $4.9B | $533.0M | ||
| Q3 24 | $4.9B | $2.7B | ||
| Q2 24 | $5.1B | $3.8B | ||
| Q1 24 | $4.9B | $3.6B |
| Q4 25 | $138.0M | $-1.1B | ||
| Q3 25 | $-355.0M | $-46.0M | ||
| Q2 25 | $393.0M | $91.0M | ||
| Q1 25 | $-11.0M | $126.0M | ||
| Q4 24 | $268.0M | $-512.0M | ||
| Q3 24 | $363.0M | $140.0M | ||
| Q2 24 | $938.0M | $-314.0M | ||
| Q1 24 | $218.0M | $37.0M |
| Q4 25 | 18.7% | 19.4% | ||
| Q3 25 | 19.5% | 33.5% | ||
| Q2 25 | 19.1% | 35.3% | ||
| Q1 25 | 19.1% | 32.8% | ||
| Q4 24 | 19.6% | 25.0% | ||
| Q3 24 | 18.6% | 38.3% | ||
| Q2 24 | 19.2% | 37.5% | ||
| Q1 24 | 17.9% | 38.6% |
| Q4 25 | 8.2% | -24.5% | ||
| Q3 25 | -3.4% | 6.1% | ||
| Q2 25 | 9.3% | 6.8% | ||
| Q1 25 | 9.3% | 2.2% | ||
| Q4 24 | 9.8% | -25.5% | ||
| Q3 24 | 10.4% | 5.7% | ||
| Q2 24 | 8.7% | -5.0% | ||
| Q1 24 | 8.5% | 5.2% |
| Q4 25 | 2.7% | -37.9% | ||
| Q3 25 | -6.8% | -1.6% | ||
| Q2 25 | 7.5% | 3.2% | ||
| Q1 25 | -0.2% | 4.8% | ||
| Q4 24 | 5.5% | -96.1% | ||
| Q3 24 | 7.5% | 5.2% | ||
| Q2 24 | 18.6% | -8.2% | ||
| Q1 24 | 4.4% | 1.0% |
| Q4 25 | $0.63 | $-2.21 | ||
| Q3 25 | $-1.63 | $-0.09 | ||
| Q2 25 | $1.80 | $0.18 | ||
| Q1 25 | $-0.05 | $0.25 | ||
| Q4 24 | $1.22 | $-0.99 | ||
| Q3 24 | $1.48 | $0.27 | ||
| Q2 24 | $3.47 | $-0.62 | ||
| Q1 24 | $0.79 | $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 | $1.9B | $2.0B |
| Total DebtLower is stronger | $7.5B | $9.5B |
| Stockholders' EquityBook value | $9.2B | $6.1B |
| Total Assets | $23.4B | $20.1B |
| Debt / EquityLower = less leverage | 0.81× | 1.55× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $2.0B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.4B | $1.7B | ||
| Q1 25 | $1.1B | $2.3B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.8B | $1.4B | ||
| Q2 24 | $2.2B | $2.1B | ||
| Q1 24 | $941.0M | $3.0B |
| Q4 25 | $7.5B | $9.5B | ||
| Q3 25 | $7.6B | — | ||
| Q2 25 | $7.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.8B | $10.4B | ||
| Q3 24 | $8.3B | $10.4B | ||
| Q2 24 | $5.5B | $10.4B | ||
| Q1 24 | $4.7B | $11.1B |
| Q4 25 | $9.2B | $6.1B | ||
| Q3 25 | $9.3B | $7.2B | ||
| Q2 25 | $9.7B | $7.3B | ||
| Q1 25 | $9.0B | $7.1B | ||
| Q4 24 | $8.8B | $7.0B | ||
| Q3 24 | $8.9B | $7.9B | ||
| Q2 24 | $11.5B | $7.6B | ||
| Q1 24 | $11.1B | $8.2B |
| Q4 25 | $23.4B | $20.1B | ||
| Q3 25 | $23.5B | $21.1B | ||
| Q2 25 | $23.9B | $21.0B | ||
| Q1 25 | $23.1B | $21.3B | ||
| Q4 24 | $23.5B | $25.8B | ||
| Q3 24 | $24.8B | $26.7B | ||
| Q2 24 | $24.8B | $26.3B | ||
| Q1 24 | $23.6B | $27.8B |
| Q4 25 | 0.81× | 1.55× | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.85× | — | ||
| Q4 24 | 0.89× | 1.49× | ||
| Q3 24 | 0.93× | 1.33× | ||
| Q2 24 | 0.48× | 1.37× | ||
| Q1 24 | 0.42× | 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 | $818.0M | $584.0M |
| Free Cash FlowOCF − Capex | $651.0M | — |
| FCF MarginFCF / Revenue | 12.6% | — |
| Capex IntensityCapex / Revenue | 3.2% | — |
| Cash ConversionOCF / Net Profit | 5.93× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.5B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $818.0M | $584.0M | ||
| Q3 25 | $584.0M | $237.0M | ||
| Q2 25 | $510.0M | $217.0M | ||
| Q1 25 | $273.0M | $-193.0M | ||
| Q4 24 | $1.1B | $488.0M | ||
| Q3 24 | $499.0M | $253.0M | ||
| Q2 24 | $643.0M | $115.0M | ||
| Q1 24 | $244.0M | $163.0M |
| Q4 25 | $651.0M | — | ||
| Q3 25 | $441.0M | — | ||
| Q2 25 | $361.0M | — | ||
| Q1 25 | $76.0M | — | ||
| Q4 24 | $894.0M | — | ||
| Q3 24 | $326.0M | — | ||
| Q2 24 | $417.0M | — | ||
| Q1 24 | $-21.0M | — |
| Q4 25 | 12.6% | — | ||
| Q3 25 | 8.5% | — | ||
| Q2 25 | 6.9% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 6.7% | — | ||
| Q2 24 | 8.3% | — | ||
| Q1 24 | -0.4% | — |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | 3.6% | — | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 5.4% | — |
| Q4 25 | 5.93× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.30× | 2.38× | ||
| Q1 25 | — | -1.53× | ||
| Q4 24 | 3.96× | — | ||
| Q3 24 | 1.37× | 1.81× | ||
| Q2 24 | 0.69× | — | ||
| Q1 24 | 1.12× | 4.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APTV
| Electrical Distribution Systems | $2.3B | 45% |
| Engineered Components Group | $1.4B | 28% |
| Active Safety | $716.0M | 14% |
| User Experience And Other | $564.0M | 11% |
| Smart Vehicle Compute And Software | $154.0M | 3% |
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% |
