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Side-by-side financial comparison of Baxter International (BAX) and CLEAN HARBORS INC (CLH). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.5B, roughly 1.8× CLEAN HARBORS INC). CLEAN HARBORS INC runs the higher net margin — 5.8% vs -0.6%, a 6.3% gap on every dollar of revenue. On growth, CLEAN HARBORS INC posted the faster year-over-year revenue change (4.8% vs 3.0%). CLEAN HARBORS INC produced more free cash flow last quarter ($233.3M vs $76.0M). Over the past eight quarters, CLEAN HARBORS INC's revenue compounded faster (4.4% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Clean Harbors, Inc., headquartered in Norwell, Massachusetts, is a provider of waste management and industrial services for commercial customers, specializing in the collection, transportation, treatment and disposal of hazardous waste, but also offering services for non-hazardous waste. The company has 870 operating locations in 630 properties in the U.S. and Canada including a network of over 100 waste disposal facilities such as incinerators, landfills, treatment, storage and disposal faci...
BAX vs CLH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.5B |
| Net Profit | $-15.0M | $86.6M |
| Gross Margin | 33.0% | 30.6% |
| Operating Margin | 2.4% | 10.6% |
| Net Margin | -0.6% | 5.8% |
| Revenue YoY | 3.0% | 4.8% |
| Net Profit YoY | — | 3.1% |
| EPS (diluted) | $-0.03 | $1.62 |
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.
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $2.8B | $1.5B | ||
| Q2 25 | $2.8B | $1.5B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $533.0M | $1.4B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $3.8B | $1.6B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $86.6M | ||
| Q3 25 | $-46.0M | $118.8M | ||
| Q2 25 | $91.0M | $126.9M | ||
| Q1 25 | $126.0M | $58.7M | ||
| Q4 24 | $-512.0M | $84.0M | ||
| Q3 24 | $140.0M | $115.2M | ||
| Q2 24 | $-314.0M | $133.3M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 30.6% | ||
| Q3 25 | 33.5% | 32.3% | ||
| Q2 25 | 35.3% | 33.3% | ||
| Q1 25 | 32.8% | 28.6% | ||
| Q4 24 | 25.0% | 29.9% | ||
| Q3 24 | 38.3% | 31.0% | ||
| Q2 24 | 37.5% | 33.3% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 10.6% | ||
| Q3 25 | 6.1% | 12.5% | ||
| Q2 25 | 6.8% | 13.6% | ||
| Q1 25 | 2.2% | 7.8% | ||
| Q4 24 | -25.5% | 9.6% | ||
| Q3 24 | 5.7% | 12.6% | ||
| Q2 24 | -5.0% | 13.9% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 5.8% | ||
| Q3 25 | -1.6% | 7.7% | ||
| Q2 25 | 3.2% | 8.2% | ||
| Q1 25 | 4.8% | 4.1% | ||
| Q4 24 | -96.1% | 5.9% | ||
| Q3 24 | 5.2% | 7.5% | ||
| Q2 24 | -8.2% | 8.6% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $1.62 | ||
| Q3 25 | $-0.09 | $2.21 | ||
| Q2 25 | $0.18 | $2.36 | ||
| Q1 25 | $0.25 | $1.09 | ||
| Q4 24 | $-0.99 | $1.55 | ||
| Q3 24 | $0.27 | $2.12 | ||
| Q2 24 | $-0.62 | $2.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $127.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.7B |
| Total Assets | — | $7.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $127.4M | ||
| Q3 25 | $1.7B | $91.2M | ||
| Q2 25 | $1.7B | $98.9M | ||
| Q1 25 | $2.3B | $105.9M | ||
| Q4 24 | $1.8B | $102.6M | ||
| Q3 24 | $1.4B | $82.4M | ||
| Q2 24 | $2.1B | $91.3M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $2.7B | ||
| Q3 25 | $7.2B | $2.8B | ||
| Q2 25 | $7.3B | $2.7B | ||
| Q1 25 | $7.1B | $2.6B | ||
| Q4 24 | $7.0B | $2.6B | ||
| Q3 24 | $7.9B | $2.5B | ||
| Q2 24 | $7.6B | $2.4B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $7.6B | ||
| Q3 25 | $21.1B | $7.5B | ||
| Q2 25 | $21.0B | $7.4B | ||
| Q1 25 | $21.3B | $7.2B | ||
| Q4 24 | $25.8B | $7.4B | ||
| Q3 24 | $26.7B | $7.3B | ||
| Q2 24 | $26.3B | $7.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — |
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 | — | $355.1M |
| Free Cash FlowOCF − Capex | $76.0M | $233.3M |
| FCF MarginFCF / Revenue | 2.8% | 15.6% |
| Capex IntensityCapex / Revenue | 5.1% | 8.1% |
| Cash ConversionOCF / Net Profit | — | 4.10× |
| TTM Free Cash FlowTrailing 4 quarters | — | $441.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $355.1M | ||
| Q3 25 | $237.0M | $302.0M | ||
| Q2 25 | $217.0M | $208.0M | ||
| Q1 25 | $-193.0M | $1.6M | ||
| Q4 24 | $488.0M | $303.9M | ||
| Q3 24 | $253.0M | $239.2M | ||
| Q2 24 | $115.0M | $216.0M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $233.3M | ||
| Q3 25 | — | $207.5M | ||
| Q2 25 | — | $118.0M | ||
| Q1 25 | — | $-117.1M | ||
| Q4 24 | — | $241.5M | ||
| Q3 24 | — | $142.4M | ||
| Q2 24 | — | $80.9M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 15.6% | ||
| Q3 25 | — | 13.4% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | -8.2% | ||
| Q4 24 | — | 16.9% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 5.2% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.1% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | 8.3% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 6.3% | ||
| Q2 24 | — | 8.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.10× | ||
| Q3 25 | — | 2.54× | ||
| Q2 25 | 2.38× | 1.64× | ||
| Q1 25 | -1.53× | 0.03× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | 1.81× | 2.08× | ||
| Q2 24 | — | 1.62× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
CLH
| Technical Services | $479.3M | 32% |
| Safetly Kleen Environmental Services | $252.9M | 17% |
| Fieldand Emergency Response | $246.6M | 16% |
| Products | $205.3M | 14% |
| Safety Kleen Sustainability Solutions Segment | $188.4M | 13% |
| Safety Kleen Oil | $132.6M | 9% |
