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Side-by-side financial comparison of Baxter International (BAX) and Dover Corporation (DOV). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.1B, roughly 1.4× Dover Corporation). Dover Corporation runs the higher net margin — 13.4% vs -37.9%, a 51.4% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 12.5%). Over the past eight quarters, Dover Corporation's revenue compounded faster (-1.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Dover Corporation is an American conglomerate manufacturer of industrial products. The Downers Grove, Illinois-based company was founded in 1955. As of 2021, Dover's business was divided into five segments: Engineered Products, Clean Energy and Fueling, Imaging & Identification, Pumps & Process Solutions and Climate and Sustainability Technologies. Dover is a constituent of the S&P 500 index and trades on the New York Stock Exchange under the symbol DOV. Dover was ranked 448 in the 2024 Fortu...
BAX vs DOV — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.1B |
| Net Profit | $-1.1B | $282.1M |
| Gross Margin | 19.4% | 39.1% |
| Operating Margin | -24.5% | 16.5% |
| Net Margin | -37.9% | 13.4% |
| Revenue YoY | 458.0% | 12.5% |
| Net Profit YoY | -120.3% | 22.2% |
| EPS (diluted) | $-2.21 | $2.06 |
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 | — | $2.1B | ||
| Q4 25 | $3.0B | $2.1B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.8B | $2.0B | ||
| Q1 25 | $2.6B | $1.9B | ||
| Q4 24 | $533.0M | $1.5B | ||
| Q3 24 | $2.7B | $2.0B | ||
| Q2 24 | $3.8B | $2.2B |
| Q1 26 | — | $282.1M | ||
| Q4 25 | $-1.1B | $282.1M | ||
| Q3 25 | $-46.0M | $302.0M | ||
| Q2 25 | $91.0M | $279.1M | ||
| Q1 25 | $126.0M | $230.8M | ||
| Q4 24 | $-512.0M | $1.4B | ||
| Q3 24 | $140.0M | $347.1M | ||
| Q2 24 | $-314.0M | $281.8M |
| Q1 26 | — | 39.1% | ||
| Q4 25 | 19.4% | 39.1% | ||
| Q3 25 | 33.5% | 40.1% | ||
| Q2 25 | 35.3% | 39.9% | ||
| Q1 25 | 32.8% | 40.0% | ||
| Q4 24 | 25.0% | 41.4% | ||
| Q3 24 | 38.3% | 38.5% | ||
| Q2 24 | 37.5% | 37.7% |
| Q1 26 | — | 16.5% | ||
| Q4 25 | -24.5% | 16.5% | ||
| Q3 25 | 6.1% | 18.2% | ||
| Q2 25 | 6.8% | 17.3% | ||
| Q1 25 | 2.2% | 15.9% | ||
| Q4 24 | -25.5% | 14.0% | ||
| Q3 24 | 5.7% | 16.8% | ||
| Q2 24 | -5.0% | 17.0% |
| Q1 26 | — | 13.4% | ||
| Q4 25 | -37.9% | 13.4% | ||
| Q3 25 | -1.6% | 14.5% | ||
| Q2 25 | 3.2% | 13.6% | ||
| Q1 25 | 4.8% | 12.4% | ||
| Q4 24 | -96.1% | 96.4% | ||
| Q3 24 | 5.2% | 17.5% | ||
| Q2 24 | -8.2% | 12.9% |
| Q1 26 | — | $2.06 | ||
| Q4 25 | $-2.21 | $2.06 | ||
| Q3 25 | $-0.09 | $2.19 | ||
| Q2 25 | $0.18 | $2.02 | ||
| Q1 25 | $0.25 | $1.67 | ||
| Q4 24 | $-0.99 | $10.38 | ||
| Q3 24 | $0.27 | $2.51 | ||
| Q2 24 | $-0.62 | $2.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.0B | — |
| Total DebtLower is stronger | $9.5B | $3.3B |
| Stockholders' EquityBook value | $6.1B | $7.4B |
| Total Assets | $20.1B | $13.4B |
| Debt / EquityLower = less leverage | 1.55× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $2.1B | — |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $9.5B | $3.3B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $10.4B | $2.9B | ||
| Q3 24 | $10.4B | $3.0B | ||
| Q2 24 | $10.4B | $3.0B |
| Q1 26 | — | $7.4B | ||
| Q4 25 | $6.1B | $7.4B | ||
| Q3 25 | $7.2B | $7.7B | ||
| Q2 25 | $7.3B | $7.4B | ||
| Q1 25 | $7.1B | $7.1B | ||
| Q4 24 | $7.0B | $7.0B | ||
| Q3 24 | $7.9B | $5.7B | ||
| Q2 24 | $7.6B | $5.4B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | $20.1B | $13.4B | ||
| Q3 25 | $21.1B | $13.4B | ||
| Q2 25 | $21.0B | $13.2B | ||
| Q1 25 | $21.3B | $12.6B | ||
| Q4 24 | $25.8B | $12.5B | ||
| Q3 24 | $26.7B | $11.9B | ||
| Q2 24 | $26.3B | $11.3B |
| Q1 26 | — | 0.45× | ||
| Q4 25 | 1.55× | 0.45× | ||
| Q3 25 | — | 0.40× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 1.49× | 0.42× | ||
| Q3 24 | 1.33× | 0.53× | ||
| Q2 24 | 1.37× | 0.55× |
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 | $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.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $543.9M | ||
| Q3 25 | $237.0M | $424.2M | ||
| Q2 25 | $217.0M | $212.3M | ||
| Q1 25 | $-193.0M | $157.5M | ||
| Q4 24 | $488.0M | $439.0M | ||
| Q3 24 | $253.0M | $353.2M | ||
| Q2 24 | $115.0M | $203.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $487.0M | ||
| Q3 25 | — | $370.1M | ||
| Q2 25 | — | $151.4M | ||
| Q1 25 | — | $109.3M | ||
| Q4 24 | — | $385.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $162.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 23.2% | ||
| Q3 25 | — | 17.8% | ||
| Q2 25 | — | 7.4% | ||
| Q1 25 | — | 5.9% | ||
| Q4 24 | — | 25.8% | ||
| Q3 24 | — | 16.4% | ||
| Q2 24 | — | 7.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | 2.38× | 0.76× | ||
| Q1 25 | -1.53× | 0.68× | ||
| Q4 24 | — | 0.31× | ||
| Q3 24 | 1.81× | 1.02× | ||
| Q2 24 | — | 0.72× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
DOV
Segment breakdown not available.
