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Side-by-side financial comparison of Baxter International (BAX) and KeyCorp (KEY). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $2.0B, roughly 1.5× KeyCorp). KeyCorp runs the higher net margin — 25.4% vs -37.9%, a 63.4% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 131.8%). Over the past eight quarters, KeyCorp's revenue compounded faster (14.4% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Key is a Japanese visual novel studio known for making dramatic and plot-oriented titles. It was formed on July 21, 1998, as a brand under the publisher Visual Arts, and is located in Kita, Osaka.
BAX vs KEY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $2.0B |
| Net Profit | $-1.1B | $510.0M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 32.3% |
| Net Margin | -37.9% | 25.4% |
| Revenue YoY | 458.0% | 131.8% |
| Net Profit YoY | -120.3% | 309.0% |
| EPS (diluted) | $-2.21 | $0.43 |
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 | $3.0B | $2.0B | ||
| Q3 25 | $2.8B | $1.9B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $2.6B | $1.8B | ||
| Q4 24 | $533.0M | $865.0M | ||
| Q3 24 | $2.7B | $695.0M | ||
| Q2 24 | $3.8B | $1.5B | ||
| Q1 24 | $3.6B | $1.5B |
| Q4 25 | $-1.1B | $510.0M | ||
| Q3 25 | $-46.0M | $489.0M | ||
| Q2 25 | $91.0M | $425.0M | ||
| Q1 25 | $126.0M | $405.0M | ||
| Q4 24 | $-512.0M | $-244.0M | ||
| Q3 24 | $140.0M | $-410.0M | ||
| Q2 24 | $-314.0M | $274.0M | ||
| Q1 24 | $37.0M | $219.0M |
| 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% | 32.3% | ||
| Q3 25 | 6.1% | 31.8% | ||
| Q2 25 | 6.8% | 29.3% | ||
| Q1 25 | 2.2% | 29.0% | ||
| Q4 24 | -25.5% | -92.6% | ||
| Q3 24 | 5.7% | -72.8% | ||
| Q2 24 | -5.0% | 22.0% | ||
| Q1 24 | 5.2% | 18.1% |
| Q4 25 | -37.9% | 25.4% | ||
| Q3 25 | -1.6% | 25.8% | ||
| Q2 25 | 3.2% | 23.1% | ||
| Q1 25 | 4.8% | 22.8% | ||
| Q4 24 | -96.1% | -54.7% | ||
| Q3 24 | 5.2% | -59.0% | ||
| Q2 24 | -8.2% | 18.0% | ||
| Q1 24 | 1.0% | 14.3% |
| Q4 25 | $-2.21 | $0.43 | ||
| Q3 25 | $-0.09 | $0.41 | ||
| Q2 25 | $0.18 | $0.35 | ||
| Q1 25 | $0.25 | $0.33 | ||
| Q4 24 | $-0.99 | $-0.30 | ||
| Q3 24 | $0.27 | $-0.47 | ||
| Q2 24 | $-0.62 | $0.25 | ||
| Q1 24 | $0.07 | $0.20 |
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 | $10.2B |
| Total DebtLower is stronger | $9.5B | $9.9B |
| Stockholders' EquityBook value | $6.1B | $20.4B |
| Total Assets | $20.1B | $184.4B |
| Debt / EquityLower = less leverage | 1.55× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $10.2B | ||
| Q3 25 | $1.7B | $13.3B | ||
| Q2 25 | $1.7B | $11.6B | ||
| Q1 25 | $2.3B | $15.3B | ||
| Q4 24 | $1.8B | $17.5B | ||
| Q3 24 | $1.4B | $22.8B | ||
| Q2 24 | $2.1B | $15.5B | ||
| Q1 24 | $3.0B | $13.2B |
| Q4 25 | $9.5B | $9.9B | ||
| Q3 25 | — | $10.9B | ||
| Q2 25 | — | $12.1B | ||
| Q1 25 | — | $12.4B | ||
| Q4 24 | $10.4B | $12.1B | ||
| Q3 24 | $10.4B | $15.7B | ||
| Q2 24 | $10.4B | $16.9B | ||
| Q1 24 | $11.1B | $20.8B |
| Q4 25 | $6.1B | $20.4B | ||
| Q3 25 | $7.2B | $20.1B | ||
| Q2 25 | $7.3B | $19.5B | ||
| Q1 25 | $7.1B | $19.0B | ||
| Q4 24 | $7.0B | $18.2B | ||
| Q3 24 | $7.9B | $16.9B | ||
| Q2 24 | $7.6B | $14.8B | ||
| Q1 24 | $8.2B | $14.5B |
| Q4 25 | $20.1B | $184.4B | ||
| Q3 25 | $21.1B | $187.4B | ||
| Q2 25 | $21.0B | $185.5B | ||
| Q1 25 | $21.3B | $188.7B | ||
| Q4 24 | $25.8B | $187.2B | ||
| Q3 24 | $26.7B | $189.8B | ||
| Q2 24 | $26.3B | $187.4B | ||
| Q1 24 | $27.8B | $187.5B |
| Q4 25 | 1.55× | 0.49× | ||
| Q3 25 | — | 0.54× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | 1.49× | 0.67× | ||
| Q3 24 | 1.33× | 0.93× | ||
| Q2 24 | 1.37× | 1.14× | ||
| Q1 24 | 1.36× | 1.43× |
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 | $2.2B |
| Free Cash FlowOCF − Capex | — | $2.1B |
| FCF MarginFCF / Revenue | — | 104.8% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | — | 4.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $3.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $2.2B | ||
| Q3 25 | $237.0M | $396.0M | ||
| Q2 25 | $217.0M | $1.2B | ||
| Q1 25 | $-193.0M | $-140.0M | ||
| Q4 24 | $488.0M | $664.0M | ||
| Q3 24 | $253.0M | $-1.2B | ||
| Q2 24 | $115.0M | $-217.0M | ||
| Q1 24 | $163.0M | $359.0M |
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $367.0M | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $-150.0M | ||
| Q4 24 | — | $599.0M | ||
| Q3 24 | — | $-1.2B | ||
| Q2 24 | — | $-230.0M | ||
| Q1 24 | — | $347.0M |
| Q4 25 | — | 104.8% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 65.8% | ||
| Q1 25 | — | -8.5% | ||
| Q4 24 | — | 69.2% | ||
| Q3 24 | — | -175.8% | ||
| Q2 24 | — | -15.1% | ||
| Q1 24 | — | 22.6% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | — | 4.33× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | 2.38× | 2.90× | ||
| Q1 25 | -1.53× | -0.35× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | — | ||
| Q2 24 | — | -0.79× | ||
| Q1 24 | 4.41× | 1.64× |
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% |
KEY
Segment breakdown not available.
