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Side-by-side financial comparison of Baxter International (BAX) and Lam Research (LRCX). Click either name above to swap in a different company.
Lam Research is the larger business by last-quarter revenue ($5.3B vs $3.0B, roughly 1.8× Baxter International). Lam Research runs the higher net margin — 29.8% vs -37.9%, a 67.8% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 22.1%). Over the past eight quarters, Lam Research's revenue compounded faster (18.7% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Lam Research Corporation is an American supplier of wafer-fabrication equipment and related services to the semiconductor industry. Its products are used primarily in front-end wafer processing, which involves the steps that create the active components of semiconductor devices and their wiring (interconnects). The company also builds equipment for back-end wafer-level packaging (WLP) and for related manufacturing markets such as for microelectromechanical systems (MEMS).
BAX vs LRCX — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $5.3B |
| Net Profit | $-1.1B | $1.6B |
| Gross Margin | 19.4% | 49.6% |
| Operating Margin | -24.5% | 33.9% |
| Net Margin | -37.9% | 29.8% |
| Revenue YoY | 458.0% | 22.1% |
| Net Profit YoY | -120.3% | 33.8% |
| EPS (diluted) | $-2.21 | $1.26 |
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 | $5.3B | ||
| Q3 25 | $2.8B | $5.3B | ||
| Q2 25 | $2.8B | $5.2B | ||
| Q1 25 | $2.6B | $4.7B | ||
| Q4 24 | $533.0M | $4.4B | ||
| Q3 24 | $2.7B | $4.2B | ||
| Q2 24 | $3.8B | $3.9B | ||
| Q1 24 | $3.6B | $3.8B |
| Q4 25 | $-1.1B | $1.6B | ||
| Q3 25 | $-46.0M | $1.6B | ||
| Q2 25 | $91.0M | $1.7B | ||
| Q1 25 | $126.0M | $1.3B | ||
| Q4 24 | $-512.0M | $1.2B | ||
| Q3 24 | $140.0M | $1.1B | ||
| Q2 24 | $-314.0M | $1.0B | ||
| Q1 24 | $37.0M | $965.8M |
| Q4 25 | 19.4% | 49.6% | ||
| Q3 25 | 33.5% | 50.4% | ||
| Q2 25 | 35.3% | 50.1% | ||
| Q1 25 | 32.8% | 49.0% | ||
| Q4 24 | 25.0% | 47.4% | ||
| Q3 24 | 38.3% | 48.0% | ||
| Q2 24 | 37.5% | 47.5% | ||
| Q1 24 | 38.6% | 47.5% |
| Q4 25 | -24.5% | 33.9% | ||
| Q3 25 | 6.1% | 34.4% | ||
| Q2 25 | 6.8% | 33.7% | ||
| Q1 25 | 2.2% | 33.1% | ||
| Q4 24 | -25.5% | 30.5% | ||
| Q3 24 | 5.7% | 30.3% | ||
| Q2 24 | -5.0% | 29.1% | ||
| Q1 24 | 5.2% | 27.9% |
| Q4 25 | -37.9% | 29.8% | ||
| Q3 25 | -1.6% | 29.5% | ||
| Q2 25 | 3.2% | 33.3% | ||
| Q1 25 | 4.8% | 28.2% | ||
| Q4 24 | -96.1% | 27.2% | ||
| Q3 24 | 5.2% | 26.8% | ||
| Q2 24 | -8.2% | 26.4% | ||
| Q1 24 | 1.0% | 25.5% |
| Q4 25 | $-2.21 | $1.26 | ||
| Q3 25 | $-0.09 | $1.24 | ||
| Q2 25 | $0.18 | $1.34 | ||
| Q1 25 | $0.25 | $1.03 | ||
| Q4 24 | $-0.99 | $0.92 | ||
| Q3 24 | $0.27 | $0.86 | ||
| Q2 24 | $-0.62 | $7.78 | ||
| Q1 24 | $0.07 | $7.34 |
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 | $6.2B |
| Total DebtLower is stronger | $9.5B | $3.7B |
| Stockholders' EquityBook value | $6.1B | $10.1B |
| Total Assets | $20.1B | $21.4B |
| Debt / EquityLower = less leverage | 1.55× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $6.2B | ||
| Q3 25 | $1.7B | $6.7B | ||
| Q2 25 | $1.7B | $6.4B | ||
| Q1 25 | $2.3B | $5.5B | ||
| Q4 24 | $1.8B | $5.7B | ||
| Q3 24 | $1.4B | $6.1B | ||
| Q2 24 | $2.1B | $5.8B | ||
| Q1 24 | $3.0B | $5.7B |
| Q4 25 | $9.5B | $3.7B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $10.4B | $4.5B | ||
| Q3 24 | $10.4B | $4.5B | ||
| Q2 24 | $10.4B | $4.5B | ||
| Q1 24 | $11.1B | $4.5B |
| Q4 25 | $6.1B | $10.1B | ||
| Q3 25 | $7.2B | $10.2B | ||
| Q2 25 | $7.3B | $9.9B | ||
| Q1 25 | $7.1B | $9.5B | ||
| Q4 24 | $7.0B | $8.8B | ||
| Q3 24 | $7.9B | $8.5B | ||
| Q2 24 | $7.6B | $8.5B | ||
| Q1 24 | $8.2B | $8.0B |
| Q4 25 | $20.1B | $21.4B | ||
| Q3 25 | $21.1B | $21.9B | ||
| Q2 25 | $21.0B | $21.3B | ||
| Q1 25 | $21.3B | $20.0B | ||
| Q4 24 | $25.8B | $19.8B | ||
| Q3 24 | $26.7B | $19.5B | ||
| Q2 24 | $26.3B | $18.7B | ||
| Q1 24 | $27.8B | $18.3B |
| Q4 25 | 1.55× | 0.37× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.39× | ||
| Q4 24 | 1.49× | 0.51× | ||
| Q3 24 | 1.33× | 0.53× | ||
| Q2 24 | 1.37× | 0.52× | ||
| Q1 24 | 1.36× | 0.56× |
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 | $1.5B |
| Free Cash FlowOCF − Capex | — | $1.2B |
| FCF MarginFCF / Revenue | — | 22.8% |
| Capex IntensityCapex / Revenue | — | 4.9% |
| Cash ConversionOCF / Net Profit | — | 0.93× |
| TTM Free Cash FlowTrailing 4 quarters | — | $6.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $1.5B | ||
| Q3 25 | $237.0M | $1.8B | ||
| Q2 25 | $217.0M | $2.6B | ||
| Q1 25 | $-193.0M | $1.3B | ||
| Q4 24 | $488.0M | $741.9M | ||
| Q3 24 | $253.0M | $1.6B | ||
| Q2 24 | $115.0M | $862.4M | ||
| Q1 24 | $163.0M | $1.4B |
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $2.4B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $553.6M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $761.7M | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | — | 46.1% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | — | 35.0% | ||
| Q2 24 | — | 19.7% | ||
| Q1 24 | — | 33.8% |
| Q4 25 | — | 4.9% | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 2.7% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 0.93× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | 2.38× | 1.48× | ||
| Q1 25 | -1.53× | 0.98× | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | 1.81× | 1.40× | ||
| Q2 24 | — | 0.85× | ||
| Q1 24 | 4.41× | 1.43× |
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% |
LRCX
| System | $3.4B | 63% |
| Customer Supportand Other | $2.0B | 37% |
