vs
Side-by-side financial comparison of Baxter International (BAX) and Ovintiv Inc. (OVV). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $2.1B, roughly 1.3× Ovintiv Inc.). Ovintiv Inc. runs the higher net margin — 46.1% vs -0.6%, a 46.6% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs -6.0%). Ovintiv Inc. produced more free cash flow last quarter ($489.0M vs $76.0M). Over the past eight quarters, Ovintiv Inc.'s revenue compounded faster (-7.2% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Ovintiv Inc. is a U.S. petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.
BAX vs OVV — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $2.1B |
| Net Profit | $-15.0M | $946.0M |
| Gross Margin | 33.0% | — |
| Operating Margin | 2.4% | 21.2% |
| Net Margin | -0.6% | 46.1% |
| Revenue YoY | 3.0% | -6.0% |
| Net Profit YoY | — | 1676.7% |
| EPS (diluted) | $-0.03 | $3.64 |
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 | $2.1B | ||
| Q3 25 | $2.8B | $2.0B | ||
| Q2 25 | $2.8B | $2.2B | ||
| Q1 25 | $2.6B | $2.4B | ||
| Q4 24 | $533.0M | $2.2B | ||
| Q3 24 | $2.7B | $2.2B | ||
| Q2 24 | $3.8B | $2.2B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $946.0M | ||
| Q3 25 | $-46.0M | $148.0M | ||
| Q2 25 | $91.0M | $307.0M | ||
| Q1 25 | $126.0M | $-159.0M | ||
| Q4 24 | $-512.0M | $-60.0M | ||
| Q3 24 | $140.0M | $507.0M | ||
| Q2 24 | $-314.0M | $340.0M |
| Q1 26 | 33.0% | — | ||
| 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 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 21.2% | ||
| Q3 25 | 6.1% | 13.5% | ||
| Q2 25 | 6.8% | 23.1% | ||
| Q1 25 | 2.2% | -3.7% | ||
| Q4 24 | -25.5% | 0.1% | ||
| Q3 24 | 5.7% | 24.2% | ||
| Q2 24 | -5.0% | 25.4% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 46.1% | ||
| Q3 25 | -1.6% | 7.3% | ||
| Q2 25 | 3.2% | 13.9% | ||
| Q1 25 | 4.8% | -6.7% | ||
| Q4 24 | -96.1% | -2.7% | ||
| Q3 24 | 5.2% | 23.3% | ||
| Q2 24 | -8.2% | 15.5% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $3.64 | ||
| Q3 25 | $-0.09 | $0.57 | ||
| Q2 25 | $0.18 | $1.18 | ||
| Q1 25 | $0.25 | $-0.61 | ||
| Q4 24 | $-0.99 | $-0.22 | ||
| Q3 24 | $0.27 | $1.92 | ||
| Q2 24 | $-0.62 | $1.27 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $280.0M |
| Total DebtLower is stronger | — | $5.2B |
| Stockholders' EquityBook value | — | $11.2B |
| Total Assets | — | $20.4B |
| Debt / EquityLower = less leverage | — | 0.46× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $280.0M | ||
| Q3 25 | $1.7B | $25.0M | ||
| Q2 25 | $1.7B | $20.0M | ||
| Q1 25 | $2.3B | $8.0M | ||
| Q4 24 | $1.8B | $42.0M | ||
| Q3 24 | $1.4B | $9.0M | ||
| Q2 24 | $2.1B | $8.0M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $5.2B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $5.3B | ||
| Q1 25 | — | $5.5B | ||
| Q4 24 | $10.4B | $5.5B | ||
| Q3 24 | $10.4B | $5.9B | ||
| Q2 24 | $10.4B | $6.1B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $11.2B | ||
| Q3 25 | $7.2B | $10.2B | ||
| Q2 25 | $7.3B | $10.4B | ||
| Q1 25 | $7.1B | $10.1B | ||
| Q4 24 | $7.0B | $10.3B | ||
| Q3 24 | $7.9B | $10.7B | ||
| Q2 24 | $7.6B | $10.3B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $20.4B | ||
| Q3 25 | $21.1B | $19.4B | ||
| Q2 25 | $21.0B | $19.7B | ||
| Q1 25 | $21.3B | $19.6B | ||
| Q4 24 | $25.8B | $19.3B | ||
| Q3 24 | $26.7B | $19.9B | ||
| Q2 24 | $26.3B | $19.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.46× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.55× | ||
| Q4 24 | 1.49× | 0.53× | ||
| Q3 24 | 1.33× | 0.55× | ||
| Q2 24 | 1.37× | 0.59× |
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 | — | $954.0M |
| Free Cash FlowOCF − Capex | $76.0M | $489.0M |
| FCF MarginFCF / Revenue | 2.8% | 23.8% |
| Capex IntensityCapex / Revenue | 5.1% | 22.6% |
| Cash ConversionOCF / Net Profit | — | 1.01× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $954.0M | ||
| Q3 25 | $237.0M | $812.0M | ||
| Q2 25 | $217.0M | $1.0B | ||
| Q1 25 | $-193.0M | $873.0M | ||
| Q4 24 | $488.0M | $1.0B | ||
| Q3 24 | $253.0M | $1.0B | ||
| Q2 24 | $115.0M | $1.0B |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $489.0M | ||
| Q3 25 | — | $268.0M | ||
| Q2 25 | — | $492.0M | ||
| Q1 25 | — | $256.0M | ||
| Q4 24 | — | $468.0M | ||
| Q3 24 | — | $484.0M | ||
| Q2 24 | — | $398.0M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 23.8% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | 22.2% | ||
| Q2 24 | — | 18.1% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 22.6% | ||
| Q3 25 | — | 26.9% | ||
| Q2 25 | — | 23.5% | ||
| Q1 25 | — | 26.0% | ||
| Q4 24 | — | 25.3% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 28.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 5.49× | ||
| Q2 25 | 2.38× | 3.30× | ||
| Q1 25 | -1.53× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | 2.02× | ||
| Q2 24 | — | 3.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
OVV
| Product And Service Revenue | $1.7B | 84% |
| Sales Of Purchased Product | $338.0M | 16% |
