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Side-by-side financial comparison of Baxter International (BAX) and Primoris Services Corp (PRIM). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.9B, roughly 1.5× Primoris Services Corp). Primoris Services Corp runs the higher net margin — 2.8% vs -0.6%, a 3.3% gap on every dollar of revenue. On growth, Primoris Services Corp posted the faster year-over-year revenue change (6.7% vs 3.0%). Primoris Services Corp produced more free cash flow last quarter ($121.1M vs $76.0M). Over the past eight quarters, Primoris Services Corp's revenue compounded faster (14.7% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Primoris Services Corporation is a publicly traded specialty construction and infrastructure company based in the United States, with a particular focus on pipelines for natural gas, wastewater and water. As of 2014 it was a Fortune 1000 company.
BAX vs PRIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.9B |
| Net Profit | $-15.0M | $51.7M |
| Gross Margin | 33.0% | 9.4% |
| Operating Margin | 2.4% | 4.2% |
| Net Margin | -0.6% | 2.8% |
| Revenue YoY | 3.0% | 6.7% |
| Net Profit YoY | — | -4.2% |
| EPS (diluted) | $-0.03 | $0.94 |
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 | $1.9B | ||
| Q3 25 | $2.8B | $2.2B | ||
| Q2 25 | $2.8B | $1.9B | ||
| Q1 25 | $2.6B | $1.6B | ||
| Q4 24 | $533.0M | $1.7B | ||
| Q3 24 | $2.7B | $1.6B | ||
| Q2 24 | $3.8B | $1.6B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $51.7M | ||
| Q3 25 | $-46.0M | $94.6M | ||
| Q2 25 | $91.0M | $84.3M | ||
| Q1 25 | $126.0M | $44.2M | ||
| Q4 24 | $-512.0M | $54.0M | ||
| Q3 24 | $140.0M | $58.4M | ||
| Q2 24 | $-314.0M | $49.5M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 9.4% | ||
| Q3 25 | 33.5% | 10.8% | ||
| Q2 25 | 35.3% | 12.3% | ||
| Q1 25 | 32.8% | 10.4% | ||
| Q4 24 | 25.0% | 10.6% | ||
| Q3 24 | 38.3% | 12.0% | ||
| Q2 24 | 37.5% | 11.9% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 4.2% | ||
| Q3 25 | 6.1% | 6.3% | ||
| Q2 25 | 6.8% | 6.7% | ||
| Q1 25 | 2.2% | 4.3% | ||
| Q4 24 | -25.5% | 5.0% | ||
| Q3 24 | 5.7% | 6.0% | ||
| Q2 24 | -5.0% | 5.5% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 2.8% | ||
| Q3 25 | -1.6% | 4.3% | ||
| Q2 25 | 3.2% | 4.5% | ||
| Q1 25 | 4.8% | 2.7% | ||
| Q4 24 | -96.1% | 3.1% | ||
| Q3 24 | 5.2% | 3.5% | ||
| Q2 24 | -8.2% | 3.2% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $0.94 | ||
| Q3 25 | $-0.09 | $1.73 | ||
| Q2 25 | $0.18 | $1.54 | ||
| Q1 25 | $0.25 | $0.81 | ||
| Q4 24 | $-0.99 | $0.98 | ||
| Q3 24 | $0.27 | $1.07 | ||
| Q2 24 | $-0.62 | $0.91 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $535.5M |
| Total DebtLower is stronger | — | $469.9M |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | — | $4.4B |
| Debt / EquityLower = less leverage | — | 0.28× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $535.5M | ||
| Q3 25 | $1.7B | $431.4M | ||
| Q2 25 | $1.7B | $390.3M | ||
| Q1 25 | $2.3B | $351.6M | ||
| Q4 24 | $1.8B | $455.8M | ||
| Q3 24 | $1.4B | $352.7M | ||
| Q2 24 | $2.1B | $207.4M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | $10.4B | $734.8M | ||
| Q3 24 | $10.4B | $903.7M | ||
| Q2 24 | $10.4B | $933.0M |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $1.7B | ||
| Q3 25 | $7.2B | $1.6B | ||
| Q2 25 | $7.3B | $1.5B | ||
| Q1 25 | $7.1B | $1.4B | ||
| Q4 24 | $7.0B | $1.4B | ||
| Q3 24 | $7.9B | $1.4B | ||
| Q2 24 | $7.6B | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $4.4B | ||
| Q3 25 | $21.1B | $4.6B | ||
| Q2 25 | $21.0B | $4.5B | ||
| Q1 25 | $21.3B | $4.2B | ||
| Q4 24 | $25.8B | $4.2B | ||
| Q3 24 | $26.7B | $4.2B | ||
| Q2 24 | $26.3B | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | 1.49× | 0.52× | ||
| Q3 24 | 1.33× | 0.67× | ||
| Q2 24 | 1.37× | 0.72× |
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 | — | $142.9M |
| Free Cash FlowOCF − Capex | $76.0M | $121.1M |
| FCF MarginFCF / Revenue | 2.8% | 6.5% |
| Capex IntensityCapex / Revenue | 5.1% | 1.2% |
| Cash ConversionOCF / Net Profit | — | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $340.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $142.9M | ||
| Q3 25 | $237.0M | $182.9M | ||
| Q2 25 | $217.0M | $78.5M | ||
| Q1 25 | $-193.0M | $66.2M | ||
| Q4 24 | $488.0M | $298.3M | ||
| Q3 24 | $253.0M | $222.5M | ||
| Q2 24 | $115.0M | $16.1M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $121.1M | ||
| Q3 25 | — | $148.4M | ||
| Q2 25 | — | $45.3M | ||
| Q1 25 | — | $25.6M | ||
| Q4 24 | — | $270.0M | ||
| Q3 24 | — | $158.8M | ||
| Q2 24 | — | $-8.1M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 6.5% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | — | 2.4% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | — | 9.6% | ||
| Q2 24 | — | -0.5% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 1.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.76× | ||
| Q3 25 | — | 1.93× | ||
| Q2 25 | 2.38× | 0.93× | ||
| Q1 25 | -1.53× | 1.50× | ||
| Q4 24 | — | 5.53× | ||
| Q3 24 | 1.81× | 3.81× | ||
| Q2 24 | — | 0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
