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Side-by-side financial comparison of Baxter International (BAX) and SEALED AIR CORP (SEE). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($2.7B vs $1.4B, roughly 1.9× SEALED AIR CORP). SEALED AIR CORP runs the higher net margin — 3.1% vs -0.6%, a 3.7% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (3.0% vs 2.6%). SEALED AIR CORP produced more free cash flow last quarter ($257.7M vs $76.0M). Over the past eight quarters, SEALED AIR CORP's revenue compounded faster (2.7% CAGR vs -15.8%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Sealed Air Corporation is a global provider of innovative packaging and protective solutions. Its core offerings include cushioning materials, food safety and preservation packaging, and sustainable waste-reducing packaging systems, serving retail, e-commerce, food and beverage, and industrial manufacturing markets worldwide.
BAX vs SEE — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.7B | $1.4B |
| Net Profit | $-15.0M | $43.8M |
| Gross Margin | 33.0% | 28.6% |
| Operating Margin | 2.4% | 11.4% |
| Net Margin | -0.6% | 3.1% |
| Revenue YoY | 3.0% | 2.6% |
| Net Profit YoY | — | 700.0% |
| EPS (diluted) | $-0.03 | $0.30 |
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 | $1.4B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.8B | $1.3B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $533.0M | $1.4B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $3.8B | $1.3B |
| Q1 26 | $-15.0M | — | ||
| Q4 25 | $-1.1B | $43.8M | ||
| Q3 25 | $-46.0M | $255.1M | ||
| Q2 25 | $91.0M | $93.1M | ||
| Q1 25 | $126.0M | $113.5M | ||
| Q4 24 | $-512.0M | $-7.3M | ||
| Q3 24 | $140.0M | $91.7M | ||
| Q2 24 | $-314.0M | $98.3M |
| Q1 26 | 33.0% | — | ||
| Q4 25 | 19.4% | 28.6% | ||
| Q3 25 | 33.5% | 29.8% | ||
| Q2 25 | 35.3% | 30.7% | ||
| Q1 25 | 32.8% | 30.9% | ||
| Q4 24 | 25.0% | 30.0% | ||
| Q3 24 | 38.3% | 30.1% | ||
| Q2 24 | 37.5% | 31.2% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | -24.5% | 11.4% | ||
| Q3 25 | 6.1% | 13.8% | ||
| Q2 25 | 6.8% | 15.0% | ||
| Q1 25 | 2.2% | 14.5% | ||
| Q4 24 | -25.5% | 11.7% | ||
| Q3 24 | 5.7% | 13.9% | ||
| Q2 24 | -5.0% | 15.4% |
| Q1 26 | -0.6% | — | ||
| Q4 25 | -37.9% | 3.1% | ||
| Q3 25 | -1.6% | 19.0% | ||
| Q2 25 | 3.2% | 7.0% | ||
| Q1 25 | 4.8% | 9.0% | ||
| Q4 24 | -96.1% | -0.5% | ||
| Q3 24 | 5.2% | 6.9% | ||
| Q2 24 | -8.2% | 7.4% |
| Q1 26 | $-0.03 | — | ||
| Q4 25 | $-2.21 | $0.30 | ||
| Q3 25 | $-0.09 | $1.73 | ||
| Q2 25 | $0.18 | $0.63 | ||
| Q1 25 | $0.25 | $0.77 | ||
| Q4 24 | $-0.99 | $-0.05 | ||
| Q3 24 | $0.27 | $0.63 | ||
| Q2 24 | $-0.62 | $0.67 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $344.0M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | — | $1.2B |
| Total Assets | — | $7.0B |
| Debt / EquityLower = less leverage | — | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $344.0M | ||
| Q3 25 | $1.7B | $282.5M | ||
| Q2 25 | $1.7B | $354.4M | ||
| Q1 25 | $2.3B | $335.2M | ||
| Q4 24 | $1.8B | $371.8M | ||
| Q3 24 | $1.4B | $386.0M | ||
| Q2 24 | $2.1B | $388.6M |
| Q1 26 | — | — | ||
| Q4 25 | $9.5B | $3.3B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $10.4B | $4.2B | ||
| Q3 24 | $10.4B | $4.3B | ||
| Q2 24 | $10.4B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | $1.2B | ||
| Q3 25 | $7.2B | $1.2B | ||
| Q2 25 | $7.3B | $953.1M | ||
| Q1 25 | $7.1B | $797.9M | ||
| Q4 24 | $7.0B | $624.5M | ||
| Q3 24 | $7.9B | $771.2M | ||
| Q2 24 | $7.6B | $650.1M |
| Q1 26 | — | — | ||
| Q4 25 | $20.1B | $7.0B | ||
| Q3 25 | $21.1B | $7.1B | ||
| Q2 25 | $21.0B | $7.2B | ||
| Q1 25 | $21.3B | $7.0B | ||
| Q4 24 | $25.8B | $7.0B | ||
| Q3 24 | $26.7B | $7.3B | ||
| Q2 24 | $26.3B | $7.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.55× | 2.65× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 4.18× | ||
| Q1 25 | — | 5.26× | ||
| Q4 24 | 1.49× | 6.72× | ||
| Q3 24 | 1.33× | 5.62× | ||
| Q2 24 | 1.37× | 6.81× |
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 | — | $293.6M |
| Free Cash FlowOCF − Capex | $76.0M | $257.7M |
| FCF MarginFCF / Revenue | 2.8% | 18.5% |
| Capex IntensityCapex / Revenue | 5.1% | 2.6% |
| Cash ConversionOCF / Net Profit | — | 6.70× |
| TTM Free Cash FlowTrailing 4 quarters | — | $458.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $584.0M | $293.6M | ||
| Q3 25 | $237.0M | $165.9M | ||
| Q2 25 | $217.0M | $136.6M | ||
| Q1 25 | $-193.0M | $31.9M | ||
| Q4 24 | $488.0M | $244.2M | ||
| Q3 24 | $253.0M | $170.5M | ||
| Q2 24 | $115.0M | $188.2M |
| Q1 26 | $76.0M | — | ||
| Q4 25 | — | $257.7M | ||
| Q3 25 | — | $119.6M | ||
| Q2 25 | — | $93.2M | ||
| Q1 25 | — | $-12.0M | ||
| Q4 24 | — | $185.1M | ||
| Q3 24 | — | $115.2M | ||
| Q2 24 | — | $129.5M |
| Q1 26 | 2.8% | — | ||
| Q4 25 | — | 18.5% | ||
| Q3 25 | — | 8.9% | ||
| Q2 25 | — | 7.0% | ||
| Q1 25 | — | -0.9% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 8.6% | ||
| Q2 24 | — | 9.7% |
| Q1 26 | 5.1% | — | ||
| Q4 25 | — | 2.6% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 3.3% | ||
| Q1 25 | — | 3.5% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 4.1% | ||
| Q2 24 | — | 4.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.70× | ||
| Q3 25 | — | 0.65× | ||
| Q2 25 | 2.38× | 1.47× | ||
| Q1 25 | -1.53× | 0.28× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | 1.86× | ||
| Q2 24 | — | 1.91× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BAX
Segment breakdown not available.
SEE
| Protective Segment | $1.1B | 78% |
| Other | $292.0M | 21% |
| Pension Plans Defined Benefit | $7.9M | 1% |
