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Side-by-side financial comparison of Baxter International (BAX) and SELECT MEDICAL HOLDINGS CORP (SEM). Click either name above to swap in a different company.
Baxter International is the larger business by last-quarter revenue ($3.0B vs $1.4B, roughly 2.1× SELECT MEDICAL HOLDINGS CORP). SELECT MEDICAL HOLDINGS CORP runs the higher net margin — 1.4% vs -37.9%, a 39.4% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 6.4%). Over the past eight quarters, SELECT MEDICAL HOLDINGS CORP's revenue compounded faster (2.8% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
Select Medical is a healthcare company based in Pennsylvania. It owns long-term acute care and inpatient rehabilitation hospitals, as well as occupational health and physical therapy clinics. Select Medical is a subsidiary of Select Medical Holdings, which is listed on the New York Stock Exchange.
BAX vs SEM — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $1.4B |
| Net Profit | $-1.1B | $20.2M |
| Gross Margin | 19.4% | — |
| Operating Margin | -24.5% | 4.6% |
| Net Margin | -37.9% | 1.4% |
| Revenue YoY | 458.0% | 6.4% |
| Net Profit YoY | -120.3% | 225.7% |
| EPS (diluted) | $-2.21 | $0.17 |
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 | $1.4B | ||
| Q3 25 | $2.8B | $1.4B | ||
| Q2 25 | $2.8B | $1.3B | ||
| Q1 25 | $2.6B | $1.4B | ||
| Q4 24 | $533.0M | $1.3B | ||
| Q3 24 | $2.7B | $1.3B | ||
| Q2 24 | $3.8B | $1.3B | ||
| Q1 24 | $3.6B | $1.3B |
| Q4 25 | $-1.1B | $20.2M | ||
| Q3 25 | $-46.0M | $28.8M | ||
| Q2 25 | $91.0M | $40.6M | ||
| Q1 25 | $126.0M | $56.7M | ||
| Q4 24 | $-512.0M | $-16.1M | ||
| Q3 24 | $140.0M | $55.6M | ||
| Q2 24 | $-314.0M | $77.6M | ||
| Q1 24 | $37.0M | $96.9M |
| 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% | 4.6% | ||
| Q3 25 | 6.1% | 5.4% | ||
| Q2 25 | 6.8% | 6.5% | ||
| Q1 25 | 2.2% | 8.3% | ||
| Q4 24 | -25.5% | 1.6% | ||
| Q3 24 | 5.7% | 4.3% | ||
| Q2 24 | -5.0% | 5.8% | ||
| Q1 24 | 5.2% | 9.0% |
| Q4 25 | -37.9% | 1.4% | ||
| Q3 25 | -1.6% | 2.1% | ||
| Q2 25 | 3.2% | 3.0% | ||
| Q1 25 | 4.8% | 4.2% | ||
| Q4 24 | -96.1% | -1.2% | ||
| Q3 24 | 5.2% | 4.4% | ||
| Q2 24 | -8.2% | 6.1% | ||
| Q1 24 | 1.0% | 7.3% |
| Q4 25 | $-2.21 | $0.17 | ||
| Q3 25 | $-0.09 | $0.23 | ||
| Q2 25 | $0.18 | $0.32 | ||
| Q1 25 | $0.25 | $0.44 | ||
| Q4 24 | $-0.99 | $-0.12 | ||
| Q3 24 | $0.27 | $0.43 | ||
| Q2 24 | $-0.62 | $0.60 | ||
| Q1 24 | $0.07 | $0.75 |
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 | $26.5M |
| Total DebtLower is stronger | $9.5B | $1.8B |
| Stockholders' EquityBook value | $6.1B | $1.7B |
| Total Assets | $20.1B | $5.9B |
| Debt / EquityLower = less leverage | 1.55× | 1.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $26.5M | ||
| Q3 25 | $1.7B | $60.1M | ||
| Q2 25 | $1.7B | $52.3M | ||
| Q1 25 | $2.3B | $53.2M | ||
| Q4 24 | $1.8B | $59.7M | ||
| Q3 24 | $1.4B | $191.5M | ||
| Q2 24 | $2.1B | $111.2M | ||
| Q1 24 | $3.0B | $92.6M |
| Q4 25 | $9.5B | $1.8B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $10.4B | $1.7B | ||
| Q3 24 | $10.4B | $3.1B | ||
| Q2 24 | $10.4B | $3.6B | ||
| Q1 24 | $11.1B | $3.8B |
| Q4 25 | $6.1B | $1.7B | ||
| Q3 25 | $7.2B | $1.7B | ||
| Q2 25 | $7.3B | $1.7B | ||
| Q1 25 | $7.1B | $1.7B | ||
| Q4 24 | $7.0B | $1.7B | ||
| Q3 24 | $7.9B | $1.9B | ||
| Q2 24 | $7.6B | $1.4B | ||
| Q1 24 | $8.2B | $1.4B |
| Q4 25 | $20.1B | $5.9B | ||
| Q3 25 | $21.1B | $5.7B | ||
| Q2 25 | $21.0B | $5.7B | ||
| Q1 25 | $21.3B | $5.7B | ||
| Q4 24 | $25.8B | $5.6B | ||
| Q3 24 | $26.7B | $8.0B | ||
| Q2 24 | $26.3B | $7.9B | ||
| Q1 24 | $27.8B | $7.9B |
| Q4 25 | 1.55× | 1.06× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | 1.49× | 1.01× | ||
| Q3 24 | 1.33× | 1.62× | ||
| Q2 24 | 1.37× | 2.54× | ||
| Q1 24 | 1.36× | 2.75× |
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 | $64.3M |
| Free Cash FlowOCF − Capex | — | $5.2M |
| FCF MarginFCF / Revenue | — | 0.4% |
| Capex IntensityCapex / Revenue | — | 4.2% |
| Cash ConversionOCF / Net Profit | — | 3.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | $117.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $64.3M | ||
| Q3 25 | $237.0M | $175.3M | ||
| Q2 25 | $217.0M | $110.3M | ||
| Q1 25 | $-193.0M | $-3.5M | ||
| Q4 24 | $488.0M | $125.4M | ||
| Q3 24 | $253.0M | $181.0M | ||
| Q2 24 | $115.0M | $278.2M | ||
| Q1 24 | $163.0M | $-66.7M |
| Q4 25 | — | $5.2M | ||
| Q3 25 | — | $122.2M | ||
| Q2 25 | — | $45.6M | ||
| Q1 25 | — | $-55.8M | ||
| Q4 24 | — | $62.0M | ||
| Q3 24 | — | $130.3M | ||
| Q2 24 | — | $222.6M | ||
| Q1 24 | — | $-119.2M |
| Q4 25 | — | 0.4% | ||
| Q3 25 | — | 9.0% | ||
| Q2 25 | — | 3.4% | ||
| Q1 25 | — | -4.1% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 17.4% | ||
| Q1 24 | — | -9.0% |
| Q4 25 | — | 4.2% | ||
| Q3 25 | — | 3.9% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 4.0% |
| Q4 25 | — | 3.19× | ||
| Q3 25 | — | 6.09× | ||
| Q2 25 | 2.38× | 2.72× | ||
| Q1 25 | -1.53× | -0.06× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.81× | 3.25× | ||
| Q2 24 | — | 3.59× | ||
| Q1 24 | 4.41× | -0.69× |
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% |
SEM
| Critical Illness Recovery Hospitals | $629.7M | 45% |
| Health Care Patient Service Non Medicare | $428.6M | 31% |
| Rehabilitation Hospitals | $339.2M | 24% |
