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Side-by-side financial comparison of Baxter International (BAX) and Stryker Corporation (SYK). Click either name above to swap in a different company.
Stryker Corporation is the larger business by last-quarter revenue ($7.2B vs $3.0B, roughly 2.4× Baxter International). Stryker Corporation runs the higher net margin — 11.8% vs -37.9%, a 49.8% gap on every dollar of revenue. On growth, Baxter International posted the faster year-over-year revenue change (458.0% vs 11.4%). Over the past eight quarters, Stryker Corporation's revenue compounded faster (16.9% CAGR vs -9.0%).
Baxter International Inc. is an American multinational healthcare company with headquarters in Deerfield, Illinois.
The Stryker is a family of eight-wheeled armored fighting vehicles derived from the Canadian LAV III, which in turn derived from the Swiss Mowag Piranha. Stryker vehicles are produced by General Dynamics Land Systems-Canada (GDLS-C) for the United States Army in a plant in London, Ontario. It has four-wheel drive (8×4) and can be switched to all-wheel drive (8×8).
BAX vs SYK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.0B | $7.2B |
| Net Profit | $-1.1B | $849.0M |
| Gross Margin | 19.4% | 64.5% |
| Operating Margin | -24.5% | 25.2% |
| Net Margin | -37.9% | 11.8% |
| Revenue YoY | 458.0% | 11.4% |
| Net Profit YoY | -120.3% | 55.5% |
| EPS (diluted) | $-2.21 | $2.20 |
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 | $7.2B | ||
| Q3 25 | $2.8B | $6.1B | ||
| Q2 25 | $2.8B | $6.0B | ||
| Q1 25 | $2.6B | $5.9B | ||
| Q4 24 | $533.0M | $6.4B | ||
| Q3 24 | $2.7B | $5.5B | ||
| Q2 24 | $3.8B | $5.4B | ||
| Q1 24 | $3.6B | $5.2B |
| Q4 25 | $-1.1B | $849.0M | ||
| Q3 25 | $-46.0M | $859.0M | ||
| Q2 25 | $91.0M | $884.0M | ||
| Q1 25 | $126.0M | $654.0M | ||
| Q4 24 | $-512.0M | $546.0M | ||
| Q3 24 | $140.0M | $834.0M | ||
| Q2 24 | $-314.0M | $825.0M | ||
| Q1 24 | $37.0M | $788.0M |
| Q4 25 | 19.4% | 64.5% | ||
| Q3 25 | 33.5% | 63.6% | ||
| Q2 25 | 35.3% | 63.8% | ||
| Q1 25 | 32.8% | 63.8% | ||
| Q4 24 | 25.0% | 64.9% | ||
| Q3 24 | 38.3% | 64.0% | ||
| Q2 24 | 37.5% | 63.0% | ||
| Q1 24 | 38.6% | 63.6% |
| Q4 25 | -24.5% | 25.2% | ||
| Q3 25 | 6.1% | 18.7% | ||
| Q2 25 | 6.8% | 18.5% | ||
| Q1 25 | 2.2% | 14.3% | ||
| Q4 24 | -25.5% | 9.0% | ||
| Q3 24 | 5.7% | 19.7% | ||
| Q2 24 | -5.0% | 19.4% | ||
| Q1 24 | 5.2% | 18.5% |
| Q4 25 | -37.9% | 11.8% | ||
| Q3 25 | -1.6% | 14.2% | ||
| Q2 25 | 3.2% | 14.7% | ||
| Q1 25 | 4.8% | 11.1% | ||
| Q4 24 | -96.1% | 8.5% | ||
| Q3 24 | 5.2% | 15.2% | ||
| Q2 24 | -8.2% | 15.2% | ||
| Q1 24 | 1.0% | 15.0% |
| Q4 25 | $-2.21 | $2.20 | ||
| Q3 25 | $-0.09 | $2.22 | ||
| Q2 25 | $0.18 | $2.29 | ||
| Q1 25 | $0.25 | $1.69 | ||
| Q4 24 | $-0.99 | $1.41 | ||
| Q3 24 | $0.27 | $2.16 | ||
| Q2 24 | $-0.62 | $2.14 | ||
| Q1 24 | $0.07 | $2.05 |
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 | $4.0B |
| Total DebtLower is stronger | $9.5B | — |
| Stockholders' EquityBook value | $6.1B | $22.4B |
| Total Assets | $20.1B | $47.8B |
| Debt / EquityLower = less leverage | 1.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.0B | $4.0B | ||
| Q3 25 | $1.7B | $3.3B | ||
| Q2 25 | $1.7B | $2.4B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $1.8B | $3.7B | ||
| Q3 24 | $1.4B | $3.9B | ||
| Q2 24 | $2.1B | $1.9B | ||
| Q1 24 | $3.0B | $2.3B |
| Q4 25 | $9.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $10.4B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.4B | — | ||
| Q1 24 | $11.1B | — |
| Q4 25 | $6.1B | $22.4B | ||
| Q3 25 | $7.2B | $21.8B | ||
| Q2 25 | $7.3B | $21.2B | ||
| Q1 25 | $7.1B | $20.9B | ||
| Q4 24 | $7.0B | $20.6B | ||
| Q3 24 | $7.9B | $20.1B | ||
| Q2 24 | $7.6B | $19.8B | ||
| Q1 24 | $8.2B | $19.2B |
| Q4 25 | $20.1B | $47.8B | ||
| Q3 25 | $21.1B | $47.1B | ||
| Q2 25 | $21.0B | $46.3B | ||
| Q1 25 | $21.3B | $46.0B | ||
| Q4 24 | $25.8B | $43.0B | ||
| Q3 24 | $26.7B | $43.8B | ||
| Q2 24 | $26.3B | $39.1B | ||
| Q1 24 | $27.8B | $39.4B |
| Q4 25 | 1.55× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.37× | — | ||
| Q1 24 | 1.36× | — |
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 | $2.1B |
| Free Cash FlowOCF − Capex | — | $1.9B |
| FCF MarginFCF / Revenue | — | 26.1% |
| Capex IntensityCapex / Revenue | — | 3.7% |
| Cash ConversionOCF / Net Profit | — | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $584.0M | $2.1B | ||
| Q3 25 | $237.0M | $1.5B | ||
| Q2 25 | $217.0M | $1.1B | ||
| Q1 25 | $-193.0M | $250.0M | ||
| Q4 24 | $488.0M | $1.9B | ||
| Q3 24 | $253.0M | $1.5B | ||
| Q2 24 | $115.0M | $633.0M | ||
| Q1 24 | $163.0M | $204.0M |
| Q4 25 | — | $1.9B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $928.0M | ||
| Q1 25 | — | $127.0M | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $481.0M | ||
| Q1 24 | — | $37.0M |
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 22.3% | ||
| Q2 25 | — | 15.4% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 25.9% | ||
| Q3 24 | — | 23.7% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | 0.7% |
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 3.1% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | — | 4.1% | ||
| Q3 24 | — | 3.1% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 3.2% |
| Q4 25 | — | 2.52× | ||
| Q3 25 | — | 1.79× | ||
| Q2 25 | 2.38× | 1.26× | ||
| Q1 25 | -1.53× | 0.38× | ||
| Q4 24 | — | 3.54× | ||
| Q3 24 | 1.81× | 1.77× | ||
| Q2 24 | — | 0.77× | ||
| Q1 24 | 4.41× | 0.26× |
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% |
SYK
| Medical | $1.3B | 18% |
| Endoscopy | $1.1B | 16% |
| Traumaand Extremities | $1.1B | 15% |
| Instruments | $925.0M | 13% |
| Knees | $749.0M | 10% |
| Neuro Cranial | $669.0M | 9% |
| Neurovascular | $539.0M | 8% |
| Hips | $499.0M | 7% |
| Other Orthopaedics | $267.0M | 4% |
| Spine | $8.0M | 0% |
