Baxter International Inc. (BAX)
Baxter International makes hospital products including IV fluids, dialysis systems, and infusion pumps.
BAX vs BDX: how the two businesses compare
- Bigger business: BDX, with $21.8B of yearly revenue, about 1.9× BAX's $11.2B.
- More profitable: BDX keeps 8 cents of each sales dollar as profit; BAX lost money over the year.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Becton, Dickinson and (BDX) is the larger business by reported revenue: $21.8B in its fiscal year ended Sep 2025, about 1.9× BAX's $11.2B (fiscal year ended Dec 2025). BAX's net margin was -8.5% and BDX's 7.7%. Both file with the SEC under the same industry code, SIC 3841 (Surgical & Medical Instruments & Apparatus).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Health Care
- Surgical & Medical Instruments & Apparatus
- Same classification
- Different
- BAX December 31 · BDX September 30
- Feb 12, 2026
BAX vs BDX: quick comparison
| Company fact | BAX | BDX |
|---|---|---|
| Company | Baxter International Inc. | Becton, Dickinson and Company |
| Exchange | NYSE | NYSE |
| SEC industry | Surgical & Medical Instruments & Apparatus | Surgical & Medical Instruments & Apparatus |
| Fiscal year-end | December 31 | September 30 |
| Latest annual filing | 10-K · 2026-02-12 | 10-K · 2025-11-25 |
BAX vs BDX: audited financials
- Scale: BDX's $21.8B of revenue is about 1.9× BAX's $11.2B.
- Net margin: BDX kept 7.7% of revenue as net income versus -8.5% at BAX.
- Periods: the fiscal years end about 3 months apart (2025-12-31 for BAX, 2025-09-30 for BDX), so each figure reflects somewhat different demand and cost conditions.
| Metric | BAX | BDX |
|---|---|---|
| Revenue | $11.2B2025-01-01 to 2025-12-31 · SEC filing | $21.8B2024-10-01 to 2025-09-30 · SEC filing |
| Net income | −$957M2025-01-01 to 2025-12-31 · SEC filing | $1.7B2024-10-01 to 2025-09-30 · SEC filing |
| Operating cash flow | $845M2025-01-01 to 2025-12-31 · SEC filing | — |
| Diluted EPS | −$1.872025-01-01 to 2025-12-31 · SEC filing | $5.822024-10-01 to 2025-09-30 · SEC filing |
| Net margin | -8.5%2025-01-01 to 2025-12-31 · SEC filing | 7.7%2024-10-01 to 2025-09-30 · SEC filing |
BAX: FY ending 2025-12-31 · BDX: FY ending 2025-09-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where BAX and BDX overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3841, Surgical & Medical Instruments & Apparatus.
Differences
- Offset fiscal calendars: BAX's year ends December 31 and BDX's September 30, about 3 months apart.
- Only BDX maps to International markets.
- Scale: BDX reported about 1.9× the annual revenue of BAX.
- Profitability: net margin of -8.5% for BAX versus 7.7% for BDX.
- BAX reported a net loss of $957M in its fiscal year ended Dec 2025.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Becton, Dickinson and Company (BDX)
Becton Dickinson makes medical supplies, diagnostic systems, and instruments used in hospitals and labs.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves BAX
We have not yet published a company-specific driver list for BAX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-12.
What moves BDX
We have not yet published a company-specific driver list for BDX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-25.
The investment question
You now know BDX reports about 1.9× BAX's revenue, and BDX keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about the surgical & medical instruments & apparatus cycle, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. BAX's fiscal year ends December 31, while BDX's ends September 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 7 matched transaction rows for BAX and 9 matched transaction rows for BDX. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
BAX primary filings
BDX primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving BAX or BDX
BAX vs BDX FAQs
Are BAX and BDX direct competitors?
Baxter International and Becton, Dickinson and share the SEC industry classification “Surgical & Medical Instruments & Apparatus.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is BAX or BDX the bigger company by revenue?
Becton, Dickinson and (BDX) is the larger business by reported revenue: $21.8B in its fiscal year ended Sep 2025, about 1.9× BAX's $11.2B (fiscal year ended Dec 2025). BAX's net margin was -8.5% and BDX's 7.7%. Both file with the SEC under the same industry code, SIC 3841 (Surgical & Medical Instruments & Apparatus). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, BAX or BDX?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this BAX vs BDX comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Baxter International Inc. and Becton, Dickinson and Company tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
BAX vs BDX compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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