Baxter International Inc. (BAX)
Baxter International makes hospital products including IV fluids, dialysis systems, and infusion pumps.
BAX vs SYK: how the two businesses compare
- Bigger business: SYK, with $25.1B of yearly revenue, about 2.2× BAX's $11.2B.
- More profitable: SYK keeps 13 cents of each sales dollar as profit; BAX lost money over the year.
- More cash from each sale: SYK turns 20 cents of each sales dollar into operating cash flow, against 8 cents at BAX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Stryker (SYK) is the larger business by reported revenue: $25.1B in its fiscal year ended Dec 2025, about 2.2× BAX's $11.2B (fiscal year ended Dec 2025). BAX's net margin was -8.5% and SYK's 12.9%. 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
- December 31
- Same calendar
- Feb 12, 2026
BAX vs SYK: quick comparison
| Company fact | BAX | SYK |
|---|---|---|
| Company | Baxter International Inc. | Stryker Corporation |
| Exchange | NYSE | NYSE |
| SEC industry | Surgical & Medical Instruments & Apparatus | Surgical & Medical Instruments & Apparatus |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-12 | 10-K · 2026-02-11 |
BAX vs SYK: audited financials
- Scale: SYK's $25.1B of revenue is about 2.2× BAX's $11.2B.
- Net margin: SYK kept 12.9% of revenue as net income versus -8.5% at BAX.
- Cash conversion: operating cash flow equalled BAX 7.5% of revenue; SYK 20.1% of revenue, or 1.55× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | BAX | SYK |
|---|---|---|
| Revenue | $11.2B2025-01-01 to 2025-12-31 · SEC filing | $25.1B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | −$957M2025-01-01 to 2025-12-31 · SEC filing | $3.2B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $845M2025-01-01 to 2025-12-31 · SEC filing | $5.0B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | −$1.872025-01-01 to 2025-12-31 · SEC filing | $8.402025-01-01 to 2025-12-31 · SEC filing |
| Net margin | -8.5%2025-01-01 to 2025-12-31 · SEC filing | 12.9%2025-01-01 to 2025-12-31 · SEC filing |
BAX: FY ending 2025-12-31 · SYK: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where BAX and SYK overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 3841, Surgical & Medical Instruments & Apparatus.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Only SYK maps to International markets.
- Scale: SYK reported about 2.2× the annual revenue of BAX.
- Profitability: net margin of -8.5% for BAX versus 12.9% for SYK.
- 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.
Stryker Corporation (SYK)
Stryker makes orthopedic implants, surgical equipment, and medical devices for hospitals.
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 SYK
We have not yet published a company-specific driver list for SYK. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
The investment question
You now know SYK reports about 2.2× BAX's revenue, and SYK 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. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 7 matched transaction rows for BAX and 25 matched transaction rows for SYK. 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
SYK 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 SYK
BAX vs SYK FAQs
Are BAX and SYK direct competitors?
Baxter International and Stryker 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 SYK the bigger company by revenue?
Stryker (SYK) is the larger business by reported revenue: $25.1B in its fiscal year ended Dec 2025, about 2.2× BAX's $11.2B (fiscal year ended Dec 2025). BAX's net margin was -8.5% and SYK's 12.9%. 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 SYK?
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 SYK 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 Stryker Corporation 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 SYK 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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