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Held by 638 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $23.02 today, the market must believe free cash flow compounds 11.4%/yr for a decade (off $733M normalized FCF).
The market's 11.4% is more optimistic than its 9-yr track record.
2-stage DCF · 0.51B shares · net debt $7.5B
mean -3.2% · volatility σ 39% · implied rate exceeded in 4/9 yrs
Central path = implied 11.4%/yr growth; shaded band = ±1σ (39%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.24B 100.0% | $10.64B 100.0% | $10.36B 100.0% | $10.06B 100.0% | $12.15B 100.0% | $11.67B 100.0% | $11.36B 100.0% | $11.10B 100.0% | $10.58B 100.0% | $10.16B 100.0% |
| Cost of Revenue | $7.87B 69.9% | $6.65B 62.5% | $6.21B 59.9% | $6.51B 64.7% | $7.43B 61.1% | $7.09B 60.7% | $6.60B 58.1% | $6.34B 57.1% | $6.11B 57.7% | $6.05B 59.5% |
| Gross Profit | $3.38B 30.1% | $3.98B 37.5% | $4.15B 40.1% | $3.55B 35.3% | $4.72B 38.9% | $4.59B 39.3% | $4.76B 41.9% | $4.76B 42.9% | $4.47B 42.3% | $4.12B 40.5% |
| Research & Development | $518.0M 4.6% | $590.0M 5.5% | $518.0M 5.0% | $450.0M 4.5% | $531.0M 4.4% | $521.0M 4.5% | $595.0M 5.2% | $654.0M 5.9% | $615.0M 5.8% | $646.0M 6.4% |
| Selling, General & Admin | $2.89B 25.7% | $2.97B 27.9% | $2.95B 28.5% | $3.10B 30.8% | $2.85B 23.4% | $2.47B 21.2% | $2.54B 22.3% | $2.62B 23.6% | $2.63B 24.8% | $2.73B 26.8% |
| Operating Income | -$308.0M -2.7% | $14.0M 0.1% | $707.0M 6.8% | -$2.85B -28.3% | $1.35B 11.1% | $1.62B 13.8% | $1.77B 15.6% | $1.58B 14.3% | $1.29B 12.2% | $745.0M 7.3% |
| Interest Expense | $290.0M 2.6% | $408.0M 3.8% | $508.0M 4.9% | $413.0M 4.1% | $207.0M 1.7% | $153.0M 1.3% | $111.0M 1.0% | $93.0M 0.8% | $85.0M 0.8% | $89.0M 0.9% |
| Interest & Investment Income | $52.0M 0.5% | $67.0M 0.6% | $69.0M 0.7% | $19.0M 0.2% | $14.0M 0.1% | $19.0M 0.2% | $40.0M 0.4% | $48.0M 0.4% | $30.0M 0.3% | $23.0M 0.2% |
| Other Income (Expense), net | $41.0M 0.4% | $38.0M 0.4% | -$26.0M -0.3% | -$9.0M -0.1% | -$41.0M -0.3% | -$190.0M -1.6% | -$731.0M -6.4% | $78.0M 0.7% | -$133.0M -1.3% | $4.28B 42.1% |
| Pretax Income | -$505.0M -4.5% | -$289.0M -2.7% | $242.0M 2.3% | -$3.25B -32.3% | $1.12B 9.2% | $1.29B 11.1% | $970.0M 8.5% | $1.62B 14.6% | $1.10B 10.4% | $4.95B 48.7% |
| Income Tax Expense | $395.0M 3.5% | $37.0M 0.3% | $61.0M 0.6% | -$135.0M -1.3% | $83.0M 0.7% | $182.0M 1.6% | -$41.0M -0.4% | $65.0M 0.6% | $491.0M 4.6% | -$12.0M -0.1% |
| Net Income | -$957.0M -8.5% | -$649.0M -6.1% | $2.66B 25.6% | -$2.43B -24.2% | $1.28B 10.6% | $1.10B 9.4% | $1.00B 8.8% | $1.55B 13.9% | $602.0M 5.7% | $4.96B 48.9% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.87 | $-1.27 | $5.25 | $-4.83 | $2.56 | $2.17 | $1.97 | $2.90 | $1.11 | $9.09 |
| EPS (Diluted) | $-1.87 | $-1.27 | $5.23 | $-4.83 | $2.53 | $2.13 | $1.93 | $2.83 | $1.08 | $9.01 |
| Weighted Avg Shares (Basic) | 513.0M | 510.0M | 506.0M | 504.0M | 502.0M | 509.0M | 509.0M | 534.0M | 543.0M | 546.0M |
| Weighted Avg Shares (Diluted) | 513.0M | 510.0M | 508.0M | 504.0M | 508.0M | 517.0M | 519.0M | 546.0M | 555.0M | 551.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (105%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $348M dividends + $0 buybacks = $348M returned on $332M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $2.0B covers the $0 due within a year 1966000000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~3.1% on $9.4B of debt.
Cash of $2.0B fully covers short-term debt of $1M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 1085 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BCAX | $1.24T | — | — | — | — | — | — | -34.4% | -34.4% | — | 143 |
| LLY | $1.03T | 50.2× | — | 15.9× | 44.7% | 83.0% | 31.7% | 77.8% | 29.9% | — | 4,193 |
| AKTX | $894.1B | — | — | — | — | — | — | -61.1% | -61.1% | — | 1 |
| JNJ | $650.5B | 24.5× | — | 6.9× | 6.0% | 67.9% | 28.5% | 32.9% | 20.7% | — | 4,451 |
| ABBV | $467.1B | 111.9× | 33.4× | 7.6× | 8.6% | 70.2% | 6.9% | -129% | 6.6% | 4.2× | 3,895 |
| MRK | $368.2B | 20.2× | — | 5.7× | 1.3% | 74.8% | 28.1% | 34.7% | 17.9% | — | 3,594 |
| UNH | $339.9B | 28.4× | 19.7× | 0.8× | 11.8% | 88.7% | 2.7% | 12.0% | 6.8% | 3.9× | 2,891 |
| AZN | $257.7B | — | — | — | — | — | — | — | — | — | 1,248 |
| TMO | $248.2B | 37.1× | 31.9× | 5.6× | 3.9% | — | 15.0% | 12.6% | 7.0% | 4.9× | 2,481 |
| AMGN | $204.6B | 26.7× | 17.6× | 5.6× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.8× | 3,014 |
| GILD | $187.3B | 22.3× | 20.4× | 6.4× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,218 |
| ABT | $178.0B | 27.5× | 19.2× | 4.0× | 5.7% | 56.4% | 14.7% | 12.5% | 10.0% | 1.4× | 2,964 |
| PFE | $157.1B | 20.3× | — | 2.5× | -1.6% | 74.3% | 12.4% | 9.0% | 5.1% | — | 2,838 |
| DHR | $150.2B | 42.1× | 31.0× | 6.1× | 2.9% | 59.1% | 14.7% | 6.9% | 5.1% | 3.4× | 2,083 |
| ISRG | $136.2B | 48.7× | 37.5× | 13.5× | 20.5% | 66.0% | 28.4% | 16.0% | 16.0% | — | 2,190 |
| VRTX | $131.1B | 33.7× | 28.8× | 10.9× | 8.9% | 86.2% | 32.9% | 21.2% | 21.2% | — | 1,609 |
| BMY | $127.8B | 18.2× | — | 2.6× | -0.2% | 71.1% | 14.6% | 38.2% | 11.1% | — | 2,431 |
| MDT | $118.8B | 24.9× | 12.6× | 3.3× | 8.4% | 65.0% | 13.2% | 9.7% | 9.4% | 0.2× | 2,114 |
| CVS | $114.7B | 64.9× | 11.5× | 0.3× | 7.8% | 45.0% | 0.4% | 2.4% | 2.4% | 0.0× | 1,795 |
| SYK | $107.1B | 33.4× | 18.4× | 4.3× | 11.2% | 64.0% | 12.9% | 14.5% | 8.5% | 2.5× | 2,196 |
| MCK | $102.5B | 22.9× | 16.2× | 0.3× | 12.4% | 3.6% | 1.2% | -219% | 109% | 1.0× | 1,946 |
| HCA | $96.4B | 15.1× | — | 1.3× | 7.1% | — | 9.0% | -113% | 16.8% | — | 1,346 |
| ELV | $91.4B | 16.4× | 15.5× | 0.5× | 12.5% | 89.4% | 2.8% | 12.9% | 7.6% | 4.2× | 1,397 |
| REGN | $82.6B | 19.0× | 19.8× | 5.8× | 1.0% | — | 31.4% | 14.4% | 13.6% | 0.5× | 1,336 |
| CI | $72.7B | 12.4× | 5.5× | 0.3× | 11.2% | 21.8% | 2.2% | 14.3% | 14.1% | 0.0× | 1,583 |
| BAX | $11.8B | — | 28.6× | 1.1× | 5.7% | 30.1% | -8.5% | -15.6% | -6.1% | 14.0× | 638 |
Peers = companies sharing BAX's sector (Healthcare) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 14-yr range · 38th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 57.1 | 58.1 | 60.7 | 61.1 | 64.7 | 59.9 | 62.5 | 69.9 |
| Gross Profit | 42.9 | 41.9 | 39.3 | 38.9 | 35.3 | 40.1 | 37.5 | 30.1 |
| R&D | 5.9 | 5.2 | 4.5 | 4.4 | 4.5 | 5.0 | 5.5 | 4.6 |
| SG&A | 23.6 | 22.3 | 21.2 | 23.4 | 30.8 | 28.5 | 27.9 | 25.7 |
| Operating Income | 14.3 | 15.6 | 13.8 | 11.1 | -28.3 | 6.8 | 0.1 | -2.7 |
| Income Tax | 0.6 | -0.4 | 1.6 | 0.7 | -1.3 | 0.6 | 0.3 | 3.5 |
| Net Income | 13.9 | 8.8 | 9.4 | 10.6 | -24.2 | 25.6 | -6.1 | -8.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BAX: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.