AMPH vs BAX Stock Comparison

Amphastar Pharmaceuticals and Baxter International Prices as of Oct 26, 2026 Peers: Industry group
BAX Baxter International Inc
$25.29 +8.2% 1M +9.9% 1Y
Market cap
$13.07B
P/E
–
Revenue (TTM)
$5.55B
Div. yield
0.16%
Medical Supplies Healthcare
3 wins

Head to Head

10 decided of 12

Amphastar Pharmaceuticals leads on 7 of the 12 questions below (Amphastar Pharmaceuticals 7, Baxter International 3). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionAMPHBAXLeader
Larger companyMarket capitalisation $1.08B $13.07B BAX
Cheaper on earningsLower P/E, profitable companies only 14.2x -12.3x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS 8.2x 12.8x AMPH
Faster revenue growthRevenue growth, trailing twelve months +1.0% -49.1% AMPH
More profitableNet margin, trailing twelve months 10.8% -19.2% AMPH
Better return on capitalReturn on invested capital 6.4% 3.4% AMPH
Less leveragedLower net debt / EBITDA 1.8x 4.8x AMPH
Higher dividend yieldTrailing dividend yield — 0.16% –
Better 1-year returnPrice return, last 12 months +3.9% +9.9% BAX
Better 5-year returnAnnualised price return, 5 years +6.8%/yr -21.0%/yr AMPH
Less volatileAnnualised volatility, 1 year 54.3% 44.4% BAX
Higher overall scoreMean of the five percentile scores vs peers 74/100 50/100 AMPH

Percentile Scorecard

AMPHBAX

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisAMPHBAX
Valuation 97 #8 of 275 86 #12 of 80
Growth 43 #144 of 253 29 #53 of 74
Profitability 87 #29 of 224 74 #18 of 67
Financial Health 42 #171 of 296 22 #71 of 91
Shareholder Returns 99 #2 of 126 38 #22 of 35
Overall 74 50
  • AMPH ranked among 305 companies in Pharmaceuticals and Biotechnology
  • BAX ranked among 95 companies in Medical Devices and Diagnostics

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodAMPHBAXSPY
1 month -2.5%+8.2% -0.8%
3 months +32.8%+8.4% +3.5%
6 months +17.6%+36.8% +7.0%
Year to date -4.9%+32.3% +12.2%
1 year +3.9%+9.9% +13.0%
3 years -42.9%-21.4% +86.3%
3 years, per year -17.1%-7.7% +23.1%
5 years +38.7%-69.1% +68.6%
5 years, per year +6.8%-21.0% +11.0%
10 years +40.1%-46.7% +258.0%
10 years, per year +3.4%-6.1% +13.6%

Risk

MeasureAMPHBAXSPY
Volatility, 1Y 54.3%44.4% 12.7%
Downside volatility, 1Y 66.4%48.2% 12.7%
Beta vs S&P 500, 1Y 0.581.16 1.00
Return / volatility, 1Y 0.070.22 1.02
Max drawdown, 5Y -74.0%-82.3% -25.4%
From 52-week high -13.4%-10.8% -1.8%
52-week high $29.40$28.35 $779.14
52-week low $16.87$15.80 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleAMPHBAX
P/E now vs peer median 14.2xmedian 10.4x -12.3xmedian 29.3x
P/S now vs peer median 1.5xmedian 6.4x 2.4xmedian 2.6x
EV/EBITDA now vs peer median 8.0xmedian 10.7x 13.5xmedian 17.4x
P/FCF now vs peer median 7.1xmedian 12.5x 15.6xmedian 19.6x
P/B now vs peer median 1.4xmedian 1.6x 2.1xmedian 1.3x
PEG now vs peer median -5.53median 0.29 -0.43median 0.84

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsAMPHBAX
Revenue $730.02M $5.55B
Gross profit $348.11M $3.78B
Operating income $114.29M $532.00M
Net income $78.55M -$1.06B
Free cash flow $152.89M $839.00M
R&D $94.57M $542.00M
EPS (diluted) $1.78 $-2.05
Cash & equivalents $223.61M $2.15B
Total debt $612.05M $9.46B
Shares (diluted) 44.23M 518.00M
Enterprise value -$57.80M $5.18B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricAMPHBAX
P/E 14.2x -12.3x
P/FCF 7.1x 15.6x
P/Operating cash flow 5.9x 9.7x
P/S 1.5x 2.4x
P/B 1.4x 2.1x
P/Tangible book 1.5x 6.1x
EV/EBITDA 8.0x 13.5x
EV/EBIT 12.3x 38.3x
EV/Revenue 1.9x 3.7x
EV/FCF 9.2x 24.3x
EV/Operating cash flow 7.6x 15.2x
PEG (3Y EPS CAGR) -5.53 -0.43

Growth

14 metrics
MetricAMPHBAX
Revenue growth (1Y) 1.0% -49.1%
Revenue CAGR (3Y) 10.5% -23.5%
Gross profit growth (1Y) -3.4% -1.8%
Gross profit CAGR (3Y) 8.0% -5.2%
Operating income growth (1Y) -37.1% -50.8%
Operating income CAGR (3Y) -4.5% 29.5%
Net income growth (1Y) -41.7% -604.0%
Net income CAGR (3Y) -8.3% 28.0%
EPS growth (1Y) -36.5% -580.5%
EPS CAGR (3Y) -2.6% 28.6%
Operating cash flow growth (1Y) 15.6% 56.3%
Operating cash flow CAGR (3Y) 12.1% -4.8%
Free cash flow growth (1Y) 36.3% 153.5%
Free cash flow CAGR (3Y) 15.0% -9.5%

Profitability

14 metrics
MetricAMPHBAX
Gross margin 47.7% 68.1%
EBITDA margin 23.9% 27.3%
Operating margin 15.7% 9.6%
Pretax margin 14.0% 5.1%
Net margin 10.8% -19.2%
FCF margin 20.9% 15.1%
Operating cash flow margin 25.3% 24.2%
Return on equity 10.2% -17.4%
Return on assets 4.6% -5.4%
Return on invested capital 6.4% 3.4%
Return on capital employed 8.0% 3.3%
Asset turnover 0.4x 0.3x
Cash conversion (OCF / net income) 2.4x -1.3x
Stock comp / revenue 4.0% 2.1%

Financial Health

11 metrics
MetricAMPHBAX
Debt / assets 35.1% 47.8%
Debt / equity 0.8x 1.5x
Net debt / EBITDA 1.8x 4.8x
Debt / FCF 4.0x 11.3x
Liabilities / assets 55.9% 68.6%
Equity / assets 44.1% 31.4%
Interest coverage 4.4x –
Current ratio 2.4x 1.9x
Quick ratio 1.7x 1.1x
Cash ratio 1.1x 0.6x
Altman Z-score 2.12 2.13

Shareholder Returns

7 metrics
MetricAMPHBAX
Dividend yield – 0.2%
Net buyback yield 9.0% -0.2%
Shareholder yield 9.0% 0.0%
Payout ratio (earnings) – -17.3%
Payout ratio (FCF) – 21.9%
Dividend growth (1Y) – -60.8%
Dividend CAGR (3Y) – -32.0%

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusAMPHBAX
Forward P/E 8.2xFY2026 12.8xFY2026
EPS, next fiscal year $3.10FY2026 $1.98FY2026
EPS growth, next FY -4.6%FY2026 -10.4%FY2026
EPS growth, the year after +9.4% -3.5%
Revenue, next fiscal year $790.75MFY2026 $11.05BFY2026
Revenue growth, next FY +9.8%FY2026 -1.7%FY2026
Revenue growth, the year after -5.4% +11.7%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersAMPHBAX
Held by institutions 64.8% 100.0%
Institutions holding 209 690
Change in shares held, QoQ -11.7% +5.2%
Institutions buying 96 359
Institutions selling 74 193
Buyers to sellers 1.30 1.86

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

AMPHBAX
AMPH 1.00 0.15
BAX 0.15 1.00

Add a Peer

Largest companies in the same industry

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Frequently Asked Questions

Which is bigger, AMPH and BAX?

Baxter International (BAX) is the largest by market capitalisation: Amphastar Pharmaceuticals (AMPH) $1.08B, Baxter International (BAX) $13.07B.

Which company is growing faster?

Amphastar Pharmaceuticals (AMPH) grew revenue fastest over the trailing twelve months: Amphastar Pharmaceuticals (AMPH) +1.0%, Baxter International (BAX) -49.1%.

Which company is more profitable?

Amphastar Pharmaceuticals (AMPH) has the highest net margin (Amphastar Pharmaceuticals (AMPH) 10.8%, Baxter International (BAX) -19.2%). On return on invested capital, Amphastar Pharmaceuticals (AMPH) leads (Amphastar Pharmaceuticals (AMPH) 6.4%, Baxter International (BAX) 3.4%).

Which stock has performed better?

Over the past year Baxter International (BAX) returned the most: Amphastar Pharmaceuticals (AMPH) +3.9%, Baxter International (BAX) +9.9%. Over five years, Amphastar Pharmaceuticals (AMPH) compounded fastest (Amphastar Pharmaceuticals (AMPH) +6.8%/yr, Baxter International (BAX) -21.0%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Only one of these companies pays a dividend: Baxter International (BAX) 0.16%. Amphastar Pharmaceuticals (AMPH) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Baxter International (BAX) has been the steadiest (Amphastar Pharmaceuticals (AMPH) 54.3%, Baxter International (BAX) 44.4%). Volatility measures how widely the price swings, not the risk of the business.

Do AMPH and BAX move together?

Their daily returns over the past year have a correlation of 0.15, a weak relationship. Holding both diversifies more than two closely linked stocks would.

Which is the better stock, AMPH and BAX?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Amphastar Pharmaceuticals (AMPH) leads on 7. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.