ANIP vs BAX vs FENC Stock Comparison

Ani Pharmaceuticals, Baxter International and Fennec Pharmaceuticals Prices as of Nov 5, 2026 Peers: Industry group
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ANIP Ani Pharmaceuticals Inc
$69.62 -2.7% 1M -24.8% 1Y
Market cap
$1.43B
P/E
13.2x
Revenue (TTM)
$978.38M
Div. yield
–
Generic Drugs Healthcare
7 wins
BAX Baxter International Inc
$25.63 +5.3% 1M +42.8% 1Y
Market cap
$13.30B
P/E
–
Revenue (TTM)
$11.61B
Div. yield
0.01%
Medical Supplies Healthcare
2 wins

Head to Head

10 decided of 12

Ani Pharmaceuticals leads on 7 of the 12 questions below (Ani Pharmaceuticals 7, Baxter International 2, Fennec Pharmaceuticals 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionANIPBAXFENCLeader
Larger companyMarket capitalisation $1.43B $13.30B $338.89M BAX
Cheaper on earningsLower P/E, profitable companies only 13.2x -18.4x -104.2x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS 7.1x 12.6x 32.4x ANIP
Faster revenue growthRevenue growth, trailing twelve months +30.9% +5.3% +77.8% FENC
More profitableNet margin, trailing twelve months 11.0% -6.2% -5.5% ANIP
Better return on capitalReturn on invested capital 12.9% -1.4% — ANIP
Less leveragedLower net debt / EBITDA -0.2x 9.0x — ANIP
Higher dividend yieldTrailing dividend yield 0.00% 0.01% 0.00% –
Better 1-year returnPrice return, last 12 months -24.8% +42.8% +13.8% BAX
Better 5-year returnAnnualised price return, 5 years +6.8%/yr -20.0%/yr +0.1%/yr ANIP
Less volatileAnnualised volatility, 1 year 32.1% 42.9% 65.2% ANIP
Higher overall scoreMean of the five percentile scores vs peers 84/100 43/100 70/100 ANIP

Percentile Scorecard

ANIPBAXFENC

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

AxisANIPBAXFENC
Valuation 96 #26 of 634 86 #32 of 229 81 #120 of 634
Growth 97 #17 of 608 14 #191 of 221 98 #15 of 608
Profitability 89 #60 of 557 64 #77 of 210 87 #73 of 557
Financial Health 44 #367 of 654 17 #199 of 240 56 #286 of 654
Shareholder Returns 92 #35 of 403 34 #98 of 147 29 #288 of 403
Overall 84 43 70
  • ANIP ranked among 671 companies in Pharmaceuticals and Biotechnology
  • BAX ranked among 247 companies in Medical Devices and Diagnostics
  • FENC ranked among 671 companies in Pharmaceuticals and Biotechnology

Price Performance

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

Returns

PeriodANIPBAXFENCSPY
1 month -2.7%+5.3%-9.3% -5.9%
3 months -15.7%-5.1%-13.4% -4.6%
6 months -17.0%+46.5%+36.1% +0.2%
Year to date -11.8%+34.1%+21.9% +7.5%
1 year -24.8%+42.8%+13.8% +8.2%
3 years +10.6%-25.7%+18.0% +68.3%
3 years, per year +3.4%-9.4%+5.7% +19.0%
5 years +39.2%-67.2%+0.4% +56.5%
5 years, per year +6.8%-20.0%+0.1% +9.4%
10 years +38.4%-45.5%+364.9% +251.5%
10 years, per year +3.3%-5.9%+16.6% +13.4%

Risk

MeasureANIPBAXFENCSPY
Volatility, 1Y 32.1%42.9%65.2% 13.6%
Downside volatility, 1Y 31.9%44.3%62.7% 14.2%
Beta vs S&P 500, 1Y 0.311.051.41 1.00
Return / volatility, 1Y -0.771.000.21 0.60
Max drawdown, 5Y -54.6%-82.3%-65.6% -25.4%
From 52-week high -24.8%-9.6%-26.5% -5.9%
52-week high $92.62$28.35$12.78 $779.14
52-week low $69.62$15.80$5.77 $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.

MultipleANIPBAXFENC
P/E now vs peer median 13.6xmedian 17.8x -18.3xmedian 26.9x -99.8xmedian 17.8x
P/S now vs peer median 1.7xmedian 8.1x 1.1xmedian 2.9x 5.6xmedian 8.1x
EV/EBITDA now vs peer median 6.7xmedian 15.7x 27.1xmedian 17.5x —median 15.7x
P/FCF now vs peer median 9.6xmedian 21.0x 11.4xmedian 26.4x -161.3xmedian 21.0x
P/B now vs peer median 2.8xmedian 2.0x 2.0xmedian 2.3x 7.8xmedian 2.0x
PEG now vs peer median 0.09median 0.36 0.58median 0.88 -1.83median 0.36

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 monthsANIPBAXFENC
Revenue $978.38M $11.61B $59.22M
Gross profit $590.98M $3.49B $55.51M
Operating income $150.36M -$221.00M -$1.13M
Net income $108.31M -$723.00M -$3.25M
Free cash flow $172.99M $1.16B -$2.04M
R&D $49.91M $519.00M $216.00K
EPS (diluted) $4.93 $-1.39 $-0.09
Cash & equivalents $360.21M $1.98B $41.25M
Total debt $301.48M $8.60B –
Shares (diluted) 21.92M 520.00M 36.43M
Enterprise value $206.68M $5.18B $198.72M

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
MetricANIPBAXFENC
P/E 13.6x -18.3x -99.8x
P/FCF 9.6x 11.4x -161.3x
P/Operating cash flow 8.8x 8.0x -161.3x
P/S 1.7x 1.1x 5.6x
P/B 2.8x 2.0x 7.8x
P/Tangible book 11.3x 5.1x 7.8x
EV/EBITDA 6.7x 27.1x –
EV/EBIT 10.7x -90.0x -255.8x
EV/Revenue 1.6x 1.7x 4.9x
EV/FCF 9.3x 17.1x -141.0x
EV/Operating cash flow 8.5x 11.9x -141.0x
PEG (3Y EPS CAGR) 0.09 0.58 -1.83

Growth

14 metrics
MetricANIPBAXFENC
Revenue growth (1Y) 30.9% 5.3% 77.8%
Revenue CAGR (3Y) 34.6% 0.7% 125.3%
Gross profit growth (1Y) 29.5% -7.1% 85.4%
Gross profit CAGR (3Y) 32.8% -7.7% –
Operating income growth (1Y) 889.9% -136.3% 88.4%
Operating income CAGR (3Y) 98.9% 4.2% 63.9%
Net income growth (1Y) 1,161% -112.0% 73.0%
Net income CAGR (3Y) 184.4% -31.6% 50.3%
EPS growth (1Y) 945.2% -109.6% 79.5%
EPS CAGR (3Y) 146.4% -31.5% 54.7%
Operating cash flow growth (1Y) 36.2% 97.4% 82.5%
Operating cash flow CAGR (3Y) 66.2% 0.6% 54.3%
Free cash flow growth (1Y) 37.9% 243.5% 82.5%
Free cash flow CAGR (3Y) 77.7% -5.0% 54.3%

Profitability

14 metrics
MetricANIPBAXFENC
Gross margin 60.4% 30.1% 93.7%
EBITDA margin 24.3% 6.3% –
Operating margin 15.4% -1.9% -1.9%
Pretax margin 14.6% -1.6% -1.7%
Net margin 11.0% -6.2% -5.5%
FCF margin 17.7% 10.0% -3.4%
Operating cash flow margin 19.4% 14.3% -3.4%
Return on equity 18.7% -11.4% -2.7%
Return on assets 7.4% -3.7% -1.5%
Return on invested capital 12.9% -1.4% –
Return on capital employed 12.8% -1.4% -1.8%
Asset turnover 0.7x 0.6x 0.8x
Cash conversion (OCF / net income) 1.7x -2.3x 0.6x
Stock comp / revenue 4.2% 0.9% 12.6%

Financial Health

11 metrics
MetricANIPBAXFENC
Debt / assets 20.2% 44.3% –
Debt / equity 0.5x 1.3x –
Net debt / EBITDA -0.2x 9.0x –
Debt / FCF 1.7x 7.4x –
Liabilities / assets 60.0% 66.5% 44.0%
Equity / assets 40.0% 33.5% 56.0%
Interest coverage – – -1.2x
Current ratio 2.9x 1.8x 5.8x
Quick ratio 2.2x 1.0x 5.2x
Cash ratio 1.3x 0.5x 3.3x
Altman Z-score 2.56 2.38 3.41

Shareholder Returns

7 metrics
MetricANIPBAXFENC
Dividend yield – 0.2% –
Net buyback yield 0.6% -0.2% -14.4%
Shareholder yield 0.6% 0.0% -14.4%
Payout ratio (earnings) – -14.1% –
Payout ratio (FCF) – 8.8% –
Dividend growth (1Y) – -75.0% –
Dividend CAGR (3Y) – -44.1% –

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.

ConsensusANIPBAXFENC
Forward P/E 7.1xFY2026 12.6xFY2026 32.4xFY2026
EPS, next fiscal year $9.81FY2026 $2.03FY2026 $0.29FY2026
EPS growth, next FY +24.3%FY2026 -8.1%FY2026 –
EPS growth, the year after -2.3% -5.9% +227.6%
Revenue, next fiscal year $1.15BFY2026 $11.14BFY2026 $75.50MFY2026
Revenue growth, next FY +29.9%FY2026 -0.9%FY2026 +69.1%FY2026
Revenue growth, the year after +9.7% +11.6% +27.3%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersANIPBAXFENC
Held by institutions 96.0% 100.0% 46.6%
Institutions holding 306 692 107
Change in shares held, QoQ -1.8% +5.2% +0.7%
Institutions buying 172 358 71
Institutions selling 88 194 19
Buyers to sellers 1.95 1.85 3.74

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.

ANIPBAXFENC
ANIP 1.00 0.14 0.08
BAX 0.14 1.00 0.17
FENC 0.08 0.17 1.00

Add a Peer

Largest companies in the same industry

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Frequently Asked Questions

Which is bigger, ANIP, BAX and FENC?

Baxter International (BAX) is the largest by market capitalisation: Ani Pharmaceuticals (ANIP) $1.43B, Baxter International (BAX) $13.30B, Fennec Pharmaceuticals (FENC) $338.89M.

Which company is growing faster?

Fennec Pharmaceuticals (FENC) grew revenue fastest over the trailing twelve months: Ani Pharmaceuticals (ANIP) +30.9%, Baxter International (BAX) +5.3%, Fennec Pharmaceuticals (FENC) +77.8%.

Which company is more profitable?

Ani Pharmaceuticals (ANIP) has the highest net margin (Ani Pharmaceuticals (ANIP) 11.0%, Baxter International (BAX) -6.2%, Fennec Pharmaceuticals (FENC) -5.5%). On return on invested capital, Ani Pharmaceuticals (ANIP) leads (Ani Pharmaceuticals (ANIP) 12.9%, Baxter International (BAX) -1.4%).

Which stock has performed better?

Over the past year Baxter International (BAX) returned the most: Ani Pharmaceuticals (ANIP) -24.8%, Baxter International (BAX) +42.8%, Fennec Pharmaceuticals (FENC) +13.8%. Over five years, Ani Pharmaceuticals (ANIP) compounded fastest (Ani Pharmaceuticals (ANIP) +6.8%/yr, Baxter International (BAX) -20.0%/yr, Fennec Pharmaceuticals (FENC) +0.1%/yr). Returns are price only, before dividends.

Which pays a higher dividend?

Only one of these companies pays a dividend: Ani Pharmaceuticals (ANIP) 0.00%, Baxter International (BAX) 0.01%, Fennec Pharmaceuticals (FENC) 0.00%. Ani Pharmaceuticals (ANIP) and Fennec Pharmaceuticals (FENC) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Ani Pharmaceuticals (ANIP) has been the steadiest (Ani Pharmaceuticals (ANIP) 32.1%, Baxter International (BAX) 42.9%, Fennec Pharmaceuticals (FENC) 65.2%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, ANIP, BAX and FENC?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Ani Pharmaceuticals (ANIP) 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.