BAX vs MDLN Stock Comparison

Baxter International and Medline Prices as of Oct 26, 2026 Peers: Industry group
BAX Baxter International Inc
$25.29 +8.2% 1M +9.9% 1Y
Market cap
$12.89B
P/E
–
Revenue (TTM)
$5.55B
Div. yield
0.01%
Medical Supplies Healthcare
2 wins
MDLN Medline Inc.
$33.69 -2.9% 1M
Market cap
$27.76B
P/E
33.2x
Revenue (TTM)
$28.57B
Div. yield
–
Medical Supplies Healthcare
5 wins

Head to Head

7 decided of 12

Medline leads on 5 of the 12 questions below (Medline 5, Baxter International 2). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionBAXMDLNLeader
Larger companyMarket capitalisation $12.89B $27.76B MDLN
Cheaper on earningsLower P/E, profitable companies only -12.1x 33.2x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS 12.8x 23.4x BAX
Faster revenue growthRevenue growth, trailing twelve months -49.1% — –
More profitableNet margin, trailing twelve months -19.2% 2.9% MDLN
Better return on capitalReturn on invested capital 3.4% 5.4% MDLN
Less leveragedLower net debt / EBITDA 4.8x 3.2x MDLN
Higher dividend yieldTrailing dividend yield 0.01% 0.00% –
Better 1-year returnPrice return, last 12 months +9.9% — –
Better 5-year returnAnnualised price return, 5 years -21.0%/yr — –
Less volatileAnnualised volatility, 1 year 44.4% 44.5% BAX
Higher overall scoreMean of the five percentile scores vs peers 44/100 67/100 MDLN

Percentile Scorecard

BAXMDLN

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

AxisBAXMDLN
Valuation 82 #41 of 228 82 #42 of 228
Growth 19 #180 of 221 –
Profitability 73 #57 of 208 72 #59 of 208
Financial Health 19 #194 of 239 41 #142 of 239
Shareholder Returns 27 #101 of 137 72 #39 of 137
Overall 44 67
  • BAX ranked among 248 companies in Medical Devices and Diagnostics
  • MDLN ranked among 248 companies in Medical Devices and Diagnostics

Price Performance

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

Returns

PeriodBAXMDLNSPY
1 month +8.2%-2.9% -0.8%
3 months +8.4%-15.1% +3.5%
6 months +36.8%-25.5% +7.0%
Year to date +32.3%-19.8% +12.2%
1 year +9.9%— +13.0%
3 years -21.4%— +86.3%
3 years, per year -7.7%— +23.1%
5 years -69.1%— +68.6%
5 years, per year -21.0%— +11.0%
10 years -46.7%— +258.0%
10 years, per year -6.1%— +13.6%

Risk

MeasureBAXMDLNSPY
Volatility, 1Y 44.4%44.5% 12.7%
Downside volatility, 1Y 48.2%48.6% 12.7%
Beta vs S&P 500, 1Y 1.160.62 1.00
Return / volatility, 1Y 0.22— 1.02
Max drawdown, 5Y -82.3%-36.7% -25.4%
From 52-week high -10.8%-32.6% -1.8%
52-week high $28.35$49.99 $779.14
52-week low $15.80$31.64 $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.

MultipleBAXMDLN
P/E now vs peer median -12.3xmedian 30.6x 34.5xmedian 30.6x
P/S now vs peer median 2.4xmedian 3.0x 1.6xmedian 3.0x
EV/EBITDA now vs peer median 13.5xmedian 17.5x 17.5xmedian 17.5x
P/FCF now vs peer median 15.6xmedian 23.3x 27.8xmedian 23.3x
P/B now vs peer median 2.1xmedian 2.4x 2.3xmedian 2.4x
PEG now vs peer median -0.43median 0.87 —median 0.87

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 monthsBAXMDLN
Revenue $5.55B $28.57B
Gross profit $3.78B $7.79B
Operating income $532.00M $2.03B
Net income -$1.06B $1.03B
Free cash flow $839.00M $1.59B
R&D $542.00M –
EPS (diluted) $-2.05 $0.97
Cash & equivalents $2.15B $2.33B
Total debt $9.46B $12.58B
Shares (diluted) 518.00M 861.00M
Enterprise value $5.02B $20.71B

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
MetricBAXMDLN
P/E -12.3x 34.5x
P/FCF 15.6x 27.8x
P/Operating cash flow 9.7x 22.1x
P/S 2.4x 1.6x
P/B 2.1x 2.3x
P/Tangible book 6.1x 8.0x
EV/EBITDA 13.5x 17.5x
EV/EBIT 38.3x 26.7x
EV/Revenue 3.7x 1.9x
EV/FCF 24.3x 34.1x
EV/Operating cash flow 15.2x 27.0x
PEG (3Y EPS CAGR) -0.43 –

Growth

14 metrics
MetricBAXMDLN
Revenue growth (1Y) -49.1% –
Revenue CAGR (3Y) -23.5% –
Gross profit growth (1Y) -1.8% –
Gross profit CAGR (3Y) -5.2% –
Operating income growth (1Y) -50.8% –
Operating income CAGR (3Y) 29.5% –
Net income growth (1Y) -604.0% –
Net income CAGR (3Y) 28.0% –
EPS growth (1Y) -580.5% –
EPS CAGR (3Y) 28.6% –
Operating cash flow growth (1Y) 56.3% –
Operating cash flow CAGR (3Y) -4.8% –
Free cash flow growth (1Y) 153.5% –
Free cash flow CAGR (3Y) -9.5% –

Profitability

14 metrics
MetricBAXMDLN
Gross margin 68.1% 27.3%
EBITDA margin 27.3% 10.8%
Operating margin 9.6% 7.1%
Pretax margin 5.1% 4.3%
Net margin -19.2% 2.9%
FCF margin 15.1% 5.6%
Operating cash flow margin 24.2% 7.0%
Return on equity -17.4% 5.4%
Return on assets -5.4% 2.6%
Return on invested capital 3.4% 5.4%
Return on capital employed 3.3% 5.6%
Asset turnover 0.3x 0.7x
Cash conversion (OCF / net income) -1.3x 2.0x
Stock comp / revenue 2.1% 0.3%

Financial Health

11 metrics
MetricBAXMDLN
Debt / assets 47.8% 32.0%
Debt / equity 1.5x 0.7x
Net debt / EBITDA 4.8x 3.2x
Debt / FCF 11.3x 7.9x
Liabilities / assets 68.6% 51.5%
Equity / assets 31.4% 48.5%
Interest coverage – –
Current ratio 1.9x 4.3x
Quick ratio 1.1x 2.3x
Cash ratio 0.6x 1.0x
Altman Z-score 2.13 2.49

Shareholder Returns

7 metrics
MetricBAXMDLN
Dividend yield 0.2% –
Net buyback yield -0.2% 0.0%
Shareholder yield 0.0% 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.

ConsensusBAXMDLN
Forward P/E 12.8xFY2026 23.4xFY2026
EPS, next fiscal year $1.98FY2026 $1.44FY2026
EPS growth, next FY -10.4%FY2026 +0.7%FY2026
EPS growth, the year after -3.5% +13.9%
Revenue, next fiscal year $11.05BFY2026 $32.52BFY2026
Revenue growth, next FY -1.7%FY2026 +14.4%FY2026
Revenue growth, the year after +11.7% +8.0%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersBAXMDLN
Held by institutions 100.0% 57.1%
Institutions holding 690 407
Change in shares held, QoQ +5.2% +17.9%
Institutions buying 359 322
Institutions selling 193 68
Buyers to sellers 1.86 4.74

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.

BAXMDLN
BAX 1.00 0.30
MDLN 0.30 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, BAX and MDLN?

Medline (MDLN) is the largest by market capitalisation: Baxter International (BAX) $12.89B, Medline (MDLN) $27.76B.

Which company is more profitable?

Medline (MDLN) has the highest net margin (Baxter International (BAX) -19.2%, Medline (MDLN) 2.9%). On return on invested capital, Medline (MDLN) leads (Baxter International (BAX) 3.4%, Medline (MDLN) 5.4%).

Which pays a higher dividend?

Only one of these companies pays a dividend: Baxter International (BAX) 0.01%, Medline (MDLN) 0.00%. Medline (MDLN) pays no regular dividend.

Which stock is riskier?

By one-year price volatility, Baxter International (BAX) has been the steadiest (Baxter International (BAX) 44.4%, Medline (MDLN) 44.5%). Volatility measures how widely the price swings, not the risk of the business.

Do BAX and MDLN move together?

Their daily returns over the past year have a correlation of 0.30, a weak relationship. Holding both diversifies more than two closely linked stocks would.

Which is the better stock, BAX and MDLN?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Medline (MDLN) leads on 5. 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.