Baxter International (BAX) Invested Capital (2009 - 2026)
Baxter International's Invested Capital was $15.1 billion in Q3 2026, down 9.6% from $16.72 billion a year earlier and down 3.4% from the prior quarter.
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Analysis
Baxter International (BAX) Invested Capital (2009 - 2026) Analysis & Trends
For FY2025, Invested Capital at Baxter International came in at $15.61 billion, down 22.6% from FY2024.
- Invested Capital has now declined for four consecutive years, though with a five-year compound annual growth rate of 0.9% (FY2020 to FY2025).
- In earlier years, Invested Capital was $20.15 billion in FY2024 (-9.3%), $22.22 billion in FY2023 (-1.4%), $22.53 billion in FY2022 (-15.9%) and $26.78 billion in FY2021 (+79.5%).
- The Q3 2026 figure marks the lowest quarterly Invested Capital since Q3 2021.
- Compared with a year earlier, Invested Capital has declined for 12 straight quarters, with an average decline of 14.8% over the last eight quarters.
- The best year-over-year quarter for Invested Capital over five years was Q1 2022 (growth of 80.4%); the worst was Q4 2025 (a decline of 22.6%).
- Per Business Quant data, BAX's Invested Capital in the three quarters before Q3 2026 was $15.64 billion (Q2 2026), $15.48 billion (Q1 2026) and $15.61 billion (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Invested Cap. (Qtr) |
|---|---|---|---|---|---|
| 1 | Thermo Fisher Scientific | 266.22 Bn | 242.86 Bn | 5.13 Bn | 96.14 Bn |
| 2 | Abbott Laboratories | 191.31 Bn | 165.77 Bn | 7.39 Bn | 82.78 Bn |
| 3 | Danaher | 166.16 Bn | 145.82 Bn | 3.84 Bn | 80.12 Bn |
| 4 | Intuitive Surgical | 155.98 Bn | 136.40 Bn | 2.08 Bn | - |
| 5 | Medtronic | 130.05 Bn | 96.18 Bn | 6.34 Bn | 79.00 Bn |
| 6 | Stryker | 123.40 Bn | 109.59 Bn | 4.25 Bn | 38.39 Bn |
| 7 | Boston Scientific | 64.81 Bn | 60.48 Bn | 3.43 Bn | 37.83 Bn |
| 8 | Edwards Lifesciences | 59.87 Bn | 43.18 Bn | 1.35 Bn | 11.56 Bn |
| 9 | Medline | 53.84 Bn | 50.96 Bn | 1.93 Bn | 31.97 Bn |
| 10 | Baxter International | 13.66 Bn | 5.52 Bn | 994.00 Mn | 15.10 Bn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 15.10 Bn |
| Jun 30, 2026 | 15.64 Bn |
| Mar 31, 2026 | 15.48 Bn |
| Dec 31, 2025 | 15.61 Bn |
| Sep 30, 2025 | 16.72 Bn |
| Jun 30, 2025 | 16.79 Bn |
| Mar 31, 2025 | 17.13 Bn |
| Dec 31, 2024 | 20.15 Bn |
| Sep 30, 2024 | 20.88 Bn |
| Jun 30, 2024 | 20.61 Bn |
| Mar 31, 2024 | 21.96 Bn |
| Dec 31, 2023 | 22.22 Bn |
| Sep 30, 2023 | 24.66 Bn |
| Jun 30, 2023 | 22.11 Bn |
| Mar 31, 2023 | 22.37 Bn |
| Dec 31, 2022 | 22.53 Bn |
| Sep 30, 2022 | 22.01 Bn |
| Jun 30, 2022 | 25.59 Bn |
| Mar 31, 2022 | 26.29 Bn |
| Dec 31, 2021 | 26.78 Bn |
API Access
Baxter International Invested Capital API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=invested-capital&ticker=BAX&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "invested-capital", "ticker": "BAX", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=invested-capital&ticker=BAX&period=max&api_key=YOUR_API_KEY");
const data = await res.json();