BAX
Baxter International Inc.
BAX's outlook is improving, though it still trails on the overall score.
LLY
Eli Lilly and Company
LLY has the edge over BAX overall, supported by stronger fundamentals and stronger modeled upside.
BAX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Unavailable | |
| Strong |
BAX's balance sheet is currently strong, and its revenue is stable, but its profitability is under pressure. There isn't enough data to rate its cash flow.
LLY Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
LLY's revenue, profitability, cash flow and balance sheet are all currently healthy.
BAX PE Valuation
BAX has no meaningful PE right now: it lost money over the past year.
LLY PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $845 | -41% |
| Forward | 30x | $1,427 | — |
| Current | 46x | $1,427 | — |
| Fair | 48x | $1,466 | +2.7% |
| Expensive | 85x | $2,612 | +83% |
Historical ranges are pointers, not guarantees.
LLY's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 30x next year's earnings, in its cheap range.
BAX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for BAX, with profitability improving.
LLY Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for LLY, with profitability improving.
BAX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.06 | — |
| Q3 2026 | -$1.43 | -$0.77 |
| Q2 2026 | -$2.09 | -$1.79 |
| Q1 2026 | -$2.15 | -$1.05 |
| Q4 2025 | -$1.87 | -$0.59 |
| Q3 2025 | -$0.66 | -430% |
| Q2 2025 | -$0.30 | -106% |
| Q1 2025 | -$1.10 | -121% |
| Q4 2024 | -$1.28 | -125% |
BAX is still losing money, but far less than before: $1.43 per share over the past year, against $5.66 at its worst in mid-2023.
LLY Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $46.82 | +52% |
| Q3 2026 | $30.81 | +51% |
| Q2 2026 | $29.80 | +95% |
| Q1 2026 | $28.15 | +129% |
| Q4 2025 | $22.95 | +96% |
| Q3 2025 | $20.44 | +121% |
| Q2 2025 | $15.30 | +88% |
| Q1 2025 | $12.29 | +81% |
| Q4 2024 | $11.71 | +102% |
LLY has the edge over BAX on earnings quality, reporting a profit while its opponent remains loss making.
BAX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3B | +5% |
| Q2 2026 | $3B | +5.3% |
| Q1 2026 | $2.7B | +2.9% |
| Q4 2025 | $3B | +8% |
| Q3 2025 | $2.8B | +5% |
| Q2 2025 | $2.8B | -26% |
| Q1 2025 | $2.6B | -27% |
| Q4 2024 | $2.8B | -29% |
BAX's revenue has grown year over year for five quarters in a row: $3B last quarter, up 5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.6% | +1.5 points |
| Q2 2026 | 7.3% | +0.5 points |
| Q1 2026 | 2.4% | +0.2 points |
| Q4 2025 | -25% | -8.7 points |
| Q3 2025 | 6.1% | +0.3 points |
| Q2 2025 | 6.8% | +12 points |
| Q1 2025 | 2.2% | -3 points |
| Q4 2024 | -16% | -24 points |
BAX's operating margin was 7.6% last quarter, up 1.5 points from the same quarter a year ago.
LLY Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.4B | +39% |
| Q2 2026 | $23B | +48% |
| Q1 2026 | $19.8B | +56% |
| Q4 2025 | $19.3B | +43% |
| Q3 2025 | $17.6B | +54% |
| Q2 2025 | $15.6B | +38% |
| Q1 2025 | $12.7B | +45% |
| Q4 2024 | $13.5B | +45% |
LLY has the edge over BAX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 34% | -6.6 points |
| Q2 2026 | 40% | -3.3 points |
| Q1 2026 | 45% | +18 points |
| Q4 2025 | 43% | +5.6 points |
| Q3 2025 | 41% | +27 points |
| Q2 2025 | 44% | +12 points |
| Q1 2025 | 27% | -1.8 points |
| Q4 2024 | 37% | +10 points |
LLY has the edge over BAX on profitability, with a higher operating margin.
BAX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $558M | +135% |
| Q2 2026 | $285M | +31% |
| Q1 2026 | $213M | +$406M |
| Q3 2025 | $237M | -6.3% |
| Q2 2025 | $217M | +89% |
| Q1 2025 | -$193M | -218% |
| Q3 2024 | $253M | +32% |
| Q2 2024 | $115M | -41% |
LLY has the stronger cash trend. Its trailing FCF is up 259% versus its history, compared with BAX at up 38%.
LLY Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.2B | +22% |
| Q2 2026 | $7.8B | +458% |
| Q1 2026 | $3B | +1826% |
| Q4 2025 | $677.9M | -31% |
| Q3 2025 | $6.7B | +186% |
| Q2 2025 | $1.4B | +476% |
| Q1 2025 | $156.1M | -13% |
| Q4 2024 | $977.8M | +$2.4B |
LLY generated $19.7B in free cash flow over the past year, up 112% from the year before.
BAX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +2M shares |
| 1 year | +1.2% | +6M shares |
| 3 years | +2.2% | +11M shares |
| 5 years | +2.8% | +14M shares |
| Available history | +0.2% | +1M shares |
BAX has 520M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q4 2022 | — |
| Q3 2022 | $32M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $35M |
| Q2 2021 | $312M |
LLY Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -300K shares |
| 1 year | -0.6% | -5.4M shares |
| 3 years | -0.7% | -6.4M shares |
| 5 years | -1.9% | -17.4M shares |
| Available history | -4.5% | -42.3M shares |
LLY has the edge over BAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $377M |
| Q2 2026 | $1.6B |
| Q1 2026 | $2.4B |
| Q4 2025 | $1.5B |
| Q3 2025 | $708.1M |
| Q2 2025 | $692.2M |
| Q1 2025 | $1.2B |
| Q4 2024 | $2.1B |
LLY spent $5.8B buying back its own shares over the past year, up 26% from the year before.
BAX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.5x | Net Cash |
| Q2 2026 | -1.9x | Net Cash |
| Q1 2026 | -1.8x | Net Cash |
| Q4 2025 | 11.2x | High |
| Q3 2025 | -1.0x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -3.3x | Net Cash |
| Q4 2024 | 16.0x | High |
BAX has the edge over LLY on leverage, with a lower net debt burden relative to earnings.
LLY Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.2x | Healthy |
| Q2 2026 | 1.3x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 2.0x | Healthy |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 2.1x | Moderate |
LLY's net debt is about 1.2 years of its operating earnings (EBITDA), about the same as a year ago.
BAX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.5 | Neutral |
| Stochastic | 40.5 | Neutral |
BAX's weekly RSI is 59 (neutral) and its Stochastic is 40 (neutral).
LLY Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 68.3 | Neutral |
| Stochastic | 84.1 | Overbought |
LLY's weekly RSI is 68 (neutral) and its Stochastic is 84 (overbought).
BAX PE vs Healthcare Sector
| Metric | BAX | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 26x | — |
BAX has no meaningful PE right now: it lost money over the past year.
LLY PE vs Healthcare Sector
| Metric | LLY | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 26x | 79% above |
| PE % | 48 | 29 | 19 pts above |
LLY is trading at 46x earnings, a 79% premium to the Healthcare sector's median of 26x.
BAX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $24.5 | 4.9% above |
| 20 week MA | $24.6 | 4.6% above |
| 50 week MA | $21.3 | 21% above |
| 100 week MA | $24.5 | 5.1% above |
| 200 week MA | $31.7 | 19% below |
BAX has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 19% below its 200-week average.
LLY Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,279.4 | 12% above |
| 20 week MA | $1,218.8 | 17% above |
| 50 week MA | $1,102.2 | 29% above |
| 100 week MA | $954.1 | 50% above |
| 200 week MA | $797.5 | 79% above |
LLY has the edge over BAX on trend strength, trading above more of its moving averages.
BAX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $84.1 | $79.6 | -5.3% |
| 2021 | $79.6 | $85.6 | +7.5% |
| 2022 | $85.6 | $50.2 | -41% |
| 2023 | $50.2 | $38.7 | -23% |
| 2024 | $38.7 | $29.2 | -24% |
| 2025 | $29.2 | $19.4 | -34% |
| 2026 YTD | $19.4 | $25.7 | +33% |
BAX has the edge over LLY on returns for 2026, with the stronger performance.
LLY Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $131.5 | $166.7 | +27% |
| 2021 | $166.7 | $273.1 | +64% |
| 2022 | $273.1 | $367.9 | +35% |
| 2023 | $367.9 | $582.9 | +58% |
| 2024 | $582.9 | $783.2 | +34% |
| 2025 | $783.2 | $1,077.8 | +38% |
| 2026 YTD | $1,077.8 | $1,427.3 | +32% |
LLY has finished every year since 2020 higher, and it's up 32% so far in 2026.