BAX
Baxter International Inc.
BAX has the edge over NVO overall, supported by lower modeled downside.
NVO
Novo Nordisk A/S
NVO offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
BAX PE Valuation
BAX has no meaningful PE right now: it lost money over the past year.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO's PE is 10x, but its earnings don't support one, so it isn't a reliable read right now.
BAX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
BAX has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO 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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO has the edge over BAX on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO 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% |
BAX has the stronger cash trend. Its trailing FCF is up 38% versus its history, compared with NVO at down 14%.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
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 |
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over BAX on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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 NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO is trading at 10x earnings, a 60% discount to the Healthcare sector's median of 26x, though its earnings don't support one.
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 the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
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 NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.