Baxter International vs Intuitive Surgical
Baxter International reported revenue of $11.2 billion in fiscal 2025, about the same as Intuitive Surgical's $10.1 billion in fiscal 2025. Baxter International's revenue grew 5.7% in its latest year, and Intuitive Surgical's grew 20.5%. Baxter International had an operating margin of -2.7%, against 29.3% at Intuitive Surgical. Free cash flow was $332 million at Baxter International and $2.5 billion at Intuitive Surgical.
Side by side
| Baxter International | Intuitive Surgical | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $11.2B | $10.1B |
| Revenue growth | 5.7% | 20.5% |
| Revenue growth a year, last 5 years | −0.7% | 18.2% |
| Gross margin | 30.1% | 66.0% |
| Operating margin | −2.7% | 29.3% |
| Net margin | −8.5% | 28.4% |
| Free cash flow | $332M | $2.5B |
| Free cash flow margin | 3.0% | 24.8% |
| Return on capital | −1.4% | 20.9% |
| Net debt to EBITDA | 11.1x | −1.7x |
| Dividends and buybacks | $348M | $2.3B |
| Change in diluted share count | 0.6% | 0.2% |
| Last close | $25.29 | $451.63 |
| P/E at the last close | — | 54.7× |
| Insider trades, last 12 months | — | sold $72.8 million |
| Piotroski F-score | 5 of 9 | 5 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Baxter InternationalIntuitive Surgical
Operating margin
Percent of revenue
Baxter InternationalIntuitive Surgical
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Baxter InternationalIntuitive Surgical
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Baxter International and Intuitive Surgical pages.