Baxter International
Baxter International returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | -1.6% | — | -15.72% | -5.21% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | -1.77% | — | -16.73% | -5.34% | — |
| FY 2025 Q4 | Dec 31, 2025 | — | -1.69% | — | -14.62% | -4.18% | — |
| FY 2025 Q3 | Sep 30, 2025 | — | -0.07% | — | -4.51% | -1.43% | — |
| FY 2025 Q2 | Jun 30, 2025 | — | -0.16% | — | -2.07% | -0.65% | — |
| FY 2025 Q1 | Mar 31, 2025 | — | -2.11% | — | -7.34% | -2.28% | — |
| FY 2024 Q4 | Dec 31, 2024 | — | 0.07% | — | -8.45% | -2.4% | — |
| FY 2024 Q3 | Sep 30, 2024 | — | 2.13% | — | 1.35% | 0.38% | — |
| FY 2024 Q2 | Jun 30, 2024 | — | 1.29% | — | 37.48% | 9.14% | — |
| FY 2024 Q1 | Mar 31, 2024 | — | 1.99% | — | 37.7% | 9.45% | — |
| FY 2023 Q4 | Dec 31, 2023 | — | 1.72% | — | 37.32% | 9.39% | — |
| FY 2023 Q3 | Sep 30, 2023 | — | 1.93% | — | 38.02% | 8.84% | — |
| FY 2023 Q2 | Jun 30, 2023 | — | -9.1% | — | -39.55% | -9.56% | — |
| FY 2023 Q1 | Mar 31, 2023 | — | -7.33% | — | -32.9% | -8.06% | — |
| FY 2022 Q4 | Dec 31, 2022 | — | -7.36% | — | -32.64% | -7.87% | — |
| FY 2022 Q3 | Sep 30, 2022 | — | -9.42% | — | -33.22% | -9.95% | — |
| FY 2022 Q2 | Jun 30, 2022 | — | 6.32% | — | 11.65% | 3.93% | — |
| FY 2022 Q1 | Mar 31, 2022 | — | 6.58% | — | 12.06% | 4.05% | — |
| FY 2021 Q4 | Dec 31, 2021 | 8.56% | 7.44% | 0.88% | 14.45% | 4.8% | 0.9 pp |
| FY 2021 Q3 | Sep 30, 2021 | — | 10.49% | — | 14% | 6.08% | — |
| FY 2021 Q2 | Jun 30, 2021 | — | 10.27% | — | 13.48% | 5.72% | — |
| FY 2021 Q1 | Mar 31, 2021 | — | 9.88% | — | 13.23% | 5.54% | — |
| FY 2020 Q4 | Dec 31, 2020 | — | — | — | — | — | — |
| FY 2020 Q3 | Sep 30, 2020 | — | — | — | — | — | — |
| FY 2020 Q2 | Jun 30, 2020 | — | 11.25% | — | 11.15% | 4.8% | — |
| FY 2020 Q1 | Mar 31, 2020 | — | 12.37% | — | 12.85% | 5.57% | — |
| FY 2019 Q2 | Jun 30, 2019 | 15.2% | 10.49% | 105.15% | 18.95% | 9.27% | 7.5 pp |
| FY 2019 Q1 | Mar 31, 2019 | 15% | 11.32% | 201.28% | 18.9% | 9.52% | 7.3 pp |
| FY 2018 Q4 | Dec 31, 2018 | 16.47% | 11.8% | 348.51% | 19.2% | 9.92% | 8.8 pp |
| FY 2018 Q3 | Sep 30, 2018 | 12.2% | 10.23% | 32.91% | 12.96% | 7.01% | 4.5 pp |
| FY 2018 Q2 | Jun 30, 2018 | 9.8% | 9.81% | -14.53% | 10.1% | 5.44% | 2.1 pp |
| FY 2018 Q1 | Mar 31, 2018 | 9.31% | 9.8% | 1.6% | 9.38% | 5.12% | 1.6 pp |
| FY 2017 Q4 | Dec 31, 2017 | 8.56% | 9.29% | — | 8.23% | 4.39% | 0.9 pp |
| FY 2017 Q3 | Sep 30, 2017 | 11.68% | 8.96% | — | 11.37% | 6.19% | 4 pp |
| FY 2017 Q2 | Jun 30, 2017 | 11.2% | 8.63% | — | 10.29% | 5.52% | 3.5 pp |
| FY 2017 Q1 | Mar 31, 2017 | 8.89% | 6.58% | — | 20.98% | 11.25% | 1.2 pp |
| FY 2016 Q4 | Dec 31, 2016 | — | 5.17% | — | 57.95% | 27.19% | — |
| FY 2016 Q3 | Sep 30, 2016 | — | 4.53% | — | 59.72% | 27.4% | — |
| FY 2016 Q2 | Jun 30, 2016 | — | 2.93% | — | 58.17% | 20.86% | — |
| FY 2016 Q1 | Mar 31, 2016 | 4.31% | 3.37% | — | 48.14% | 18.56% | -3.4 pp |
| FY 2015 Q4 | Dec 31, 2015 | 2.98% | 2.56% | — | 11.41% | 4.13% | -4.7 pp |
| FY 2015 Q3 | Sep 30, 2015 | — | 2.74% | — | 21.15% | 7.5% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 2.7% | — | 26.22% | 7.85% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | — | — | 29.77% | 9.46% | — |
| FY 2014 Q4 | Dec 31, 2014 | 3.55% | 3.29% | — | 30.12% | 9.64% | -4.1 pp |
| FY 2014 Q3 | Sep 30, 2014 | — | — | — | 23.15% | 7.36% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | — | — | 24.41% | 7.88% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | — | — | 25.79% | 8.85% | — |
| FY 2013 Q4 | Dec 31, 2013 | 3.19% | 2.79% | — | 26.13% | 8.7% | -4.5 pp |
| FY 2013 Q3 | Sep 30, 2013 | — | — | — | 29.31% | 9.67% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | — | — | 32.08% | 10.52% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | — | — | 33.46% | 11.71% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | — | — | 34.4% | 11.79% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | — | — | 32.6% | 12.19% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | — | — | 33.78% | 12.65% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | — | — | 33.32% | 12.39% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | — | — | 33.82% | 12.17% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | — | — | 32.4% | 12.34% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | — | — | 33.08% | 12.46% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | — | — | 31.19% | 11.87% | — |
| FY 2010 Q4 | Dec 31, 2010 | — | — | — | 20.64% | 8.15% | — |
| FY 2010 Q3 | Sep 30, 2010 | — | — | — | 23.04% | 9.09% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | — | — | 25.29% | 9.77% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · BAX, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.