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BAX

BAXTER INTERNATIONAL INC.
CIK 0000010456 ยท EDGAR โ†—
cleanelevatedtriggeredno dataplanned
60.9
composite ยท 5 signals ยท ELEVATED

Every card below shows the score and the exact filing data it was computed from โ€” no unexplained numbers. Some signals (P-02, P-03, P-08, P-09, P-10, P-11) pull live documents from SEC EDGAR the first time you view this company; a few of those (P-03, P-10, P-11) use AI to read the filing text, but every AI claim must quote the actual document verbatim or it's discarded โ€” never a guess.

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Signals

P-07 ยท FY 2025-12-31 ยท ELEVATED40.6

Pension underfunding

DB plan 84% funded โ€” -$471M deficit (8% of equity)
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-12) โ†—
Evidence โ€” inputs and thresholds
{
  "benefit_obligation": 2859000000,
  "plan_assets": 2388000000,
  "funded_ratio": 0.8353,
  "deficit": -471000000,
  "deficit_vs_equity": 0.0768,
  "thresholds": {
    "elevated": "<90% funded",
    "triggered": "<80% funded or deficit >25% of equity"
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/0001628280-26-007733-index.htm",
    "form": "10-K",
    "filed": "2026-02-12"
  }
}
P-12 ยท FY 2025-12-31 ยท ELEVATED41.7

Restatement predictor

F-Score 1.25 โ€” misstatement risk 1.3x the base rate
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-12) โ†—
Evidence โ€” inputs and thresholds
{
  "f_score": 1.251,
  "probability": 0.00463,
  "components": {
    "rsst": -0.0786,
    "drec": 0.0079,
    "dinv": 0.0081,
    "soft": 0.7569,
    "dcs": 0.0401,
    "droa": -0.0225,
    "issue": 1
  },
  "model": "Dechow et al. 2011, Model 1 (simplified RSST)",
  "thresholds": {
    "elevated": 1,
    "triggered": 1.85
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/0001628280-26-007733-index.htm",
    "form": "10-K",
    "filed": "2026-02-12"
  }
}
P-13 ยท FY 2025-12-31 ยท ELEVATED71.6

Zombie / distress

Interest coverage -1.06x below 1.0
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-12) โ†—
Evidence โ€” inputs and thresholds
{
  "icr_by_year": {
    "2025-12-31": -1.062,
    "2024-12-31": 0.034,
    "2023-12-31": 1.392,
    "2022-12-31": -6.889
  },
  "consecutive_years_below_1": 2,
  "altman_z_double_prime": 3.862,
  "definitions": {
    "zombie": "ICR<1 for 3+ consecutive FYs (BIS 2018)",
    "z_distress": "<1.1 distress, 1.1-2.6 gray, >2.6 safe"
  },
  "inputs": {
    "ebit_t": -308000000,
    "interest_expense_t": 290000000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/0001628280-26-007733-index.htm",
    "form": "10-K",
    "filed": "2026-02-12"
  }
}
P-01 ยท FY 2025-12-31 ยท CLEAN25.5

Earnings quality

Beneish M-Score -2.61 โ€” no manipulation profile
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-12) โ†—
Evidence โ€” inputs and thresholds
{
  "m_score": -2.608,
  "threshold": -1.78,
  "ratios": {
    "DSRI": 1.048,
    "GMI": 1.246,
    "AQI": 0.939,
    "SGI": 1.057,
    "DEPI": 1.023,
    "SGAI": 0.921,
    "LVGI": 0.81,
    "TATA": -0.087
  },
  "defaulted_to_neutral": [],
  "sloan_accruals": -0.0786,
  "inputs": {
    "revenue_t": 11244000000,
    "revenue_t1": 10636000000,
    "total_assets_t": 20055000000,
    "net_income_t": -957000000,
    "cfo_t": 845000000
  },
  "stale": false,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/0001628280-26-007733-index.htm",
    "form": "10-K",
    "filed": "2026-02-12"
  }
}
P-05 ยท FY 2023-12-31 ยท CLEAN0.0

Tax arbitrage

[FY2023 data, stale โ€” no more recent pretax-income figure in XBRL] ETR 25.2% โ€” within normal range of statutory
trend: flat
Trend
Source: 10-K on SEC.gov (filed 2026-02-12) โ†—
Evidence โ€” inputs and thresholds
{
  "etr_by_year": {
    "2023-12-31": 0.2521
  },
  "statutory_rate": 0.21,
  "gap_by_year": {
    "2023-12-31": -0.0421
  },
  "note": "Low ETR can be fully legitimate; this flags persistence + magnitude for review.",
  "stale": true,
  "latest_filing_period": "2025-12-31",
  "source": {
    "url": "https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/0001628280-26-007733-index.htm",
    "form": "10-K",
    "filed": "2026-02-12"
  }
}