Medical devices · head to head

BAX vs DXCM

BAXTER INTERNATIONAL INC and DEXCOM INC, side by side on the measures that account for debt and cash — each built from filed accounts.

01

Side by side

The two diverge most on net debt / ebitda: 9.1× for BAX against −2.3× for DXCM. Whether that gap is justified is a judgement this page does not make.

BAXTER INTERNATIONAL INC compared with DEXCOM INC
MeasureBAXDXCMSector median
EV / EBITDA*29.8×26.0×17.0×
EV / Sales*1.8×6.5×3.9×
Net debt / EBITDA9.1×−2.3×1.6×
Return on capital−2.0%34.7%19.2%
Operating margin−2.7%19.6%18.8%
Free cash flow margin3.0%23.1%14.6%

Green marks the reading conventionally read as cheaper or stronger on that row — a direction, not a recommendation, and the two companies frequently win different rows. * Price-based multiples are a snapshot taken 2026-09-09; the rest come from filed accounts. A dash means the measure could not be computed — each company page says why.

02

The full picture

This page compares two companies on ratios. Neither ratio table shows what it would cost to buy either business, how that cost is built, or which filing each term came from — those are on the company pages.