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Side-by-side financial comparison of Bausch Health Companies Inc. (BHC) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
NetEase, Inc. is the larger business by last-quarter revenue ($4.0B vs $2.8B, roughly 1.4× Bausch Health Companies Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs -3.7%, a 34.7% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $403.0M). Over the past eight quarters, Bausch Health Companies Inc.'s revenue compounded faster (14.0% CAGR vs 9.7%).
Bausch Health Companies Inc. is a global, diversified American-Canadian pharmaceutical company. Its global corporate headquarters are located in Laval, Quebec, Canada, and its U.S. headquarters are in Bridgewater, New Jersey. It develops, manufactures and markets a range of pharmaceutical products in gastroenterology, hepatology, neurology, dermatology, dentistry, medical aesthetics, and international pharmaceuticals. Bausch Health manufactures and markets branded pharmaceuticals, generic ph...
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
BHC vs NTES — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8B | $4.0B |
| Net Profit | $-103.0M | $1.2B |
| Gross Margin | — | 64.1% |
| Operating Margin | 17.0% | 28.3% |
| Net Margin | -3.7% | 31.0% |
| Revenue YoY | 9.3% | — |
| Net Profit YoY | -205.1% | — |
| EPS (diluted) | $-0.30 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $4.0B | ||
| Q2 25 | $2.5B | $3.9B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.5B | $3.7B | ||
| Q2 24 | $2.4B | $3.5B | ||
| Q1 24 | $2.2B | $3.7B |
| Q4 25 | $-103.0M | — | ||
| Q3 25 | $179.0M | $1.2B | ||
| Q2 25 | $148.0M | $1.3B | ||
| Q1 25 | $-58.0M | $1.5B | ||
| Q4 24 | $98.0M | — | ||
| Q3 24 | $-85.0M | $955.7M | ||
| Q2 24 | $10.0M | $939.6M | ||
| Q1 24 | $-64.0M | $1.1B |
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
| Q4 25 | 17.0% | — | ||
| Q3 25 | 23.1% | 28.3% | ||
| Q2 25 | 17.5% | 32.5% | ||
| Q1 25 | 12.2% | 36.2% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 12.7% | 27.3% | ||
| Q2 24 | 16.2% | 27.4% | ||
| Q1 24 | 13.1% | 28.4% |
| Q4 25 | -3.7% | — | ||
| Q3 25 | 6.7% | 31.0% | ||
| Q2 25 | 5.8% | 32.6% | ||
| Q1 25 | -2.6% | 36.6% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -3.4% | 25.6% | ||
| Q2 24 | 0.4% | 26.8% | ||
| Q1 24 | -3.0% | 29.1% |
| Q4 25 | $-0.30 | — | ||
| Q3 25 | $0.48 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $-0.17 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $31.3B |
| Total DebtLower is stronger | $20.8B | — |
| Stockholders' EquityBook value | $-554.0M | $160.8B |
| Total Assets | $26.4B | $214.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $31.3B | ||
| Q2 25 | $1.7B | $54.4B | ||
| Q1 25 | $1.1B | $41.7B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $719.0M | $20.2B | ||
| Q2 24 | $595.0M | $19.0B | ||
| Q1 24 | $733.0M | $43.0B |
| Q4 25 | $20.8B | — | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | — | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $22.1B | — |
| Q4 25 | $-554.0M | — | ||
| Q3 25 | $-565.0M | $160.8B | ||
| Q2 25 | $-764.0M | $154.0B | ||
| Q1 25 | $-1.2B | $147.8B | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | $-1.2B | $135.6B | ||
| Q2 24 | $-1.2B | $134.2B | ||
| Q1 24 | $-1.1B | $130.5B |
| Q4 25 | $26.4B | — | ||
| Q3 25 | $26.8B | $214.5B | ||
| Q2 25 | $27.3B | $208.5B | ||
| Q1 25 | $26.4B | $200.9B | ||
| Q4 24 | $26.5B | — | ||
| Q3 24 | $26.5B | $184.9B | ||
| Q2 24 | $26.5B | $183.3B | ||
| Q1 24 | $26.9B | $195.1B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $495.0M | $1.8B |
| Free Cash FlowOCF − Capex | $403.0M | $1.8B |
| FCF MarginFCF / Revenue | 14.4% | 44.7% |
| Capex IntensityCapex / Revenue | 3.3% | 1.0% |
| Cash ConversionOCF / Net Profit | — | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $495.0M | — | ||
| Q3 25 | $405.0M | $1.8B | ||
| Q2 25 | $289.0M | $1.5B | ||
| Q1 25 | $211.0M | $1.7B | ||
| Q4 24 | $601.0M | — | ||
| Q3 24 | $405.0M | $1.5B | ||
| Q2 24 | $380.0M | $898.8M | ||
| Q1 24 | $211.0M | $1.3B |
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | $1.8B | ||
| Q2 25 | $190.0M | $1.5B | ||
| Q1 25 | $96.0M | $1.6B | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | $1.5B | ||
| Q2 24 | $302.0M | $875.6M | ||
| Q1 24 | $129.0M | $1.3B |
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | 44.7% | ||
| Q2 25 | 7.5% | 38.3% | ||
| Q1 25 | 4.2% | 40.4% | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | 38.9% | ||
| Q2 24 | 12.6% | 25.0% | ||
| Q1 24 | 6.0% | 34.0% |
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | 1.0% | ||
| Q2 25 | 3.9% | 0.7% | ||
| Q1 25 | 5.1% | 1.6% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | 1.4% | ||
| Q2 24 | 3.2% | 0.7% | ||
| Q1 24 | 3.8% | 1.5% |
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | 1.47× | ||
| Q2 25 | 1.95× | 1.20× | ||
| Q1 25 | — | 1.15× | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | 1.58× | ||
| Q2 24 | 38.00× | 0.96× | ||
| Q1 24 | — | 1.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BHC
| Bausch Lomb | $1.4B | 50% |
| Salix Segment | $693.0M | 25% |
| International Rx | $306.0M | 11% |
| Diversified Segment | $255.0M | 9% |
| Solta Medical Segment | $137.0M | 5% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
