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Side-by-side financial comparison of Bausch Health Companies Inc. (BHC) and Zoetis (ZTS). Click either name above to swap in a different company.
Bausch Health Companies Inc. is the larger business by last-quarter revenue ($2.8B vs $2.4B, roughly 1.2× Zoetis). Zoetis runs the higher net margin — 25.3% vs -3.7%, a 28.9% gap on every dollar of revenue. On growth, Bausch Health Companies Inc. posted the faster year-over-year revenue change (9.3% vs 3.0%). Zoetis produced more free cash flow last quarter ($732.0M vs $403.0M). Over the past eight quarters, Bausch Health Companies Inc.'s revenue compounded faster (14.0% CAGR vs 4.4%).
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...
Zoetis Inc. (/zō-EH-tis/) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock. The company was a subsidiary of Pfizer, the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries. Operations outside the United States accounted for 50% of the total re...
BHC vs ZTS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.8B | $2.4B |
| Net Profit | $-103.0M | $603.0M |
| Gross Margin | — | 70.2% |
| Operating Margin | 17.0% | 31.9% |
| Net Margin | -3.7% | 25.3% |
| Revenue YoY | 9.3% | 3.0% |
| Net Profit YoY | -205.1% | 3.8% |
| EPS (diluted) | $-0.30 | $1.37 |
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 | $2.4B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.5B | $2.5B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $2.6B | $2.3B | ||
| Q3 24 | $2.5B | $2.4B | ||
| Q2 24 | $2.4B | $2.4B | ||
| Q1 24 | $2.2B | $2.2B |
| Q4 25 | $-103.0M | $603.0M | ||
| Q3 25 | $179.0M | $721.0M | ||
| Q2 25 | $148.0M | $718.0M | ||
| Q1 25 | $-58.0M | $631.0M | ||
| Q4 24 | $98.0M | $581.0M | ||
| Q3 24 | $-85.0M | $682.0M | ||
| Q2 24 | $10.0M | $624.0M | ||
| Q1 24 | $-64.0M | $599.0M |
| Q4 25 | — | 70.2% | ||
| Q3 25 | — | 71.5% | ||
| Q2 25 | — | 73.6% | ||
| Q1 25 | — | 72.0% | ||
| Q4 24 | — | 69.5% | ||
| Q3 24 | — | 70.6% | ||
| Q2 24 | — | 71.7% | ||
| Q1 24 | — | 70.6% |
| Q4 25 | 17.0% | 31.9% | ||
| Q3 25 | 23.1% | 37.0% | ||
| Q2 25 | 17.5% | 36.7% | ||
| Q1 25 | 12.2% | 36.5% | ||
| Q4 24 | 21.8% | 31.6% | ||
| Q3 24 | 12.7% | 36.6% | ||
| Q2 24 | 16.2% | 33.0% | ||
| Q1 24 | 13.1% | 34.1% |
| Q4 25 | -3.7% | 25.3% | ||
| Q3 25 | 6.7% | 30.0% | ||
| Q2 25 | 5.8% | 29.2% | ||
| Q1 25 | -2.6% | 28.4% | ||
| Q4 24 | 3.8% | 25.1% | ||
| Q3 24 | -3.4% | 28.6% | ||
| Q2 24 | 0.4% | 26.4% | ||
| Q1 24 | -3.0% | 27.4% |
| Q4 25 | $-0.30 | $1.37 | ||
| Q3 25 | $0.48 | $1.63 | ||
| Q2 25 | $0.40 | $1.61 | ||
| Q1 25 | $-0.16 | $1.41 | ||
| Q4 24 | $0.24 | $1.29 | ||
| Q3 24 | $-0.23 | $1.50 | ||
| Q2 24 | $0.03 | $1.37 | ||
| Q1 24 | $-0.17 | $1.31 |
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 | — |
| Total DebtLower is stronger | $20.8B | — |
| Stockholders' EquityBook value | $-554.0M | $3.3B |
| Total Assets | $26.4B | $15.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.2B | $2.0B | ||
| Q3 24 | $719.0M | $1.7B | ||
| Q2 24 | $595.0M | $1.6B | ||
| Q1 24 | $733.0M | $2.0B |
| 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 | $3.3B | ||
| Q3 25 | $-565.0M | $5.4B | ||
| Q2 25 | $-764.0M | $5.0B | ||
| Q1 25 | $-1.2B | $4.7B | ||
| Q4 24 | $-1.3B | $4.8B | ||
| Q3 24 | $-1.2B | $5.2B | ||
| Q2 24 | $-1.2B | $5.0B | ||
| Q1 24 | $-1.1B | $5.1B |
| Q4 25 | $26.4B | $15.5B | ||
| Q3 25 | $26.8B | $15.2B | ||
| Q2 25 | $27.3B | $14.5B | ||
| Q1 25 | $26.4B | $14.1B | ||
| Q4 24 | $26.5B | $14.2B | ||
| Q3 24 | $26.5B | $14.4B | ||
| Q2 24 | $26.5B | $14.2B | ||
| Q1 24 | $26.9B | $14.3B |
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 | $893.0M |
| Free Cash FlowOCF − Capex | $403.0M | $732.0M |
| FCF MarginFCF / Revenue | 14.4% | 30.7% |
| Capex IntensityCapex / Revenue | 3.3% | 6.7% |
| Cash ConversionOCF / Net Profit | — | 1.48× |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | $2.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $495.0M | $893.0M | ||
| Q3 25 | $405.0M | $938.0M | ||
| Q2 25 | $289.0M | $486.0M | ||
| Q1 25 | $211.0M | $587.0M | ||
| Q4 24 | $601.0M | $905.0M | ||
| Q3 24 | $405.0M | $951.0M | ||
| Q2 24 | $380.0M | $502.0M | ||
| Q1 24 | $211.0M | $595.0M |
| Q4 25 | $403.0M | $732.0M | ||
| Q3 25 | $314.0M | $805.0M | ||
| Q2 25 | $190.0M | $308.0M | ||
| Q1 25 | $96.0M | $438.0M | ||
| Q4 24 | $495.0M | $689.0M | ||
| Q3 24 | $334.0M | $784.0M | ||
| Q2 24 | $302.0M | $370.0M | ||
| Q1 24 | $129.0M | $455.0M |
| Q4 25 | 14.4% | 30.7% | ||
| Q3 25 | 11.7% | 33.5% | ||
| Q2 25 | 7.5% | 12.5% | ||
| Q1 25 | 4.2% | 19.7% | ||
| Q4 24 | 19.3% | 29.7% | ||
| Q3 24 | 13.3% | 32.8% | ||
| Q2 24 | 12.6% | 15.7% | ||
| Q1 24 | 6.0% | 20.8% |
| Q4 25 | 3.3% | 6.7% | ||
| Q3 25 | 3.4% | 5.5% | ||
| Q2 25 | 3.9% | 7.2% | ||
| Q1 25 | 5.1% | 6.7% | ||
| Q4 24 | 4.1% | 9.3% | ||
| Q3 24 | 2.8% | 7.0% | ||
| Q2 24 | 3.2% | 5.6% | ||
| Q1 24 | 3.8% | 6.4% |
| Q4 25 | — | 1.48× | ||
| Q3 25 | 2.26× | 1.30× | ||
| Q2 25 | 1.95× | 0.68× | ||
| Q1 25 | — | 0.93× | ||
| Q4 24 | 6.13× | 1.56× | ||
| Q3 24 | — | 1.39× | ||
| Q2 24 | 38.00× | 0.80× | ||
| Q1 24 | — | 0.99× |
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% |
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
