vs
博士伦健康（BHC）与CDW Corporation（CDW）财务数据对比。点击上方公司名可切换其他公司
CDW Corporation的季度营收约是博士伦健康的2.0倍（$5.5B vs $2.8B），博士伦健康同比增速更快（9.3% vs 6.3%），博士伦健康自由现金流更多（$403.0M vs $395.9M），过去两年博士伦健康的营收复合增速更高（14.0% vs 6.3%）
博士伦健康公司（Bausch Health）是一家业务多元化的北美跨国制药企业，全球总部位于加拿大魁北克省拉瓦尔，美国总部设在新泽西州布里奇沃特。公司专注于胃肠病、肝病、神经科、皮肤科、牙科、医疗美容等领域的药物研发、生产及销售，同时提供品牌药和仿制药产品，业务覆盖全球市场。
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
BHC vs CDW — 直观对比
营收规模更大
CDW
是对方的2.0倍
$2.8B
营收增速更快
BHC
高出3.0%
6.3%
自由现金流更多
BHC
多$7.1M
$395.9M
两年增速更快
BHC
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $5.5B |
| 净利润 | $-103.0M | — |
| 毛利率 | — | 22.8% |
| 营业利润率 | 17.0% | 7.8% |
| 净利率 | -3.7% | — |
| 营收同比 | 9.3% | 6.3% |
| 净利润同比 | -205.1% | — |
| 每股收益（稀释后） | $-0.30 | $2.13 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收BHCCDW
| Q4 25 | $2.8B | $5.5B | ||
| Q3 25 | $2.7B | $5.7B | ||
| Q2 25 | $2.5B | $6.0B | ||
| Q1 25 | $2.3B | $5.2B | ||
| Q4 24 | $2.6B | $5.2B | ||
| Q3 24 | $2.5B | $5.5B | ||
| Q2 24 | $2.4B | $5.4B | ||
| Q1 24 | $2.2B | $4.9B |
净利润BHCCDW
| Q4 25 | $-103.0M | — | ||
| Q3 25 | $179.0M | $291.0M | ||
| Q2 25 | $148.0M | $271.2M | ||
| Q1 25 | $-58.0M | $224.9M | ||
| Q4 24 | $98.0M | — | ||
| Q3 24 | $-85.0M | $316.4M | ||
| Q2 24 | $10.0M | $281.1M | ||
| Q1 24 | $-64.0M | $216.1M |
毛利率BHCCDW
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 20.8% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 22.3% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 21.8% |
营业利润率BHCCDW
| Q4 25 | 17.0% | 7.8% | ||
| Q3 25 | 23.1% | 7.7% | ||
| Q2 25 | 17.5% | 7.0% | ||
| Q1 25 | 12.2% | 7.0% | ||
| Q4 24 | 21.8% | 7.9% | ||
| Q3 24 | 12.7% | 8.7% | ||
| Q2 24 | 16.2% | 8.0% | ||
| Q1 24 | 13.1% | 6.7% |
净利率BHCCDW
| Q4 25 | -3.7% | — | ||
| Q3 25 | 6.7% | 5.1% | ||
| Q2 25 | 5.8% | 4.5% | ||
| Q1 25 | -2.6% | 4.3% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -3.4% | 5.7% | ||
| Q2 24 | 0.4% | 5.2% | ||
| Q1 24 | -3.0% | 4.4% |
每股收益（稀释后）BHCCDW
| Q4 25 | $-0.30 | $2.13 | ||
| Q3 25 | $0.48 | $2.21 | ||
| Q2 25 | $0.40 | $2.05 | ||
| Q1 25 | $-0.16 | $1.69 | ||
| Q4 24 | $0.24 | $1.97 | ||
| Q3 24 | $-0.23 | $2.34 | ||
| Q2 24 | $0.03 | $2.07 | ||
| Q1 24 | $-0.17 | $1.59 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.3B | $618.7M |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $2.6B |
| 总资产 | $26.4B | $16.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BHCCDW
| Q4 25 | $1.3B | $618.7M | ||
| Q3 25 | $1.3B | $452.9M | ||
| Q2 25 | $1.7B | $481.0M | ||
| Q1 25 | $1.1B | $688.1M | ||
| Q4 24 | $1.2B | $717.7M | ||
| Q3 24 | $719.0M | $1.2B | ||
| Q2 24 | $595.0M | $665.3M | ||
| Q1 24 | $733.0M | $803.8M |
总债务BHCCDW
| 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 | — |
股东权益BHCCDW
| Q4 25 | $-554.0M | $2.6B | ||
| Q3 25 | $-565.0M | $2.5B | ||
| Q2 25 | $-764.0M | $2.5B | ||
| Q1 25 | $-1.2B | $2.3B | ||
| Q4 24 | $-1.3B | $2.4B | ||
| Q3 24 | $-1.2B | $2.3B | ||
| Q2 24 | $-1.2B | $2.2B | ||
| Q1 24 | $-1.1B | $2.1B |
总资产BHCCDW
| Q4 25 | $26.4B | $16.0B | ||
| Q3 25 | $26.8B | $15.2B | ||
| Q2 25 | $27.3B | $15.3B | ||
| Q1 25 | $26.4B | $15.0B | ||
| Q4 24 | $26.5B | $14.7B | ||
| Q3 24 | $26.5B | $14.4B | ||
| Q2 24 | $26.5B | $13.6B | ||
| Q1 24 | $26.9B | $13.2B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $495.0M | $433.8M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $395.9M |
| 自由现金流率自由现金流/营收 | 14.4% | 7.2% |
| 资本支出强度资本支出/营收 | 3.3% | 0.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.1B |
8季度趋势，按日历期对齐
经营现金流BHCCDW
| Q4 25 | $495.0M | $433.8M | ||
| Q3 25 | $405.0M | $328.3M | ||
| Q2 25 | $289.0M | $155.9M | ||
| Q1 25 | $211.0M | $287.2M | ||
| Q4 24 | $601.0M | $345.3M | ||
| Q3 24 | $405.0M | $342.1M | ||
| Q2 24 | $380.0M | $149.9M | ||
| Q1 24 | $211.0M | $440.0M |
自由现金流BHCCDW
| Q4 25 | $403.0M | $395.9M | ||
| Q3 25 | $314.0M | $298.5M | ||
| Q2 25 | $190.0M | $133.4M | ||
| Q1 25 | $96.0M | $260.3M | ||
| Q4 24 | $495.0M | $316.7M | ||
| Q3 24 | $334.0M | $308.5M | ||
| Q2 24 | $302.0M | $119.0M | ||
| Q1 24 | $129.0M | $410.5M |
自由现金流率BHCCDW
| Q4 25 | 14.4% | 7.2% | ||
| Q3 25 | 11.7% | 5.2% | ||
| Q2 25 | 7.5% | 2.2% | ||
| Q1 25 | 4.2% | 5.0% | ||
| Q4 24 | 19.3% | 6.1% | ||
| Q3 24 | 13.3% | 5.6% | ||
| Q2 24 | 12.6% | 2.2% | ||
| Q1 24 | 6.0% | 8.4% |
资本支出强度BHCCDW
| Q4 25 | 3.3% | 0.7% | ||
| Q3 25 | 3.4% | 0.5% | ||
| Q2 25 | 3.9% | 0.4% | ||
| Q1 25 | 5.1% | 0.5% | ||
| Q4 24 | 4.1% | 0.6% | ||
| Q3 24 | 2.8% | 0.6% | ||
| Q2 24 | 3.2% | 0.6% | ||
| Q1 24 | 3.8% | 0.6% |
现金转化率BHCCDW
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | 1.13× | ||
| Q2 25 | 1.95× | 0.57× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | 1.08× | ||
| Q2 24 | 38.00× | 0.53× | ||
| Q1 24 | — | 2.04× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
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% |
CDW
暂无分部数据
