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博士伦健康（BHC）与CNH Industrial N.V.（CNH）财务数据对比。点击上方公司名可切换其他公司
CNH Industrial N.V.的季度营收约是博士伦健康的1.6倍（$4.5B vs $2.8B），CNH Industrial N.V.净利率更高（1.9% vs -3.7%，领先5.6%），博士伦健康同比增速更快（9.3% vs 7.8%），过去两年博士伦健康的营收复合增速更高（14.0% vs 3.8%）
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。
CNH Industrial是意美跨国企业，全球总部位于英国巴西尔登，由跨国投资公司Exor控股，实际控制方为阿涅利家族。公司核心业务涵盖农业机械、工程设备的设计、生产及销售，覆盖全球所有主要市场，目前正重点拓展高增长市场的业务布局。
BHC vs CNH — 直观对比
营收规模更大
CNH
是对方的1.6倍
$2.8B
营收增速更快
BHC
高出1.5%
7.8%
净利率更高
CNH
高出5.6%
-3.7%
两年增速更快
BHC
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.5B |
| 净利润 | $-103.0M | $86.0M |
| 毛利率 | — | 18.4% |
| 营业利润率 | 17.0% | 3.0% |
| 净利率 | -3.7% | 1.9% |
| 营收同比 | 9.3% | 7.8% |
| 净利润同比 | -205.1% | -18.9% |
| 每股收益（稀释后） | $-0.30 | $0.08 |
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BHCCNH
| Q4 25 | $2.8B | $4.5B | ||
| Q3 25 | $2.7B | $3.7B | ||
| Q2 25 | $2.5B | $4.0B | ||
| Q1 25 | $2.3B | $3.2B | ||
| Q4 24 | $2.6B | $4.1B | ||
| Q3 24 | $2.5B | $4.0B | ||
| Q2 24 | $2.4B | $4.8B | ||
| Q1 24 | $2.2B | $4.1B |
净利润BHCCNH
| Q4 25 | $-103.0M | $86.0M | ||
| Q3 25 | $179.0M | $80.0M | ||
| Q2 25 | $148.0M | $213.0M | ||
| Q1 25 | $-58.0M | $131.0M | ||
| Q4 24 | $98.0M | $106.0M | ||
| Q3 24 | $-85.0M | $306.0M | ||
| Q2 24 | $10.0M | $433.0M | ||
| Q1 24 | $-64.0M | $401.0M |
毛利率BHCCNH
| Q4 25 | — | 18.4% | ||
| Q3 25 | — | 19.1% | ||
| Q2 25 | — | 20.6% | ||
| Q1 25 | — | 19.0% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | 21.7% | ||
| Q2 24 | — | 22.9% | ||
| Q1 24 | — | 22.7% |
营业利润率BHCCNH
| Q4 25 | 17.0% | 3.0% | ||
| Q3 25 | 23.1% | 1.4% | ||
| Q2 25 | 17.5% | 6.8% | ||
| Q1 25 | 12.2% | 5.1% | ||
| Q4 24 | 21.8% | 5.8% | ||
| Q3 24 | 12.7% | 9.6% | ||
| Q2 24 | 16.2% | 11.1% | ||
| Q1 24 | 13.1% | 11.6% |
净利率BHCCNH
| Q4 25 | -3.7% | 1.9% | ||
| Q3 25 | 6.7% | 2.2% | ||
| Q2 25 | 5.8% | 5.3% | ||
| Q1 25 | -2.6% | 4.1% | ||
| Q4 24 | 3.8% | 2.6% | ||
| Q3 24 | -3.4% | 7.7% | ||
| Q2 24 | 0.4% | 9.0% | ||
| Q1 24 | -3.0% | 9.7% |
每股收益（稀释后）BHCCNH
| Q4 25 | $-0.30 | $0.08 | ||
| Q3 25 | $0.48 | $0.06 | ||
| Q2 25 | $0.40 | $0.17 | ||
| Q1 25 | $-0.16 | $0.10 | ||
| Q4 24 | $0.24 | $0.10 | ||
| Q3 24 | $-0.23 | $0.24 | ||
| Q2 24 | $0.03 | $0.34 | ||
| Q1 24 | $-0.17 | $0.31 |
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 | $2.6B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $7.8B |
| 总资产 | $26.4B | $42.7B |
| 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BHCCNH
| Q4 25 | $1.3B | $2.6B | ||
| Q3 25 | $1.3B | $2.3B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.1B | $1.7B | ||
| Q4 24 | $1.2B | $3.2B | ||
| Q3 24 | $719.0M | $1.8B | ||
| Q2 24 | $595.0M | $2.0B | ||
| Q1 24 | $733.0M | $3.2B |
总债务BHCCNH
| 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BHCCNH
| Q4 25 | $-554.0M | $7.8B | ||
| Q3 25 | $-565.0M | $7.8B | ||
| Q2 25 | $-764.0M | $7.8B | ||
| Q1 25 | $-1.2B | $7.9B | ||
| Q4 24 | $-1.3B | $7.7B | ||
| Q3 24 | $-1.2B | $7.7B | ||
| Q2 24 | $-1.2B | $7.6B | ||
| Q1 24 | $-1.1B | $8.0B |
总资产BHCCNH
| Q4 25 | $26.4B | $42.7B | ||
| Q3 25 | $26.8B | $43.3B | ||
| Q2 25 | $27.3B | $43.7B | ||
| Q1 25 | $26.4B | $42.1B | ||
| Q4 24 | $26.5B | $42.9B | ||
| Q3 24 | $26.5B | $44.0B | ||
| Q2 24 | $26.5B | $44.0B | ||
| Q1 24 | $26.9B | $45.7B |
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 | $945.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | — |
| 自由现金流率自由现金流/营收 | 14.4% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | — | 10.99× |
| 过去12个月自由现金流最近4个季度 | $1.0B | — |
8季度趋势，按日历期对齐
经营现金流BHCCNH
| Q4 25 | $495.0M | $945.0M | ||
| Q3 25 | $405.0M | $659.0M | ||
| Q2 25 | $289.0M | $772.0M | ||
| Q1 25 | $211.0M | $162.0M | ||
| Q4 24 | $601.0M | $1.7B | ||
| Q3 24 | $405.0M | $791.0M | ||
| Q2 24 | $380.0M | $379.0M | ||
| Q1 24 | $211.0M | $-894.0M |
自由现金流BHCCNH
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | — | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $302.0M | — | ||
| Q1 24 | $129.0M | — |
自由现金流率BHCCNH
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 6.0% | — |
资本支出强度BHCCNH
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.8% | — |
现金转化率BHCCNH
| Q4 25 | — | 10.99× | ||
| Q3 25 | 2.26× | 8.24× | ||
| Q2 25 | 1.95× | 3.62× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | 6.13× | 15.96× | ||
| Q3 24 | — | 2.58× | ||
| Q2 24 | 38.00× | 0.88× | ||
| Q1 24 | — | -2.23× |
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% |
CNH
| Agricultural Equipment Segment | $3.6B | 81% |
| Construction Equipment Segment | $853.0M | 19% |
| Services | $18.0M | 0% |
