vs
博士伦健康（BHC）与CVR ENERGY INC（CVI）财务数据对比。点击上方公司名可切换其他公司
博士伦健康的季度营收约是CVR ENERGY INC的1.5倍（$2.8B vs $1.8B），博士伦健康净利率更高（-3.7% vs -6.1%，领先2.4%），博士伦健康同比增速更快（9.3% vs -7.0%），过去两年博士伦健康的营收复合增速更高（14.0% vs -1.4%）
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。
CVR能源是总部位于美国的能源控股企业，主营石油炼制与氮肥制造两大核心业务，生产汽油、柴油、航空燃油及农用化肥等产品，主要面向北美地区的商业、工业及农业客户供货。
BHC vs CVI — 直观对比
营收规模更大
BHC
是对方的1.5倍
$1.8B
营收增速更快
BHC
高出16.2%
-7.0%
净利率更高
BHC
高出2.4%
-6.1%
两年增速更快
BHC
近两年复合增速
-1.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.8B |
| 净利润 | $-103.0M | $-110.0M |
| 毛利率 | — | -3.1% |
| 营业利润率 | 17.0% | -5.3% |
| 净利率 | -3.7% | -6.1% |
| 营收同比 | 9.3% | -7.0% |
| 净利润同比 | -205.1% | -492.9% |
| 每股收益（稀释后） | $-0.30 | $-1.09 |
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BHCCVI
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $2.5B | $1.8B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.6B | $1.9B | ||
| Q3 24 | $2.5B | $1.8B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
净利润BHCCVI
| Q4 25 | $-103.0M | $-110.0M | ||
| Q3 25 | $179.0M | $374.0M | ||
| Q2 25 | $148.0M | $-114.0M | ||
| Q1 25 | $-58.0M | $-123.0M | ||
| Q4 24 | $98.0M | $28.0M | ||
| Q3 24 | $-85.0M | $-124.0M | ||
| Q2 24 | $10.0M | $21.0M | ||
| Q1 24 | $-64.0M | $82.0M |
毛利率BHCCVI
| Q4 25 | — | -3.1% | ||
| Q3 25 | — | 28.8% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | — | -5.5% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | -3.9% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 8.6% |
营业利润率BHCCVI
| Q4 25 | 17.0% | -5.3% | ||
| Q3 25 | 23.1% | 26.3% | ||
| Q2 25 | 17.5% | -5.8% | ||
| Q1 25 | 12.2% | -8.0% | ||
| Q4 24 | 21.8% | 1.1% | ||
| Q3 24 | 12.7% | -6.2% | ||
| Q2 24 | 16.2% | 1.4% | ||
| Q1 24 | 13.1% | 6.6% |
净利率BHCCVI
| Q4 25 | -3.7% | -6.1% | ||
| Q3 25 | 6.7% | 19.2% | ||
| Q2 25 | 5.8% | -6.5% | ||
| Q1 25 | -2.6% | -7.5% | ||
| Q4 24 | 3.8% | 1.4% | ||
| Q3 24 | -3.4% | -6.8% | ||
| Q2 24 | 0.4% | 1.1% | ||
| Q1 24 | -3.0% | 4.4% |
每股收益（稀释后）BHCCVI
| Q4 25 | $-0.30 | $-1.09 | ||
| Q3 25 | $0.48 | $3.72 | ||
| Q2 25 | $0.40 | $-1.14 | ||
| Q1 25 | $-0.16 | $-1.22 | ||
| Q4 24 | $0.24 | $0.28 | ||
| Q3 24 | $-0.23 | $-1.24 | ||
| Q2 24 | $0.03 | $0.21 | ||
| Q1 24 | $-0.17 | $0.81 |
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 | $511.0M |
| 总债务越低越好 | $20.8B | $1.8B |
| 股东权益账面价值 | $-554.0M | $730.0M |
| 总资产 | $26.4B | $3.7B |
| 负债/权益比越低杠杆越低 | — | 2.40× |
8季度趋势，按日历期对齐
现金及短期投资BHCCVI
| Q4 25 | $1.3B | $511.0M | ||
| Q3 25 | $1.3B | $670.0M | ||
| Q2 25 | $1.7B | $596.0M | ||
| Q1 25 | $1.1B | $695.0M | ||
| Q4 24 | $1.2B | $987.0M | ||
| Q3 24 | $719.0M | $534.0M | ||
| Q2 24 | $595.0M | $586.0M | ||
| Q1 24 | $733.0M | $644.0M |
总债务BHCCVI
| Q4 25 | $20.8B | $1.8B | ||
| Q3 25 | $21.0B | $1.8B | ||
| Q2 25 | $21.7B | $1.8B | ||
| Q1 25 | $21.5B | $1.9B | ||
| Q4 24 | $21.6B | $1.9B | ||
| Q3 24 | $21.5B | $1.6B | ||
| Q2 24 | $21.7B | $1.6B | ||
| Q1 24 | $22.1B | $1.6B |
股东权益BHCCVI
| Q4 25 | $-554.0M | $730.0M | ||
| Q3 25 | $-565.0M | $840.0M | ||
| Q2 25 | $-764.0M | $466.0M | ||
| Q1 25 | $-1.2B | $580.0M | ||
| Q4 24 | $-1.3B | $703.0M | ||
| Q3 24 | $-1.2B | $675.0M | ||
| Q2 24 | $-1.2B | $849.0M | ||
| Q1 24 | $-1.1B | $879.0M |
总资产BHCCVI
| Q4 25 | $26.4B | $3.7B | ||
| Q3 25 | $26.8B | $4.0B | ||
| Q2 25 | $27.3B | $4.0B | ||
| Q1 25 | $26.4B | $4.3B | ||
| Q4 24 | $26.5B | $4.3B | ||
| Q3 24 | $26.5B | $3.9B | ||
| Q2 24 | $26.5B | $4.0B | ||
| Q1 24 | $26.9B | $4.1B |
负债/权益比BHCCVI
| Q4 25 | — | 2.40× | ||
| Q3 25 | — | 2.17× | ||
| Q2 25 | — | 3.97× | ||
| Q1 25 | — | 3.29× | ||
| Q4 24 | — | 2.71× | ||
| Q3 24 | — | 2.33× | ||
| Q2 24 | — | 1.86× | ||
| Q1 24 | — | 1.79× |
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 | $0 |
| 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% | 3.0% |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流BHCCVI
| Q4 25 | $495.0M | $0 | ||
| Q3 25 | $405.0M | $163.0M | ||
| Q2 25 | $289.0M | $176.0M | ||
| Q1 25 | $211.0M | $-195.0M | ||
| Q4 24 | $601.0M | $98.0M | ||
| Q3 24 | $405.0M | $48.0M | ||
| Q2 24 | $380.0M | $81.0M | ||
| Q1 24 | $211.0M | $177.0M |
自由现金流BHCCVI
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | $125.0M | ||
| Q2 25 | $190.0M | $135.0M | ||
| Q1 25 | $96.0M | $-246.0M | ||
| Q4 24 | $495.0M | $43.0M | ||
| Q3 24 | $334.0M | $14.0M | ||
| Q2 24 | $302.0M | $38.0M | ||
| Q1 24 | $129.0M | $130.0M |
自由现金流率BHCCVI
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | 6.4% | ||
| Q2 25 | 7.5% | 7.7% | ||
| Q1 25 | 4.2% | -14.9% | ||
| Q4 24 | 19.3% | 2.2% | ||
| Q3 24 | 13.3% | 0.8% | ||
| Q2 24 | 12.6% | 1.9% | ||
| Q1 24 | 6.0% | 7.0% |
资本支出强度BHCCVI
| Q4 25 | 3.3% | 3.0% | ||
| Q3 25 | 3.4% | 2.0% | ||
| Q2 25 | 3.9% | 2.3% | ||
| Q1 25 | 5.1% | 3.1% | ||
| Q4 24 | 4.1% | 2.8% | ||
| Q3 24 | 2.8% | 1.9% | ||
| Q2 24 | 3.2% | 2.2% | ||
| Q1 24 | 3.8% | 2.5% |
现金转化率BHCCVI
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | 0.44× | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | 3.50× | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.00× | 3.86× | ||
| Q1 24 | — | 2.16× |
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% |
CVI
| Petroleum Segment | $1.6B | 91% |
| Product UAN | $64.0M | 4% |
| Product Ammonia | $51.0M | 3% |
| Renewables Diesel | $27.0M | 1% |
| Product Urea Products | $8.0M | 0% |
| Renewable Fuel Credits | $7.0M | 0% |
