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博士伦健康（BHC）与Deckers Brands（DECK）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Deckers Brands的1.4倍（$2.8B vs $2.0B），Deckers Brands净利率更高（24.6% vs -3.7%，领先28.3%），博士伦健康同比增速更快（9.3% vs 7.1%），Deckers Brands自由现金流更多（$1.0B vs $403.0M），过去两年Deckers Brands的营收复合增速更高（42.8% vs 14.0%）
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。
Deckers Brands是1973年成立的美国鞋履设计与分销企业，总部位于加利福尼亚州戈利塔，由道格·奥托与卡尔·F·洛普克共同创立。公司旗下拥有UGG、Teva、Hoka等全球知名鞋履品牌，产品覆盖休闲、户外等多个领域，销往世界多地。
BHC vs DECK — 直观对比
营收规模更大
BHC
是对方的1.4倍
$2.0B
营收增速更快
BHC
高出2.1%
7.1%
净利率更高
DECK
高出28.3%
-3.7%
自由现金流更多
DECK
多$617.3M
$403.0M
两年增速更快
DECK
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.0B |
| 净利润 | $-103.0M | $481.1M |
| 毛利率 | — | 59.8% |
| 营业利润率 | 17.0% | 31.4% |
| 净利率 | -3.7% | 24.6% |
| 营收同比 | 9.3% | 7.1% |
| 净利润同比 | -205.1% | 5.3% |
| 每股收益（稀释后） | $-0.30 | $3.33 |
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BHCDECK
| Q4 25 | $2.8B | $2.0B | ||
| Q3 25 | $2.7B | $1.4B | ||
| Q2 25 | $2.5B | $964.5M | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.5B | $1.3B | ||
| Q2 24 | $2.4B | $825.3M | ||
| Q1 24 | $2.2B | $959.8M |
净利润BHCDECK
| Q4 25 | $-103.0M | $481.1M | ||
| Q3 25 | $179.0M | $268.2M | ||
| Q2 25 | $148.0M | $139.2M | ||
| Q1 25 | $-58.0M | $151.4M | ||
| Q4 24 | $98.0M | $456.7M | ||
| Q3 24 | $-85.0M | $242.3M | ||
| Q2 24 | $10.0M | $115.6M | ||
| Q1 24 | $-64.0M | $127.5M |
毛利率BHCDECK
| Q4 25 | — | 59.8% | ||
| Q3 25 | — | 56.2% | ||
| Q2 25 | — | 55.8% | ||
| Q1 25 | — | 56.7% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 55.9% | ||
| Q2 24 | — | 56.9% | ||
| Q1 24 | — | 56.2% |
营业利润率BHCDECK
| Q4 25 | 17.0% | 31.4% | ||
| Q3 25 | 23.1% | 22.8% | ||
| Q2 25 | 17.5% | 17.1% | ||
| Q1 25 | 12.2% | 17.0% | ||
| Q4 24 | 21.8% | 31.0% | ||
| Q3 24 | 12.7% | 23.3% | ||
| Q2 24 | 16.2% | 16.1% | ||
| Q1 24 | 13.1% | 15.0% |
净利率BHCDECK
| Q4 25 | -3.7% | 24.6% | ||
| Q3 25 | 6.7% | 18.7% | ||
| Q2 25 | 5.8% | 14.4% | ||
| Q1 25 | -2.6% | 14.8% | ||
| Q4 24 | 3.8% | 25.0% | ||
| Q3 24 | -3.4% | 18.5% | ||
| Q2 24 | 0.4% | 14.0% | ||
| Q1 24 | -3.0% | 13.3% |
每股收益（稀释后）BHCDECK
| Q4 25 | $-0.30 | $3.33 | ||
| Q3 25 | $0.48 | $1.82 | ||
| Q2 25 | $0.40 | $0.93 | ||
| Q1 25 | $-0.16 | $-2.78 | ||
| Q4 24 | $0.24 | $3.00 | ||
| Q3 24 | $-0.23 | $1.59 | ||
| Q2 24 | $0.03 | $4.52 | ||
| Q1 24 | $-0.17 | $4.82 |
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 | $2.1B |
| 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 | $4.1B |
| 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BHCDECK
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.1B | $1.9B | ||
| Q4 24 | $1.2B | $2.2B | ||
| Q3 24 | $719.0M | $1.2B | ||
| Q2 24 | $595.0M | $1.4B | ||
| Q1 24 | $733.0M | $1.5B |
总债务BHCDECK
| 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BHCDECK
| Q4 25 | $-554.0M | $2.6B | ||
| Q3 25 | $-565.0M | $2.5B | ||
| Q2 25 | $-764.0M | $2.5B | ||
| Q1 25 | $-1.2B | $2.5B | ||
| Q4 24 | $-1.3B | $2.6B | ||
| Q3 24 | $-1.2B | $2.2B | ||
| Q2 24 | $-1.2B | $2.1B | ||
| Q1 24 | $-1.1B | $2.1B |
总资产BHCDECK
| Q4 25 | $26.4B | $4.1B | ||
| Q3 25 | $26.8B | $3.8B | ||
| Q2 25 | $27.3B | $3.8B | ||
| Q1 25 | $26.4B | $3.6B | ||
| Q4 24 | $26.5B | $4.0B | ||
| Q3 24 | $26.5B | $3.4B | ||
| Q2 24 | $26.5B | $3.3B | ||
| Q1 24 | $26.9B | $3.1B |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 14.4% | 52.1% |
| 资本支出强度资本支出/营收 | 3.3% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.17× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $929.1M |
8季度趋势，按日历期对齐
经营现金流BHCDECK
| Q4 25 | $495.0M | $1.0B | ||
| Q3 25 | $405.0M | $8.1M | ||
| Q2 25 | $289.0M | $36.1M | ||
| Q1 25 | $211.0M | $-73.0M | ||
| Q4 24 | $601.0M | $1.1B | ||
| Q3 24 | $405.0M | $-90.5M | ||
| Q2 24 | $380.0M | $112.7M | ||
| Q1 24 | $211.0M | $-28.7M |
自由现金流BHCDECK
| Q4 25 | $403.0M | $1.0B | ||
| Q3 25 | $314.0M | $-13.9M | ||
| Q2 25 | $190.0M | $12.2M | ||
| Q1 25 | $96.0M | $-89.4M | ||
| Q4 24 | $495.0M | $1.1B | ||
| Q3 24 | $334.0M | $-113.4M | ||
| Q2 24 | $302.0M | $90.1M | ||
| Q1 24 | $129.0M | $-44.0M |
自由现金流率BHCDECK
| Q4 25 | 14.4% | 52.1% | ||
| Q3 25 | 11.7% | -1.0% | ||
| Q2 25 | 7.5% | 1.3% | ||
| Q1 25 | 4.2% | -8.8% | ||
| Q4 24 | 19.3% | 58.6% | ||
| Q3 24 | 13.3% | -8.6% | ||
| Q2 24 | 12.6% | 10.9% | ||
| Q1 24 | 6.0% | -4.6% |
资本支出强度BHCDECK
| Q4 25 | 3.3% | 1.1% | ||
| Q3 25 | 3.4% | 1.5% | ||
| Q2 25 | 3.9% | 2.5% | ||
| Q1 25 | 5.1% | 1.6% | ||
| Q4 24 | 4.1% | 1.3% | ||
| Q3 24 | 2.8% | 1.7% | ||
| Q2 24 | 3.2% | 2.7% | ||
| Q1 24 | 3.8% | 1.6% |
现金转化率BHCDECK
| Q4 25 | — | 2.17× | ||
| Q3 25 | 2.26× | 0.03× | ||
| Q2 25 | 1.95× | 0.26× | ||
| Q1 25 | — | -0.48× | ||
| Q4 24 | 6.13× | 2.40× | ||
| Q3 24 | — | -0.37× | ||
| Q2 24 | 38.00× | 0.97× | ||
| Q1 24 | — | -0.22× |
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% |
DECK
| UGG Brand Segment | $1.3B | 67% |
| Hoka Brand Segment | $628.9M | 32% |
| Other Brands Segment | $23.2M | 1% |
