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博士伦健康（BHC）与First American Financial Corp（FAF）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First American Financial Corp的1.4倍（$2.8B vs $2.0B），First American Financial Corp净利率更高（10.3% vs -3.7%，领先14.0%），First American Financial Corp同比增速更快（21.6% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $324.5M），过去两年First American Financial Corp的营收复合增速更高（19.9% 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。
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
BHC vs FAF — 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
FAF
高出12.4%
9.3%
净利率更高
FAF
高出14.0%
-3.7%
自由现金流更多
BHC
多$78.5M
$324.5M
两年增速更快
FAF
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.0B |
| 净利润 | $-103.0M | $211.9M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | 14.0% |
| 净利率 | -3.7% | 10.3% |
| 营收同比 | 9.3% | 21.6% |
| 净利润同比 | -205.1% | 192.7% |
| 每股收益（稀释后） | $-0.30 | $2.04 |
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BHCFAF
| Q4 25 | $2.8B | $2.0B | ||
| Q3 25 | $2.7B | $2.0B | ||
| Q2 25 | $2.5B | $1.8B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.6B | $1.7B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.2B | $1.4B |
净利润BHCFAF
| Q4 25 | $-103.0M | $211.9M | ||
| Q3 25 | $179.0M | $189.6M | ||
| Q2 25 | $148.0M | $146.1M | ||
| Q1 25 | $-58.0M | $74.2M | ||
| Q4 24 | $98.0M | $72.4M | ||
| Q3 24 | $-85.0M | $-104.0M | ||
| Q2 24 | $10.0M | $116.0M | ||
| Q1 24 | $-64.0M | $46.7M |
营业利润率BHCFAF
| Q4 25 | 17.0% | 14.0% | ||
| Q3 25 | 23.1% | 12.5% | ||
| Q2 25 | 17.5% | 10.6% | ||
| Q1 25 | 12.2% | 6.1% | ||
| Q4 24 | 21.8% | 5.9% | ||
| Q3 24 | 12.7% | -10.3% | ||
| Q2 24 | 16.2% | 9.4% | ||
| Q1 24 | 13.1% | 4.1% |
净利率BHCFAF
| Q4 25 | -3.7% | 10.3% | ||
| Q3 25 | 6.7% | 9.6% | ||
| Q2 25 | 5.8% | 7.9% | ||
| Q1 25 | -2.6% | 4.7% | ||
| Q4 24 | 3.8% | 4.3% | ||
| Q3 24 | -3.4% | -7.4% | ||
| Q2 24 | 0.4% | 7.2% | ||
| Q1 24 | -3.0% | 3.3% |
每股收益（稀释后）BHCFAF
| Q4 25 | $-0.30 | $2.04 | ||
| Q3 25 | $0.48 | $1.84 | ||
| Q2 25 | $0.40 | $1.41 | ||
| Q1 25 | $-0.16 | $0.71 | ||
| Q4 24 | $0.24 | $0.70 | ||
| Q3 24 | $-0.23 | $-1.00 | ||
| Q2 24 | $0.03 | $1.11 | ||
| Q1 24 | $-0.17 | $0.45 |
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 | $1.4B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $5.5B |
| 总资产 | $26.4B | $16.2B |
| 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BHCFAF
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $2.9B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.1B | $2.0B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $719.0M | $3.0B | ||
| Q2 24 | $595.0M | $2.0B | ||
| Q1 24 | $733.0M | $1.5B |
总债务BHCFAF
| 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BHCFAF
| Q4 25 | $-554.0M | $5.5B | ||
| Q3 25 | $-565.0M | $5.3B | ||
| Q2 25 | $-764.0M | $5.1B | ||
| Q1 25 | $-1.2B | $5.0B | ||
| Q4 24 | $-1.3B | $4.9B | ||
| Q3 24 | $-1.2B | $5.1B | ||
| Q2 24 | $-1.2B | $4.8B | ||
| Q1 24 | $-1.1B | $4.8B |
总资产BHCFAF
| Q4 25 | $26.4B | $16.2B | ||
| Q3 25 | $26.8B | $17.6B | ||
| Q2 25 | $27.3B | $16.3B | ||
| Q1 25 | $26.4B | $15.5B | ||
| Q4 24 | $26.5B | $14.9B | ||
| Q3 24 | $26.5B | $16.6B | ||
| Q2 24 | $26.5B | $15.2B | ||
| Q1 24 | $26.9B | $14.7B |
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 | $369.3M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $324.5M |
| 自由现金流率自由现金流/营收 | 14.4% | 15.8% |
| 资本支出强度资本支出/营收 | 3.3% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.74× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $762.5M |
8季度趋势，按日历期对齐
经营现金流BHCFAF
| Q4 25 | $495.0M | $369.3M | ||
| Q3 25 | $405.0M | $272.5M | ||
| Q2 25 | $289.0M | $361.8M | ||
| Q1 25 | $211.0M | $-52.8M | ||
| Q4 24 | $601.0M | $324.6M | ||
| Q3 24 | $405.0M | $236.9M | ||
| Q2 24 | $380.0M | $266.7M | ||
| Q1 24 | $211.0M | $69.3M |
自由现金流BHCFAF
| Q4 25 | $403.0M | $324.5M | ||
| Q3 25 | $314.0M | $223.1M | ||
| Q2 25 | $190.0M | $309.4M | ||
| Q1 25 | $96.0M | $-94.5M | ||
| Q4 24 | $495.0M | $266.2M | ||
| Q3 24 | $334.0M | $185.4M | ||
| Q2 24 | $302.0M | $210.0M | ||
| Q1 24 | $129.0M | $17.6M |
自由现金流率BHCFAF
| Q4 25 | 14.4% | 15.8% | ||
| Q3 25 | 11.7% | 11.3% | ||
| Q2 25 | 7.5% | 16.8% | ||
| Q1 25 | 4.2% | -6.0% | ||
| Q4 24 | 19.3% | 15.8% | ||
| Q3 24 | 13.3% | 13.2% | ||
| Q2 24 | 12.6% | 13.0% | ||
| Q1 24 | 6.0% | 1.2% |
资本支出强度BHCFAF
| Q4 25 | 3.3% | 2.2% | ||
| Q3 25 | 3.4% | 2.5% | ||
| Q2 25 | 3.9% | 2.8% | ||
| Q1 25 | 5.1% | 2.6% | ||
| Q4 24 | 4.1% | 3.5% | ||
| Q3 24 | 2.8% | 3.7% | ||
| Q2 24 | 3.2% | 3.5% | ||
| Q1 24 | 3.8% | 3.6% |
现金转化率BHCFAF
| Q4 25 | — | 1.74× | ||
| Q3 25 | 2.26× | 1.44× | ||
| Q2 25 | 1.95× | 2.48× | ||
| Q1 25 | — | -0.71× | ||
| Q4 24 | 6.13× | 4.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.00× | 2.30× | ||
| Q1 24 | — | 1.48× |
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% |
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
