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博士伦健康（BHC）与Fastenal（FAST）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Fastenal的1.4倍（$2.8B vs $2.0B），Fastenal净利率更高（14.5% vs -3.7%，领先18.2%），博士伦健康同比增速更快（9.3% vs 3.5%），博士伦健康自由现金流更多（$403.0M vs $308.2M），过去两年博士伦健康的营收复合增速更高（14.0% vs 2.9%）
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。
Fastenal是1967年成立的美国上市企业，总部位于明尼苏达州威诺纳，是北美最大的紧固件分销商，同时也是工业和建筑用品的主流供应商，可提供货柜备货、智能售货柜、库存管理、物流配送等一站式供应链解决方案。
BHC vs FAST — 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5.8%
3.5%
净利率更高
FAST
高出18.2%
-3.7%
自由现金流更多
BHC
多$94.8M
$308.2M
两年增速更快
BHC
近两年复合增速
2.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.0B |
| 净利润 | $-103.0M | $293.9M |
| 毛利率 | — | 44.3% |
| 营业利润率 | 17.0% | 18.9% |
| 净利率 | -3.7% | 14.5% |
| 营收同比 | 9.3% | 3.5% |
| 净利润同比 | -205.1% | -1.6% |
| 每股收益（稀释后） | $-0.30 | $-0.01 |
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BHCFAST
| Q1 26 | — | $2.0B | ||
| Q4 25 | $2.8B | $2.0B | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $2.5B | $2.1B | ||
| Q1 25 | $2.3B | $2.0B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.5B | $1.9B | ||
| Q2 24 | $2.4B | $1.9B |
净利润BHCFAST
| Q1 26 | — | $293.9M | ||
| Q4 25 | $-103.0M | $293.9M | ||
| Q3 25 | $179.0M | $335.5M | ||
| Q2 25 | $148.0M | $330.3M | ||
| Q1 25 | $-58.0M | $298.7M | ||
| Q4 24 | $98.0M | $262.1M | ||
| Q3 24 | $-85.0M | $298.1M | ||
| Q2 24 | $10.0M | $292.7M |
毛利率BHCFAST
| Q1 26 | — | 44.3% | ||
| Q4 25 | — | 44.3% | ||
| Q3 25 | — | 45.3% | ||
| Q2 25 | — | 45.3% | ||
| Q1 25 | — | 45.1% | ||
| Q4 24 | — | 44.8% | ||
| Q3 24 | — | 44.9% | ||
| Q2 24 | — | 45.1% |
营业利润率BHCFAST
| Q1 26 | — | 18.9% | ||
| Q4 25 | 17.0% | 18.9% | ||
| Q3 25 | 23.1% | 20.7% | ||
| Q2 25 | 17.5% | 21.0% | ||
| Q1 25 | 12.2% | 20.1% | ||
| Q4 24 | 21.8% | 18.9% | ||
| Q3 24 | 12.7% | 20.3% | ||
| Q2 24 | 16.2% | 20.2% |
净利率BHCFAST
| Q1 26 | — | 14.5% | ||
| Q4 25 | -3.7% | 14.5% | ||
| Q3 25 | 6.7% | 15.7% | ||
| Q2 25 | 5.8% | 15.9% | ||
| Q1 25 | -2.6% | 15.2% | ||
| Q4 24 | 3.8% | 14.4% | ||
| Q3 24 | -3.4% | 15.6% | ||
| Q2 24 | 0.4% | 15.3% |
每股收益（稀释后）BHCFAST
| Q1 26 | — | $-0.01 | ||
| Q4 25 | $-0.30 | $-0.01 | ||
| Q3 25 | $0.48 | $0.29 | ||
| Q2 25 | $0.40 | $0.29 | ||
| Q1 25 | $-0.16 | $0.52 | ||
| Q4 24 | $0.24 | $0.45 | ||
| Q3 24 | $-0.23 | $0.52 | ||
| Q2 24 | $0.03 | $0.51 |
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 | $276.8M |
| 总债务越低越好 | $20.8B | $125.0M |
| 股东权益账面价值 | $-554.0M | $3.9B |
| 总资产 | $26.4B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.03× |
8季度趋势，按日历期对齐
现金及短期投资BHCFAST
| Q1 26 | — | $276.8M | ||
| Q4 25 | $1.3B | $276.8M | ||
| Q3 25 | $1.3B | $288.1M | ||
| Q2 25 | $1.7B | $237.8M | ||
| Q1 25 | $1.1B | $231.8M | ||
| Q4 24 | $1.2B | $255.8M | ||
| Q3 24 | $719.0M | $292.2M | ||
| Q2 24 | $595.0M | $255.5M |
总债务BHCFAST
| Q1 26 | — | $125.0M | ||
| Q4 25 | $20.8B | $125.0M | ||
| Q3 25 | $21.0B | $195.0M | ||
| Q2 25 | $21.7B | $230.0M | ||
| Q1 25 | $21.5B | $200.0M | ||
| Q4 24 | $21.6B | $200.0M | ||
| Q3 24 | $21.5B | $240.0M | ||
| Q2 24 | $21.7B | $235.0M |
股东权益BHCFAST
| Q1 26 | — | $3.9B | ||
| Q4 25 | $-554.0M | $3.9B | ||
| Q3 25 | $-565.0M | $3.9B | ||
| Q2 25 | $-764.0M | $3.8B | ||
| Q1 25 | $-1.2B | $3.7B | ||
| Q4 24 | $-1.3B | $3.6B | ||
| Q3 24 | $-1.2B | $3.6B | ||
| Q2 24 | $-1.2B | $3.5B |
总资产BHCFAST
| Q1 26 | — | $5.1B | ||
| Q4 25 | $26.4B | $5.1B | ||
| Q3 25 | $26.8B | $5.1B | ||
| Q2 25 | $27.3B | $5.0B | ||
| Q1 25 | $26.4B | $4.9B | ||
| Q4 24 | $26.5B | $4.7B | ||
| Q3 24 | $26.5B | $4.7B | ||
| Q2 24 | $26.5B | $4.6B |
负债/权益比BHCFAST
| Q1 26 | — | 0.03× | ||
| Q4 25 | — | 0.03× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.06× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.06× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× |
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 | $368.2M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $308.2M |
| 自由现金流率自由现金流/营收 | 14.4% | 15.2% |
| 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 | — | 1.25× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.2B |
8季度趋势，按日历期对齐
经营现金流BHCFAST
| Q1 26 | — | $368.2M | ||
| Q4 25 | $495.0M | $368.2M | ||
| Q3 25 | $405.0M | $386.9M | ||
| Q2 25 | $289.0M | $278.6M | ||
| Q1 25 | $211.0M | $262.2M | ||
| Q4 24 | $601.0M | $282.8M | ||
| Q3 24 | $405.0M | $296.9M | ||
| Q2 24 | $380.0M | $258.0M |
自由现金流BHCFAST
| Q1 26 | — | $308.2M | ||
| Q4 25 | $403.0M | $308.2M | ||
| Q3 25 | $314.0M | $326.6M | ||
| Q2 25 | $190.0M | $209.3M | ||
| Q1 25 | $96.0M | $206.5M | ||
| Q4 24 | $495.0M | $222.6M | ||
| Q3 24 | $334.0M | $237.5M | ||
| Q2 24 | $302.0M | $201.9M |
自由现金流率BHCFAST
| Q1 26 | — | 15.2% | ||
| Q4 25 | 14.4% | 15.2% | ||
| Q3 25 | 11.7% | 15.3% | ||
| Q2 25 | 7.5% | 10.1% | ||
| Q1 25 | 4.2% | 10.5% | ||
| Q4 24 | 19.3% | 12.2% | ||
| Q3 24 | 13.3% | 12.4% | ||
| Q2 24 | 12.6% | 10.5% |
资本支出强度BHCFAST
| Q1 26 | — | 3.0% | ||
| Q4 25 | 3.3% | 3.0% | ||
| Q3 25 | 3.4% | 2.8% | ||
| Q2 25 | 3.9% | 3.3% | ||
| Q1 25 | 5.1% | 2.8% | ||
| Q4 24 | 4.1% | 3.3% | ||
| Q3 24 | 2.8% | 3.1% | ||
| Q2 24 | 3.2% | 2.9% |
现金转化率BHCFAST
| Q1 26 | — | 1.25× | ||
| Q4 25 | — | 1.25× | ||
| Q3 25 | 2.26× | 1.15× | ||
| Q2 25 | 1.95× | 0.84× | ||
| Q1 25 | — | 0.88× | ||
| Q4 24 | 6.13× | 1.08× | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | 38.00× | 0.88× |
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% |
FAST
| Reportable Segment Aggregation Before Other Operating Segment | $1.8B | 90% |
| Other | $211.2M | 10% |
