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博士伦健康（BHC）与KLA Corporation（KLAC）财务数据对比。点击上方公司名可切换其他公司
KLA Corporation的季度营收约是博士伦健康的1.2倍（$3.3B vs $2.8B），KLA Corporation净利率更高（34.7% vs -3.7%，领先38.4%），博士伦健康同比增速更快（9.3% vs 7.2%），KLA Corporation自由现金流更多（$1.3B vs $403.0M），过去两年KLA Corporation的营收复合增速更高（18.2% 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。
KLA Corporation是总部位于美国加利福尼亚州米尔皮塔斯的企业，主营晶圆制造设备，为半导体及相关纳米电子行业提供过程控制与良率管理系统，产品及服务覆盖晶圆、光罩、集成电路、封装生产从研发到批量制造的全流程。
BHC vs KLAC — 直观对比
营收规模更大
KLAC
是对方的1.2倍
$2.8B
营收增速更快
BHC
高出2.1%
7.2%
净利率更高
KLAC
高出38.4%
-3.7%
自由现金流更多
KLAC
多$859.0M
$403.0M
两年增速更快
KLAC
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.3B |
| 净利润 | $-103.0M | $1.1B |
| 毛利率 | — | 61.4% |
| 营业利润率 | 17.0% | — |
| 净利率 | -3.7% | 34.7% |
| 营收同比 | 9.3% | 7.2% |
| 净利润同比 | -205.1% | 39.0% |
| 每股收益（稀释后） | $-0.30 | $8.68 |
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BHCKLAC
| Q4 25 | $2.8B | $3.3B | ||
| Q3 25 | $2.7B | $3.2B | ||
| Q2 25 | $2.5B | $3.2B | ||
| Q1 25 | $2.3B | $3.1B | ||
| Q4 24 | $2.6B | $3.1B | ||
| Q3 24 | $2.5B | $2.8B | ||
| Q2 24 | $2.4B | $2.6B | ||
| Q1 24 | $2.2B | $2.4B |
净利润BHCKLAC
| Q4 25 | $-103.0M | $1.1B | ||
| Q3 25 | $179.0M | $1.1B | ||
| Q2 25 | $148.0M | $1.2B | ||
| Q1 25 | $-58.0M | $1.1B | ||
| Q4 24 | $98.0M | $824.5M | ||
| Q3 24 | $-85.0M | $945.9M | ||
| Q2 24 | $10.0M | $836.4M | ||
| Q1 24 | $-64.0M | $601.5M |
毛利率BHCKLAC
| Q4 25 | — | 61.4% | ||
| Q3 25 | — | 61.3% | ||
| Q2 25 | — | 62.0% | ||
| Q1 25 | — | 61.6% | ||
| Q4 24 | — | 60.3% | ||
| Q3 24 | — | 59.6% | ||
| Q2 24 | — | 60.7% | ||
| Q1 24 | — | 57.9% |
营业利润率BHCKLAC
| Q4 25 | 17.0% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 17.5% | 41.9% | ||
| Q1 25 | 12.2% | 41.3% | ||
| Q4 24 | 21.8% | 31.6% | ||
| Q3 24 | 12.7% | 38.0% | ||
| Q2 24 | 16.2% | 36.8% | ||
| Q1 24 | 13.1% | 29.7% |
净利率BHCKLAC
| Q4 25 | -3.7% | 34.7% | ||
| Q3 25 | 6.7% | 34.9% | ||
| Q2 25 | 5.8% | 37.9% | ||
| Q1 25 | -2.6% | 35.5% | ||
| Q4 24 | 3.8% | 26.8% | ||
| Q3 24 | -3.4% | 33.3% | ||
| Q2 24 | 0.4% | 32.6% | ||
| Q1 24 | -3.0% | 25.5% |
每股收益（稀释后）BHCKLAC
| Q4 25 | $-0.30 | $8.68 | ||
| Q3 25 | $0.48 | $8.47 | ||
| Q2 25 | $0.40 | $9.04 | ||
| Q1 25 | $-0.16 | $8.16 | ||
| Q4 24 | $0.24 | $6.16 | ||
| Q3 24 | $-0.23 | $7.01 | ||
| Q2 24 | $0.03 | $6.16 | ||
| Q1 24 | $-0.17 | $4.43 |
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 | $2.5B |
| 总债务越低越好 | $20.8B | $5.9B |
| 股东权益账面价值 | $-554.0M | $5.5B |
| 总资产 | $26.4B | $16.7B |
| 负债/权益比越低杠杆越低 | — | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资BHCKLAC
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.3B | $1.9B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.1B | $1.9B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $719.0M | $2.0B | ||
| Q2 24 | $595.0M | $2.0B | ||
| Q1 24 | $733.0M | $1.8B |
总债务BHCKLAC
| Q4 25 | $20.8B | $5.9B | ||
| Q3 25 | $21.0B | $5.9B | ||
| Q2 25 | $21.7B | $5.9B | ||
| Q1 25 | $21.5B | $5.9B | ||
| Q4 24 | $21.6B | $5.9B | ||
| Q3 24 | $21.5B | $5.9B | ||
| Q2 24 | $21.7B | $5.9B | ||
| Q1 24 | $22.1B | $5.9B |
股东权益BHCKLAC
| Q4 25 | $-554.0M | $5.5B | ||
| Q3 25 | $-565.0M | $5.0B | ||
| Q2 25 | $-764.0M | $4.7B | ||
| Q1 25 | $-1.2B | $4.0B | ||
| Q4 24 | $-1.3B | $3.6B | ||
| Q3 24 | $-1.2B | $3.6B | ||
| Q2 24 | $-1.2B | $3.4B | ||
| Q1 24 | $-1.1B | $3.1B |
总资产BHCKLAC
| Q4 25 | $26.4B | $16.7B | ||
| Q3 25 | $26.8B | $16.3B | ||
| Q2 25 | $27.3B | $16.1B | ||
| Q1 25 | $26.4B | $15.2B | ||
| Q4 24 | $26.5B | $15.0B | ||
| Q3 24 | $26.5B | $15.7B | ||
| Q2 24 | $26.5B | $15.4B | ||
| Q1 24 | $26.9B | $15.0B |
负债/权益比BHCKLAC
| Q4 25 | — | 1.08× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | 1.47× | ||
| Q4 24 | — | 1.64× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.75× | ||
| Q1 24 | — | 1.90× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $1.3B |
| 自由现金流率自由现金流/营收 | 14.4% | 38.3% |
| 资本支出强度资本支出/营收 | 3.3% | 3.2% |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $4.4B |
8季度趋势，按日历期对齐
经营现金流BHCKLAC
| Q4 25 | $495.0M | $1.4B | ||
| Q3 25 | $405.0M | $1.2B | ||
| Q2 25 | $289.0M | $1.2B | ||
| Q1 25 | $211.0M | $1.1B | ||
| Q4 24 | $601.0M | $849.5M | ||
| Q3 24 | $405.0M | $995.2M | ||
| Q2 24 | $380.0M | $892.6M | ||
| Q1 24 | $211.0M | $910.0M |
自由现金流BHCKLAC
| Q4 25 | $403.0M | $1.3B | ||
| Q3 25 | $314.0M | $1.1B | ||
| Q2 25 | $190.0M | $1.1B | ||
| Q1 25 | $96.0M | $990.0M | ||
| Q4 24 | $495.0M | $757.2M | ||
| Q3 24 | $334.0M | $934.8M | ||
| Q2 24 | $302.0M | $831.9M | ||
| Q1 24 | $129.0M | $838.2M |
自由现金流率BHCKLAC
| Q4 25 | 14.4% | 38.3% | ||
| Q3 25 | 11.7% | 33.2% | ||
| Q2 25 | 7.5% | 33.5% | ||
| Q1 25 | 4.2% | 32.3% | ||
| Q4 24 | 19.3% | 24.6% | ||
| Q3 24 | 13.3% | 32.9% | ||
| Q2 24 | 12.6% | 32.4% | ||
| Q1 24 | 6.0% | 35.5% |
资本支出强度BHCKLAC
| Q4 25 | 3.3% | 3.2% | ||
| Q3 25 | 3.4% | 3.0% | ||
| Q2 25 | 3.9% | 3.2% | ||
| Q1 25 | 5.1% | 2.7% | ||
| Q4 24 | 4.1% | 3.0% | ||
| Q3 24 | 2.8% | 2.1% | ||
| Q2 24 | 3.2% | 2.4% | ||
| Q1 24 | 3.8% | 3.0% |
现金转化率BHCKLAC
| Q4 25 | — | 1.19× | ||
| Q3 25 | 2.26× | 1.04× | ||
| Q2 25 | 1.95× | 0.97× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | 6.13× | 1.03× | ||
| Q3 24 | — | 1.05× | ||
| Q2 24 | 38.00× | 1.07× | ||
| Q1 24 | — | 1.51× |
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% |
KLAC
| Wafer Inspection | $1.6B | 48% |
| Services | $786.1M | 24% |
| Patterning | $696.2M | 21% |
| Specialty Semiconductor Process | $121.6M | 4% |
| PCB And Component Inspection | $80.3M | 2% |
| Other Revenue | $40.2M | 1% |
