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博士伦健康（BHC）与罗技（LOGI）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罗技的2.0倍（$2.8B vs $1.4B），罗技净利率更高（17.7% vs -3.7%，领先21.3%），博士伦健康同比增速更快（9.3% vs 6.1%），罗技自由现金流更多（$465.6M vs $403.0M），过去两年罗技的营收复合增速更高（18.5% 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。
罗技国际是总部位于瑞士洛桑的跨国企业，专注于计算机外设及相关软件的研发与生产，在欧洲、亚洲、大洋洲、美洲均设有分支机构，为瑞士市场指数成分股，同时在纳斯达克交易所挂牌上市。
BHC vs LOGI — 直观对比
营收规模更大
BHC
是对方的2.0倍
$1.4B
营收增速更快
BHC
高出3.2%
6.1%
净利率更高
LOGI
高出21.3%
-3.7%
自由现金流更多
LOGI
多$62.6M
$403.0M
两年增速更快
LOGI
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.4B |
| 净利润 | $-103.0M | $251.0M |
| 毛利率 | — | 43.2% |
| 营业利润率 | 17.0% | 20.1% |
| 净利率 | -3.7% | 17.7% |
| 营收同比 | 9.3% | 6.1% |
| 净利润同比 | -205.1% | 25.4% |
| 每股收益（稀释后） | $-0.30 | $1.69 |
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BHCLOGI
| Q4 25 | $2.8B | $1.4B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.3B | $1.0B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.5B | $1.1B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.2B | $1.0B |
净利润BHCLOGI
| Q4 25 | $-103.0M | $251.0M | ||
| Q3 25 | $179.0M | $170.7M | ||
| Q2 25 | $148.0M | $146.0M | ||
| Q1 25 | $-58.0M | $144.1M | ||
| Q4 24 | $98.0M | $200.1M | ||
| Q3 24 | $-85.0M | $145.5M | ||
| Q2 24 | $10.0M | $141.8M | ||
| Q1 24 | $-64.0M | $167.6M |
毛利率BHCLOGI
| Q4 25 | — | 43.2% | ||
| Q3 25 | — | 43.4% | ||
| Q2 25 | — | 41.7% | ||
| Q1 25 | — | 43.1% | ||
| Q4 24 | — | 42.9% | ||
| Q3 24 | — | 43.6% | ||
| Q2 24 | — | 42.8% | ||
| Q1 24 | — | 43.2% |
营业利润率BHCLOGI
| Q4 25 | 17.0% | 20.1% | ||
| Q3 25 | 23.1% | 16.1% | ||
| Q2 25 | 17.5% | 14.1% | ||
| Q1 25 | 12.2% | 10.5% | ||
| Q4 24 | 21.8% | 17.5% | ||
| Q3 24 | 12.7% | 14.4% | ||
| Q2 24 | 16.2% | 14.1% | ||
| Q1 24 | 13.1% | 12.9% |
净利率BHCLOGI
| Q4 25 | -3.7% | 17.7% | ||
| Q3 25 | 6.7% | 14.4% | ||
| Q2 25 | 5.8% | 12.7% | ||
| Q1 25 | -2.6% | 14.3% | ||
| Q4 24 | 3.8% | 14.9% | ||
| Q3 24 | -3.4% | 13.0% | ||
| Q2 24 | 0.4% | 13.0% | ||
| Q1 24 | -3.0% | 16.6% |
每股收益（稀释后）BHCLOGI
| Q4 25 | $-0.30 | $1.69 | ||
| Q3 25 | $0.48 | $1.15 | ||
| Q2 25 | $0.40 | $0.98 | ||
| Q1 25 | $-0.16 | $0.94 | ||
| Q4 24 | $0.24 | $1.32 | ||
| Q3 24 | $-0.23 | $0.95 | ||
| Q2 24 | $0.03 | $0.92 | ||
| Q1 24 | $-0.17 | $1.07 |
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 | $1.8B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $2.3B |
| 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BHCLOGI
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.2B | $1.5B | ||
| Q3 24 | $719.0M | $1.4B | ||
| Q2 24 | $595.0M | $1.5B | ||
| Q1 24 | $733.0M | $1.5B |
总债务BHCLOGI
| 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BHCLOGI
| Q4 25 | $-554.0M | $2.3B | ||
| Q3 25 | $-565.0M | $2.1B | ||
| Q2 25 | $-764.0M | $2.2B | ||
| Q1 25 | $-1.2B | $2.1B | ||
| Q4 24 | $-1.3B | $2.1B | ||
| Q3 24 | $-1.2B | $2.1B | ||
| Q2 24 | $-1.2B | $2.2B | ||
| Q1 24 | $-1.1B | $2.2B |
总资产BHCLOGI
| Q4 25 | $26.4B | $4.1B | ||
| Q3 25 | $26.8B | $3.7B | ||
| Q2 25 | $27.3B | $3.7B | ||
| Q1 25 | $26.4B | $3.5B | ||
| Q4 24 | $26.5B | $3.7B | ||
| Q3 24 | $26.5B | $3.6B | ||
| Q2 24 | $26.5B | $3.7B | ||
| Q1 24 | $26.9B | $3.6B |
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 | $480.5M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $465.6M |
| 自由现金流率自由现金流/营收 | 14.4% | 32.8% |
| 资本支出强度资本支出/营收 | 3.3% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.91× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $903.6M |
8季度趋势，按日历期对齐
经营现金流BHCLOGI
| Q4 25 | $495.0M | $480.5M | ||
| Q3 25 | $405.0M | $228.8M | ||
| Q2 25 | $289.0M | $125.0M | ||
| Q1 25 | $211.0M | $129.7M | ||
| Q4 24 | $601.0M | $370.9M | ||
| Q3 24 | $405.0M | $166.0M | ||
| Q2 24 | $380.0M | $176.0M | ||
| Q1 24 | $211.0M | $239.1M |
自由现金流BHCLOGI
| Q4 25 | $403.0M | $465.6M | ||
| Q3 25 | $314.0M | $212.3M | ||
| Q2 25 | $190.0M | $108.8M | ||
| Q1 25 | $96.0M | $116.9M | ||
| Q4 24 | $495.0M | $356.6M | ||
| Q3 24 | $334.0M | $151.5M | ||
| Q2 24 | $302.0M | $161.4M | ||
| Q1 24 | $129.0M | $228.8M |
自由现金流率BHCLOGI
| Q4 25 | 14.4% | 32.8% | ||
| Q3 25 | 11.7% | 17.9% | ||
| Q2 25 | 7.5% | 9.5% | ||
| Q1 25 | 4.2% | 11.6% | ||
| Q4 24 | 19.3% | 26.6% | ||
| Q3 24 | 13.3% | 13.6% | ||
| Q2 24 | 12.6% | 14.8% | ||
| Q1 24 | 6.0% | 22.6% |
资本支出强度BHCLOGI
| Q4 25 | 3.3% | 1.0% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 3.9% | 1.4% | ||
| Q1 25 | 5.1% | 1.3% | ||
| Q4 24 | 4.1% | 1.1% | ||
| Q3 24 | 2.8% | 1.3% | ||
| Q2 24 | 3.2% | 1.3% | ||
| Q1 24 | 3.8% | 1.0% |
现金转化率BHCLOGI
| Q4 25 | — | 1.91× | ||
| Q3 25 | 2.26× | 1.34× | ||
| Q2 25 | 1.95× | 0.86× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | 6.13× | 1.85× | ||
| Q3 24 | — | 1.14× | ||
| Q2 24 | 38.00× | 1.24× | ||
| Q1 24 | — | 1.43× |
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% |
LOGI
| Retail Gaming | $482.7M | 34% |
| Retail Keyboards Desktops | $254.6M | 18% |
| Retail Pointing Devices | $241.2M | 17% |
| Retail Video Collaboration | $193.3M | 14% |
| Retail Tablet And Other Accessories | $93.6M | 7% |
| Retail Webcams | $82.3M | 6% |
| Retail Headsets | $45.9M | 3% |
| Other Retail Products | $28.0M | 2% |
