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博士伦健康（BHC）与梅西百货（M）财务数据对比。点击上方公司名可切换其他公司
梅西百货的季度营收约是博士伦健康的1.7倍（$4.7B vs $2.8B），梅西百货净利率更高（0.2% vs -3.7%，领先3.9%），博士伦健康同比增速更快（9.3% vs -0.6%），博士伦健康自由现金流更多（$403.0M vs $-101.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs -23.8%）
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。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
BHC vs M — 直观对比
营收规模更大
M
是对方的1.7倍
$2.8B
营收增速更快
BHC
高出9.9%
-0.6%
净利率更高
M
高出3.9%
-3.7%
自由现金流更多
BHC
多$504.0M
$-101.0M
两年增速更快
BHC
近两年复合增速
-23.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.7B |
| 净利润 | $-103.0M | $11.0M |
| 毛利率 | — | 39.4% |
| 营业利润率 | 17.0% | 0.9% |
| 净利率 | -3.7% | 0.2% |
| 营收同比 | 9.3% | -0.6% |
| 净利润同比 | -205.1% | -60.7% |
| 每股收益（稀释后） | $-0.30 | $0.04 |
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BHCM
| Q4 25 | $2.8B | $4.7B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.5B | $4.6B | ||
| Q1 25 | $2.3B | $7.8B | ||
| Q4 24 | $2.6B | $4.7B | ||
| Q3 24 | $2.5B | $4.9B | ||
| Q2 24 | $2.4B | $4.8B | ||
| Q1 24 | $2.2B | $8.1B |
净利润BHCM
| Q4 25 | $-103.0M | $11.0M | ||
| Q3 25 | $179.0M | $87.0M | ||
| Q2 25 | $148.0M | $38.0M | ||
| Q1 25 | $-58.0M | $342.0M | ||
| Q4 24 | $98.0M | $28.0M | ||
| Q3 24 | $-85.0M | $150.0M | ||
| Q2 24 | $10.0M | $62.0M | ||
| Q1 24 | $-64.0M | $-71.0M |
毛利率BHCM
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 35.7% | ||
| Q4 24 | — | 39.6% | ||
| Q3 24 | — | 40.5% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.5% |
营业利润率BHCM
| Q4 25 | 17.0% | 0.9% | ||
| Q3 25 | 23.1% | 3.1% | ||
| Q2 25 | 17.5% | 2.0% | ||
| Q1 25 | 12.2% | 6.4% | ||
| Q4 24 | 21.8% | 1.3% | ||
| Q3 24 | 12.7% | 4.5% | ||
| Q2 24 | 16.2% | 2.6% | ||
| Q1 24 | 13.1% | -0.9% |
净利率BHCM
| Q4 25 | -3.7% | 0.2% | ||
| Q3 25 | 6.7% | 1.8% | ||
| Q2 25 | 5.8% | 0.8% | ||
| Q1 25 | -2.6% | 4.4% | ||
| Q4 24 | 3.8% | 0.6% | ||
| Q3 24 | -3.4% | 3.0% | ||
| Q2 24 | 0.4% | 1.3% | ||
| Q1 24 | -3.0% | -0.9% |
每股收益（稀释后）BHCM
| Q4 25 | $-0.30 | $0.04 | ||
| Q3 25 | $0.48 | $0.31 | ||
| Q2 25 | $0.40 | $0.13 | ||
| Q1 25 | $-0.16 | $1.22 | ||
| Q4 24 | $0.24 | $0.10 | ||
| Q3 24 | $-0.23 | $0.53 | ||
| Q2 24 | $0.03 | $0.22 | ||
| Q1 24 | $-0.17 | $-0.25 |
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 | $447.0M |
| 总债务越低越好 | $20.8B | $2.4B |
| 股东权益账面价值 | $-554.0M | $4.3B |
| 总资产 | $26.4B | $17.1B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资BHCM
| Q4 25 | $1.3B | $447.0M | ||
| Q3 25 | $1.3B | $829.0M | ||
| Q2 25 | $1.7B | $932.0M | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.2B | $315.0M | ||
| Q3 24 | $719.0M | $646.0M | ||
| Q2 24 | $595.0M | $876.0M | ||
| Q1 24 | $733.0M | $1.0B |
总债务BHCM
| Q4 25 | $20.8B | $2.4B | ||
| Q3 25 | $21.0B | $2.4B | ||
| Q2 25 | $21.7B | $2.8B | ||
| Q1 25 | $21.5B | $2.8B | ||
| Q4 24 | $21.6B | $2.8B | ||
| Q3 24 | $21.5B | $3.0B | ||
| Q2 24 | $21.7B | $3.0B | ||
| Q1 24 | $22.1B | $3.0B |
股东权益BHCM
| Q4 25 | $-554.0M | $4.3B | ||
| Q3 25 | $-565.0M | $4.5B | ||
| Q2 25 | $-764.0M | $4.5B | ||
| Q1 25 | $-1.2B | $4.6B | ||
| Q4 24 | $-1.3B | $4.1B | ||
| Q3 24 | $-1.2B | $4.3B | ||
| Q2 24 | $-1.2B | $4.2B | ||
| Q1 24 | $-1.1B | $4.1B |
总资产BHCM
| Q4 25 | $26.4B | $17.1B | ||
| Q3 25 | $26.8B | $15.6B | ||
| Q2 25 | $27.3B | $16.1B | ||
| Q1 25 | $26.4B | $16.4B | ||
| Q4 24 | $26.5B | $17.3B | ||
| Q3 24 | $26.5B | $15.8B | ||
| Q2 24 | $26.5B | $16.4B | ||
| Q1 24 | $26.9B | $16.2B |
负债/权益比BHCM
| Q4 25 | — | 0.56× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.70× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.72× |
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 | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $-101.0M |
| 自由现金流率自由现金流/营收 | 14.4% | -2.1% |
| 资本支出强度资本支出/营收 | 3.3% | 2.0% |
| 现金转化率经营现金流/净利润 | — | -0.73× |
| 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BHCM
| Q4 25 | $495.0M | $-8.0M | ||
| Q3 25 | $405.0M | $319.0M | ||
| Q2 25 | $289.0M | $-64.0M | ||
| Q1 25 | $211.0M | $1.3B | ||
| Q4 24 | $601.0M | $-167.0M | ||
| Q3 24 | $405.0M | $8.0M | ||
| Q2 24 | $380.0M | $129.0M | ||
| Q1 24 | $211.0M | $1.1B |
自由现金流BHCM
| Q4 25 | $403.0M | $-101.0M | ||
| Q3 25 | $314.0M | $240.0M | ||
| Q2 25 | $190.0M | $-164.0M | ||
| Q1 25 | $96.0M | $1.2B | ||
| Q4 24 | $495.0M | $-295.0M | ||
| Q3 24 | $334.0M | $-109.0M | ||
| Q2 24 | $302.0M | $-25.0M | ||
| Q1 24 | $129.0M | $1.0B |
自由现金流率BHCM
| Q4 25 | 14.4% | -2.1% | ||
| Q3 25 | 11.7% | 5.0% | ||
| Q2 25 | 7.5% | -3.6% | ||
| Q1 25 | 4.2% | 15.3% | ||
| Q4 24 | 19.3% | -6.2% | ||
| Q3 24 | 13.3% | -2.2% | ||
| Q2 24 | 12.6% | -0.5% | ||
| Q1 24 | 6.0% | 12.3% |
资本支出强度BHCM
| Q4 25 | 3.3% | 2.0% | ||
| Q3 25 | 3.4% | 1.6% | ||
| Q2 25 | 3.9% | 2.2% | ||
| Q1 25 | 5.1% | 1.5% | ||
| Q4 24 | 4.1% | 2.7% | ||
| Q3 24 | 2.8% | 2.4% | ||
| Q2 24 | 3.2% | 3.2% | ||
| Q1 24 | 3.8% | 1.8% |
现金转化率BHCM
| Q4 25 | — | -0.73× | ||
| Q3 25 | 2.26× | 3.67× | ||
| Q2 25 | 1.95× | -1.68× | ||
| Q1 25 | — | 3.82× | ||
| Q4 24 | 6.13× | -5.96× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | 38.00× | 2.08× | ||
| Q1 24 | — | — |
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% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
