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博士伦健康（BHC）与Masco（MAS）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Masco的1.5倍（$2.8B vs $1.9B），Masco净利率更高（11.9% vs -3.7%，领先15.6%），博士伦健康同比增速更快（9.3% vs 6.5%），过去两年博士伦健康的营收复合增速更高（14.0% vs -4.2%）
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。
美国家居建材企业Masco主营家装及新建住宅市场相关产品，旗下拥有20余家子公司，在全球运营近80座生产工厂，其中美国本土近60座，海外地区超20座。公司1969年于纽交所挂牌上市，后实现快速增长，成功跻身美国财富500强榜单。
BHC vs MAS — 直观对比
营收规模更大
BHC
是对方的1.5倍
$1.9B
营收增速更快
BHC
高出2.8%
6.5%
净利率更高
MAS
高出15.6%
-3.7%
两年增速更快
BHC
近两年复合增速
-4.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.9B |
| 净利润 | $-103.0M | $228.0M |
| 毛利率 | — | 35.8% |
| 营业利润率 | 17.0% | 16.5% |
| 净利率 | -3.7% | 11.9% |
| 营收同比 | 9.3% | 6.5% |
| 净利润同比 | -205.1% | 14.5% |
| 每股收益（稀释后） | $-0.30 | — |
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BHCMAS
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $2.7B | $1.9B | ||
| Q2 25 | $2.5B | $2.1B | ||
| Q1 25 | $2.3B | $1.8B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.5B | $2.0B | ||
| Q2 24 | $2.4B | $2.1B |
净利润BHCMAS
| Q1 26 | — | $228.0M | ||
| Q4 25 | $-103.0M | $165.0M | ||
| Q3 25 | $179.0M | $189.0M | ||
| Q2 25 | $148.0M | $270.0M | ||
| Q1 25 | $-58.0M | $186.0M | ||
| Q4 24 | $98.0M | $182.0M | ||
| Q3 24 | $-85.0M | $167.0M | ||
| Q2 24 | $10.0M | $258.0M |
毛利率BHCMAS
| Q1 26 | — | 35.8% | ||
| Q4 25 | — | 33.9% | ||
| Q3 25 | — | 34.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | 35.8% | ||
| Q4 24 | — | 34.8% | ||
| Q3 24 | — | 36.6% | ||
| Q2 24 | — | 37.5% |
营业利润率BHCMAS
| Q1 26 | — | 16.5% | ||
| Q4 25 | 17.0% | 13.8% | ||
| Q3 25 | 23.1% | 15.8% | ||
| Q2 25 | 17.5% | 20.1% | ||
| Q1 25 | 12.2% | 15.9% | ||
| Q4 24 | 21.8% | 15.9% | ||
| Q3 24 | 12.7% | 18.0% | ||
| Q2 24 | 16.2% | 19.0% |
净利率BHCMAS
| Q1 26 | — | 11.9% | ||
| Q4 25 | -3.7% | 9.2% | ||
| Q3 25 | 6.7% | 9.9% | ||
| Q2 25 | 5.8% | 13.2% | ||
| Q1 25 | -2.6% | 10.3% | ||
| Q4 24 | 3.8% | 10.0% | ||
| Q3 24 | -3.4% | 8.4% | ||
| Q2 24 | 0.4% | 12.3% |
每股收益（稀释后）BHCMAS
| Q1 26 | — | — | ||
| Q4 25 | $-0.30 | $0.81 | ||
| Q3 25 | $0.48 | $0.90 | ||
| Q2 25 | $0.40 | $1.28 | ||
| Q1 25 | $-0.16 | $0.87 | ||
| Q4 24 | $0.24 | $0.85 | ||
| Q3 24 | $-0.23 | $0.77 | ||
| Q2 24 | $0.03 | $1.17 |
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 | — |
| 总债务越低越好 | $20.8B | $2.9B |
| 股东权益账面价值 | $-554.0M | $27.0M |
| 总资产 | $26.4B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 109.07× |
8季度趋势，按日历期对齐
现金及短期投资BHCMAS
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $647.0M | ||
| Q3 25 | $1.3B | $559.0M | ||
| Q2 25 | $1.7B | $390.0M | ||
| Q1 25 | $1.1B | $377.0M | ||
| Q4 24 | $1.2B | $634.0M | ||
| Q3 24 | $719.0M | $646.0M | ||
| Q2 24 | $595.0M | $398.0M |
总债务BHCMAS
| Q1 26 | — | $2.9B | ||
| Q4 25 | $20.8B | $2.9B | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | $2.9B | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — |
股东权益BHCMAS
| Q1 26 | — | $27.0M | ||
| Q4 25 | $-554.0M | $-185.0M | ||
| Q3 25 | $-565.0M | $-78.0M | ||
| Q2 25 | $-764.0M | $-84.0M | ||
| Q1 25 | $-1.2B | $-254.0M | ||
| Q4 24 | $-1.3B | $-279.0M | ||
| Q3 24 | $-1.2B | $-88.0M | ||
| Q2 24 | $-1.2B | $-26.0M |
总资产BHCMAS
| Q1 26 | — | $5.2B | ||
| Q4 25 | $26.4B | $5.2B | ||
| Q3 25 | $26.8B | $5.3B | ||
| Q2 25 | $27.3B | $5.3B | ||
| Q1 25 | $26.4B | $5.1B | ||
| Q4 24 | $26.5B | $5.0B | ||
| Q3 24 | $26.5B | $5.3B | ||
| Q2 24 | $26.5B | $5.4B |
负债/权益比BHCMAS
| Q1 26 | — | 109.07× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $403.0M | — |
| 自由现金流率自由现金流/营收 | 14.4% | — |
| 资本支出强度资本支出/营收 | 3.3% | 1.8% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | — |
8季度趋势，按日历期对齐
经营现金流BHCMAS
| Q1 26 | — | — | ||
| Q4 25 | $495.0M | $418.0M | ||
| Q3 25 | $405.0M | $456.0M | ||
| Q2 25 | $289.0M | $306.0M | ||
| Q1 25 | $211.0M | $-158.0M | ||
| Q4 24 | $601.0M | $407.0M | ||
| Q3 24 | $405.0M | $416.0M | ||
| Q2 24 | $380.0M | $346.0M |
自由现金流BHCMAS
| Q1 26 | — | — | ||
| Q4 25 | $403.0M | $371.0M | ||
| Q3 25 | $314.0M | $415.0M | ||
| Q2 25 | $190.0M | $270.0M | ||
| Q1 25 | $96.0M | $-190.0M | ||
| Q4 24 | $495.0M | $351.0M | ||
| Q3 24 | $334.0M | $378.0M | ||
| Q2 24 | $302.0M | $303.0M |
自由现金流率BHCMAS
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 20.7% | ||
| Q3 25 | 11.7% | 21.6% | ||
| Q2 25 | 7.5% | 13.2% | ||
| Q1 25 | 4.2% | -10.5% | ||
| Q4 24 | 19.3% | 19.2% | ||
| Q3 24 | 13.3% | 19.1% | ||
| Q2 24 | 12.6% | 14.5% |
资本支出强度BHCMAS
| Q1 26 | — | 1.8% | ||
| Q4 25 | 3.3% | 2.6% | ||
| Q3 25 | 3.4% | 2.1% | ||
| Q2 25 | 3.9% | 1.8% | ||
| Q1 25 | 5.1% | 1.8% | ||
| Q4 24 | 4.1% | 3.1% | ||
| Q3 24 | 2.8% | 1.9% | ||
| Q2 24 | 3.2% | 2.1% |
现金转化率BHCMAS
| Q1 26 | — | — | ||
| Q4 25 | — | 2.53× | ||
| Q3 25 | 2.26× | 2.41× | ||
| Q2 25 | 1.95× | 1.13× | ||
| Q1 25 | — | -0.85× | ||
| Q4 24 | 6.13× | 2.24× | ||
| Q3 24 | — | 2.49× | ||
| Q2 24 | 38.00× | 1.34× |
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% |
MAS
暂无分部数据
