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博士伦健康（BHC）与美泰（MAT）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美泰的1.6倍（$2.8B vs $1.8B），美泰净利率更高（6.0% vs -3.7%，领先9.7%），博士伦健康同比增速更快（9.3% vs 7.3%），过去两年美泰的营收复合增速更高（47.7% 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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
BHC vs MAT — 直观对比
营收规模更大
BHC
是对方的1.6倍
$1.8B
营收增速更快
BHC
高出2.0%
7.3%
净利率更高
MAT
高出9.7%
-3.7%
两年增速更快
MAT
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.8B |
| 净利润 | $-103.0M | $106.2M |
| 毛利率 | — | 45.9% |
| 营业利润率 | 17.0% | 8.0% |
| 净利率 | -3.7% | 6.0% |
| 营收同比 | 9.3% | 7.3% |
| 净利润同比 | -205.1% | -24.6% |
| 每股收益（稀释后） | $-0.30 | $0.32 |
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BHCMAT
| Q4 25 | $2.8B | $1.8B | ||
| Q3 25 | $2.7B | $1.7B | ||
| Q2 25 | $2.5B | $1.0B | ||
| Q1 25 | $2.3B | $826.6M | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.5B | $1.8B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.2B | $809.5M |
净利润BHCMAT
| Q4 25 | $-103.0M | $106.2M | ||
| Q3 25 | $179.0M | $278.4M | ||
| Q2 25 | $148.0M | $53.4M | ||
| Q1 25 | $-58.0M | $-40.3M | ||
| Q4 24 | $98.0M | $140.9M | ||
| Q3 24 | $-85.0M | $372.4M | ||
| Q2 24 | $10.0M | $56.9M | ||
| Q1 24 | $-64.0M | $-28.3M |
毛利率BHCMAT
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 50.0% | ||
| Q2 25 | — | 50.9% | ||
| Q1 25 | — | 49.4% | ||
| Q4 24 | — | 50.7% | ||
| Q3 24 | — | 53.1% | ||
| Q2 24 | — | 49.2% | ||
| Q1 24 | — | 48.0% |
营业利润率BHCMAT
| Q4 25 | 17.0% | 8.0% | ||
| Q3 25 | 23.1% | 21.9% | ||
| Q2 25 | 17.5% | 7.7% | ||
| Q1 25 | 12.2% | -6.4% | ||
| Q4 24 | 21.8% | 9.6% | ||
| Q3 24 | 12.7% | 26.5% | ||
| Q2 24 | 16.2% | 7.7% | ||
| Q1 24 | 13.1% | -4.4% |
净利率BHCMAT
| Q4 25 | -3.7% | 6.0% | ||
| Q3 25 | 6.7% | 16.0% | ||
| Q2 25 | 5.8% | 5.2% | ||
| Q1 25 | -2.6% | -4.9% | ||
| Q4 24 | 3.8% | 8.6% | ||
| Q3 24 | -3.4% | 20.2% | ||
| Q2 24 | 0.4% | 5.3% | ||
| Q1 24 | -3.0% | -3.5% |
每股收益（稀释后）BHCMAT
| Q4 25 | $-0.30 | $0.32 | ||
| Q3 25 | $0.48 | $0.88 | ||
| Q2 25 | $0.40 | $0.16 | ||
| Q1 25 | $-0.16 | $-0.12 | ||
| Q4 24 | $0.24 | $0.40 | ||
| Q3 24 | $-0.23 | $1.09 | ||
| Q2 24 | $0.03 | $0.17 | ||
| Q1 24 | $-0.17 | $-0.08 |
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 | $1.2B |
| 总债务越低越好 | $20.8B | $2.3B |
| 股东权益账面价值 | $-554.0M | $2.2B |
| 总资产 | $26.4B | $6.6B |
| 负债/权益比越低杠杆越低 | — | 1.04× |
8季度趋势，按日历期对齐
现金及短期投资BHCMAT
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $691.9M | ||
| Q2 25 | $1.7B | $870.5M | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $719.0M | $723.5M | ||
| Q2 24 | $595.0M | $722.4M | ||
| Q1 24 | $733.0M | $1.1B |
总债务BHCMAT
| Q4 25 | $20.8B | $2.3B | ||
| Q3 25 | $21.0B | $2.3B | ||
| Q2 25 | $21.7B | $2.3B | ||
| Q1 25 | $21.5B | $2.3B | ||
| Q4 24 | $21.6B | $2.3B | ||
| Q3 24 | $21.5B | $2.3B | ||
| Q2 24 | $21.7B | $2.3B | ||
| Q1 24 | $22.1B | $2.3B |
股东权益BHCMAT
| Q4 25 | $-554.0M | $2.2B | ||
| Q3 25 | $-565.0M | $2.3B | ||
| Q2 25 | $-764.0M | $2.2B | ||
| Q1 25 | $-1.2B | $2.1B | ||
| Q4 24 | $-1.3B | $2.3B | ||
| Q3 24 | $-1.2B | $2.3B | ||
| Q2 24 | $-1.2B | $2.0B | ||
| Q1 24 | $-1.1B | $2.0B |
总资产BHCMAT
| Q4 25 | $26.4B | $6.6B | ||
| Q3 25 | $26.8B | $6.6B | ||
| Q2 25 | $27.3B | $6.2B | ||
| Q1 25 | $26.4B | $6.2B | ||
| Q4 24 | $26.5B | $6.5B | ||
| Q3 24 | $26.5B | $6.5B | ||
| Q2 24 | $26.5B | $5.9B | ||
| Q1 24 | $26.9B | $6.1B |
负债/权益比BHCMAT
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× | ||
| Q1 24 | — | 1.15× |
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 | $796.6M |
| 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% | — |
| 现金转化率经营现金流/净利润 | — | 7.50× |
| 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BHCMAT
| Q4 25 | $495.0M | $796.6M | ||
| Q3 25 | $405.0M | $72.0M | ||
| Q2 25 | $289.0M | $-300.1M | ||
| Q1 25 | $211.0M | $24.8M | ||
| Q4 24 | $601.0M | $862.1M | ||
| Q3 24 | $405.0M | $155.8M | ||
| Q2 24 | $380.0M | $-252.9M | ||
| Q1 24 | $211.0M | $35.5M |
自由现金流BHCMAT
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | — | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $302.0M | — | ||
| Q1 24 | $129.0M | — |
自由现金流率BHCMAT
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 6.0% | — |
资本支出强度BHCMAT
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.8% | — |
现金转化率BHCMAT
| Q4 25 | — | 7.50× | ||
| Q3 25 | 2.26× | 0.26× | ||
| Q2 25 | 1.95× | -5.62× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | 6.12× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | 38.00× | -4.45× | ||
| 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% |
MAT
| North America Segment | $1.0B | 58% |
| International Segment | $745.6M | 42% |
