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博士伦健康（BHC）与NiSource（NI）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NiSource的1.5倍（$2.8B vs $1.9B），NiSource净利率更高（13.7% vs -3.7%，领先17.3%），NiSource同比增速更快（22.5% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $-133.7M），过去两年博士伦健康的营收复合增速更高（14.0% vs 7.2%）
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。
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
BHC vs NI — 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
NI
高出13.3%
9.3%
净利率更高
NI
高出17.3%
-3.7%
自由现金流更多
BHC
多$536.7M
$-133.7M
两年增速更快
BHC
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.9B |
| 净利润 | $-103.0M | $257.8M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | 27.3% |
| 净利率 | -3.7% | 13.7% |
| 营收同比 | 9.3% | 22.5% |
| 净利润同比 | -205.1% | 15.1% |
| 每股收益（稀释后） | $-0.30 | $0.53 |
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BHCNI
| Q4 25 | $2.8B | $1.9B | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.6B | $1.5B | ||
| Q3 24 | $2.5B | $1.0B | ||
| Q2 24 | $2.4B | $1.1B | ||
| Q1 24 | $2.2B | $1.6B |
净利润BHCNI
| Q4 25 | $-103.0M | $257.8M | ||
| Q3 25 | $179.0M | $94.7M | ||
| Q2 25 | $148.0M | $102.2M | ||
| Q1 25 | $-58.0M | $474.8M | ||
| Q4 24 | $98.0M | $223.9M | ||
| Q3 24 | $-85.0M | $85.7M | ||
| Q2 24 | $10.0M | $85.8M | ||
| Q1 24 | $-64.0M | $365.0M |
营业利润率BHCNI
| Q4 25 | 17.0% | 27.3% | ||
| Q3 25 | 23.1% | 24.0% | ||
| Q2 25 | 17.5% | 21.1% | ||
| Q1 25 | 12.2% | 35.3% | ||
| Q4 24 | 21.8% | 27.1% | ||
| Q3 24 | 12.7% | 20.9% | ||
| Q2 24 | 16.2% | 22.5% | ||
| Q1 24 | 13.1% | 35.5% |
净利率BHCNI
| Q4 25 | -3.7% | 13.7% | ||
| Q3 25 | 6.7% | 7.6% | ||
| Q2 25 | 5.8% | 8.2% | ||
| Q1 25 | -2.6% | 22.1% | ||
| Q4 24 | 3.8% | 14.5% | ||
| Q3 24 | -3.4% | 8.2% | ||
| Q2 24 | 0.4% | 8.1% | ||
| Q1 24 | -3.0% | 22.2% |
每股收益（稀释后）BHCNI
| Q4 25 | $-0.30 | $0.53 | ||
| Q3 25 | $0.48 | $0.20 | ||
| Q2 25 | $0.40 | $0.22 | ||
| Q1 25 | $-0.16 | $1.00 | ||
| Q4 24 | $0.24 | $0.47 | ||
| Q3 24 | $-0.23 | $0.19 | ||
| Q2 24 | $0.03 | $0.19 | ||
| Q1 24 | $-0.17 | $0.77 |
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 | $110.1M |
| 总债务越低越好 | $20.8B | $15.5B |
| 股东权益账面价值 | $-554.0M | $9.5B |
| 总资产 | $26.4B | $35.9B |
| 负债/权益比越低杠杆越低 | — | 1.64× |
8季度趋势，按日历期对齐
现金及短期投资BHCNI
| Q4 25 | $1.3B | $110.1M | ||
| Q3 25 | $1.3B | $95.0M | ||
| Q2 25 | $1.7B | $335.4M | ||
| Q1 25 | $1.1B | $259.4M | ||
| Q4 24 | $1.2B | $156.6M | ||
| Q3 24 | $719.0M | $126.2M | ||
| Q2 24 | $595.0M | $101.2M | ||
| Q1 24 | $733.0M | $102.2M |
总债务BHCNI
| Q4 25 | $20.8B | $15.5B | ||
| Q3 25 | $21.0B | $14.5B | ||
| Q2 25 | $21.7B | $14.5B | ||
| Q1 25 | $21.5B | $12.8B | ||
| Q4 24 | $21.6B | $12.1B | ||
| Q3 24 | $21.5B | $12.1B | ||
| Q2 24 | $21.7B | $12.8B | ||
| Q1 24 | $22.1B | $11.7B |
股东权益BHCNI
| Q4 25 | $-554.0M | $9.5B | ||
| Q3 25 | $-565.0M | $9.1B | ||
| Q2 25 | $-764.0M | $8.9B | ||
| Q1 25 | $-1.2B | $8.9B | ||
| Q4 24 | $-1.3B | $8.7B | ||
| Q3 24 | $-1.2B | $8.3B | ||
| Q2 24 | $-1.2B | $7.9B | ||
| Q1 24 | $-1.1B | $7.9B |
总资产BHCNI
| Q4 25 | $26.4B | $35.9B | ||
| Q3 25 | $26.8B | $34.4B | ||
| Q2 25 | $27.3B | $34.0B | ||
| Q1 25 | $26.4B | $33.1B | ||
| Q4 24 | $26.5B | $31.8B | ||
| Q3 24 | $26.5B | $30.8B | ||
| Q2 24 | $26.5B | $29.9B | ||
| Q1 24 | $26.9B | $29.3B |
负债/权益比BHCNI
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.48× |
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 | $712.6M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $-133.7M |
| 自由现金流率自由现金流/营收 | 14.4% | -7.1% |
| 资本支出强度资本支出/营收 | 3.3% | 44.9% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $-420.0M |
8季度趋势，按日历期对齐
经营现金流BHCNI
| Q4 25 | $495.0M | $712.6M | ||
| Q3 25 | $405.0M | $467.9M | ||
| Q2 25 | $289.0M | $495.4M | ||
| Q1 25 | $211.0M | $686.4M | ||
| Q4 24 | $601.0M | $539.8M | ||
| Q3 24 | $405.0M | $340.0M | ||
| Q2 24 | $380.0M | $445.5M | ||
| Q1 24 | $211.0M | $456.2M |
自由现金流BHCNI
| Q4 25 | $403.0M | $-133.7M | ||
| Q3 25 | $314.0M | $-172.6M | ||
| Q2 25 | $190.0M | $-162.8M | ||
| Q1 25 | $96.0M | $49.1M | ||
| Q4 24 | $495.0M | $-220.2M | ||
| Q3 24 | $334.0M | $-294.7M | ||
| Q2 24 | $302.0M | $-184.3M | ||
| Q1 24 | $129.0M | $-133.3M |
自由现金流率BHCNI
| Q4 25 | 14.4% | -7.1% | ||
| Q3 25 | 11.7% | -13.9% | ||
| Q2 25 | 7.5% | -13.1% | ||
| Q1 25 | 4.2% | 2.3% | ||
| Q4 24 | 19.3% | -14.3% | ||
| Q3 24 | 13.3% | -28.2% | ||
| Q2 24 | 12.6% | -17.5% | ||
| Q1 24 | 6.0% | -8.1% |
资本支出强度BHCNI
| Q4 25 | 3.3% | 44.9% | ||
| Q3 25 | 3.4% | 51.6% | ||
| Q2 25 | 3.9% | 52.8% | ||
| Q1 25 | 5.1% | 29.6% | ||
| Q4 24 | 4.1% | 49.4% | ||
| Q3 24 | 2.8% | 60.7% | ||
| Q2 24 | 3.2% | 59.7% | ||
| Q1 24 | 3.8% | 35.9% |
现金转化率BHCNI
| Q4 25 | — | 2.76× | ||
| Q3 25 | 2.26× | 4.94× | ||
| Q2 25 | 1.95× | 4.85× | ||
| Q1 25 | — | 1.45× | ||
| Q4 24 | 6.13× | 2.41× | ||
| Q3 24 | — | 3.97× | ||
| Q2 24 | 38.00× | 5.19× | ||
| Q1 24 | — | 1.25× |
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% |
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
