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博士伦健康（BHC）与豪士科（OSK）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豪士科的1.0倍（$2.8B vs $2.7B），豪士科净利率更高（5.0% vs -3.7%，领先8.7%），博士伦健康同比增速更快（9.3% vs 3.5%），豪士科自由现金流更多（$540.3M vs $403.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs 2.8%）
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。
豪士科（原称豪士科卡车）是美国知名工业企业，主营特种卡车、军用车辆、机场消防设备、高空作业设备等产品的设计与制造。旗下拥有威斯康星州的消防车制造商Pierce Manufacturing，以及生产各类升降作业设备的JLG工业公司。
BHC vs OSK — 直观对比
营收规模更大
BHC
是对方的1.0倍
$2.7B
营收增速更快
BHC
高出5.8%
3.5%
净利率更高
OSK
高出8.7%
-3.7%
自由现金流更多
OSK
多$137.3M
$403.0M
两年增速更快
BHC
近两年复合增速
2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.7B |
| 净利润 | $-103.0M | $133.8M |
| 毛利率 | — | 15.8% |
| 营业利润率 | 17.0% | 7.9% |
| 净利率 | -3.7% | 5.0% |
| 营收同比 | 9.3% | 3.5% |
| 净利润同比 | -205.1% | -12.6% |
| 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BHCOSK
| Q4 25 | $2.8B | $2.7B | ||
| Q3 25 | $2.7B | $2.7B | ||
| Q2 25 | $2.5B | $2.7B | ||
| Q1 25 | $2.3B | $2.3B | ||
| Q4 24 | $2.6B | $2.6B | ||
| Q3 24 | $2.5B | $2.7B | ||
| Q2 24 | $2.4B | $2.8B | ||
| Q1 24 | $2.2B | $2.5B |
净利润BHCOSK
| Q4 25 | $-103.0M | $133.8M | ||
| Q3 25 | $179.0M | $196.2M | ||
| Q2 25 | $148.0M | $204.8M | ||
| Q1 25 | $-58.0M | $112.2M | ||
| Q4 24 | $98.0M | $153.1M | ||
| Q3 24 | $-85.0M | $180.3M | ||
| Q2 24 | $10.0M | $168.6M | ||
| Q1 24 | $-64.0M | $179.4M |
毛利率BHCOSK
| Q4 25 | — | 15.8% | ||
| Q3 25 | — | 17.5% | ||
| Q2 25 | — | 19.2% | ||
| Q1 25 | — | 17.3% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | — | 18.5% | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 18.5% |
营业利润率BHCOSK
| Q4 25 | 17.0% | 7.9% | ||
| Q3 25 | 23.1% | 9.7% | ||
| Q2 25 | 17.5% | 10.7% | ||
| Q1 25 | 12.2% | 7.6% | ||
| Q4 24 | 21.8% | 8.6% | ||
| Q3 24 | 12.7% | 9.7% | ||
| Q2 24 | 16.2% | 9.2% | ||
| Q1 24 | 13.1% | 10.2% |
净利率BHCOSK
| Q4 25 | -3.7% | 5.0% | ||
| Q3 25 | 6.7% | 7.3% | ||
| Q2 25 | 5.8% | 7.5% | ||
| Q1 25 | -2.6% | 4.9% | ||
| Q4 24 | 3.8% | 5.9% | ||
| Q3 24 | -3.4% | 6.6% | ||
| Q2 24 | 0.4% | 5.9% | ||
| Q1 24 | -3.0% | 7.1% |
每股收益（稀释后）BHCOSK
| Q4 25 | $-0.30 | — | ||
| Q3 25 | $0.48 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $-0.17 | — |
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 | $479.8M |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $4.5B |
| 总资产 | $26.4B | $10.1B |
| 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BHCOSK
| Q4 25 | $1.3B | $479.8M | ||
| Q3 25 | $1.3B | $211.8M | ||
| Q2 25 | $1.7B | $191.7M | ||
| Q1 25 | $1.1B | $210.3M | ||
| Q4 24 | $1.2B | $204.9M | ||
| Q3 24 | $719.0M | $160.9M | ||
| Q2 24 | $595.0M | $141.4M | ||
| Q1 24 | $733.0M | $69.9M |
总债务BHCOSK
| Q4 25 | $20.8B | — | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | — | ||
| Q3 24 | $21.5B | $602.3M | ||
| Q2 24 | $21.7B | $599.1M | ||
| Q1 24 | $22.1B | $598.9M |
股东权益BHCOSK
| Q4 25 | $-554.0M | $4.5B | ||
| Q3 25 | $-565.0M | $4.5B | ||
| Q2 25 | $-764.0M | $4.5B | ||
| Q1 25 | $-1.2B | $4.2B | ||
| Q4 24 | $-1.3B | $4.2B | ||
| Q3 24 | $-1.2B | $4.1B | ||
| Q2 24 | $-1.2B | $3.9B | ||
| Q1 24 | $-1.1B | $3.8B |
总资产BHCOSK
| Q4 25 | $26.4B | $10.1B | ||
| Q3 25 | $26.8B | $9.8B | ||
| Q2 25 | $27.3B | $10.0B | ||
| Q1 25 | $26.4B | $9.8B | ||
| Q4 24 | $26.5B | $9.4B | ||
| Q3 24 | $26.5B | $9.9B | ||
| Q2 24 | $26.5B | $9.7B | ||
| Q1 24 | $26.9B | $9.5B |
负债/权益比BHCOSK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.15× | ||
| Q2 24 | — | 0.15× | ||
| Q1 24 | — | 0.16× |
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 | $600.1M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $540.3M |
| 自由现金流率自由现金流/营收 | 14.4% | 20.1% |
| 资本支出强度资本支出/营收 | 3.3% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 4.49× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $618.0M |
8季度趋势，按日历期对齐
经营现金流BHCOSK
| Q4 25 | $495.0M | $600.1M | ||
| Q3 25 | $405.0M | $489.0M | ||
| Q2 25 | $289.0M | $89.2M | ||
| Q1 25 | $211.0M | $-394.9M | ||
| Q4 24 | $601.0M | $790.8M | ||
| Q3 24 | $405.0M | $326.1M | ||
| Q2 24 | $380.0M | $-211.0M | ||
| Q1 24 | $211.0M | $-355.8M |
自由现金流BHCOSK
| Q4 25 | $403.0M | $540.3M | ||
| Q3 25 | $314.0M | $464.3M | ||
| Q2 25 | $190.0M | $48.6M | ||
| Q1 25 | $96.0M | $-435.2M | ||
| Q4 24 | $495.0M | $703.3M | ||
| Q3 24 | $334.0M | $272.2M | ||
| Q2 24 | $302.0M | $-250.5M | ||
| Q1 24 | $129.0M | $-455.9M |
自由现金流率BHCOSK
| Q4 25 | 14.4% | 20.1% | ||
| Q3 25 | 11.7% | 17.3% | ||
| Q2 25 | 7.5% | 1.8% | ||
| Q1 25 | 4.2% | -18.8% | ||
| Q4 24 | 19.3% | 27.1% | ||
| Q3 24 | 13.3% | 9.9% | ||
| Q2 24 | 12.6% | -8.8% | ||
| Q1 24 | 6.0% | -17.9% |
资本支出强度BHCOSK
| Q4 25 | 3.3% | 2.2% | ||
| Q3 25 | 3.4% | 0.9% | ||
| Q2 25 | 3.9% | 1.5% | ||
| Q1 25 | 5.1% | 1.7% | ||
| Q4 24 | 4.1% | 3.4% | ||
| Q3 24 | 2.8% | 2.0% | ||
| Q2 24 | 3.2% | 1.4% | ||
| Q1 24 | 3.8% | 3.9% |
现金转化率BHCOSK
| Q4 25 | — | 4.49× | ||
| Q3 25 | 2.26× | 2.49× | ||
| Q2 25 | 1.95× | 0.44× | ||
| Q1 25 | — | -3.52× | ||
| Q4 24 | 6.13× | 5.17× | ||
| Q3 24 | — | 1.81× | ||
| Q2 24 | 38.00× | -1.25× | ||
| Q1 24 | — | -1.98× |
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% |
OSK
| Vocational Segment | $922.4M | 34% |
| Aerial Works Platforms | $548.6M | 20% |
| Other Access Equipment | $311.8M | 12% |
| Telehandlers | $311.2M | 12% |
| Airport Products | $252.7M | 9% |
| Delivery Vehicles | $165.0M | 6% |
| Other Vocational | $130.7M | 5% |
| Transferred Over Time | $23.5M | 1% |
