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博士伦健康（BHC）与PulteGroup（PHM）财务数据对比。点击上方公司名可切换其他公司
PulteGroup的季度营收约是博士伦健康的1.2倍（$3.4B vs $2.8B），PulteGroup净利率更高（10.2% vs -3.7%，领先13.9%），博士伦健康同比增速更快（9.3% vs -12.4%），过去两年博士伦健康的营收复合增速更高（14.0% vs -13.9%）
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。
PulteGroup Inc.是总部位于美国佐治亚州亚特兰大的住宅建造企业，2023年按房屋交付量统计为美国第三大住宅建造商，自成立以来累计已建成超过77.5万套住宅，是美国住宅开发领域的领先企业之一。
BHC vs PHM — 直观对比
营收规模更大
PHM
是对方的1.2倍
$2.8B
营收增速更快
BHC
高出21.7%
-12.4%
净利率更高
PHM
高出13.9%
-3.7%
两年增速更快
BHC
近两年复合增速
-13.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.4B |
| 净利润 | $-103.0M | $347.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | — |
| 净利率 | -3.7% | 10.2% |
| 营收同比 | 9.3% | -12.4% |
| 净利润同比 | -205.1% | -33.6% |
| 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BHCPHM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.8B | $4.6B | ||
| Q3 25 | $2.7B | $4.4B | ||
| Q2 25 | $2.5B | $4.4B | ||
| Q1 25 | $2.3B | $3.9B | ||
| Q4 24 | $2.6B | $4.9B | ||
| Q3 24 | $2.5B | $4.5B | ||
| Q2 24 | $2.4B | $4.6B |
净利润BHCPHM
| Q1 26 | — | $347.0M | ||
| Q4 25 | $-103.0M | $501.6M | ||
| Q3 25 | $179.0M | $585.8M | ||
| Q2 25 | $148.0M | $608.5M | ||
| Q1 25 | $-58.0M | $522.8M | ||
| Q4 24 | $98.0M | $913.2M | ||
| Q3 24 | $-85.0M | $697.9M | ||
| Q2 24 | $10.0M | $809.1M |
毛利率BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 27.8% | ||
| Q2 25 | — | 28.6% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 31.4% |
营业利润率BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 17.5% | — | ||
| Q1 25 | 12.2% | — | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 16.2% | — |
净利率BHCPHM
| Q1 26 | — | 10.2% | ||
| Q4 25 | -3.7% | 10.9% | ||
| Q3 25 | 6.7% | 13.3% | ||
| Q2 25 | 5.8% | 13.8% | ||
| Q1 25 | -2.6% | 13.4% | ||
| Q4 24 | 3.8% | 18.6% | ||
| Q3 24 | -3.4% | 15.6% | ||
| Q2 24 | 0.4% | 17.6% |
每股收益（稀释后）BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | $-0.30 | $2.56 | ||
| Q3 25 | $0.48 | $2.96 | ||
| Q2 25 | $0.40 | $3.03 | ||
| Q1 25 | $-0.16 | $2.57 | ||
| Q4 24 | $0.24 | $4.41 | ||
| Q3 24 | $-0.23 | $3.35 | ||
| Q2 24 | $0.03 | $3.83 |
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 | $1.8B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $13.0B |
| 总资产 | $26.4B | $5.2B |
| 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BHCPHM
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $719.0M | $1.4B | ||
| Q2 24 | $595.0M | $1.4B |
总债务BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | $20.8B | $43.9M | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | $31.1M | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — |
股东权益BHCPHM
| Q1 26 | — | $13.0B | ||
| Q4 25 | $-554.0M | $13.0B | ||
| Q3 25 | $-565.0M | $12.8B | ||
| Q2 25 | $-764.0M | $12.6B | ||
| Q1 25 | $-1.2B | $12.3B | ||
| Q4 24 | $-1.3B | $12.1B | ||
| Q3 24 | $-1.2B | $11.6B | ||
| Q2 24 | $-1.2B | $11.2B |
总资产BHCPHM
| Q1 26 | — | $5.2B | ||
| Q4 25 | $26.4B | $18.0B | ||
| Q3 25 | $26.8B | $17.9B | ||
| Q2 25 | $27.3B | $17.6B | ||
| Q1 25 | $26.4B | $17.3B | ||
| Q4 24 | $26.5B | $17.4B | ||
| Q3 24 | $26.5B | $17.0B | ||
| Q2 24 | $26.5B | $16.5B |
负债/权益比BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.00× | ||
| 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 | $159.8M |
| 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% | 0.7% |
| 现金转化率经营现金流/净利润 | — | 0.46× |
| 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BHCPHM
| Q1 26 | — | $159.8M | ||
| Q4 25 | $495.0M | $771.1M | ||
| Q3 25 | $405.0M | $678.4M | ||
| Q2 25 | $289.0M | $287.5M | ||
| Q1 25 | $211.0M | $134.2M | ||
| Q4 24 | $601.0M | $567.6M | ||
| Q3 24 | $405.0M | $455.9M | ||
| Q2 24 | $380.0M | $417.5M |
自由现金流BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | $403.0M | $739.8M | ||
| Q3 25 | $314.0M | $651.1M | ||
| Q2 25 | $190.0M | $253.0M | ||
| Q1 25 | $96.0M | $104.6M | ||
| Q4 24 | $495.0M | $543.1M | ||
| Q3 24 | $334.0M | $417.2M | ||
| Q2 24 | $302.0M | $386.2M |
自由现金流率BHCPHM
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 16.0% | ||
| Q3 25 | 11.7% | 14.8% | ||
| Q2 25 | 7.5% | 5.7% | ||
| Q1 25 | 4.2% | 2.7% | ||
| Q4 24 | 19.3% | 11.0% | ||
| Q3 24 | 13.3% | 9.3% | ||
| Q2 24 | 12.6% | 8.4% |
资本支出强度BHCPHM
| Q1 26 | — | 0.7% | ||
| Q4 25 | 3.3% | 0.7% | ||
| Q3 25 | 3.4% | 0.6% | ||
| Q2 25 | 3.9% | 0.8% | ||
| Q1 25 | 5.1% | 0.8% | ||
| Q4 24 | 4.1% | 0.5% | ||
| Q3 24 | 2.8% | 0.9% | ||
| Q2 24 | 3.2% | 0.7% |
现金转化率BHCPHM
| Q1 26 | — | 0.46× | ||
| Q4 25 | — | 1.54× | ||
| Q3 25 | 2.26× | 1.16× | ||
| Q2 25 | 1.95× | 0.47× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | 6.13× | 0.62× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | 38.00× | 0.52× |
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% |
PHM
| Home sale revenues | $3.3B | 97% |
| Financial Services | $71.7M | 2% |
| Land sale and other revenues | $29.3M | 1% |
