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博士伦健康（BHC）与北极星（PII）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北极星的1.7倍（$2.8B vs $1.7B），北极星净利率更高（-2.8% vs -3.7%，领先0.8%），博士伦健康同比增速更快（9.3% vs 8.0%），博士伦健康自由现金流更多（$403.0M vs $-342.5M），过去两年博士伦健康的营收复合增速更高（14.0% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
BHC vs PII — 直观对比
营收规模更大
BHC
是对方的1.7倍
$1.7B
营收增速更快
BHC
高出1.3%
8.0%
净利率更高
PII
高出0.8%
-3.7%
自由现金流更多
BHC
多$745.5M
$-342.5M
两年增速更快
BHC
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.7B |
| 净利润 | $-103.0M | $-47.2M |
| 毛利率 | — | 20.2% |
| 营业利润率 | 17.0% | 76.5% |
| 净利率 | -3.7% | -2.8% |
| 营收同比 | 9.3% | 8.0% |
| 净利润同比 | -205.1% | 29.0% |
| 每股收益（稀释后） | $-0.30 | $-0.83 |
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BHCPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $2.8B | $1.9B | ||
| Q3 25 | $2.7B | $1.8B | ||
| Q2 25 | $2.5B | $1.9B | ||
| Q1 25 | $2.3B | $1.5B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.5B | $1.7B | ||
| Q2 24 | $2.4B | $2.0B |
净利润BHCPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $-103.0M | $-303.6M | ||
| Q3 25 | $179.0M | $-15.8M | ||
| Q2 25 | $148.0M | $-79.3M | ||
| Q1 25 | $-58.0M | $-66.8M | ||
| Q4 24 | $98.0M | $10.6M | ||
| Q3 24 | $-85.0M | $27.7M | ||
| Q2 24 | $10.0M | $68.7M |
毛利率BHCPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | — | 20.0% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | 20.4% | ||
| Q3 24 | — | 20.6% | ||
| Q2 24 | — | 21.6% |
营业利润率BHCPII
| Q1 26 | — | 76.5% | ||
| Q4 25 | 17.0% | -16.7% | ||
| Q3 25 | 23.1% | 1.1% | ||
| Q2 25 | 17.5% | -0.7% | ||
| Q1 25 | 12.2% | -2.4% | ||
| Q4 24 | 21.8% | 3.7% | ||
| Q3 24 | 12.7% | 3.8% | ||
| Q2 24 | 16.2% | 6.1% |
净利率BHCPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | -3.7% | -15.8% | ||
| Q3 25 | 6.7% | -0.9% | ||
| Q2 25 | 5.8% | -4.3% | ||
| Q1 25 | -2.6% | -4.3% | ||
| Q4 24 | 3.8% | 0.6% | ||
| Q3 24 | -3.4% | 1.6% | ||
| Q2 24 | 0.4% | 3.5% |
每股收益（稀释后）BHCPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $-0.30 | $-5.34 | ||
| Q3 25 | $0.48 | $-0.28 | ||
| Q2 25 | $0.40 | $-1.39 | ||
| Q1 25 | $-0.16 | $-1.17 | ||
| Q4 24 | $0.24 | $0.18 | ||
| Q3 24 | $-0.23 | $0.49 | ||
| Q2 24 | $0.03 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $750.4M |
| 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BHCPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $1.3B | $138.0M | ||
| Q3 25 | $1.3B | $335.5M | ||
| Q2 25 | $1.7B | $324.3M | ||
| Q1 25 | $1.1B | $291.7M | ||
| Q4 24 | $1.2B | $287.8M | ||
| Q3 24 | $719.0M | $291.3M | ||
| Q2 24 | $595.0M | $322.7M |
总债务BHCPII
| Q1 26 | — | — | ||
| Q4 25 | $20.8B | $1.5B | ||
| Q3 25 | $21.0B | $1.3B | ||
| Q2 25 | $21.7B | $1.4B | ||
| Q1 25 | $21.5B | $1.6B | ||
| Q4 24 | $21.6B | $1.6B | ||
| Q3 24 | $21.5B | $1.7B | ||
| Q2 24 | $21.7B | $2.1B |
股东权益BHCPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $-554.0M | $828.4M | ||
| Q3 25 | $-565.0M | $1.1B | ||
| Q2 25 | $-764.0M | $1.2B | ||
| Q1 25 | $-1.2B | $1.2B | ||
| Q4 24 | $-1.3B | $1.3B | ||
| Q3 24 | $-1.2B | $1.3B | ||
| Q2 24 | $-1.2B | $1.3B |
总资产BHCPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $26.4B | $4.9B | ||
| Q3 25 | $26.8B | $5.3B | ||
| Q2 25 | $27.3B | $5.4B | ||
| Q1 25 | $26.4B | $5.5B | ||
| Q4 24 | $26.5B | $5.5B | ||
| Q3 24 | $26.5B | $5.6B | ||
| Q2 24 | $26.5B | $5.7B |
负债/权益比BHCPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | $-342.5M |
| 自由现金流率自由现金流/营收 | 14.4% | -20.6% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.0B | $168.0M |
8季度趋势，按日历期对齐
经营现金流BHCPII
| Q1 26 | — | — | ||
| Q4 25 | $495.0M | $178.7M | ||
| Q3 25 | $405.0M | $158.8M | ||
| Q2 25 | $289.0M | $320.3M | ||
| Q1 25 | $211.0M | $83.2M | ||
| Q4 24 | $601.0M | $206.3M | ||
| Q3 24 | $405.0M | $21.0M | ||
| Q2 24 | $380.0M | $146.3M |
自由现金流BHCPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $403.0M | $114.0M | ||
| Q3 25 | $314.0M | $116.7M | ||
| Q2 25 | $190.0M | $279.8M | ||
| Q1 25 | $96.0M | $47.6M | ||
| Q4 24 | $495.0M | $137.3M | ||
| Q3 24 | $334.0M | $-32.4M | ||
| Q2 24 | $302.0M | $79.1M |
自由现金流率BHCPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 14.4% | 5.9% | ||
| Q3 25 | 11.7% | 6.3% | ||
| Q2 25 | 7.5% | 15.1% | ||
| Q1 25 | 4.2% | 3.1% | ||
| Q4 24 | 19.3% | 7.8% | ||
| Q3 24 | 13.3% | -1.9% | ||
| Q2 24 | 12.6% | 4.0% |
资本支出强度BHCPII
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 3.4% | ||
| Q3 25 | 3.4% | 2.3% | ||
| Q2 25 | 3.9% | 2.2% | ||
| Q1 25 | 5.1% | 2.3% | ||
| Q4 24 | 4.1% | 3.9% | ||
| Q3 24 | 2.8% | 3.1% | ||
| Q2 24 | 3.2% | 3.4% |
现金转化率BHCPII
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | 19.46× | ||
| Q3 24 | — | 0.76× | ||
| Q2 24 | 38.00× | 2.13× |
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% |
PII
暂无分部数据
