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博士伦健康（BHC）与PPL Corporation（PPL）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PPL Corporation的1.2倍（$2.8B vs $2.3B），PPL Corporation净利率更高（11.3% vs -3.7%，领先15.0%），博士伦健康同比增速更快（9.3% vs 7.2%），博士伦健康自由现金流更多（$403.0M vs $-614.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs 1.0%）
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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
BHC vs PPL — 直观对比
营收规模更大
BHC
是对方的1.2倍
$2.3B
营收增速更快
BHC
高出2.0%
7.2%
净利率更高
PPL
高出15.0%
-3.7%
自由现金流更多
BHC
多$1.0B
$-614.0M
两年增速更快
BHC
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.3B |
| 净利润 | $-103.0M | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | 20.3% |
| 净利率 | -3.7% | 11.3% |
| 营收同比 | 9.3% | 7.2% |
| 净利润同比 | -205.1% | 50.3% |
| 每股收益（稀释后） | $-0.30 | $0.35 |
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BHCPPL
| Q4 25 | $2.8B | $2.3B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.3B | $2.5B | ||
| Q4 24 | $2.6B | $2.2B | ||
| Q3 24 | $2.5B | $2.1B | ||
| Q2 24 | $2.4B | $1.9B | ||
| Q1 24 | $2.2B | $2.3B |
净利润BHCPPL
| Q4 25 | $-103.0M | $266.0M | ||
| Q3 25 | $179.0M | $318.0M | ||
| Q2 25 | $148.0M | $183.0M | ||
| Q1 25 | $-58.0M | $414.0M | ||
| Q4 24 | $98.0M | $177.0M | ||
| Q3 24 | $-85.0M | $214.0M | ||
| Q2 24 | $10.0M | $190.0M | ||
| Q1 24 | $-64.0M | $307.0M |
营业利润率BHCPPL
| Q4 25 | 17.0% | 20.3% | ||
| Q3 25 | 23.1% | 25.4% | ||
| Q2 25 | 17.5% | 19.9% | ||
| Q1 25 | 12.2% | 26.6% | ||
| Q4 24 | 21.8% | 17.2% | ||
| Q3 24 | 12.7% | 20.6% | ||
| Q2 24 | 16.2% | 20.8% | ||
| Q1 24 | 13.1% | 23.7% |
净利率BHCPPL
| Q4 25 | -3.7% | 11.3% | ||
| Q3 25 | 6.7% | 14.2% | ||
| Q2 25 | 5.8% | 9.0% | ||
| Q1 25 | -2.6% | 16.3% | ||
| Q4 24 | 3.8% | 8.1% | ||
| Q3 24 | -3.4% | 10.3% | ||
| Q2 24 | 0.4% | 10.1% | ||
| Q1 24 | -3.0% | 13.3% |
每股收益（稀释后）BHCPPL
| Q4 25 | $-0.30 | $0.35 | ||
| Q3 25 | $0.48 | $0.43 | ||
| Q2 25 | $0.40 | $0.25 | ||
| Q1 25 | $-0.16 | $0.56 | ||
| Q4 24 | $0.24 | $0.23 | ||
| Q3 24 | $-0.23 | $0.29 | ||
| Q2 24 | $0.03 | $0.26 | ||
| Q1 24 | $-0.17 | $0.42 |
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 | $1.1B |
| 总债务越低越好 | $20.8B | $18.9B |
| 股东权益账面价值 | $-554.0M | $14.9B |
| 总资产 | $26.4B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资BHCPPL
| Q4 25 | $1.3B | $1.1B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.7B | $294.0M | ||
| Q1 25 | $1.1B | $312.0M | ||
| Q4 24 | $1.2B | $306.0M | ||
| Q3 24 | $719.0M | $542.0M | ||
| Q2 24 | $595.0M | $282.0M | ||
| Q1 24 | $733.0M | $276.0M |
总债务BHCPPL
| Q4 25 | $20.8B | $18.9B | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | $16.5B | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $22.1B | — |
股东权益BHCPPL
| Q4 25 | $-554.0M | $14.9B | ||
| Q3 25 | $-565.0M | $14.4B | ||
| Q2 25 | $-764.0M | $14.3B | ||
| Q1 25 | $-1.2B | $14.3B | ||
| Q4 24 | $-1.3B | $14.1B | ||
| Q3 24 | $-1.2B | $14.1B | ||
| Q2 24 | $-1.2B | $14.1B | ||
| Q1 24 | $-1.1B | $14.1B |
总资产BHCPPL
| Q4 25 | $26.4B | $45.2B | ||
| Q3 25 | $26.8B | $43.9B | ||
| Q2 25 | $27.3B | $42.4B | ||
| Q1 25 | $26.4B | $41.8B | ||
| Q4 24 | $26.5B | $41.1B | ||
| Q3 24 | $26.5B | $40.5B | ||
| Q2 24 | $26.5B | $39.8B | ||
| Q1 24 | $26.9B | $39.6B |
负债/权益比BHCPPL
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $-614.0M |
| 自由现金流率自由现金流/营收 | 14.4% | -26.1% |
| 资本支出强度资本支出/营收 | 3.3% | 49.5% |
| 现金转化率经营现金流/净利润 | — | 2.06× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $-1.4B |
8季度趋势，按日历期对齐
经营现金流BHCPPL
| Q4 25 | $495.0M | $548.0M | ||
| Q3 25 | $405.0M | $966.0M | ||
| Q2 25 | $289.0M | $602.0M | ||
| Q1 25 | $211.0M | $513.0M | ||
| Q4 24 | $601.0M | $511.0M | ||
| Q3 24 | $405.0M | $781.0M | ||
| Q2 24 | $380.0M | $766.0M | ||
| Q1 24 | $211.0M | $282.0M |
自由现金流BHCPPL
| Q4 25 | $403.0M | $-614.0M | ||
| Q3 25 | $314.0M | $-179.0M | ||
| Q2 25 | $190.0M | $-328.0M | ||
| Q1 25 | $96.0M | $-280.0M | ||
| Q4 24 | $495.0M | $-349.0M | ||
| Q3 24 | $334.0M | $102.0M | ||
| Q2 24 | $302.0M | $96.0M | ||
| Q1 24 | $129.0M | $-314.0M |
自由现金流率BHCPPL
| Q4 25 | 14.4% | -26.1% | ||
| Q3 25 | 11.7% | -8.0% | ||
| Q2 25 | 7.5% | -16.1% | ||
| Q1 25 | 4.2% | -11.0% | ||
| Q4 24 | 19.3% | -15.9% | ||
| Q3 24 | 13.3% | 4.9% | ||
| Q2 24 | 12.6% | 5.1% | ||
| Q1 24 | 6.0% | -13.6% |
资本支出强度BHCPPL
| Q4 25 | 3.3% | 49.5% | ||
| Q3 25 | 3.4% | 51.2% | ||
| Q2 25 | 3.9% | 45.6% | ||
| Q1 25 | 5.1% | 31.2% | ||
| Q4 24 | 4.1% | 39.3% | ||
| Q3 24 | 2.8% | 32.7% | ||
| Q2 24 | 3.2% | 35.8% | ||
| Q1 24 | 3.8% | 25.9% |
现金转化率BHCPPL
| Q4 25 | — | 2.06× | ||
| Q3 25 | 2.26× | 3.04× | ||
| Q2 25 | 1.95× | 3.29× | ||
| Q1 25 | — | 1.24× | ||
| Q4 24 | 6.13× | 2.89× | ||
| Q3 24 | — | 3.65× | ||
| Q2 24 | 38.00× | 4.03× | ||
| Q1 24 | — | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
