vs
博士伦健康（BHC）与Primoris Services Corp（PRIM）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Primoris Services Corp的1.5倍（$2.8B vs $1.9B），Primoris Services Corp净利率更高（2.8% vs -3.7%，领先6.5%），博士伦健康同比增速更快（9.3% vs 6.7%），博士伦健康自由现金流更多（$403.0M vs $121.1M），过去两年Primoris Services Corp的营收复合增速更高（14.7% vs 14.0%）
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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
BHC vs PRIM — 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
BHC
高出2.6%
6.7%
净利率更高
PRIM
高出6.5%
-3.7%
自由现金流更多
BHC
多$281.9M
$121.1M
两年增速更快
PRIM
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.9B |
| 净利润 | $-103.0M | $51.7M |
| 毛利率 | — | 9.4% |
| 营业利润率 | 17.0% | 4.2% |
| 净利率 | -3.7% | 2.8% |
| 营收同比 | 9.3% | 6.7% |
| 净利润同比 | -205.1% | -4.2% |
| 每股收益（稀释后） | $-0.30 | $0.94 |
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BHCPRIM
| Q4 25 | $2.8B | $1.9B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.5B | $1.9B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.6B | $1.7B | ||
| Q3 24 | $2.5B | $1.6B | ||
| Q2 24 | $2.4B | $1.6B | ||
| Q1 24 | $2.2B | $1.4B |
净利润BHCPRIM
| Q4 25 | $-103.0M | $51.7M | ||
| Q3 25 | $179.0M | $94.6M | ||
| Q2 25 | $148.0M | $84.3M | ||
| Q1 25 | $-58.0M | $44.2M | ||
| Q4 24 | $98.0M | $54.0M | ||
| Q3 24 | $-85.0M | $58.4M | ||
| Q2 24 | $10.0M | $49.5M | ||
| Q1 24 | $-64.0M | $18.9M |
毛利率BHCPRIM
| Q4 25 | — | 9.4% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 12.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 10.6% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 11.9% | ||
| Q1 24 | — | 9.4% |
营业利润率BHCPRIM
| Q4 25 | 17.0% | 4.2% | ||
| Q3 25 | 23.1% | 6.3% | ||
| Q2 25 | 17.5% | 6.7% | ||
| Q1 25 | 12.2% | 4.3% | ||
| Q4 24 | 21.8% | 5.0% | ||
| Q3 24 | 12.7% | 6.0% | ||
| Q2 24 | 16.2% | 5.5% | ||
| Q1 24 | 13.1% | 3.1% |
净利率BHCPRIM
| Q4 25 | -3.7% | 2.8% | ||
| Q3 25 | 6.7% | 4.3% | ||
| Q2 25 | 5.8% | 4.5% | ||
| Q1 25 | -2.6% | 2.7% | ||
| Q4 24 | 3.8% | 3.1% | ||
| Q3 24 | -3.4% | 3.5% | ||
| Q2 24 | 0.4% | 3.2% | ||
| Q1 24 | -3.0% | 1.3% |
每股收益（稀释后）BHCPRIM
| Q4 25 | $-0.30 | $0.94 | ||
| Q3 25 | $0.48 | $1.73 | ||
| Q2 25 | $0.40 | $1.54 | ||
| Q1 25 | $-0.16 | $0.81 | ||
| Q4 24 | $0.24 | $0.98 | ||
| Q3 24 | $-0.23 | $1.07 | ||
| Q2 24 | $0.03 | $0.91 | ||
| Q1 24 | $-0.17 | $0.35 |
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 | $535.5M |
| 总债务越低越好 | $20.8B | $469.9M |
| 股东权益账面价值 | $-554.0M | $1.7B |
| 总资产 | $26.4B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资BHCPRIM
| Q4 25 | $1.3B | $535.5M | ||
| Q3 25 | $1.3B | $431.4M | ||
| Q2 25 | $1.7B | $390.3M | ||
| Q1 25 | $1.1B | $351.6M | ||
| Q4 24 | $1.2B | $455.8M | ||
| Q3 24 | $719.0M | $352.7M | ||
| Q2 24 | $595.0M | $207.4M | ||
| Q1 24 | $733.0M | $177.6M |
总债务BHCPRIM
| Q4 25 | $20.8B | $469.9M | ||
| Q3 25 | $21.0B | $486.0M | ||
| Q2 25 | $21.7B | $603.1M | ||
| Q1 25 | $21.5B | $612.0M | ||
| Q4 24 | $21.6B | $734.8M | ||
| Q3 24 | $21.5B | $903.7M | ||
| Q2 24 | $21.7B | $933.0M | ||
| Q1 24 | $22.1B | $951.7M |
股东权益BHCPRIM
| Q4 25 | $-554.0M | $1.7B | ||
| Q3 25 | $-565.0M | $1.6B | ||
| Q2 25 | $-764.0M | $1.5B | ||
| Q1 25 | $-1.2B | $1.4B | ||
| Q4 24 | $-1.3B | $1.4B | ||
| Q3 24 | $-1.2B | $1.4B | ||
| Q2 24 | $-1.2B | $1.3B | ||
| Q1 24 | $-1.1B | $1.2B |
总资产BHCPRIM
| Q4 25 | $26.4B | $4.4B | ||
| Q3 25 | $26.8B | $4.6B | ||
| Q2 25 | $27.3B | $4.5B | ||
| Q1 25 | $26.4B | $4.2B | ||
| Q4 24 | $26.5B | $4.2B | ||
| Q3 24 | $26.5B | $4.2B | ||
| Q2 24 | $26.5B | $4.0B | ||
| Q1 24 | $26.9B | $4.0B |
负债/权益比BHCPRIM
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $121.1M |
| 自由现金流率自由现金流/营收 | 14.4% | 6.5% |
| 资本支出强度资本支出/营收 | 3.3% | 1.2% |
| 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 | $340.5M |
8季度趋势，按日历期对齐
经营现金流BHCPRIM
| Q4 25 | $495.0M | $142.9M | ||
| Q3 25 | $405.0M | $182.9M | ||
| Q2 25 | $289.0M | $78.5M | ||
| Q1 25 | $211.0M | $66.2M | ||
| Q4 24 | $601.0M | $298.3M | ||
| Q3 24 | $405.0M | $222.5M | ||
| Q2 24 | $380.0M | $16.1M | ||
| Q1 24 | $211.0M | $-28.5M |
自由现金流BHCPRIM
| Q4 25 | $403.0M | $121.1M | ||
| Q3 25 | $314.0M | $148.4M | ||
| Q2 25 | $190.0M | $45.3M | ||
| Q1 25 | $96.0M | $25.6M | ||
| Q4 24 | $495.0M | $270.0M | ||
| Q3 24 | $334.0M | $158.8M | ||
| Q2 24 | $302.0M | $-8.1M | ||
| Q1 24 | $129.0M | $-38.9M |
自由现金流率BHCPRIM
| Q4 25 | 14.4% | 6.5% | ||
| Q3 25 | 11.7% | 6.8% | ||
| Q2 25 | 7.5% | 2.4% | ||
| Q1 25 | 4.2% | 1.6% | ||
| Q4 24 | 19.3% | 15.5% | ||
| Q3 24 | 13.3% | 9.6% | ||
| Q2 24 | 12.6% | -0.5% | ||
| Q1 24 | 6.0% | -2.8% |
资本支出强度BHCPRIM
| Q4 25 | 3.3% | 1.2% | ||
| Q3 25 | 3.4% | 1.6% | ||
| Q2 25 | 3.9% | 1.8% | ||
| Q1 25 | 5.1% | 2.5% | ||
| Q4 24 | 4.1% | 1.6% | ||
| Q3 24 | 2.8% | 3.9% | ||
| Q2 24 | 3.2% | 1.5% | ||
| Q1 24 | 3.8% | 0.7% |
现金转化率BHCPRIM
| Q4 25 | — | 2.76× | ||
| Q3 25 | 2.26× | 1.93× | ||
| Q2 25 | 1.95× | 0.93× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | 6.13× | 5.53× | ||
| Q3 24 | — | 3.81× | ||
| Q2 24 | 38.00× | 0.32× | ||
| Q1 24 | — | -1.50× |
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% |
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
