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博士伦健康（BHC）与Primo Brands Corp（PRMB）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Primo Brands Corp的1.8倍（$2.8B vs $1.6B），Primo Brands Corp净利率更高（-0.8% vs -3.7%，领先2.8%），博士伦健康自由现金流更多（$403.0M vs $57.3M）
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。
Primo Brands Corp是一家美加合资饮用水企业，主营多规格桶装水、饮水机、自助补水设备及净水家电，总部位于美国佛罗里达州坦帕市，服务覆盖美国、加拿大、欧洲及以色列的住宅与商业客户。
BHC vs PRMB — 直观对比
营收规模更大
BHC
是对方的1.8倍
$1.6B
净利率更高
PRMB
高出2.8%
-3.7%
自由现金流更多
BHC
多$345.7M
$57.3M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.6B |
| 净利润 | $-103.0M | $-13.0M |
| 毛利率 | — | 27.7% |
| 营业利润率 | 17.0% | 1.2% |
| 净利率 | -3.7% | -0.8% |
| 营收同比 | 9.3% | — |
| 净利润同比 | -205.1% | — |
| 每股收益（稀释后） | $-0.30 | $-0.03 |
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BHCPRMB
| Q4 25 | $2.8B | $1.6B | ||
| Q3 25 | $2.7B | $1.8B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.3B | $1.6B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.5B | $0 | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.2B | $1.1B |
净利润BHCPRMB
| Q4 25 | $-103.0M | $-13.0M | ||
| Q3 25 | $179.0M | $16.8M | ||
| Q2 25 | $148.0M | $27.6M | ||
| Q1 25 | $-58.0M | $28.7M | ||
| Q4 24 | $98.0M | — | ||
| Q3 24 | $-85.0M | $-2.0K | ||
| Q2 24 | $10.0M | $54.5M | ||
| Q1 24 | $-64.0M | $33.5M |
毛利率BHCPRMB
| Q4 25 | — | 27.7% | ||
| Q3 25 | — | 29.9% | ||
| Q2 25 | — | 31.3% | ||
| Q1 25 | — | 32.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 32.7% | ||
| Q1 24 | — | 30.4% |
营业利润率BHCPRMB
| Q4 25 | 17.0% | 1.2% | ||
| Q3 25 | 23.1% | 8.3% | ||
| Q2 25 | 17.5% | 6.5% | ||
| Q1 25 | 12.2% | 9.5% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 16.2% | 12.1% | ||
| Q1 24 | 13.1% | 11.0% |
净利率BHCPRMB
| Q4 25 | -3.7% | -0.8% | ||
| Q3 25 | 6.7% | 1.0% | ||
| Q2 25 | 5.8% | 1.6% | ||
| Q1 25 | -2.6% | 1.8% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -3.4% | — | ||
| Q2 24 | 0.4% | 4.1% | ||
| Q1 24 | -3.0% | 2.9% |
每股收益（稀释后）BHCPRMB
| Q4 25 | $-0.30 | $-0.03 | ||
| Q3 25 | $0.48 | $0.04 | ||
| Q2 25 | $0.40 | $0.07 | ||
| Q1 25 | $-0.16 | $0.08 | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $-0.23 | $-20.00 | ||
| Q2 24 | $0.03 | $0.25 | ||
| Q1 24 | $-0.17 | $0.15 |
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 | $376.7M |
| 总债务越低越好 | $20.8B | $5.2B |
| 股东权益账面价值 | $-554.0M | $3.0B |
| 总资产 | $26.4B | $10.6B |
| 负债/权益比越低杠杆越低 | — | 1.72× |
8季度趋势，按日历期对齐
现金及短期投资BHCPRMB
| Q4 25 | $1.3B | $376.7M | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $719.0M | — | ||
| Q2 24 | $595.0M | — | ||
| Q1 24 | $733.0M | — |
总债务BHCPRMB
| Q4 25 | $20.8B | $5.2B | ||
| Q3 25 | $21.0B | $5.1B | ||
| Q2 25 | $21.7B | $5.1B | ||
| Q1 25 | $21.5B | $5.0B | ||
| Q4 24 | $21.6B | — | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $22.1B | — |
股东权益BHCPRMB
| Q4 25 | $-554.0M | $3.0B | ||
| Q3 25 | $-565.0M | $3.2B | ||
| Q2 25 | $-764.0M | $3.2B | ||
| Q1 25 | $-1.2B | $3.3B | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | $-1.2B | $-2.0K | ||
| Q2 24 | $-1.2B | $-296.8M | ||
| Q1 24 | $-1.1B | $-349.8M |
总资产BHCPRMB
| Q4 25 | $26.4B | $10.6B | ||
| Q3 25 | $26.8B | $11.0B | ||
| Q2 25 | $27.3B | $11.0B | ||
| Q1 25 | $26.4B | $11.0B | ||
| Q4 24 | $26.5B | — | ||
| Q3 24 | $26.5B | $0 | ||
| Q2 24 | $26.5B | — | ||
| Q1 24 | $26.9B | — |
负债/权益比BHCPRMB
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 1.61× | ||
| Q2 25 | — | 1.57× | ||
| Q1 25 | — | 1.51× | ||
| Q4 24 | — | — | ||
| 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 | $203.1M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $57.3M |
| 自由现金流率自由现金流/营收 | 14.4% | 3.7% |
| 资本支出强度资本支出/营收 | 3.3% | 9.4% |
| 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 | $302.9M |
8季度趋势，按日历期对齐
经营现金流BHCPRMB
| Q4 25 | $495.0M | $203.1M | ||
| Q3 25 | $405.0M | $283.4M | ||
| Q2 25 | $289.0M | $155.0M | ||
| Q1 25 | $211.0M | $38.8M | ||
| Q4 24 | $601.0M | — | ||
| Q3 24 | $405.0M | $0 | ||
| Q2 24 | $380.0M | $102.5M | ||
| Q1 24 | $211.0M | $6.0M |
自由现金流BHCPRMB
| Q4 25 | $403.0M | $57.3M | ||
| Q3 25 | $314.0M | $167.7M | ||
| Q2 25 | $190.0M | $101.1M | ||
| Q1 25 | $96.0M | $-23.2M | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $302.0M | $61.4M | ||
| Q1 24 | $129.0M | $-17.5M |
自由现金流率BHCPRMB
| Q4 25 | 14.4% | 3.7% | ||
| Q3 25 | 11.7% | 9.5% | ||
| Q2 25 | 7.5% | 5.8% | ||
| Q1 25 | 4.2% | -1.4% | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 12.6% | 4.7% | ||
| Q1 24 | 6.0% | -1.5% |
资本支出强度BHCPRMB
| Q4 25 | 3.3% | 9.4% | ||
| Q3 25 | 3.4% | 6.6% | ||
| Q2 25 | 3.9% | 3.1% | ||
| Q1 25 | 5.1% | 3.8% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.2% | 3.1% | ||
| Q1 24 | 3.8% | 2.1% |
现金转化率BHCPRMB
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | 16.87× | ||
| Q2 25 | 1.95× | 5.62× | ||
| Q1 25 | — | 1.35× | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.00× | 1.88× | ||
| Q1 24 | — | 0.18× |
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% |
PRMB
| Regional Spring Water | $765.1M | 49% |
| Purified Water | $484.5M | 31% |
| Other | $188.4M | 12% |
| Premium Water | $90.3M | 6% |
| Other Water | $25.8M | 2% |
