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博士伦健康（BHC）与QVC INC（QVCD）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QVC INC的1.2倍（$2.8B vs $2.4B），QVC INC净利率更高（1.5% vs -3.7%，领先5.2%），博士伦健康同比增速更快（9.3% vs -8.9%），过去两年博士伦健康的营收复合增速更高（14.0% vs 7.1%）
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。
QVC集团是一家美国媒体 conglomerate，由公司董事长约翰·C·马龙控股，马龙持有该集团多数有表决权股份，业务覆盖媒体相关领域，是美国颇具影响力的传媒企业集团。
BHC vs QVCD — 直观对比
营收规模更大
BHC
是对方的1.2倍
$2.4B
营收增速更快
BHC
高出18.2%
-8.9%
净利率更高
QVCD
高出5.2%
-3.7%
两年增速更快
BHC
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.4B |
| 净利润 | $-103.0M | $37.0M |
| 毛利率 | — | 32.5% |
| 营业利润率 | 17.0% | 5.6% |
| 净利率 | -3.7% | 1.5% |
| 营收同比 | 9.3% | -8.9% |
| 净利润同比 | -205.1% | 103.0% |
| 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BHCQVCD
| Q4 25 | $2.8B | $2.4B | ||
| Q3 25 | $2.7B | $2.0B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.6B | $2.7B | ||
| Q3 24 | $2.5B | $2.1B | ||
| Q2 24 | $2.4B | $2.1B | ||
| Q1 24 | $2.2B | $2.1B |
净利润BHCQVCD
| Q4 25 | $-103.0M | $37.0M | ||
| Q3 25 | $179.0M | $2.0M | ||
| Q2 25 | $148.0M | $-2.2B | ||
| Q1 25 | $-58.0M | $-42.0M | ||
| Q4 24 | $98.0M | $-1.2B | ||
| Q3 24 | $-85.0M | $51.0M | ||
| Q2 24 | $10.0M | $53.0M | ||
| Q1 24 | $-64.0M | $51.0M |
毛利率BHCQVCD
| Q4 25 | — | 32.5% | ||
| Q3 25 | — | 33.6% | ||
| Q2 25 | — | 35.4% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | 32.6% | ||
| Q3 24 | — | 34.7% | ||
| Q2 24 | — | 35.6% | ||
| Q1 24 | — | 35.0% |
营业利润率BHCQVCD
| Q4 25 | 17.0% | 5.6% | ||
| Q3 25 | 23.1% | 4.6% | ||
| Q2 25 | 17.5% | -114.5% | ||
| Q1 25 | 12.2% | 1.5% | ||
| Q4 24 | 21.8% | -47.1% | ||
| Q3 24 | 12.7% | 7.8% | ||
| Q2 24 | 16.2% | 7.6% | ||
| Q1 24 | 13.1% | 7.4% |
净利率BHCQVCD
| Q4 25 | -3.7% | 1.5% | ||
| Q3 25 | 6.7% | 0.1% | ||
| Q2 25 | 5.8% | -109.1% | ||
| Q1 25 | -2.6% | -2.2% | ||
| Q4 24 | 3.8% | -46.0% | ||
| Q3 24 | -3.4% | 2.4% | ||
| Q2 24 | 0.4% | 2.5% | ||
| Q1 24 | -3.0% | 2.4% |
每股收益（稀释后）BHCQVCD
| Q4 25 | $-0.30 | — | ||
| Q3 25 | $0.48 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $-0.17 | — |
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 | $1.5B |
| 总债务越低越好 | $20.8B | $1.0M |
| 股东权益账面价值 | $-554.0M | $1.2B |
| 总资产 | $26.4B | $8.5B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资BHCQVCD
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.2B | $297.0M | ||
| Q3 24 | $719.0M | $297.0M | ||
| Q2 24 | $595.0M | $315.0M | ||
| Q1 24 | $733.0M | $311.0M |
总债务BHCQVCD
| Q4 25 | $20.8B | $1.0M | ||
| Q3 25 | $21.0B | $5.0B | ||
| Q2 25 | $21.7B | $4.0B | ||
| Q1 25 | $21.5B | $4.0B | ||
| Q4 24 | $21.6B | $3.3B | ||
| Q3 24 | $21.5B | $3.4B | ||
| Q2 24 | $21.7B | $3.7B | ||
| Q1 24 | $22.1B | $3.8B |
股东权益BHCQVCD
| Q4 25 | $-554.0M | $1.2B | ||
| Q3 25 | $-565.0M | $1.2B | ||
| Q2 25 | $-764.0M | $1.2B | ||
| Q1 25 | $-1.2B | $3.3B | ||
| Q4 24 | $-1.3B | $3.3B | ||
| Q3 24 | $-1.2B | $4.6B | ||
| Q2 24 | $-1.2B | $4.3B | ||
| Q1 24 | $-1.1B | $4.2B |
总资产BHCQVCD
| Q4 25 | $26.4B | $8.5B | ||
| Q3 25 | $26.8B | $8.3B | ||
| Q2 25 | $27.3B | $7.4B | ||
| Q1 25 | $26.4B | $9.7B | ||
| Q4 24 | $26.5B | $9.9B | ||
| Q3 24 | $26.5B | $9.9B | ||
| Q2 24 | $26.5B | $11.2B | ||
| Q1 24 | $26.9B | $11.4B |
负债/权益比BHCQVCD
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 1.22× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.89× |
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 | $245.0M |
| 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% | — |
| 现金转化率经营现金流/净利润 | — | 6.62× |
| 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BHCQVCD
| Q4 25 | $495.0M | $245.0M | ||
| Q3 25 | $405.0M | $76.0M | ||
| Q2 25 | $289.0M | $52.0M | ||
| Q1 25 | $211.0M | $46.0M | ||
| Q4 24 | $601.0M | $189.0M | ||
| Q3 24 | $405.0M | $98.0M | ||
| Q2 24 | $380.0M | $164.0M | ||
| Q1 24 | $211.0M | $84.0M |
自由现金流BHCQVCD
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | — | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $302.0M | — | ||
| Q1 24 | $129.0M | — |
自由现金流率BHCQVCD
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 6.0% | — |
资本支出强度BHCQVCD
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.8% | — |
现金转化率BHCQVCD
| Q4 25 | — | 6.62× | ||
| Q3 25 | 2.26× | 38.00× | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | 1.92× | ||
| Q2 24 | 38.00× | 3.09× | ||
| Q1 24 | — | 1.65× |
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% |
QVCD
| Home | $754.0M | 31% |
| QVC International | $661.0M | 27% |
| Beauty | $260.0M | 11% |
| Apparel | $254.0M | 10% |
| Electronics | $187.0M | 8% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 4% |
| Otherrevenue | $38.0M | 2% |
