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博士伦健康（BHC）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
RYDER SYSTEM INC的季度营收约是博士伦健康的1.1倍（$3.1B vs $2.8B），RYDER SYSTEM INC净利率更高（3.0% vs -3.7%，领先6.7%），博士伦健康同比增速更快（9.3% vs 1.0%），博士伦健康自由现金流更多（$403.0M vs $273.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
BHC vs R — 直观对比
营收规模更大
R
是对方的1.1倍
$2.8B
营收增速更快
BHC
高出8.3%
1.0%
净利率更高
R
高出6.7%
-3.7%
自由现金流更多
BHC
多$130.0M
$273.0M
两年增速更快
BHC
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.1B |
| 净利润 | $-103.0M | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | — |
| 净利率 | -3.7% | 3.0% |
| 营收同比 | 9.3% | 1.0% |
| 净利润同比 | -205.1% | -5.1% |
| 每股收益（稀释后） | $-0.30 | $2.34 |
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BHCR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $2.8B | $3.2B | ||
| Q3 25 | $2.7B | $3.2B | ||
| Q2 25 | $2.5B | $3.2B | ||
| Q1 25 | $2.3B | $3.1B | ||
| Q4 24 | $2.6B | $3.2B | ||
| Q3 24 | $2.5B | $3.2B | ||
| Q2 24 | $2.4B | $3.2B |
净利润BHCR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $-103.0M | $132.0M | ||
| Q3 25 | $179.0M | $138.0M | ||
| Q2 25 | $148.0M | $131.0M | ||
| Q1 25 | $-58.0M | $98.0M | ||
| Q4 24 | $98.0M | $135.0M | ||
| Q3 24 | $-85.0M | $142.0M | ||
| Q2 24 | $10.0M | $127.0M |
营业利润率BHCR
| Q1 26 | — | — | ||
| Q4 25 | 17.0% | 5.6% | ||
| Q3 25 | 23.1% | 6.0% | ||
| Q2 25 | 17.5% | 5.8% | ||
| Q1 25 | 12.2% | 4.3% | ||
| Q4 24 | 21.8% | 5.7% | ||
| Q3 24 | 12.7% | 5.9% | ||
| Q2 24 | 16.2% | 5.6% |
净利率BHCR
| Q1 26 | — | 3.0% | ||
| Q4 25 | -3.7% | 4.2% | ||
| Q3 25 | 6.7% | 4.4% | ||
| Q2 25 | 5.8% | 4.1% | ||
| Q1 25 | -2.6% | 3.1% | ||
| Q4 24 | 3.8% | 4.2% | ||
| Q3 24 | -3.4% | 4.5% | ||
| Q2 24 | 0.4% | 4.0% |
每股收益（稀释后）BHCR
| Q1 26 | — | $2.34 | ||
| Q4 25 | $-0.30 | $3.22 | ||
| Q3 25 | $0.48 | $3.32 | ||
| Q2 25 | $0.40 | $3.13 | ||
| Q1 25 | $-0.16 | $2.27 | ||
| Q4 24 | $0.24 | $3.09 | ||
| Q3 24 | $-0.23 | $3.24 | ||
| Q2 24 | $0.03 | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $2.9B |
| 总资产 | $26.4B | — |
| 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BHCR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $1.3B | $198.0M | ||
| Q3 25 | $1.3B | $189.0M | ||
| Q2 25 | $1.7B | $180.0M | ||
| Q1 25 | $1.1B | $151.0M | ||
| Q4 24 | $1.2B | $154.0M | ||
| Q3 24 | $719.0M | $162.0M | ||
| Q2 24 | $595.0M | $164.0M |
总债务BHCR
| Q1 26 | — | — | ||
| Q4 25 | $20.8B | $6.8B | ||
| Q3 25 | $21.0B | $7.3B | ||
| Q2 25 | $21.7B | $7.0B | ||
| Q1 25 | $21.5B | $6.7B | ||
| Q4 24 | $21.6B | $6.7B | ||
| Q3 24 | $21.5B | $6.6B | ||
| Q2 24 | $21.7B | $6.5B |
股东权益BHCR
| Q1 26 | — | $2.9B | ||
| Q4 25 | $-554.0M | $3.1B | ||
| Q3 25 | $-565.0M | $3.1B | ||
| Q2 25 | $-764.0M | $3.1B | ||
| Q1 25 | $-1.2B | $3.0B | ||
| Q4 24 | $-1.3B | $3.1B | ||
| Q3 24 | $-1.2B | $3.1B | ||
| Q2 24 | $-1.2B | $3.1B |
总资产BHCR
| Q1 26 | — | — | ||
| Q4 25 | $26.4B | $16.4B | ||
| Q3 25 | $26.8B | $16.5B | ||
| Q2 25 | $27.3B | $16.5B | ||
| Q1 25 | $26.4B | $16.4B | ||
| Q4 24 | $26.5B | $16.7B | ||
| Q3 24 | $26.5B | $16.5B | ||
| Q2 24 | $26.5B | $16.4B |
负债/权益比BHCR
| Q1 26 | — | — | ||
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 2.35× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.21× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $273.0M |
| 自由现金流率自由现金流/营收 | 14.4% | 8.7% |
| 资本支出强度资本支出/营收 | 3.3% | 13.7% |
| 现金转化率经营现金流/净利润 | — | 6.27× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $595.0M |
8季度趋势，按日历期对齐
经营现金流BHCR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $495.0M | $749.0M | ||
| Q3 25 | $405.0M | $442.0M | ||
| Q2 25 | $289.0M | $752.0M | ||
| Q1 25 | $211.0M | $651.0M | ||
| Q4 24 | $601.0M | $558.0M | ||
| Q3 24 | $405.0M | $629.0M | ||
| Q2 24 | $380.0M | $552.0M |
自由现金流BHCR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $403.0M | $344.0M | ||
| Q3 25 | $314.0M | $-85.0M | ||
| Q2 25 | $190.0M | $63.0M | ||
| Q1 25 | $96.0M | $137.0M | ||
| Q4 24 | $495.0M | $-201.0M | ||
| Q3 24 | $334.0M | $30.0M | ||
| Q2 24 | $302.0M | $-87.0M |
自由现金流率BHCR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 14.4% | 10.8% | ||
| Q3 25 | 11.7% | -2.7% | ||
| Q2 25 | 7.5% | 2.0% | ||
| Q1 25 | 4.2% | 4.4% | ||
| Q4 24 | 19.3% | -6.3% | ||
| Q3 24 | 13.3% | 0.9% | ||
| Q2 24 | 12.6% | -2.7% |
资本支出强度BHCR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 3.3% | 12.8% | ||
| Q3 25 | 3.4% | 16.6% | ||
| Q2 25 | 3.9% | 21.6% | ||
| Q1 25 | 5.1% | 16.4% | ||
| Q4 24 | 4.1% | 23.8% | ||
| Q3 24 | 2.8% | 18.9% | ||
| Q2 24 | 3.2% | 20.1% |
现金转化率BHCR
| Q1 26 | — | 6.27× | ||
| Q4 25 | — | 5.67× | ||
| Q3 25 | 2.26× | 3.20× | ||
| Q2 25 | 1.95× | 5.74× | ||
| Q1 25 | — | 6.64× | ||
| Q4 24 | 6.13× | 4.13× | ||
| Q3 24 | — | 4.43× | ||
| Q2 24 | 38.00× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
