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博士伦健康（BHC）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是博士伦健康的1.6倍（$4.5B vs $2.8B），皇家加勒比集团净利率更高（21.3% vs -3.7%，领先25.0%），皇家加勒比集团同比增速更快（11.3% vs 9.3%），过去两年博士伦健康的营收复合增速更高（14.0% vs 4.1%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
BHC vs RCL — 直观对比
营收规模更大
RCL
是对方的1.6倍
$2.8B
营收增速更快
RCL
高出2.1%
9.3%
净利率更高
RCL
高出25.0%
-3.7%
两年增速更快
BHC
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.5B |
| 净利润 | $-103.0M | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | 26.1% |
| 净利率 | -3.7% | 21.3% |
| 营收同比 | 9.3% | 11.3% |
| 净利润同比 | -205.1% | 29.1% |
| 每股收益（稀释后） | $-0.30 | $3.48 |
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BHCRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.8B | $4.3B | ||
| Q3 25 | $2.7B | $5.1B | ||
| Q2 25 | $2.5B | $4.5B | ||
| Q1 25 | $2.3B | $4.0B | ||
| Q4 24 | $2.6B | $3.8B | ||
| Q3 24 | $2.5B | $4.9B | ||
| Q2 24 | $2.4B | $4.1B |
净利润BHCRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $-103.0M | $753.0M | ||
| Q3 25 | $179.0M | $1.6B | ||
| Q2 25 | $148.0M | $1.2B | ||
| Q1 25 | $-58.0M | $730.0M | ||
| Q4 24 | $98.0M | $552.0M | ||
| Q3 24 | $-85.0M | $1.1B | ||
| Q2 24 | $10.0M | $854.0M |
毛利率BHCRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率BHCRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 17.0% | 21.9% | ||
| Q3 25 | 23.1% | 33.1% | ||
| Q2 25 | 17.5% | 29.3% | ||
| Q1 25 | 12.2% | 23.6% | ||
| Q4 24 | 21.8% | 16.6% | ||
| Q3 24 | 12.7% | 33.4% | ||
| Q2 24 | 16.2% | 26.7% |
净利率BHCRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | -3.7% | 17.7% | ||
| Q3 25 | 6.7% | 30.6% | ||
| Q2 25 | 5.8% | 26.7% | ||
| Q1 25 | -2.6% | 18.3% | ||
| Q4 24 | 3.8% | 14.7% | ||
| Q3 24 | -3.4% | 22.7% | ||
| Q2 24 | 0.4% | 20.8% |
每股收益（稀释后）BHCRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | $-0.30 | $2.76 | ||
| Q3 25 | $0.48 | $5.74 | ||
| Q2 25 | $0.40 | $4.41 | ||
| Q1 25 | $-0.16 | $2.70 | ||
| Q4 24 | $0.24 | $2.27 | ||
| Q3 24 | $-0.23 | $4.21 | ||
| Q2 24 | $0.03 | $3.11 |
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 | $512.0M |
| 总债务越低越好 | $20.8B | $21.1B |
| 股东权益账面价值 | $-554.0M | $10.0B |
| 总资产 | $26.4B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资BHCRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $1.3B | $825.0M | ||
| Q3 25 | $1.3B | $432.0M | ||
| Q2 25 | $1.7B | $735.0M | ||
| Q1 25 | $1.1B | $386.0M | ||
| Q4 24 | $1.2B | $388.0M | ||
| Q3 24 | $719.0M | $418.0M | ||
| Q2 24 | $595.0M | $391.0M |
总债务BHCRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $20.8B | $18.2B | ||
| Q3 25 | $21.0B | $17.2B | ||
| Q2 25 | $21.7B | $17.6B | ||
| Q1 25 | $21.5B | $18.0B | ||
| Q4 24 | $21.6B | $18.5B | ||
| Q3 24 | $21.5B | $19.0B | ||
| Q2 24 | $21.7B | $19.8B |
股东权益BHCRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | $-554.0M | $10.0B | ||
| Q3 25 | $-565.0M | $10.1B | ||
| Q2 25 | $-764.0M | $9.2B | ||
| Q1 25 | $-1.2B | $8.0B | ||
| Q4 24 | $-1.3B | $7.6B | ||
| Q3 24 | $-1.2B | $7.0B | ||
| Q2 24 | $-1.2B | $6.0B |
总资产BHCRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $26.4B | $41.6B | ||
| Q3 25 | $26.8B | $40.1B | ||
| Q2 25 | $27.3B | $38.5B | ||
| Q1 25 | $26.4B | $37.5B | ||
| Q4 24 | $26.5B | $37.1B | ||
| Q3 24 | $26.5B | $37.1B | ||
| Q2 24 | $26.5B | $37.0B |
负债/权益比BHCRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $1.8B |
| 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 | — | 1.93× |
| 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BHCRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $495.0M | $1.6B | ||
| Q3 25 | $405.0M | $1.5B | ||
| Q2 25 | $289.0M | $1.7B | ||
| Q1 25 | $211.0M | $1.6B | ||
| Q4 24 | $601.0M | $1.5B | ||
| Q3 24 | $405.0M | $897.0M | ||
| Q2 24 | $380.0M | $1.6B |
自由现金流BHCRCL
| Q1 26 | — | — | ||
| Q4 25 | $403.0M | $116.0M | ||
| Q3 25 | $314.0M | $-989.0M | ||
| Q2 25 | $190.0M | $910.0M | ||
| Q1 25 | $96.0M | $1.2B | ||
| Q4 24 | $495.0M | $915.0M | ||
| Q3 24 | $334.0M | $563.0M | ||
| Q2 24 | $302.0M | $-567.0M |
自由现金流率BHCRCL
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 2.7% | ||
| Q3 25 | 11.7% | -19.2% | ||
| Q2 25 | 7.5% | 20.1% | ||
| Q1 25 | 4.2% | 30.0% | ||
| Q4 24 | 19.3% | 24.3% | ||
| Q3 24 | 13.3% | 11.5% | ||
| Q2 24 | 12.6% | -13.8% |
资本支出强度BHCRCL
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 35.4% | ||
| Q3 25 | 3.4% | 47.8% | ||
| Q2 25 | 3.9% | 18.4% | ||
| Q1 25 | 5.1% | 10.7% | ||
| Q4 24 | 4.1% | 14.7% | ||
| Q3 24 | 2.8% | 6.8% | ||
| Q2 24 | 3.2% | 52.1% |
现金转化率BHCRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | — | 2.16× | ||
| Q3 25 | 2.26× | 0.93× | ||
| Q2 25 | 1.95× | 1.44× | ||
| Q1 25 | — | 2.23× | ||
| Q4 24 | 6.13× | 2.66× | ||
| Q3 24 | — | 0.81× | ||
| Q2 24 | 38.00× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
