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博士伦健康（BHC）与Snap Inc（SNAP）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Snap Inc的1.6倍（$2.8B vs $1.7B），Snap Inc净利率更高（2.6% vs -3.7%，领先6.3%），Snap Inc同比增速更快（10.2% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $205.6M），过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
BHC vs SNAP — 直观对比
营收规模更大
BHC
是对方的1.6倍
$1.7B
营收增速更快
SNAP
高出1.0%
9.3%
净利率更高
SNAP
高出6.3%
-3.7%
自由现金流更多
BHC
多$197.4M
$205.6M
两年增速更快
SNAP
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.7B |
| 净利润 | $-103.0M | $45.2M |
| 毛利率 | — | 59.1% |
| 营业利润率 | 17.0% | 2.9% |
| 净利率 | -3.7% | 2.6% |
| 营收同比 | 9.3% | 10.2% |
| 净利润同比 | -205.1% | 396.7% |
| 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BHCSNAP
| Q4 25 | $2.8B | $1.7B | ||
| Q3 25 | $2.7B | $1.5B | ||
| Q2 25 | $2.5B | $1.3B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.6B | $1.6B | ||
| Q3 24 | $2.5B | $1.4B | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.2B | $1.2B |
净利润BHCSNAP
| Q4 25 | $-103.0M | $45.2M | ||
| Q3 25 | $179.0M | $-103.5M | ||
| Q2 25 | $148.0M | $-262.6M | ||
| Q1 25 | $-58.0M | $-139.6M | ||
| Q4 24 | $98.0M | $9.1M | ||
| Q3 24 | $-85.0M | $-153.2M | ||
| Q2 24 | $10.0M | $-248.6M | ||
| Q1 24 | $-64.0M | $-305.1M |
毛利率BHCSNAP
| Q4 25 | — | 59.1% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 51.4% | ||
| Q1 25 | — | 53.1% | ||
| Q4 24 | — | 56.9% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 52.4% | ||
| Q1 24 | — | 51.9% |
营业利润率BHCSNAP
| Q4 25 | 17.0% | 2.9% | ||
| Q3 25 | 23.1% | -8.5% | ||
| Q2 25 | 17.5% | -19.3% | ||
| Q1 25 | 12.2% | -14.2% | ||
| Q4 24 | 21.8% | -1.7% | ||
| Q3 24 | 12.7% | -12.6% | ||
| Q2 24 | 16.2% | -20.5% | ||
| Q1 24 | 13.1% | -27.9% |
净利率BHCSNAP
| Q4 25 | -3.7% | 2.6% | ||
| Q3 25 | 6.7% | -6.9% | ||
| Q2 25 | 5.8% | -19.5% | ||
| Q1 25 | -2.6% | -10.2% | ||
| Q4 24 | 3.8% | 0.6% | ||
| Q3 24 | -3.4% | -11.2% | ||
| Q2 24 | 0.4% | -20.1% | ||
| Q1 24 | -3.0% | -25.5% |
每股收益（稀释后）BHCSNAP
| Q4 25 | $-0.30 | $0.03 | ||
| Q3 25 | $0.48 | $-0.06 | ||
| Q2 25 | $0.40 | $-0.16 | ||
| Q1 25 | $-0.16 | $-0.08 | ||
| Q4 24 | $0.24 | $0.01 | ||
| Q3 24 | $-0.23 | $-0.09 | ||
| Q2 24 | $0.03 | $-0.15 | ||
| Q1 24 | $-0.17 | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $20.8B | $3.5B |
| 股东权益账面价值 | $-554.0M | $2.3B |
| 总资产 | $26.4B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资BHCSNAP
| Q4 25 | $1.3B | $2.9B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.1B | $3.2B | ||
| Q4 24 | $1.2B | $3.4B | ||
| Q3 24 | $719.0M | $3.2B | ||
| Q2 24 | $595.0M | $3.1B | ||
| Q1 24 | $733.0M | $2.9B |
总债务BHCSNAP
| Q4 25 | $20.8B | $3.5B | ||
| Q3 25 | $21.0B | $3.5B | ||
| Q2 25 | $21.7B | $3.6B | ||
| Q1 25 | $21.5B | $3.6B | ||
| Q4 24 | $21.6B | $3.6B | ||
| Q3 24 | $21.5B | $3.6B | ||
| Q2 24 | $21.7B | $3.6B | ||
| Q1 24 | $22.1B | $3.3B |
股东权益BHCSNAP
| Q4 25 | $-554.0M | $2.3B | ||
| Q3 25 | $-565.0M | $2.2B | ||
| Q2 25 | $-764.0M | $2.1B | ||
| Q1 25 | $-1.2B | $2.3B | ||
| Q4 24 | $-1.3B | $2.5B | ||
| Q3 24 | $-1.2B | $2.2B | ||
| Q2 24 | $-1.2B | $2.1B | ||
| Q1 24 | $-1.1B | $2.1B |
总资产BHCSNAP
| Q4 25 | $26.4B | $7.7B | ||
| Q3 25 | $26.8B | $7.6B | ||
| Q2 25 | $27.3B | $7.4B | ||
| Q1 25 | $26.4B | $7.6B | ||
| Q4 24 | $26.5B | $7.9B | ||
| Q3 24 | $26.5B | $7.6B | ||
| Q2 24 | $26.5B | $7.4B | ||
| Q1 24 | $26.9B | $7.2B |
负债/权益比BHCSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $205.6M |
| 自由现金流率自由现金流/营收 | 14.4% | 12.0% |
| 资本支出强度资本支出/营收 | 3.3% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 5.96× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $437.2M |
8季度趋势，按日历期对齐
经营现金流BHCSNAP
| Q4 25 | $495.0M | $269.6M | ||
| Q3 25 | $405.0M | $146.5M | ||
| Q2 25 | $289.0M | $88.5M | ||
| Q1 25 | $211.0M | $151.6M | ||
| Q4 24 | $601.0M | $230.6M | ||
| Q3 24 | $405.0M | $115.9M | ||
| Q2 24 | $380.0M | $-21.4M | ||
| Q1 24 | $211.0M | $88.4M |
自由现金流BHCSNAP
| Q4 25 | $403.0M | $205.6M | ||
| Q3 25 | $314.0M | $93.4M | ||
| Q2 25 | $190.0M | $23.8M | ||
| Q1 25 | $96.0M | $114.4M | ||
| Q4 24 | $495.0M | $182.4M | ||
| Q3 24 | $334.0M | $71.8M | ||
| Q2 24 | $302.0M | $-73.4M | ||
| Q1 24 | $129.0M | $37.9M |
自由现金流率BHCSNAP
| Q4 25 | 14.4% | 12.0% | ||
| Q3 25 | 11.7% | 6.2% | ||
| Q2 25 | 7.5% | 1.8% | ||
| Q1 25 | 4.2% | 8.4% | ||
| Q4 24 | 19.3% | 11.7% | ||
| Q3 24 | 13.3% | 5.2% | ||
| Q2 24 | 12.6% | -5.9% | ||
| Q1 24 | 6.0% | 3.2% |
资本支出强度BHCSNAP
| Q4 25 | 3.3% | 3.7% | ||
| Q3 25 | 3.4% | 3.5% | ||
| Q2 25 | 3.9% | 4.8% | ||
| Q1 25 | 5.1% | 2.7% | ||
| Q4 24 | 4.1% | 3.1% | ||
| Q3 24 | 2.8% | 3.2% | ||
| Q2 24 | 3.2% | 4.2% | ||
| Q1 24 | 3.8% | 4.2% |
现金转化率BHCSNAP
| Q4 25 | — | 5.96× | ||
| Q3 25 | 2.26× | — | ||
| Q2 25 | 1.95× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | 25.34× | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.00× | — | ||
| Q1 24 | — | — |
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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
