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博士伦健康（BHC）与史丹利百得（SWK）财务数据对比。点击上方公司名可切换其他公司
史丹利百得的季度营收约是博士伦健康的1.3倍（$3.8B vs $2.8B），史丹利百得净利率更高（1.4% vs -3.7%，领先5.1%），博士伦健康同比增速更快（9.3% vs 0.1%），博士伦健康自由现金流更多（$403.0M vs $155.3M），过去两年博士伦健康的营收复合增速更高（14.0% vs 0.3%）
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。
史丹利百得是美国知名的工业工具、家用五金产品制造商，同时提供安防类产品，前身为史丹利工具有限公司，由史丹利与百得于2010年3月12日合并而来，总部位于康涅狄格州大哈特福德地区的新不列颠市。
BHC vs SWK — 直观对比
营收规模更大
SWK
是对方的1.3倍
$2.8B
营收增速更快
BHC
高出9.1%
0.1%
净利率更高
SWK
高出5.1%
-3.7%
自由现金流更多
BHC
多$247.7M
$155.3M
两年增速更快
BHC
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.8B |
| 净利润 | $-103.0M | $51.4M |
| 毛利率 | — | 31.4% |
| 营业利润率 | 17.0% | — |
| 净利率 | -3.7% | 1.4% |
| 营收同比 | 9.3% | 0.1% |
| 净利润同比 | -205.1% | -43.6% |
| 每股收益（稀释后） | $-0.30 | $0.34 |
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BHCSWK
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.7B | $3.8B | ||
| Q2 25 | $2.5B | $3.9B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.6B | $3.7B | ||
| Q3 24 | $2.5B | $3.8B | ||
| Q2 24 | $2.4B | $4.0B | ||
| Q1 24 | $2.2B | $3.9B |
净利润BHCSWK
| Q4 25 | $-103.0M | — | ||
| Q3 25 | $179.0M | $51.4M | ||
| Q2 25 | $148.0M | $101.9M | ||
| Q1 25 | $-58.0M | $90.4M | ||
| Q4 24 | $98.0M | $194.9M | ||
| Q3 24 | $-85.0M | $91.1M | ||
| Q2 24 | $10.0M | $-11.2M | ||
| Q1 24 | $-64.0M | $19.5M |
毛利率BHCSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 31.4% | ||
| Q2 25 | — | 27.0% | ||
| Q1 25 | — | 29.9% | ||
| Q4 24 | — | 30.8% | ||
| Q3 24 | — | 29.9% | ||
| Q2 24 | — | 28.4% | ||
| Q1 24 | — | 28.6% |
营业利润率BHCSWK
| Q4 25 | 17.0% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 17.5% | — | ||
| Q1 25 | 12.2% | — | ||
| Q4 24 | 21.8% | 3.4% | ||
| Q3 24 | 12.7% | 10.6% | ||
| Q2 24 | 16.2% | 9.5% | ||
| Q1 24 | 13.1% | 8.3% |
净利率BHCSWK
| Q4 25 | -3.7% | — | ||
| Q3 25 | 6.7% | 1.4% | ||
| Q2 25 | 5.8% | 2.6% | ||
| Q1 25 | -2.6% | 2.4% | ||
| Q4 24 | 3.8% | 5.2% | ||
| Q3 24 | -3.4% | 2.4% | ||
| Q2 24 | 0.4% | -0.3% | ||
| Q1 24 | -3.0% | 0.5% |
每股收益（稀释后）BHCSWK
| Q4 25 | $-0.30 | — | ||
| Q3 25 | $0.48 | $0.34 | ||
| Q2 25 | $0.40 | $0.67 | ||
| Q1 25 | $-0.16 | $0.60 | ||
| Q4 24 | $0.24 | $1.29 | ||
| Q3 24 | $-0.23 | $0.60 | ||
| Q2 24 | $0.03 | $-0.07 | ||
| Q1 24 | $-0.17 | $0.13 |
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 | $268.3M |
| 总债务越低越好 | $20.8B | $5.3B |
| 股东权益账面价值 | $-554.0M | $9.0B |
| 总资产 | $26.4B | $21.8B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资BHCSWK
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $268.3M | ||
| Q2 25 | $1.7B | $311.8M | ||
| Q1 25 | $1.1B | $344.8M | ||
| Q4 24 | $1.2B | $290.5M | ||
| Q3 24 | $719.0M | $298.7M | ||
| Q2 24 | $595.0M | $318.5M | ||
| Q1 24 | $733.0M | $476.6M |
总债务BHCSWK
| Q4 25 | $20.8B | — | ||
| Q3 25 | $21.0B | $5.3B | ||
| Q2 25 | $21.7B | $5.6B | ||
| Q1 25 | $21.5B | $5.6B | ||
| Q4 24 | $21.6B | $6.1B | ||
| Q3 24 | $21.5B | $6.1B | ||
| Q2 24 | $21.7B | $6.1B | ||
| Q1 24 | $22.1B | $6.1B |
股东权益BHCSWK
| Q4 25 | $-554.0M | — | ||
| Q3 25 | $-565.0M | $9.0B | ||
| Q2 25 | $-764.0M | $9.1B | ||
| Q1 25 | $-1.2B | $8.8B | ||
| Q4 24 | $-1.3B | $8.7B | ||
| Q3 24 | $-1.2B | $8.9B | ||
| Q2 24 | $-1.2B | $8.7B | ||
| Q1 24 | $-1.1B | $8.9B |
总资产BHCSWK
| Q4 25 | $26.4B | — | ||
| Q3 25 | $26.8B | $21.8B | ||
| Q2 25 | $27.3B | $22.5B | ||
| Q1 25 | $26.4B | $22.5B | ||
| Q4 24 | $26.5B | $21.8B | ||
| Q3 24 | $26.5B | $22.5B | ||
| Q2 24 | $26.5B | $22.5B | ||
| Q1 24 | $26.9B | $23.9B |
负债/权益比BHCSWK
| Q4 25 | — | — | ||
| Q3 25 | — | 0.59× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.70× | ||
| Q3 24 | — | 0.69× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.69× |
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 | $221.2M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $155.3M |
| 自由现金流率自由现金流/营收 | 14.4% | 4.1% |
| 资本支出强度资本支出/营收 | 3.3% | 1.8% |
| 现金转化率经营现金流/净利润 | — | 4.30× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $369.6M |
8季度趋势，按日历期对齐
经营现金流BHCSWK
| Q4 25 | $495.0M | — | ||
| Q3 25 | $405.0M | $221.2M | ||
| Q2 25 | $289.0M | $214.3M | ||
| Q1 25 | $211.0M | $-420.0M | ||
| Q4 24 | $601.0M | $679.1M | ||
| Q3 24 | $405.0M | $285.8M | ||
| Q2 24 | $380.0M | $573.0M | ||
| Q1 24 | $211.0M | $-431.0M |
自由现金流BHCSWK
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | $155.3M | ||
| Q2 25 | $190.0M | $134.7M | ||
| Q1 25 | $96.0M | $-485.0M | ||
| Q4 24 | $495.0M | $564.6M | ||
| Q3 24 | $334.0M | $199.3M | ||
| Q2 24 | $302.0M | $485.8M | ||
| Q1 24 | $129.0M | $-496.7M |
自由现金流率BHCSWK
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | 4.1% | ||
| Q2 25 | 7.5% | 3.4% | ||
| Q1 25 | 4.2% | -13.0% | ||
| Q4 24 | 19.3% | 15.2% | ||
| Q3 24 | 13.3% | 5.3% | ||
| Q2 24 | 12.6% | 12.1% | ||
| Q1 24 | 6.0% | -12.8% |
资本支出强度BHCSWK
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | 1.8% | ||
| Q2 25 | 3.9% | 2.0% | ||
| Q1 25 | 5.1% | 1.7% | ||
| Q4 24 | 4.1% | 3.1% | ||
| Q3 24 | 2.8% | 2.3% | ||
| Q2 24 | 3.2% | 2.2% | ||
| Q1 24 | 3.8% | 1.7% |
现金转化率BHCSWK
| Q4 25 | — | — | ||
| Q3 25 | 2.26× | 4.30× | ||
| Q2 25 | 1.95× | 2.10× | ||
| Q1 25 | — | -4.65× | ||
| Q4 24 | 6.13× | 3.48× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | 38.00× | — | ||
| Q1 24 | — | -22.10× |
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% |
SWK
| Tools And Outdoor Segment | $3.3B | 87% |
| Engineered Fastening Segment | $500.5M | 13% |
