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博士伦健康（BHC）与TransDigm Group（TDG）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TransDigm Group的1.2倍（$2.8B vs $2.3B），TransDigm Group净利率更高（19.5% vs -3.7%，领先23.2%），TransDigm Group同比增速更快（13.9% vs 9.3%），TransDigm Group自由现金流更多（$772.0M vs $403.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs 9.1%）
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。
TransDigm Group是总部位于美国俄亥俄州克利夫兰的上市航空航天制造企业，1993年由私募股权机构通过杠杆收购整合四家工业航空企业组建而成。公司专注于研发生产定制化航空航天部件，多年来通过多起收购持续拓展自身产品矩阵。
BHC vs TDG — 直观对比
营收规模更大
BHC
是对方的1.2倍
$2.3B
营收增速更快
TDG
高出4.6%
9.3%
净利率更高
TDG
高出23.2%
-3.7%
自由现金流更多
TDG
多$369.0M
$403.0M
两年增速更快
BHC
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.3B |
| 净利润 | $-103.0M | $445.0M |
| 毛利率 | — | 59.2% |
| 营业利润率 | 17.0% | 45.6% |
| 净利率 | -3.7% | 19.5% |
| 营收同比 | 9.3% | 13.9% |
| 净利润同比 | -205.1% | -9.7% |
| 每股收益（稀释后） | $-0.30 | $6.62 |
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BHCTDG
| Q4 25 | $2.8B | $2.3B | ||
| Q3 25 | $2.7B | $2.4B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.3B | $2.1B | ||
| Q4 24 | $2.6B | $2.0B | ||
| Q3 24 | $2.5B | $2.2B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.2B | $1.9B |
净利润BHCTDG
| Q4 25 | $-103.0M | $445.0M | ||
| Q3 25 | $179.0M | $610.0M | ||
| Q2 25 | $148.0M | $492.0M | ||
| Q1 25 | $-58.0M | $479.0M | ||
| Q4 24 | $98.0M | $493.0M | ||
| Q3 24 | $-85.0M | $468.0M | ||
| Q2 24 | $10.0M | $461.0M | ||
| Q1 24 | $-64.0M | $403.0M |
毛利率BHCTDG
| Q4 25 | — | 59.2% | ||
| Q3 25 | — | 60.3% | ||
| Q2 25 | — | 59.5% | ||
| Q1 25 | — | 59.3% | ||
| Q4 24 | — | 61.6% | ||
| Q3 24 | — | 57.5% | ||
| Q2 24 | — | 59.6% | ||
| Q1 24 | — | 60.0% |
营业利润率BHCTDG
| Q4 25 | 17.0% | 45.6% | ||
| Q3 25 | 23.1% | 47.6% | ||
| Q2 25 | 17.5% | 46.4% | ||
| Q1 25 | 12.2% | 46.1% | ||
| Q4 24 | 21.8% | 48.6% | ||
| Q3 24 | 12.7% | 43.1% | ||
| Q2 24 | 16.2% | 45.7% | ||
| Q1 24 | 13.1% | 45.2% |
净利率BHCTDG
| Q4 25 | -3.7% | 19.5% | ||
| Q3 25 | 6.7% | 25.0% | ||
| Q2 25 | 5.8% | 22.0% | ||
| Q1 25 | -2.6% | 22.3% | ||
| Q4 24 | 3.8% | 24.6% | ||
| Q3 24 | -3.4% | 21.4% | ||
| Q2 24 | 0.4% | 22.5% | ||
| Q1 24 | -3.0% | 21.0% |
每股收益（稀释后）BHCTDG
| Q4 25 | $-0.30 | $6.62 | ||
| Q3 25 | $0.48 | $7.75 | ||
| Q2 25 | $0.40 | $8.47 | ||
| Q1 25 | $-0.16 | $8.24 | ||
| Q4 24 | $0.24 | $7.62 | ||
| Q3 24 | $-0.23 | $5.82 | ||
| Q2 24 | $0.03 | $7.96 | ||
| Q1 24 | $-0.17 | $6.97 |
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 | $2.5B |
| 总债务越低越好 | $20.8B | $29.2B |
| 股东权益账面价值 | $-554.0M | $-9.3B |
| 总资产 | $26.4B | $23.8B |
| 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BHCTDG
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.3B | $2.8B | ||
| Q2 25 | $1.7B | $2.8B | ||
| Q1 25 | $1.1B | $2.4B | ||
| Q4 24 | $1.2B | $2.5B | ||
| Q3 24 | $719.0M | $6.3B | ||
| Q2 24 | $595.0M | $3.4B | ||
| Q1 24 | $733.0M | $4.3B |
总债务BHCTDG
| Q4 25 | $20.8B | $29.2B | ||
| Q3 25 | $21.0B | $29.2B | ||
| Q2 25 | $21.7B | $24.3B | ||
| Q1 25 | $21.5B | $24.3B | ||
| Q4 24 | $21.6B | $24.3B | ||
| Q3 24 | $21.5B | $24.3B | ||
| Q2 24 | $21.7B | $21.4B | ||
| Q1 24 | $22.1B | $21.3B |
股东权益BHCTDG
| Q4 25 | $-554.0M | $-9.3B | ||
| Q3 25 | $-565.0M | $-9.7B | ||
| Q2 25 | $-764.0M | $-5.0B | ||
| Q1 25 | $-1.2B | $-5.7B | ||
| Q4 24 | $-1.3B | $-6.3B | ||
| Q3 24 | $-1.2B | $-6.3B | ||
| Q2 24 | $-1.2B | $-2.5B | ||
| Q1 24 | $-1.1B | $-3.0B |
总资产BHCTDG
| Q4 25 | $26.4B | $23.8B | ||
| Q3 25 | $26.8B | $22.9B | ||
| Q2 25 | $27.3B | $22.7B | ||
| Q1 25 | $26.4B | $21.9B | ||
| Q4 24 | $26.5B | $21.5B | ||
| Q3 24 | $26.5B | $25.6B | ||
| Q2 24 | $26.5B | $21.8B | ||
| Q1 24 | $26.9B | $21.6B |
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 | $832.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $772.0M |
| 自由现金流率自由现金流/营收 | 14.4% | 33.8% |
| 资本支出强度资本支出/营收 | 3.3% | 2.6% |
| 现金转化率经营现金流/净利润 | — | 1.87× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.9B |
8季度趋势，按日历期对齐
经营现金流BHCTDG
| Q4 25 | $495.0M | $832.0M | ||
| Q3 25 | $405.0M | $507.0M | ||
| Q2 25 | $289.0M | $631.0M | ||
| Q1 25 | $211.0M | $148.0M | ||
| Q4 24 | $601.0M | $752.0M | ||
| Q3 24 | $405.0M | $572.0M | ||
| Q2 24 | $380.0M | $608.0M | ||
| Q1 24 | $211.0M | $229.0M |
自由现金流BHCTDG
| Q4 25 | $403.0M | $772.0M | ||
| Q3 25 | $314.0M | $441.0M | ||
| Q2 25 | $190.0M | $573.0M | ||
| Q1 25 | $96.0M | $92.0M | ||
| Q4 24 | $495.0M | $710.0M | ||
| Q3 24 | $334.0M | $531.0M | ||
| Q2 24 | $302.0M | $568.0M | ||
| Q1 24 | $129.0M | $181.0M |
自由现金流率BHCTDG
| Q4 25 | 14.4% | 33.8% | ||
| Q3 25 | 11.7% | 18.1% | ||
| Q2 25 | 7.5% | 25.6% | ||
| Q1 25 | 4.2% | 4.3% | ||
| Q4 24 | 19.3% | 35.4% | ||
| Q3 24 | 13.3% | 24.3% | ||
| Q2 24 | 12.6% | 27.8% | ||
| Q1 24 | 6.0% | 9.4% |
资本支出强度BHCTDG
| Q4 25 | 3.3% | 2.6% | ||
| Q3 25 | 3.4% | 2.7% | ||
| Q2 25 | 3.9% | 2.6% | ||
| Q1 25 | 5.1% | 2.6% | ||
| Q4 24 | 4.1% | 2.1% | ||
| Q3 24 | 2.8% | 1.9% | ||
| Q2 24 | 3.2% | 2.0% | ||
| Q1 24 | 3.8% | 2.5% |
现金转化率BHCTDG
| Q4 25 | — | 1.87× | ||
| Q3 25 | 2.26× | 0.83× | ||
| Q2 25 | 1.95× | 1.28× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | 6.13× | 1.53× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | 38.00× | 1.32× | ||
| Q1 24 | — | 0.57× |
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% |
TDG
| Airframe | $1.0B | 45% |
| Defense | $603.0M | 26% |
| Commercial Aftermarket | $368.0M | 16% |
| Commercial OEM | $253.0M | 11% |
| Non Aviation Related Business | $40.0M | 2% |
