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博士伦健康（BHC）与Toll Brothers, Inc.（TOL）财务数据对比。点击上方公司名可切换其他公司
Toll Brothers, Inc.的季度营收约是博士伦健康的1.2倍（$3.4B vs $2.8B），Toll Brothers, Inc.净利率更高（13.0% vs -3.7%，领先16.7%），博士伦健康同比增速更快（9.3% vs 2.7%），Toll Brothers, Inc.自由现金流更多（$772.2M vs $403.0M），过去两年Toll Brothers, Inc.的营收复合增速更高（32.6% 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。
Toll Brothers, Inc.是美国知名住宅建造企业，业务涵盖美国境内住宅及商业地产的开发、营销与融资服务。2020年按住宅建造营收统计，该公司为全美第五大房屋建造商，位列《财富》美国500强第411位。
BHC vs TOL — 直观对比
营收规模更大
TOL
是对方的1.2倍
$2.8B
营收增速更快
BHC
高出6.6%
2.7%
净利率更高
TOL
高出16.7%
-3.7%
自由现金流更多
TOL
多$369.2M
$403.0M
两年增速更快
TOL
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.4B |
| 净利润 | $-103.0M | $446.7M |
| 毛利率 | — | 24.8% |
| 营业利润率 | 17.0% | 16.5% |
| 净利率 | -3.7% | 13.0% |
| 营收同比 | 9.3% | 2.7% |
| 净利润同比 | -205.1% | -6.0% |
| 每股收益（稀释后） | $-0.30 | $4.51 |
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BHCTOL
| Q4 25 | $2.8B | $3.4B | ||
| Q3 25 | $2.7B | $2.9B | ||
| Q2 25 | $2.5B | $2.7B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.6B | $3.3B | ||
| Q3 24 | $2.5B | $2.7B | ||
| Q2 24 | $2.4B | $2.8B | ||
| Q1 24 | $2.2B | $1.9B |
净利润BHCTOL
| Q4 25 | $-103.0M | $446.7M | ||
| Q3 25 | $179.0M | $369.6M | ||
| Q2 25 | $148.0M | $352.4M | ||
| Q1 25 | $-58.0M | $177.7M | ||
| Q4 24 | $98.0M | $475.4M | ||
| Q3 24 | $-85.0M | $374.6M | ||
| Q2 24 | $10.0M | $481.6M | ||
| Q1 24 | $-64.0M | $239.6M |
毛利率BHCTOL
| Q4 25 | — | 24.8% | ||
| Q3 25 | — | 25.2% | ||
| Q2 25 | — | 25.8% | ||
| Q1 25 | — | 24.7% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 27.2% | ||
| Q2 24 | — | 30.4% | ||
| Q1 24 | — | 27.6% |
营业利润率BHCTOL
| Q4 25 | 17.0% | 16.5% | ||
| Q3 25 | 23.1% | 16.6% | ||
| Q2 25 | 17.5% | 16.4% | ||
| Q1 25 | 12.2% | 11.8% | ||
| Q4 24 | 21.8% | 18.3% | ||
| Q3 24 | 12.7% | 18.2% | ||
| Q2 24 | 16.2% | 22.0% | ||
| Q1 24 | 13.1% | 15.8% |
净利率BHCTOL
| Q4 25 | -3.7% | 13.0% | ||
| Q3 25 | 6.7% | 12.6% | ||
| Q2 25 | 5.8% | 12.9% | ||
| Q1 25 | -2.6% | 9.6% | ||
| Q4 24 | 3.8% | 14.3% | ||
| Q3 24 | -3.4% | 13.7% | ||
| Q2 24 | 0.4% | 17.0% | ||
| Q1 24 | -3.0% | 12.3% |
每股收益（稀释后）BHCTOL
| Q4 25 | $-0.30 | $4.51 | ||
| Q3 25 | $0.48 | $3.73 | ||
| Q2 25 | $0.40 | $3.50 | ||
| Q1 25 | $-0.16 | $1.75 | ||
| Q4 24 | $0.24 | $4.61 | ||
| Q3 24 | $-0.23 | $3.60 | ||
| Q2 24 | $0.03 | $4.55 | ||
| Q1 24 | $-0.17 | $2.25 |
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 | $1.3B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $8.3B |
| 总资产 | $26.4B | $14.5B |
| 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BHCTOL
| Q4 25 | $1.3B | $1.3B | ||
| Q3 25 | $1.3B | $852.3M | ||
| Q2 25 | $1.7B | $686.5M | ||
| Q1 25 | $1.1B | $574.8M | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $719.0M | $893.4M | ||
| Q2 24 | $595.0M | $1.0B | ||
| Q1 24 | $733.0M | $754.8M |
总债务BHCTOL
| Q4 25 | $20.8B | — | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | — | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $22.1B | — |
股东权益BHCTOL
| Q4 25 | $-554.0M | $8.3B | ||
| Q3 25 | $-565.0M | $8.1B | ||
| Q2 25 | $-764.0M | $7.9B | ||
| Q1 25 | $-1.2B | $7.8B | ||
| Q4 24 | $-1.3B | $7.7B | ||
| Q3 24 | $-1.2B | $7.4B | ||
| Q2 24 | $-1.2B | $7.3B | ||
| Q1 24 | $-1.1B | $7.0B |
总资产BHCTOL
| Q4 25 | $26.4B | $14.5B | ||
| Q3 25 | $26.8B | $14.4B | ||
| Q2 25 | $27.3B | $14.2B | ||
| Q1 25 | $26.4B | $13.6B | ||
| Q4 24 | $26.5B | $13.4B | ||
| Q3 24 | $26.5B | $13.4B | ||
| Q2 24 | $26.5B | $13.3B | ||
| Q1 24 | $26.9B | $12.5B |
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 | $800.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $772.2M |
| 自由现金流率自由现金流/营收 | 14.4% | 22.6% |
| 资本支出强度资本支出/营收 | 3.3% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 1.79× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.0B |
8季度趋势，按日历期对齐
经营现金流BHCTOL
| Q4 25 | $495.0M | $800.0M | ||
| Q3 25 | $405.0M | $370.3M | ||
| Q2 25 | $289.0M | $362.8M | ||
| Q1 25 | $211.0M | $-420.8M | ||
| Q4 24 | $601.0M | $682.5M | ||
| Q3 24 | $405.0M | $175.6M | ||
| Q2 24 | $380.0M | $459.0M | ||
| Q1 24 | $211.0M | $-307.0M |
自由现金流BHCTOL
| Q4 25 | $403.0M | $772.2M | ||
| Q3 25 | $314.0M | $344.9M | ||
| Q2 25 | $190.0M | $347.3M | ||
| Q1 25 | $96.0M | $-438.1M | ||
| Q4 24 | $495.0M | $664.3M | ||
| Q3 24 | $334.0M | $149.9M | ||
| Q2 24 | $302.0M | $442.9M | ||
| Q1 24 | $129.0M | $-320.6M |
自由现金流率BHCTOL
| Q4 25 | 14.4% | 22.6% | ||
| Q3 25 | 11.7% | 11.7% | ||
| Q2 25 | 7.5% | 12.7% | ||
| Q1 25 | 4.2% | -23.6% | ||
| Q4 24 | 19.3% | 19.9% | ||
| Q3 24 | 13.3% | 5.5% | ||
| Q2 24 | 12.6% | 15.6% | ||
| Q1 24 | 6.0% | -16.5% |
资本支出强度BHCTOL
| Q4 25 | 3.3% | 0.8% | ||
| Q3 25 | 3.4% | 0.9% | ||
| Q2 25 | 3.9% | 0.6% | ||
| Q1 25 | 5.1% | 0.9% | ||
| Q4 24 | 4.1% | 0.5% | ||
| Q3 24 | 2.8% | 0.9% | ||
| Q2 24 | 3.2% | 0.6% | ||
| Q1 24 | 3.8% | 0.7% |
现金转化率BHCTOL
| Q4 25 | — | 1.79× | ||
| Q3 25 | 2.26× | 1.00× | ||
| Q2 25 | 1.95× | 1.03× | ||
| Q1 25 | — | -2.37× | ||
| Q4 24 | 6.13× | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | 38.00× | 0.95× | ||
| Q1 24 | — | -1.28× |
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% |
TOL
| Home Building | $3.4B | 100% |
| Land | $9.4M | 0% |
