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博士伦健康（BHC）与Toast, Inc.（TOST）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Toast, Inc.的1.7倍（$2.8B vs $1.6B），Toast, Inc.净利率更高（6.2% vs -3.7%，领先9.9%），Toast, Inc.同比增速更快（22.0% vs 9.3%），博士伦健康自由现金流更多（$403.0M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
BHC vs TOST — 直观对比
营收规模更大
BHC
是对方的1.7倍
$1.6B
营收增速更快
TOST
高出12.8%
9.3%
净利率更高
TOST
高出9.9%
-3.7%
自由现金流更多
BHC
多$225.0M
$178.0M
两年增速更快
TOST
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.6B |
| 净利润 | $-103.0M | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | 17.0% | 5.2% |
| 净利率 | -3.7% | 6.2% |
| 营收同比 | 9.3% | 22.0% |
| 净利润同比 | -205.1% | 215.6% |
| 每股收益（稀释后） | $-0.30 | $0.18 |
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BHCTOST
| Q4 25 | $2.8B | $1.6B | ||
| Q3 25 | $2.7B | $1.6B | ||
| Q2 25 | $2.5B | $1.6B | ||
| Q1 25 | $2.3B | $1.3B | ||
| Q4 24 | $2.6B | $1.3B | ||
| Q3 24 | $2.5B | $1.3B | ||
| Q2 24 | $2.4B | $1.2B | ||
| Q1 24 | $2.2B | $1.1B |
净利润BHCTOST
| Q4 25 | $-103.0M | $101.0M | ||
| Q3 25 | $179.0M | $105.0M | ||
| Q2 25 | $148.0M | $80.0M | ||
| Q1 25 | $-58.0M | $56.0M | ||
| Q4 24 | $98.0M | $32.0M | ||
| Q3 24 | $-85.0M | $56.0M | ||
| Q2 24 | $10.0M | $14.0M | ||
| Q1 24 | $-64.0M | $-83.0M |
毛利率BHCTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率BHCTOST
| Q4 25 | 17.0% | 5.2% | ||
| Q3 25 | 23.1% | 5.1% | ||
| Q2 25 | 17.5% | 5.2% | ||
| Q1 25 | 12.2% | 3.2% | ||
| Q4 24 | 21.8% | 2.5% | ||
| Q3 24 | 12.7% | 2.6% | ||
| Q2 24 | 16.2% | 0.4% | ||
| Q1 24 | 13.1% | -5.2% |
净利率BHCTOST
| Q4 25 | -3.7% | 6.2% | ||
| Q3 25 | 6.7% | 6.4% | ||
| Q2 25 | 5.8% | 5.2% | ||
| Q1 25 | -2.6% | 4.2% | ||
| Q4 24 | 3.8% | 2.4% | ||
| Q3 24 | -3.4% | 4.3% | ||
| Q2 24 | 0.4% | 1.1% | ||
| Q1 24 | -3.0% | -7.7% |
每股收益（稀释后）BHCTOST
| Q4 25 | $-0.30 | $0.18 | ||
| Q3 25 | $0.48 | $0.16 | ||
| Q2 25 | $0.40 | $0.13 | ||
| Q1 25 | $-0.16 | $0.09 | ||
| Q4 24 | $0.24 | $0.09 | ||
| Q3 24 | $-0.23 | $0.07 | ||
| Q2 24 | $0.03 | $0.02 | ||
| Q1 24 | $-0.17 | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $2.1B |
| 总资产 | $26.4B | $3.1B |
| 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BHCTOST
| Q4 25 | $1.3B | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.7B | $1.2B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.2B | $903.0M | ||
| Q3 24 | $719.0M | $761.0M | ||
| Q2 24 | $595.0M | $691.0M | ||
| Q1 24 | $733.0M | $578.0M |
总债务BHCTOST
| 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BHCTOST
| Q4 25 | $-554.0M | $2.1B | ||
| Q3 25 | $-565.0M | $2.0B | ||
| Q2 25 | $-764.0M | $1.8B | ||
| Q1 25 | $-1.2B | $1.7B | ||
| Q4 24 | $-1.3B | $1.5B | ||
| Q3 24 | $-1.2B | $1.4B | ||
| Q2 24 | $-1.2B | $1.3B | ||
| Q1 24 | $-1.1B | $1.2B |
总资产BHCTOST
| Q4 25 | $26.4B | $3.1B | ||
| Q3 25 | $26.8B | $3.0B | ||
| Q2 25 | $27.3B | $2.8B | ||
| Q1 25 | $26.4B | $2.6B | ||
| Q4 24 | $26.5B | $2.4B | ||
| Q3 24 | $26.5B | $2.2B | ||
| Q2 24 | $26.5B | $2.2B | ||
| Q1 24 | $26.9B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 14.4% | 10.9% |
| 资本支出强度资本支出/营收 | 3.3% | 1.0% |
| 现金转化率经营现金流/净利润 | — | 1.92× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $608.0M |
8季度趋势，按日历期对齐
经营现金流BHCTOST
| Q4 25 | $495.0M | $194.0M | ||
| Q3 25 | $405.0M | $165.0M | ||
| Q2 25 | $289.0M | $223.0M | ||
| Q1 25 | $211.0M | $79.0M | ||
| Q4 24 | $601.0M | $147.0M | ||
| Q3 24 | $405.0M | $109.0M | ||
| Q2 24 | $380.0M | $124.0M | ||
| Q1 24 | $211.0M | $-20.0M |
自由现金流BHCTOST
| Q4 25 | $403.0M | $178.0M | ||
| Q3 25 | $314.0M | $153.0M | ||
| Q2 25 | $190.0M | $208.0M | ||
| Q1 25 | $96.0M | $69.0M | ||
| Q4 24 | $495.0M | $134.0M | ||
| Q3 24 | $334.0M | $97.0M | ||
| Q2 24 | $302.0M | $108.0M | ||
| Q1 24 | $129.0M | $-33.0M |
自由现金流率BHCTOST
| Q4 25 | 14.4% | 10.9% | ||
| Q3 25 | 11.7% | 9.4% | ||
| Q2 25 | 7.5% | 13.4% | ||
| Q1 25 | 4.2% | 5.2% | ||
| Q4 24 | 19.3% | 10.0% | ||
| Q3 24 | 13.3% | 7.4% | ||
| Q2 24 | 12.6% | 8.7% | ||
| Q1 24 | 6.0% | -3.1% |
资本支出强度BHCTOST
| Q4 25 | 3.3% | 1.0% | ||
| Q3 25 | 3.4% | 0.7% | ||
| Q2 25 | 3.9% | 1.0% | ||
| Q1 25 | 5.1% | 0.7% | ||
| Q4 24 | 4.1% | 1.0% | ||
| Q3 24 | 2.8% | 0.9% | ||
| Q2 24 | 3.2% | 1.3% | ||
| Q1 24 | 3.8% | 1.2% |
现金转化率BHCTOST
| Q4 25 | — | 1.92× | ||
| Q3 25 | 2.26× | 1.57× | ||
| Q2 25 | 1.95× | 2.79× | ||
| Q1 25 | — | 1.41× | ||
| Q4 24 | 6.13× | 4.59× | ||
| Q3 24 | — | 1.95× | ||
| Q2 24 | 38.00× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
