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博士伦健康（BHC）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
Targa Resources的季度营收约是博士伦健康的1.5倍（$4.1B vs $2.8B），Targa Resources净利率更高（13.4% vs -3.7%，领先17.1%），博士伦健康同比增速更快（9.3% vs -7.9%），Targa Resources自由现金流更多（$542.3M vs $403.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs 0.8%）
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。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
BHC vs TRGP — 直观对比
营收规模更大
TRGP
是对方的1.5倍
$2.8B
营收增速更快
BHC
高出17.2%
-7.9%
净利率更高
TRGP
高出17.1%
-3.7%
自由现金流更多
TRGP
多$139.3M
$403.0M
两年增速更快
BHC
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.1B |
| 净利润 | $-103.0M | $545.0M |
| 毛利率 | — | 43.1% |
| 营业利润率 | 17.0% | 22.6% |
| 净利率 | -3.7% | 13.4% |
| 营收同比 | 9.3% | -7.9% |
| 净利润同比 | -205.1% | 55.3% |
| 每股收益（稀释后） | $-0.30 | $2.51 |
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BHCTRGP
| Q4 25 | $2.8B | $4.1B | ||
| Q3 25 | $2.7B | $4.2B | ||
| Q2 25 | $2.5B | $4.3B | ||
| Q1 25 | $2.3B | $4.6B | ||
| Q4 24 | $2.6B | $4.4B | ||
| Q3 24 | $2.5B | $3.9B | ||
| Q2 24 | $2.4B | $3.0B | ||
| Q1 24 | $2.2B | $4.0B |
净利润BHCTRGP
| Q4 25 | $-103.0M | $545.0M | ||
| Q3 25 | $179.0M | $478.4M | ||
| Q2 25 | $148.0M | $629.1M | ||
| Q1 25 | $-58.0M | $270.5M | ||
| Q4 24 | $98.0M | $350.9M | ||
| Q3 24 | $-85.0M | $387.4M | ||
| Q2 24 | $10.0M | $298.5M | ||
| Q1 24 | $-64.0M | $275.2M |
毛利率BHCTRGP
| Q4 25 | — | 43.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | — | 42.8% | ||
| Q1 25 | — | 28.6% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 38.6% | ||
| Q2 24 | — | 27.9% | ||
| Q1 24 | — | 19.3% |
营业利润率BHCTRGP
| Q4 25 | 17.0% | 22.6% | ||
| Q3 25 | 23.1% | 20.2% | ||
| Q2 25 | 17.5% | 24.3% | ||
| Q1 25 | 12.2% | 11.9% | ||
| Q4 24 | 21.8% | 15.9% | ||
| Q3 24 | 12.7% | 18.9% | ||
| Q2 24 | 16.2% | 20.6% | ||
| Q1 24 | 13.1% | 16.0% |
净利率BHCTRGP
| Q4 25 | -3.7% | 13.4% | ||
| Q3 25 | 6.7% | 11.5% | ||
| Q2 25 | 5.8% | 14.8% | ||
| Q1 25 | -2.6% | 5.9% | ||
| Q4 24 | 3.8% | 8.0% | ||
| Q3 24 | -3.4% | 10.1% | ||
| Q2 24 | 0.4% | 9.8% | ||
| Q1 24 | -3.0% | 6.9% |
每股收益（稀释后）BHCTRGP
| Q4 25 | $-0.30 | $2.51 | ||
| Q3 25 | $0.48 | $2.20 | ||
| Q2 25 | $0.40 | $2.87 | ||
| Q1 25 | $-0.16 | $0.91 | ||
| Q4 24 | $0.24 | $1.44 | ||
| Q3 24 | $-0.23 | $1.75 | ||
| Q2 24 | $0.03 | $1.33 | ||
| Q1 24 | $-0.17 | $1.22 |
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 | $166.1M |
| 总债务越低越好 | $20.8B | $16.7B |
| 股东权益账面价值 | $-554.0M | $3.1B |
| 总资产 | $26.4B | $25.2B |
| 负债/权益比越低杠杆越低 | — | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资BHCTRGP
| Q4 25 | $1.3B | $166.1M | ||
| Q3 25 | $1.3B | $124.1M | ||
| Q2 25 | $1.7B | $113.1M | ||
| Q1 25 | $1.1B | $151.4M | ||
| Q4 24 | $1.2B | $157.3M | ||
| Q3 24 | $719.0M | $127.2M | ||
| Q2 24 | $595.0M | $166.4M | ||
| Q1 24 | $733.0M | $109.9M |
总债务BHCTRGP
| Q4 25 | $20.8B | $16.7B | ||
| Q3 25 | $21.0B | $16.7B | ||
| Q2 25 | $21.7B | $16.1B | ||
| Q1 25 | $21.5B | $15.5B | ||
| Q4 24 | $21.6B | $13.8B | ||
| Q3 24 | $21.5B | $13.6B | ||
| Q2 24 | $21.7B | $13.0B | ||
| Q1 24 | $22.1B | $12.5B |
股东权益BHCTRGP
| Q4 25 | $-554.0M | $3.1B | ||
| Q3 25 | $-565.0M | $2.7B | ||
| Q2 25 | $-764.0M | $2.6B | ||
| Q1 25 | $-1.2B | $2.5B | ||
| Q4 24 | $-1.3B | $2.6B | ||
| Q3 24 | $-1.2B | $2.6B | ||
| Q2 24 | $-1.2B | $2.5B | ||
| Q1 24 | $-1.1B | $2.7B |
总资产BHCTRGP
| Q4 25 | $26.4B | $25.2B | ||
| Q3 25 | $26.8B | $24.2B | ||
| Q2 25 | $27.3B | $23.5B | ||
| Q1 25 | $26.4B | $22.8B | ||
| Q4 24 | $26.5B | $22.7B | ||
| Q3 24 | $26.5B | $21.9B | ||
| Q2 24 | $26.5B | $21.3B | ||
| Q1 24 | $26.9B | $20.8B |
负债/权益比BHCTRGP
| Q4 25 | — | 5.43× | ||
| Q3 25 | — | 6.19× | ||
| Q2 25 | — | 6.21× | ||
| Q1 25 | — | 6.34× | ||
| Q4 24 | — | 5.32× | ||
| Q3 24 | — | 5.28× | ||
| Q2 24 | — | 5.25× | ||
| Q1 24 | — | 4.63× |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $542.3M |
| 自由现金流率自由现金流/营收 | 14.4% | 13.4% |
| 资本支出强度资本支出/营收 | 3.3% | 23.8% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $584.1M |
8季度趋势，按日历期对齐
经营现金流BHCTRGP
| Q4 25 | $495.0M | $1.5B | ||
| Q3 25 | $405.0M | $599.2M | ||
| Q2 25 | $289.0M | $858.3M | ||
| Q1 25 | $211.0M | $954.4M | ||
| Q4 24 | $601.0M | $1.3B | ||
| Q3 24 | $405.0M | $540.9M | ||
| Q2 24 | $380.0M | $904.5M | ||
| Q1 24 | $211.0M | $876.4M |
自由现金流BHCTRGP
| Q4 25 | $403.0M | $542.3M | ||
| Q3 25 | $314.0M | $-72.6M | ||
| Q2 25 | $190.0M | $-47.8M | ||
| Q1 25 | $96.0M | $162.2M | ||
| Q4 24 | $495.0M | $601.0M | ||
| Q3 24 | $334.0M | $-287.9M | ||
| Q2 24 | $302.0M | $164.2M | ||
| Q1 24 | $129.0M | $206.6M |
自由现金流率BHCTRGP
| Q4 25 | 14.4% | 13.4% | ||
| Q3 25 | 11.7% | -1.7% | ||
| Q2 25 | 7.5% | -1.1% | ||
| Q1 25 | 4.2% | 3.6% | ||
| Q4 24 | 19.3% | 13.6% | ||
| Q3 24 | 13.3% | -7.5% | ||
| Q2 24 | 12.6% | 5.4% | ||
| Q1 24 | 6.0% | 5.2% |
资本支出强度BHCTRGP
| Q4 25 | 3.3% | 23.8% | ||
| Q3 25 | 3.4% | 16.2% | ||
| Q2 25 | 3.9% | 21.3% | ||
| Q1 25 | 5.1% | 17.4% | ||
| Q4 24 | 4.1% | 16.5% | ||
| Q3 24 | 2.8% | 21.5% | ||
| Q2 24 | 3.2% | 24.3% | ||
| Q1 24 | 3.8% | 16.8% |
现金转化率BHCTRGP
| Q4 25 | — | 2.76× | ||
| Q3 25 | 2.26× | 1.25× | ||
| Q2 25 | 1.95× | 1.36× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | 6.13× | 3.78× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 38.00× | 3.03× | ||
| Q1 24 | — | 3.18× |
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% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
