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博士伦健康（BHC）与United Rentals（URI）财务数据对比。点击上方公司名可切换其他公司
United Rentals的季度营收约是博士伦健康的1.4倍（$4.0B vs $2.8B），United Rentals净利率更高（13.3% vs -3.7%，领先17.0%），博士伦健康同比增速更快（9.3% vs 7.2%），United Rentals自由现金流更多（$1.1B vs $403.0M），过去两年United Rentals的营收复合增速更高（114.0% 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。
United Rentals是美国设备租赁企业，2022年占据北美市场约16%的份额。截至2025年，该公司拥有全球规模最大的租赁车队，覆盖约4800类设备，原始设备成本总计约205.9亿美元，在全球共设1625个营业网点，业务覆盖北美、欧洲、澳大利亚及新西兰。
BHC vs URI — 直观对比
营收规模更大
URI
是对方的1.4倍
$2.8B
营收增速更快
BHC
高出2.1%
7.2%
净利率更高
URI
高出17.0%
-3.7%
自由现金流更多
URI
多$651.0M
$403.0M
两年增速更快
URI
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.0B |
| 净利润 | $-103.0M | $531.0M |
| 毛利率 | — | 36.9% |
| 营业利润率 | 17.0% | 21.8% |
| 净利率 | -3.7% | 13.3% |
| 营收同比 | 9.3% | 7.2% |
| 净利润同比 | -205.1% | 2.5% |
| 每股收益（稀释后） | $-0.30 | $8.43 |
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BHCURI
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.8B | $992.0M | ||
| Q3 25 | $2.7B | $938.0M | ||
| Q2 25 | $2.5B | $872.0M | ||
| Q1 25 | $2.3B | $893.0M | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $2.5B | $874.0M | ||
| Q2 24 | $2.4B | $870.0M |
净利润BHCURI
| Q1 26 | — | $531.0M | ||
| Q4 25 | $-103.0M | $653.0M | ||
| Q3 25 | $179.0M | $701.0M | ||
| Q2 25 | $148.0M | $622.0M | ||
| Q1 25 | $-58.0M | $518.0M | ||
| Q4 24 | $98.0M | $689.0M | ||
| Q3 24 | $-85.0M | $708.0M | ||
| Q2 24 | $10.0M | $636.0M |
毛利率BHCURI
| Q1 26 | — | 36.9% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
营业利润率BHCURI
| Q1 26 | — | 21.8% | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 17.5% | — | ||
| Q1 25 | 12.2% | 90.0% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 16.2% | — |
净利率BHCURI
| Q1 26 | — | 13.3% | ||
| Q4 25 | -3.7% | 65.8% | ||
| Q3 25 | 6.7% | 74.7% | ||
| Q2 25 | 5.8% | 71.3% | ||
| Q1 25 | -2.6% | 58.0% | ||
| Q4 24 | 3.8% | 67.6% | ||
| Q3 24 | -3.4% | 81.0% | ||
| Q2 24 | 0.4% | 73.1% |
每股收益（稀释后）BHCURI
| Q1 26 | — | $8.43 | ||
| Q4 25 | $-0.30 | $10.20 | ||
| Q3 25 | $0.48 | $10.91 | ||
| Q2 25 | $0.40 | $9.59 | ||
| Q1 25 | $-0.16 | $7.91 | ||
| Q4 24 | $0.24 | $10.41 | ||
| Q3 24 | $-0.23 | $10.70 | ||
| Q2 24 | $0.03 | $9.54 |
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 | $156.0M |
| 总债务越低越好 | $20.8B | $13.9B |
| 股东权益账面价值 | $-554.0M | $9.0B |
| 总资产 | $26.4B | $29.9B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资BHCURI
| Q1 26 | — | $156.0M | ||
| Q4 25 | $1.3B | $459.0M | ||
| Q3 25 | $1.3B | $512.0M | ||
| Q2 25 | $1.7B | $548.0M | ||
| Q1 25 | $1.1B | $542.0M | ||
| Q4 24 | $1.2B | $457.0M | ||
| Q3 24 | $719.0M | $479.0M | ||
| Q2 24 | $595.0M | $467.0M |
总债务BHCURI
| Q1 26 | — | $13.9B | ||
| Q4 25 | $20.8B | $12.7B | ||
| Q3 25 | $21.0B | $12.6B | ||
| Q2 25 | $21.7B | $12.1B | ||
| Q1 25 | $21.5B | $11.5B | ||
| Q4 24 | $21.6B | $12.2B | ||
| Q3 24 | $21.5B | $11.9B | ||
| Q2 24 | $21.7B | $11.5B |
股东权益BHCURI
| Q1 26 | — | $9.0B | ||
| Q4 25 | $-554.0M | $9.0B | ||
| Q3 25 | $-565.0M | $9.0B | ||
| Q2 25 | $-764.0M | $9.0B | ||
| Q1 25 | $-1.2B | $8.8B | ||
| Q4 24 | $-1.3B | $8.6B | ||
| Q3 24 | $-1.2B | $8.6B | ||
| Q2 24 | $-1.2B | $8.3B |
总资产BHCURI
| Q1 26 | — | $29.9B | ||
| Q4 25 | $26.4B | $29.9B | ||
| Q3 25 | $26.8B | $30.1B | ||
| Q2 25 | $27.3B | $29.2B | ||
| Q1 25 | $26.4B | $28.1B | ||
| Q4 24 | $26.5B | $28.2B | ||
| Q3 24 | $26.5B | $28.4B | ||
| Q2 24 | $26.5B | $27.6B |
负债/权益比BHCURI
| Q1 26 | — | 1.55× | ||
| Q4 25 | — | 1.41× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.34× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.42× | ||
| Q3 24 | — | 1.38× | ||
| Q2 24 | — | 1.39× |
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 | $1.1B |
| 自由现金流率自由现金流/营收 | 14.4% | 26.4% |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | — | 2.85× |
| 过去12个月自由现金流最近4个季度 | $1.0B | — |
8季度趋势，按日历期对齐
经营现金流BHCURI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $495.0M | $1.3B | ||
| Q3 25 | $405.0M | $1.2B | ||
| Q2 25 | $289.0M | $1.3B | ||
| Q1 25 | $211.0M | $1.4B | ||
| Q4 24 | $601.0M | $1.0B | ||
| Q3 24 | $405.0M | $1.2B | ||
| Q2 24 | $380.0M | $1.3B |
自由现金流BHCURI
| Q1 26 | — | $1.1B | ||
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | — | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $495.0M | $471.0M | ||
| Q3 24 | $334.0M | $-168.0M | ||
| Q2 24 | $302.0M | $-263.0M |
自由现金流率BHCURI
| Q1 26 | — | 26.4% | ||
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 19.3% | 46.2% | ||
| Q3 24 | 13.3% | -19.2% | ||
| Q2 24 | 12.6% | -30.2% |
资本支出强度BHCURI
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | 56.6% | ||
| Q3 24 | 2.8% | 157.0% | ||
| Q2 24 | 3.2% | 175.6% |
现金转化率BHCURI
| Q1 26 | — | 2.85× | ||
| Q4 25 | — | 1.92× | ||
| Q3 25 | 2.26× | 1.68× | ||
| Q2 25 | 1.95× | 2.14× | ||
| Q1 25 | — | 2.75× | ||
| Q4 24 | 6.13× | 1.52× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | 38.00× | 1.99× |
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% |
URI
| Equipment rentals | $3.4B | 86% |
| Sales of rental equipment | $350.0M | 9% |
| Service and other revenues | $92.0M | 2% |
| Sales of new equipment | $84.0M | 2% |
| Contractor supplies sales | $40.0M | 1% |
