vs
博士伦健康（BHC）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是博士伦健康的1.7倍（$4.8B vs $2.8B），Vistra Corp.净利率更高（4.8% vs -3.7%，领先8.5%），Vistra Corp.同比增速更快（31.2% vs 9.3%），Vistra Corp.自由现金流更多（$596.0M vs $403.0M），过去两年Vistra Corp.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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
BHC vs VST — 直观对比
营收规模更大
VST
是对方的1.7倍
$2.8B
营收增速更快
VST
高出22.0%
9.3%
净利率更高
VST
高出8.5%
-3.7%
自由现金流更多
VST
多$193.0M
$403.0M
两年增速更快
VST
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $4.8B |
| 净利润 | $-103.0M | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | 9.9% |
| 净利率 | -3.7% | 4.8% |
| 营收同比 | 9.3% | 31.2% |
| 净利润同比 | -205.1% | -47.2% |
| 每股收益（稀释后） | $-0.30 | $0.55 |
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BHCVST
| Q4 25 | $2.8B | $4.8B | ||
| Q3 25 | $2.7B | $4.8B | ||
| Q2 25 | $2.5B | $3.8B | ||
| Q1 25 | $2.3B | $4.3B | ||
| Q4 24 | $2.6B | $3.7B | ||
| Q3 24 | $2.5B | $4.3B | ||
| Q2 24 | $2.4B | $3.6B | ||
| Q1 24 | $2.2B | $3.2B |
净利润BHCVST
| Q4 25 | $-103.0M | $233.0M | ||
| Q3 25 | $179.0M | $652.0M | ||
| Q2 25 | $148.0M | $327.0M | ||
| Q1 25 | $-58.0M | $-268.0M | ||
| Q4 24 | $98.0M | $441.0M | ||
| Q3 24 | $-85.0M | $1.9B | ||
| Q2 24 | $10.0M | $365.0M | ||
| Q1 24 | $-64.0M | $-35.0M |
营业利润率BHCVST
| Q4 25 | 17.0% | 9.9% | ||
| Q3 25 | 23.1% | 21.7% | ||
| Q2 25 | 17.5% | 13.7% | ||
| Q1 25 | 12.2% | -2.8% | ||
| Q4 24 | 21.8% | 16.4% | ||
| Q3 24 | 12.7% | 59.6% | ||
| Q2 24 | 16.2% | 22.5% | ||
| Q1 24 | 13.1% | 2.7% |
净利率BHCVST
| Q4 25 | -3.7% | 4.8% | ||
| Q3 25 | 6.7% | 13.6% | ||
| Q2 25 | 5.8% | 8.7% | ||
| Q1 25 | -2.6% | -6.3% | ||
| Q4 24 | 3.8% | 12.0% | ||
| Q3 24 | -3.4% | 43.5% | ||
| Q2 24 | 0.4% | 10.1% | ||
| Q1 24 | -3.0% | -1.1% |
每股收益（稀释后）BHCVST
| Q4 25 | $-0.30 | $0.55 | ||
| Q3 25 | $0.48 | $1.75 | ||
| Q2 25 | $0.40 | $0.81 | ||
| Q1 25 | $-0.16 | $-0.93 | ||
| Q4 24 | $0.24 | $1.09 | ||
| Q3 24 | $-0.23 | $5.25 | ||
| Q2 24 | $0.03 | $0.90 | ||
| Q1 24 | $-0.17 | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $20.8B | $15.8B |
| 股东权益账面价值 | $-554.0M | $5.1B |
| 总资产 | $26.4B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资BHCVST
| Q4 25 | $1.3B | $785.0M | ||
| Q3 25 | $1.3B | $602.0M | ||
| Q2 25 | $1.7B | $458.0M | ||
| Q1 25 | $1.1B | $561.0M | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $719.0M | $905.0M | ||
| Q2 24 | $595.0M | $1.6B | ||
| Q1 24 | $733.0M | $1.1B |
总债务BHCVST
| Q4 25 | $20.8B | $15.8B | ||
| Q3 25 | $21.0B | $15.8B | ||
| Q2 25 | $21.7B | $15.5B | ||
| Q1 25 | $21.5B | $15.4B | ||
| Q4 24 | $21.6B | $15.4B | ||
| Q3 24 | $21.5B | $13.9B | ||
| Q2 24 | $21.7B | $13.9B | ||
| Q1 24 | $22.1B | $14.7B |
股东权益BHCVST
| Q4 25 | $-554.0M | $5.1B | ||
| Q3 25 | $-565.0M | $5.2B | ||
| Q2 25 | $-764.0M | $4.8B | ||
| Q1 25 | $-1.2B | $4.8B | ||
| Q4 24 | $-1.3B | $5.6B | ||
| Q3 24 | $-1.2B | $5.4B | ||
| Q2 24 | $-1.2B | $5.6B | ||
| Q1 24 | $-1.1B | $5.7B |
总资产BHCVST
| Q4 25 | $26.4B | $41.5B | ||
| Q3 25 | $26.8B | $38.0B | ||
| Q2 25 | $27.3B | $38.1B | ||
| Q1 25 | $26.4B | $38.2B | ||
| Q4 24 | $26.5B | $37.8B | ||
| Q3 24 | $26.5B | $37.9B | ||
| Q2 24 | $26.5B | $39.1B | ||
| Q1 24 | $26.9B | $38.2B |
负债/权益比BHCVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 14.4% | 12.4% |
| 资本支出强度资本支出/营收 | 3.3% | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.3B |
8季度趋势，按日历期对齐
经营现金流BHCVST
| Q4 25 | $495.0M | $1.4B | ||
| Q3 25 | $405.0M | $1.5B | ||
| Q2 25 | $289.0M | $572.0M | ||
| Q1 25 | $211.0M | $599.0M | ||
| Q4 24 | $601.0M | $1.4B | ||
| Q3 24 | $405.0M | $1.7B | ||
| Q2 24 | $380.0M | $1.2B | ||
| Q1 24 | $211.0M | $312.0M |
自由现金流BHCVST
| Q4 25 | $403.0M | $596.0M | ||
| Q3 25 | $314.0M | $1.0B | ||
| Q2 25 | $190.0M | $-118.0M | ||
| Q1 25 | $96.0M | $-169.0M | ||
| Q4 24 | $495.0M | $923.0M | ||
| Q3 24 | $334.0M | $1.0B | ||
| Q2 24 | $302.0M | $698.0M | ||
| Q1 24 | $129.0M | $-153.0M |
自由现金流率BHCVST
| Q4 25 | 14.4% | 12.4% | ||
| Q3 25 | 11.7% | 21.1% | ||
| Q2 25 | 7.5% | -3.1% | ||
| Q1 25 | 4.2% | -4.0% | ||
| Q4 24 | 19.3% | 25.2% | ||
| Q3 24 | 13.3% | 23.4% | ||
| Q2 24 | 12.6% | 19.4% | ||
| Q1 24 | 6.0% | -4.8% |
资本支出强度BHCVST
| Q4 25 | 3.3% | 17.4% | ||
| Q3 25 | 3.4% | 9.6% | ||
| Q2 25 | 3.9% | 18.4% | ||
| Q1 25 | 5.1% | 18.1% | ||
| Q4 24 | 4.1% | 11.7% | ||
| Q3 24 | 2.8% | 15.8% | ||
| Q2 24 | 3.2% | 13.8% | ||
| Q1 24 | 3.8% | 14.7% |
现金转化率BHCVST
| Q4 25 | — | 6.15× | ||
| Q3 25 | 2.26× | 2.25× | ||
| Q2 25 | 1.95× | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.13× | 3.07× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | 38.00× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
