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博士伦健康（BHC）与WEC Energy Group（WEC）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WEC Energy Group的1.1倍（$2.8B vs $2.5B），WEC Energy Group净利率更高（12.5% vs -3.7%，领先16.2%），WEC Energy Group同比增速更快（11.1% vs 9.3%），过去两年博士伦健康的营收复合增速更高（14.0% vs -2.7%）
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。
WEC能源集团是总部位于美国威斯康星州密尔沃基的知名能源企业，业务覆盖美国四个州，为总计440万用户提供可靠的电力及天然气供应服务，是北美地区颇具规模的区域性能源服务商。
BHC vs WEC — 直观对比
营收规模更大
BHC
是对方的1.1倍
$2.5B
营收增速更快
WEC
高出1.8%
9.3%
净利率更高
WEC
高出16.2%
-3.7%
两年增速更快
BHC
近两年复合增速
-2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.5B |
| 净利润 | $-103.0M | $316.8M |
| 毛利率 | — | 63.7% |
| 营业利润率 | 17.0% | 17.9% |
| 净利率 | -3.7% | 12.5% |
| 营收同比 | 9.3% | 11.1% |
| 净利润同比 | -205.1% | -30.1% |
| 每股收益（稀释后） | $-0.30 | — |
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BHCWEC
| Q4 25 | $2.8B | $2.5B | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.3B | $3.1B | ||
| Q4 24 | $2.6B | $2.3B | ||
| Q3 24 | $2.5B | $1.9B | ||
| Q2 24 | $2.4B | $1.8B | ||
| Q1 24 | $2.2B | $2.7B |
净利润BHCWEC
| Q4 25 | $-103.0M | $316.8M | ||
| Q3 25 | $179.0M | $270.2M | ||
| Q2 25 | $148.0M | $243.0M | ||
| Q1 25 | $-58.0M | $725.5M | ||
| Q4 24 | $98.0M | $453.1M | ||
| Q3 24 | $-85.0M | $238.6M | ||
| Q2 24 | $10.0M | $210.0M | ||
| Q1 24 | $-64.0M | $622.6M |
毛利率BHCWEC
| Q4 25 | — | 63.7% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 63.0% | ||
| Q4 24 | — | 67.7% | ||
| Q3 24 | — | 72.1% | ||
| Q2 24 | — | 73.5% | ||
| Q1 24 | — | 65.4% |
营业利润率BHCWEC
| Q4 25 | 17.0% | 17.9% | ||
| Q3 25 | 23.1% | 21.4% | ||
| Q2 25 | 17.5% | 20.1% | ||
| Q1 25 | 12.2% | 29.8% | ||
| Q4 24 | 21.8% | 25.9% | ||
| Q3 24 | 12.7% | 20.6% | ||
| Q2 24 | 16.2% | 20.6% | ||
| Q1 24 | 13.1% | 30.3% |
净利率BHCWEC
| Q4 25 | -3.7% | 12.5% | ||
| Q3 25 | 6.7% | 12.8% | ||
| Q2 25 | 5.8% | 12.1% | ||
| Q1 25 | -2.6% | 23.0% | ||
| Q4 24 | 3.8% | 19.8% | ||
| Q3 24 | -3.4% | 12.8% | ||
| Q2 24 | 0.4% | 11.9% | ||
| Q1 24 | -3.0% | 23.2% |
每股收益（稀释后）BHCWEC
| Q4 25 | $-0.30 | — | ||
| Q3 25 | $0.48 | — | ||
| Q2 25 | $0.40 | — | ||
| Q1 25 | $-0.16 | — | ||
| Q4 24 | $0.24 | — | ||
| Q3 24 | $-0.23 | — | ||
| Q2 24 | $0.03 | — | ||
| Q1 24 | $-0.17 | — |
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 | $27.6M |
| 总债务越低越好 | $20.8B | $20.0B |
| 股东权益账面价值 | $-554.0M | $14.1B |
| 总资产 | $26.4B | $51.5B |
| 负债/权益比越低杠杆越低 | — | 1.42× |
8季度趋势，按日历期对齐
现金及短期投资BHCWEC
| Q4 25 | $1.3B | $27.6M | ||
| Q3 25 | $1.3B | $51.1M | ||
| Q2 25 | $1.7B | $23.0M | ||
| Q1 25 | $1.1B | $82.2M | ||
| Q4 24 | $1.2B | $9.8M | ||
| Q3 24 | $719.0M | $322.5M | ||
| Q2 24 | $595.0M | $224.0M | ||
| Q1 24 | $733.0M | $38.9M |
总债务BHCWEC
| Q4 25 | $20.8B | $20.0B | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | $18.9B | ||
| Q3 24 | $21.5B | $16.9B | ||
| Q2 24 | $21.7B | $16.9B | ||
| Q1 24 | $22.1B | $15.4B |
股东权益BHCWEC
| Q4 25 | $-554.0M | $14.1B | ||
| Q3 25 | $-565.0M | $14.0B | ||
| Q2 25 | $-764.0M | $13.7B | ||
| Q1 25 | $-1.2B | $13.4B | ||
| Q4 24 | $-1.3B | $12.8B | ||
| Q3 24 | $-1.2B | $12.4B | ||
| Q2 24 | $-1.2B | $12.4B | ||
| Q1 24 | $-1.1B | $12.4B |
总资产BHCWEC
| Q4 25 | $26.4B | $51.5B | ||
| Q3 25 | $26.8B | $49.8B | ||
| Q2 25 | $27.3B | $48.5B | ||
| Q1 25 | $26.4B | $48.2B | ||
| Q4 24 | $26.5B | $47.4B | ||
| Q3 24 | $26.5B | $45.2B | ||
| Q2 24 | $26.5B | $44.6B | ||
| Q1 24 | $26.9B | $43.9B |
负债/权益比BHCWEC
| Q4 25 | — | 1.42× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.48× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.24× |
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 | $424.6M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | — |
| 自由现金流率自由现金流/营收 | 14.4% | — |
| 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 | — | 1.34× |
| 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BHCWEC
| Q4 25 | $495.0M | $424.6M | ||
| Q3 25 | $405.0M | $938.9M | ||
| Q2 25 | $289.0M | $853.3M | ||
| Q1 25 | $211.0M | $1.2B | ||
| Q4 24 | $601.0M | $581.8M | ||
| Q3 24 | $405.0M | $729.0M | ||
| Q2 24 | $380.0M | $1.0B | ||
| Q1 24 | $211.0M | $863.6M |
自由现金流BHCWEC
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | $-625.7M | ||
| Q2 25 | $190.0M | $23.9M | ||
| Q1 25 | $96.0M | $461.5M | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | $-67.3M | ||
| Q2 24 | $302.0M | $343.5M | ||
| Q1 24 | $129.0M | $419.1M |
自由现金流率BHCWEC
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | -29.7% | ||
| Q2 25 | 7.5% | 1.2% | ||
| Q1 25 | 4.2% | 14.7% | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | -3.6% | ||
| Q2 24 | 12.6% | 19.4% | ||
| Q1 24 | 6.0% | 15.6% |
资本支出强度BHCWEC
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | 74.4% | ||
| Q2 25 | 3.9% | 41.3% | ||
| Q1 25 | 5.1% | 22.3% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | 42.7% | ||
| Q2 24 | 3.2% | 39.2% | ||
| Q1 24 | 3.8% | 16.6% |
现金转化率BHCWEC
| Q4 25 | — | 1.34× | ||
| Q3 25 | 2.26× | 3.47× | ||
| Q2 25 | 1.95× | 3.51× | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | 6.13× | 1.28× | ||
| Q3 24 | — | 3.06× | ||
| Q2 24 | 38.00× | 4.94× | ||
| Q1 24 | — | 1.39× |
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% |
WEC
| Wisconsin | $1.9B | 73% |
| Illinois | $441.2M | 17% |
| Other States | $165.1M | 7% |
| External Revenues | $74.0M | 3% |
| Otheroperatingrevenues | $8.0M | 0% |
