vs
博士伦健康（BHC）与Welltower（WELL）财务数据对比。点击上方公司名可切换其他公司
Welltower的季度营收约是博士伦健康的1.2倍（$3.4B vs $2.8B），Welltower净利率更高（22.4% vs -3.7%，领先26.1%），Welltower同比增速更快（38.3% vs 9.3%），过去两年Welltower的营收复合增速更高（55.1% 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。
Welltower Inc.是一家专注于医疗基础设施领域的房地产投资信托企业，核心业务为医疗类地产投资运营。截至2022年12月31日，公司投资的物业总量约3000处，全部布局于美国、加拿大及英国市场，是全球医疗地产投资领域的代表性企业之一。
BHC vs WELL — 直观对比
营收规模更大
WELL
是对方的1.2倍
$2.8B
营收增速更快
WELL
高出29.1%
9.3%
净利率更高
WELL
高出26.1%
-3.7%
两年增速更快
WELL
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $3.4B |
| 净利润 | $-103.0M | $752.3M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | — |
| 净利率 | -3.7% | 22.4% |
| 营收同比 | 9.3% | 38.3% |
| 净利润同比 | -205.1% | 192.4% |
| 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BHCWELL
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.8B | $2.6B | ||
| Q3 25 | $2.7B | $2.1B | ||
| Q2 25 | $2.5B | $2.0B | ||
| Q1 25 | $2.3B | $1.9B | ||
| Q4 24 | $2.6B | $1.8B | ||
| Q3 24 | $2.5B | $1.5B | ||
| Q2 24 | $2.4B | $1.4B |
净利润BHCWELL
| Q1 26 | — | $752.3M | ||
| Q4 25 | $-103.0M | $117.8M | ||
| Q3 25 | $179.0M | $282.2M | ||
| Q2 25 | $148.0M | $304.6M | ||
| Q1 25 | $-58.0M | $257.3M | ||
| Q4 24 | $98.0M | $123.8M | ||
| Q3 24 | $-85.0M | $456.8M | ||
| Q2 24 | $10.0M | $260.7M |
毛利率BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 23.2% | ||
| Q1 25 | — | 21.6% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | 19.8% | ||
| Q2 24 | — | 20.2% |
营业利润率BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 23.1% | 14.2% | ||
| Q2 25 | 17.5% | 15.1% | ||
| Q1 25 | 12.2% | 10.7% | ||
| Q4 24 | 21.8% | 6.2% | ||
| Q3 24 | 12.7% | 12.2% | ||
| Q2 24 | 16.2% | 6.5% |
净利率BHCWELL
| Q1 26 | — | 22.4% | ||
| Q4 25 | -3.7% | 4.6% | ||
| Q3 25 | 6.7% | 13.7% | ||
| Q2 25 | 5.8% | 15.5% | ||
| Q1 25 | -2.6% | 13.8% | ||
| Q4 24 | 3.8% | 7.0% | ||
| Q3 24 | -3.4% | 30.2% | ||
| Q2 24 | 0.4% | 18.7% |
每股收益（稀释后）BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | $-0.30 | $0.13 | ||
| Q3 25 | $0.48 | $0.41 | ||
| Q2 25 | $0.40 | $0.45 | ||
| Q1 25 | $-0.16 | $0.40 | ||
| Q4 24 | $0.24 | $0.20 | ||
| Q3 24 | $-0.23 | $0.73 | ||
| Q2 24 | $0.03 | $0.42 |
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 | $4.7B |
| 总债务越低越好 | $20.8B | — |
| 股东权益账面价值 | $-554.0M | $44.7B |
| 总资产 | $26.4B | $67.2B |
| 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BHCWELL
| Q1 26 | — | $4.7B | ||
| Q4 25 | $1.3B | $5.0B | ||
| Q3 25 | $1.3B | $6.8B | ||
| Q2 25 | $1.7B | $4.4B | ||
| Q1 25 | $1.1B | $3.5B | ||
| Q4 24 | $1.2B | $3.5B | ||
| Q3 24 | $719.0M | $3.6B | ||
| Q2 24 | $595.0M | $2.8B |
总债务BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | $20.8B | $19.2B | ||
| Q3 25 | $21.0B | $16.9B | ||
| Q2 25 | $21.7B | $16.0B | ||
| Q1 25 | $21.5B | $15.7B | ||
| Q4 24 | $21.6B | $15.5B | ||
| Q3 24 | $21.5B | $15.8B | ||
| Q2 24 | $21.7B | $13.9B |
股东权益BHCWELL
| Q1 26 | — | $44.7B | ||
| Q4 25 | $-554.0M | $42.1B | ||
| Q3 25 | $-565.0M | $38.8B | ||
| Q2 25 | $-764.0M | $35.9B | ||
| Q1 25 | $-1.2B | $34.0B | ||
| Q4 24 | $-1.3B | $32.0B | ||
| Q3 24 | $-1.2B | $30.3B | ||
| Q2 24 | $-1.2B | $29.0B |
总资产BHCWELL
| Q1 26 | — | $67.2B | ||
| Q4 25 | $26.4B | $67.3B | ||
| Q3 25 | $26.8B | $59.5B | ||
| Q2 25 | $27.3B | $55.8B | ||
| Q1 25 | $26.4B | $53.3B | ||
| Q4 24 | $26.5B | $51.0B | ||
| Q3 24 | $26.5B | $49.0B | ||
| Q2 24 | $26.5B | $45.5B |
负债/权益比BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.48× |
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 | — |
| 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 | — | — |
| 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BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | $495.0M | $654.3M | ||
| Q3 25 | $405.0M | $858.4M | ||
| Q2 25 | $289.0M | $770.0M | ||
| Q1 25 | $211.0M | $599.0M | ||
| Q4 24 | $601.0M | $559.2M | ||
| Q3 24 | $405.0M | $685.0M | ||
| Q2 24 | $380.0M | $605.4M |
自由现金流BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | $403.0M | $340.4M | ||
| Q3 25 | $314.0M | $595.3M | ||
| Q2 25 | $190.0M | $537.2M | ||
| Q1 25 | $96.0M | $358.6M | ||
| Q4 24 | $495.0M | $240.4M | ||
| Q3 24 | $334.0M | $443.8M | ||
| Q2 24 | $302.0M | $440.3M |
自由现金流率BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 13.3% | ||
| Q3 25 | 11.7% | 28.9% | ||
| Q2 25 | 7.5% | 27.3% | ||
| Q1 25 | 4.2% | 19.2% | ||
| Q4 24 | 19.3% | 13.6% | ||
| Q3 24 | 13.3% | 29.4% | ||
| Q2 24 | 12.6% | 31.6% |
资本支出强度BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 12.3% | ||
| Q3 25 | 3.4% | 12.8% | ||
| Q2 25 | 3.9% | 11.8% | ||
| Q1 25 | 5.1% | 12.9% | ||
| Q4 24 | 4.1% | 18.1% | ||
| Q3 24 | 2.8% | 16.0% | ||
| Q2 24 | 3.2% | 11.8% |
现金转化率BHCWELL
| Q1 26 | — | — | ||
| Q4 25 | — | 5.56× | ||
| Q3 25 | 2.26× | 3.04× | ||
| Q2 25 | 1.95× | 2.53× | ||
| Q1 25 | — | 2.33× | ||
| Q4 24 | 6.13× | 4.52× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | 38.00× | 2.32× |
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% |
WELL
| Resident fees and services | $2.8B | 83% |
| Rental income | $453.8M | 14% |
| Other | $117.2M | 3% |
