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博士伦健康（BHC）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）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WHITE MOUNTAINS INSURANCE GROUP LTD的1.7倍（$2.8B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs -3.7%，领先55.8%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 9.3%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% 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。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
BHC vs WTM — 直观对比
营收规模更大
BHC
是对方的1.7倍
$1.6B
营收增速更快
WTM
高出338.7%
9.3%
净利率更高
WTM
高出55.8%
-3.7%
两年增速更快
WTM
近两年复合增速
14.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $1.6B |
| 净利润 | $-103.0M | $835.8M |
| 毛利率 | — | 97.1% |
| 营业利润率 | 17.0% | 56.2% |
| 净利率 | -3.7% | 52.1% |
| 营收同比 | 9.3% | 348.0% |
| 净利润同比 | -205.1% | 741.0% |
| 每股收益（稀释后） | $-0.30 | $325.02 |
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BHCWTM
| Q4 25 | $2.8B | $1.6B | ||
| Q3 25 | $2.7B | $864.2M | ||
| Q2 25 | $2.5B | $689.2M | ||
| Q1 25 | $2.3B | $577.8M | ||
| Q4 24 | $2.6B | $358.0M | ||
| Q3 24 | $2.5B | $839.1M | ||
| Q2 24 | $2.4B | $395.4M | ||
| Q1 24 | $2.2B | $647.3M |
净利润BHCWTM
| Q4 25 | $-103.0M | $835.8M | ||
| Q3 25 | $179.0M | $113.8M | ||
| Q2 25 | $148.0M | $122.9M | ||
| Q1 25 | $-58.0M | $33.9M | ||
| Q4 24 | $98.0M | $-130.4M | ||
| Q3 24 | $-85.0M | $179.0M | ||
| Q2 24 | $10.0M | $-54.6M | ||
| Q1 24 | $-64.0M | $236.4M |
毛利率BHCWTM
| Q4 25 | — | 97.1% | ||
| Q3 25 | — | 93.6% | ||
| Q2 25 | — | 93.8% | ||
| Q1 25 | — | 98.7% | ||
| Q4 24 | — | 97.9% | ||
| Q3 24 | — | 99.1% | ||
| Q2 24 | — | 98.2% | ||
| Q1 24 | — | 98.8% |
营业利润率BHCWTM
| Q4 25 | 17.0% | 56.2% | ||
| Q3 25 | 23.1% | 20.7% | ||
| Q2 25 | 17.5% | 25.6% | ||
| Q1 25 | 12.2% | 12.5% | ||
| Q4 24 | 21.8% | -33.7% | ||
| Q3 24 | 12.7% | 28.5% | ||
| Q2 24 | 16.2% | -8.8% | ||
| Q1 24 | 13.1% | 35.9% |
净利率BHCWTM
| Q4 25 | -3.7% | 52.1% | ||
| Q3 25 | 6.7% | 13.2% | ||
| Q2 25 | 5.8% | 17.8% | ||
| Q1 25 | -2.6% | 5.9% | ||
| Q4 24 | 3.8% | -36.4% | ||
| Q3 24 | -3.4% | 21.3% | ||
| Q2 24 | 0.4% | -13.8% | ||
| Q1 24 | -3.0% | 36.5% |
每股收益（稀释后）BHCWTM
| Q4 25 | $-0.30 | $325.02 | ||
| Q3 25 | $0.48 | $44.18 | ||
| Q2 25 | $0.40 | $47.75 | ||
| Q1 25 | $-0.16 | $13.19 | ||
| Q4 24 | $0.24 | $-50.98 | ||
| Q3 24 | $-0.23 | $69.68 | ||
| Q2 24 | $0.03 | $-21.24 | ||
| Q1 24 | $-0.17 | $92.33 |
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 | — |
| 总债务越低越好 | $20.8B | $837.0M |
| 股东权益账面价值 | $-554.0M | $5.4B |
| 总资产 | $26.4B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资BHCWTM
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $719.0M | — | ||
| Q2 24 | $595.0M | — | ||
| Q1 24 | $733.0M | — |
总债务BHCWTM
| Q4 25 | $20.8B | $837.0M | ||
| Q3 25 | $21.0B | $870.4M | ||
| Q2 25 | $21.7B | $694.6M | ||
| Q1 25 | $21.5B | $676.1M | ||
| Q4 24 | $21.6B | $562.5M | ||
| Q3 24 | $21.5B | $544.9M | ||
| Q2 24 | $21.7B | $530.2M | ||
| Q1 24 | $22.1B | $532.1M |
股东权益BHCWTM
| Q4 25 | $-554.0M | $5.4B | ||
| Q3 25 | $-565.0M | $4.8B | ||
| Q2 25 | $-764.0M | $4.6B | ||
| Q1 25 | $-1.2B | $4.5B | ||
| Q4 24 | $-1.3B | $4.5B | ||
| Q3 24 | $-1.2B | $4.6B | ||
| Q2 24 | $-1.2B | $4.4B | ||
| Q1 24 | $-1.1B | $4.5B |
总资产BHCWTM
| Q4 25 | $26.4B | $12.3B | ||
| Q3 25 | $26.8B | $12.3B | ||
| Q2 25 | $27.3B | $11.8B | ||
| Q1 25 | $26.4B | $11.0B | ||
| Q4 24 | $26.5B | $9.9B | ||
| Q3 24 | $26.5B | $10.3B | ||
| Q2 24 | $26.5B | $10.2B | ||
| Q1 24 | $26.9B | $9.6B |
负债/权益比BHCWTM
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $53.9M |
| 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 | — | 0.06× |
| 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BHCWTM
| Q4 25 | $495.0M | $53.9M | ||
| Q3 25 | $405.0M | $359.3M | ||
| Q2 25 | $289.0M | $177.5M | ||
| Q1 25 | $211.0M | $-40.2M | ||
| Q4 24 | $601.0M | $64.1M | ||
| Q3 24 | $405.0M | $269.4M | ||
| Q2 24 | $380.0M | $216.8M | ||
| Q1 24 | $211.0M | $36.5M |
自由现金流BHCWTM
| Q4 25 | $403.0M | — | ||
| Q3 25 | $314.0M | — | ||
| Q2 25 | $190.0M | — | ||
| Q1 25 | $96.0M | — | ||
| Q4 24 | $495.0M | — | ||
| Q3 24 | $334.0M | — | ||
| Q2 24 | $302.0M | — | ||
| Q1 24 | $129.0M | — |
自由现金流率BHCWTM
| Q4 25 | 14.4% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 7.5% | — | ||
| Q1 25 | 4.2% | — | ||
| Q4 24 | 19.3% | — | ||
| Q3 24 | 13.3% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 6.0% | — |
资本支出强度BHCWTM
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 3.9% | — | ||
| Q1 25 | 5.1% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 2.8% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 3.8% | — |
现金转化率BHCWTM
| Q4 25 | — | 0.06× | ||
| Q3 25 | 2.26× | 3.16× | ||
| Q2 25 | 1.95× | 1.44× | ||
| Q1 25 | — | -1.19× | ||
| Q4 24 | 6.13× | — | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | 38.00× | — | ||
| Q1 24 | — | 0.15× |
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% |
WTM
暂无分部数据
