vs
博士伦健康（BHC）与韦莱韬悦（WTW）财务数据对比。点击上方公司名可切换其他公司
韦莱韬悦的季度营收约是博士伦健康的1.0倍（$2.9B vs $2.8B），韦莱韬悦净利率更高（25.5% vs -3.7%，领先29.2%），博士伦健康同比增速更快（9.3% vs -3.5%），韦莱韬悦自由现金流更多（$708.0M vs $403.0M），过去两年博士伦健康的营收复合增速更高（14.0% vs 12.0%）
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。
韦莱韬悦是一家英美联营的跨国咨询、经纪及解决方案服务商，业务覆盖商业保险经纪与风险咨询、员工福利与薪酬咨询、退休与精算服务，同时可为养老基金、机构投资者提供专业投资建议，服务网络覆盖全球多个市场。
BHC vs WTW — 直观对比
营收规模更大
WTW
是对方的1.0倍
$2.8B
营收增速更快
BHC
高出12.8%
-3.5%
净利率更高
WTW
高出29.2%
-3.7%
自由现金流更多
WTW
多$305.0M
$403.0M
两年增速更快
BHC
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.8B | $2.9B |
| 净利润 | $-103.0M | $735.0M |
| 毛利率 | — | — |
| 营业利润率 | 17.0% | 35.3% |
| 净利率 | -3.7% | 25.5% |
| 营收同比 | 9.3% | -3.5% |
| 净利润同比 | -205.1% | -41.0% |
| 每股收益（稀释后） | $-0.30 | $7.50 |
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BHCWTW
| Q4 25 | $2.8B | $2.9B | ||
| Q3 25 | $2.7B | $2.2B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.3B | $2.2B | ||
| Q4 24 | $2.6B | $3.0B | ||
| Q3 24 | $2.5B | $2.2B | ||
| Q2 24 | $2.4B | $2.2B | ||
| Q1 24 | $2.2B | $2.3B |
净利润BHCWTW
| Q4 25 | $-103.0M | $735.0M | ||
| Q3 25 | $179.0M | $304.0M | ||
| Q2 25 | $148.0M | $331.0M | ||
| Q1 25 | $-58.0M | $235.0M | ||
| Q4 24 | $98.0M | $1.2B | ||
| Q3 24 | $-85.0M | $-1.7B | ||
| Q2 24 | $10.0M | $141.0M | ||
| Q1 24 | $-64.0M | $190.0M |
营业利润率BHCWTW
| Q4 25 | 17.0% | 35.3% | ||
| Q3 25 | 23.1% | 18.7% | ||
| Q2 25 | 17.5% | 16.6% | ||
| Q1 25 | 12.2% | 19.8% | ||
| Q4 24 | 21.8% | 30.2% | ||
| Q3 24 | 12.7% | -34.2% | ||
| Q2 24 | 16.2% | 9.6% | ||
| Q1 24 | 13.1% | 12.2% |
净利率BHCWTW
| Q4 25 | -3.7% | 25.5% | ||
| Q3 25 | 6.7% | 13.6% | ||
| Q2 25 | 5.8% | 14.9% | ||
| Q1 25 | -2.6% | 10.8% | ||
| Q4 24 | 3.8% | 41.7% | ||
| Q3 24 | -3.4% | -74.8% | ||
| Q2 24 | 0.4% | 6.4% | ||
| Q1 24 | -3.0% | 8.3% |
每股收益（稀释后）BHCWTW
| Q4 25 | $-0.30 | $7.50 | ||
| Q3 25 | $0.48 | $3.11 | ||
| Q2 25 | $0.40 | $3.32 | ||
| Q1 25 | $-0.16 | $2.33 | ||
| Q4 24 | $0.24 | $12.29 | ||
| Q3 24 | $-0.23 | $-16.44 | ||
| Q2 24 | $0.03 | $1.36 | ||
| Q1 24 | $-0.17 | $1.83 |
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 | $3.2B |
| 总债务越低越好 | $20.8B | $9.7B |
| 股东权益账面价值 | $-554.0M | $8.0B |
| 总资产 | $26.4B | $29.5B |
| 负债/权益比越低杠杆越低 | — | 1.21× |
8季度趋势，按日历期对齐
现金及短期投资BHCWTW
| Q4 25 | $1.3B | $3.2B | ||
| Q3 25 | $1.3B | $1.9B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.2B | $1.9B | ||
| Q3 24 | $719.0M | $1.4B | ||
| Q2 24 | $595.0M | $1.2B | ||
| Q1 24 | $733.0M | $1.9B |
总债务BHCWTW
| Q4 25 | $20.8B | $9.7B | ||
| Q3 25 | $21.0B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.5B | — | ||
| Q4 24 | $21.6B | $8.6B | ||
| Q3 24 | $21.5B | — | ||
| Q2 24 | $21.7B | — | ||
| Q1 24 | $22.1B | — |
股东权益BHCWTW
| Q4 25 | $-554.0M | $8.0B | ||
| Q3 25 | $-565.0M | $7.7B | ||
| Q2 25 | $-764.0M | $8.1B | ||
| Q1 25 | $-1.2B | $8.1B | ||
| Q4 24 | $-1.3B | $7.9B | ||
| Q3 24 | $-1.2B | $7.5B | ||
| Q2 24 | $-1.2B | $9.3B | ||
| Q1 24 | $-1.1B | $9.5B |
总资产BHCWTW
| Q4 25 | $26.4B | $29.5B | ||
| Q3 25 | $26.8B | $27.4B | ||
| Q2 25 | $27.3B | $28.5B | ||
| Q1 25 | $26.4B | $28.1B | ||
| Q4 24 | $26.5B | $27.7B | ||
| Q3 24 | $26.5B | $27.2B | ||
| Q2 24 | $26.5B | $29.6B | ||
| Q1 24 | $26.9B | $30.2B |
负债/权益比BHCWTW
| Q4 25 | — | 1.21× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.08× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $771.0M |
| 自由现金流经营现金流 - 资本支出 | $403.0M | $708.0M |
| 自由现金流率自由现金流/营收 | 14.4% | 24.6% |
| 资本支出强度资本支出/营收 | 3.3% | 2.2% |
| 现金转化率经营现金流/净利润 | — | 1.05× |
| 过去12个月自由现金流最近4个季度 | $1.0B | $1.5B |
8季度趋势，按日历期对齐
经营现金流BHCWTW
| Q4 25 | $495.0M | $771.0M | ||
| Q3 25 | $405.0M | $678.0M | ||
| Q2 25 | $289.0M | $361.0M | ||
| Q1 25 | $211.0M | $-35.0M | ||
| Q4 24 | $601.0M | $599.0M | ||
| Q3 24 | $405.0M | $482.0M | ||
| Q2 24 | $380.0M | $407.0M | ||
| Q1 24 | $211.0M | $24.0M |
自由现金流BHCWTW
| Q4 25 | $403.0M | $708.0M | ||
| Q3 25 | $314.0M | $621.0M | ||
| Q2 25 | $190.0M | $303.0M | ||
| Q1 25 | $96.0M | $-86.0M | ||
| Q4 24 | $495.0M | $543.0M | ||
| Q3 24 | $334.0M | $419.0M | ||
| Q2 24 | $302.0M | $341.0M | ||
| Q1 24 | $129.0M | $-36.0M |
自由现金流率BHCWTW
| Q4 25 | 14.4% | 24.6% | ||
| Q3 25 | 11.7% | 27.7% | ||
| Q2 25 | 7.5% | 13.7% | ||
| Q1 25 | 4.2% | -3.9% | ||
| Q4 24 | 19.3% | 18.2% | ||
| Q3 24 | 13.3% | 18.7% | ||
| Q2 24 | 12.6% | 15.4% | ||
| Q1 24 | 6.0% | -1.6% |
资本支出强度BHCWTW
| Q4 25 | 3.3% | 2.2% | ||
| Q3 25 | 3.4% | 2.5% | ||
| Q2 25 | 3.9% | 2.6% | ||
| Q1 25 | 5.1% | 2.3% | ||
| Q4 24 | 4.1% | 1.9% | ||
| Q3 24 | 2.8% | 2.8% | ||
| Q2 24 | 3.2% | 3.0% | ||
| Q1 24 | 3.8% | 2.6% |
现金转化率BHCWTW
| Q4 25 | — | 1.05× | ||
| Q3 25 | 2.26× | 2.23× | ||
| Q2 25 | 1.95× | 1.09× | ||
| Q1 25 | — | -0.15× | ||
| Q4 24 | 6.13× | 0.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | 38.00× | 2.89× | ||
| Q1 24 | — | 0.13× |
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% |
WTW
| Health Wealth And Career | $1.7B | 58% |
| GB | $566.0M | 20% |
| Broking | $465.0M | 16% |
| Other | $113.0M | 4% |
| December Thirty One Two Thousand And Twenty Four | $67.0M | 2% |
| IE | $38.0M | 1% |
