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Bausch Health Companies Inc Financials

BHC
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Bausch Health Companies Inc (BHC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 45 / 100
Financial Profile 45/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
61

Bausch Health Companies Inc has an operating margin of 17.7%, meaning the company retains $18 of operating profit per $100 of revenue. This results in a moderate score of 61/100, indicating healthy but not exceptional operating efficiency. This is up from 16.1% the prior year.

Growth
44

Bausch Health Companies Inc's revenue grew 6.7% year-over-year to $10.3B, a solid pace of expansion. This earns a growth score of 44/100.

Liquidity
25

Bausch Health Companies Inc's current ratio of 1.47 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 25/100, which could limit financial flexibility.

Cash Flow
49

Bausch Health Companies Inc has a free cash flow margin of 9.8%, earning a moderate score of 49/100. The company generates positive cash flow after capital investments, but with room for improvement.

Altman Z-Score Distress
0.24

Bausch Health Companies Inc scores 0.24, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral
6/9

Bausch Health Companies Inc passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
8.92x

For every $1 of reported earnings, Bausch Health Companies Inc generates $8.92 in operating cash flow ($1.4B OCF vs $157.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
1.1x

Bausch Health Companies Inc earns $1.1 in operating income for every $1 of interest expense ($1.8B vs $1.6B). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$10.3B
YoY+6.7%
5Y CAGR+5.0%
10Y CAGR-0.2%

Bausch Health Companies Inc generated $10.3B in revenue in fiscal year 2025. This represents an increase of 6.7% from the prior year.

EBITDA
$3.0B
YoY+7.4%
5Y CAGR+3.9%
10Y CAGR-2.8%

Bausch Health Companies Inc's EBITDA was $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.4% from the prior year.

Net Income
$157.0M
YoY+441.3%

Bausch Health Companies Inc reported $157.0M in net income in fiscal year 2025. This represents an increase of 441.3% from the prior year.

EPS (Diluted)
$0.42
YoY+423.1%

Bausch Health Companies Inc earned $0.42 per diluted share (EPS) in fiscal year 2025. This represents an increase of 423.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$1.0B
YoY-20.4%
5Y CAGR+4.4%
10Y CAGR-6.8%

Bausch Health Companies Inc generated $1.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 20.4% from the prior year.

Cash & Debt
$1.3B
YoY+10.8%
5Y CAGR+16.7%
10Y CAGR+8.2%

Bausch Health Companies Inc held $1.3B in cash against $20.6B in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
371M
YoY+0.7%
5Y CAGR+0.8%
10Y CAGR+0.8%

Bausch Health Companies Inc had 371M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
17.7%
YoY+1.6pp
5Y CAGR+9.2pp
10Y CAGR+3.0pp

Bausch Health Companies Inc's operating margin was 17.7% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.

Net Margin
1.5%
YoY+2.0pp
5Y CAGR+8.5pp
10Y CAGR+4.3pp

Bausch Health Companies Inc's net profit margin was 1.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.0 percentage points from the prior year.

Return on Equity
N/A

Capital Allocation

R&D Spending
$629.0M
YoY+2.1%
5Y CAGR+6.8%
10Y CAGR+6.5%

Bausch Health Companies Inc invested $629.0M in research and development in fiscal year 2025. This represents an increase of 2.1% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$397.0M
YoY+17.8%
5Y CAGR+5.6%
10Y CAGR+5.4%

Bausch Health Companies Inc invested $397.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 17.8% from the prior year.

BHC Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $2.8B+4.3% $2.7B+6.0% $2.5B+12.0% $2.3B-11.7% $2.6B+2.0% $2.5B+4.5% $2.4B+11.6% $2.2B
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses $161.0M-3.0% $166.0M+4.4% $159.0M+11.2% $143.0M-12.3% $163.0M+11.6% $146.0M-6.4% $156.0M+3.3% $151.0M
SG&A Expenses $882.0M+10.9% $795.0M-11.1% $894.0M+3.1% $867.0M+5.7% $820.0M-3.5% $850.0M+2.2% $832.0M+4.8% $794.0M
Operating Income $474.0M-23.4% $619.0M+39.4% $444.0M+60.9% $276.0M-50.5% $558.0M+75.5% $318.0M-18.3% $389.0M+38.4% $281.0M
Interest Expense $397.0M-3.6% $412.0M-11.4% $465.0M+40.9% $330.0M-2.1% $337.0M-2.6% $346.0M-1.1% $350.0M-1.4% $355.0M
Income Tax $159.0M+329.7% $37.0M+208.3% $12.0M-69.2% $39.0M-64.9% $111.0M+56.3% $71.0M+44.9% $49.0M+512.5% $8.0M
Net Income -$112.0M-162.6% $179.0M+20.9% $148.0M+355.2% -$58.0M-162.4% $93.0M+209.4% -$85.0M-950.0% $10.0M+115.6% -$64.0M
EPS (Diluted) N/A $0.48+20.0% $0.40+350.0% $-0.16 N/A $-0.23-866.7% $0.03+117.6% $-0.17

BHC Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $26.4B-1.7% $26.8B-1.6% $27.3B+3.2% $26.4B-0.4% $26.5B-0.1% $26.5B+0.2% $26.5B-1.6% $26.9B
Current Assets $6.2B-1.5% $6.2B-4.1% $6.5B+13.6% $5.7B-0.7% $5.8B+7.9% $5.4B+2.7% $5.2B-3.4% $5.4B
Cash & Equivalents $1.3B+0.1% $1.3B-24.3% $1.7B+52.3% $1.1B-4.0% $1.2B+64.3% $719.0M+20.8% $595.0M-18.8% $733.0M
Inventory $1.6B+1.9% $1.6B-3.4% $1.7B+2.6% $1.6B+1.1% $1.6B-3.6% $1.7B+2.7% $1.6B-1.5% $1.6B
Accounts Receivable N/A N/A N/A N/A N/A N/A N/A N/A
Goodwill $11.3B-0.1% $11.3B-0.1% $11.3B+1.3% $11.2B+0.6% $11.1B-0.8% $11.2B+0.4% $11.1B-0.3% $11.2B
Total Liabilities $26.0B-1.8% $26.5B-2.4% $27.1B+1.7% $26.7B-0.7% $26.8B+0.2% $26.8B+0.2% $26.7B-1.3% $27.1B
Current Liabilities $4.2B-12.8% $4.8B-3.7% $5.0B+16.9% $4.3B-37.0% $6.8B+49.8% $4.5B+3.1% $4.4B-0.8% $4.4B
Long-Term Debt $20.6B+0.6% $20.5B-1.9% $20.9B-1.7% $21.2B+12.1% $18.9B-10.0% $21.1B-0.7% $21.2B-1.5% $21.5B
Total Equity -$554.0M+1.9% -$565.0M+26.0% -$764.0M+35.4% -$1.2B+7.5% -$1.3B-8.9% -$1.2B+0.1% -$1.2B-5.4% -$1.1B
Retained Earnings -$9.7B-1.2% -$9.6B+1.8% -$9.7B+1.5% -$9.9B-0.6% -$9.8B+0.9% -$9.9B-0.9% -$9.8B+0.1% -$9.8B

BHC Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $495.0M+22.2% $405.0M+40.1% $289.0M+37.0% $211.0M-64.9% $601.0M+48.4% $405.0M+6.6% $380.0M+80.1% $211.0M
Capital Expenditures $92.0M+1.1% $91.0M-8.1% $99.0M-13.9% $115.0M+8.5% $106.0M+49.3% $71.0M-9.0% $78.0M-4.9% $82.0M
Free Cash Flow $403.0M+28.3% $314.0M+65.3% $190.0M+97.9% $96.0M-80.6% $495.0M+48.2% $334.0M+10.6% $302.0M+134.1% $129.0M
Investing Cash Flow -$282.0M-239.8% -$83.0M+17.0% -$100.0M+23.1% -$130.0M+35.0% -$200.0M-96.1% -$102.0M-29.1% -$79.0M-8.2% -$73.0M
Financing Cash Flow -$235.0M+67.3% -$719.0M-300.8% $358.0M+345.2% -$146.0M-271.8% $85.0M+145.0% -$189.0M+55.4% -$424.0M-24.7% -$340.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

BHC Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 17.0%-6.1pp 23.1%+5.5pp 17.5%+5.3pp 12.2%-9.6pp 21.8%+9.1pp 12.7%-3.5pp 16.2%+3.1pp 13.1%
Net Margin -4.0%-10.7pp 6.7%+0.8pp 5.9%+8.4pp -2.6%-6.2pp 3.6%+7.0pp -3.4%-3.8pp 0.4%+3.4pp -3.0%
Return on Equity N/A N/A N/A N/A N/A N/A N/A N/A
Return on Assets -0.4%-1.1pp 0.7%+0.1pp 0.5%+0.8pp -0.2%-0.6pp 0.4%+0.7pp -0.3%-0.4pp 0.0%+0.3pp -0.2%
Current Ratio 1.47+0.2 1.300.0 1.31-0.0 1.35+0.5 0.86-0.3 1.190.0 1.19-0.0 1.23
Debt-to-Equity -37.17-1.0 -36.22-8.9 -27.30-9.4 -17.94-3.1 -14.81+3.1 -17.93+0.1 -18.05+1.3 -19.31
FCF Margin 14.4%+2.7pp 11.7%+4.2pp 7.5%+3.3pp 4.3%-15.1pp 19.3%+6.0pp 13.3%+0.7pp 12.6%+6.6pp 6.0%

Note: Shareholder equity is negative (-$554.0M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

Bausch Health Companies Inc (BHC) reported $10.3B in total revenue for fiscal year 2025. This represents a 6.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Bausch Health Companies Inc (BHC) revenue grew by 6.7% year-over-year, from $9.6B to $10.3B in fiscal year 2025.

Yes, Bausch Health Companies Inc (BHC) reported a net income of $157.0M in fiscal year 2025, with a net profit margin of 1.5%.

Bausch Health Companies Inc (BHC) reported diluted earnings per share of $0.42 for fiscal year 2025. This represents a 423.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Bausch Health Companies Inc (BHC) had EBITDA of $3.0B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Bausch Health Companies Inc (BHC) had $1.3B in cash and equivalents against $20.6B in long-term debt.

Bausch Health Companies Inc (BHC) had an operating margin of 17.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Bausch Health Companies Inc (BHC) had a net profit margin of 1.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Bausch Health Companies Inc (BHC) generated $1.0B in free cash flow during fiscal year 2025. This represents a -20.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Bausch Health Companies Inc (BHC) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Bausch Health Companies Inc (BHC) had $26.4B in total assets as of fiscal year 2025, including both current and long-term assets.

Bausch Health Companies Inc (BHC) invested $397.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Bausch Health Companies Inc (BHC) invested $629.0M in research and development during fiscal year 2025.

Bausch Health Companies Inc (BHC) had 371M shares outstanding as of fiscal year 2025.

Bausch Health Companies Inc (BHC) had a current ratio of 1.47 as of fiscal year 2025, which is considered adequate.

Bausch Health Companies Inc (BHC) had a debt-to-equity ratio of -37.17 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Bausch Health Companies Inc (BHC) had a return on assets of 0.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Bausch Health Companies Inc (BHC) has negative shareholder equity of -$554.0M as of fiscal year 2025, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

Bausch Health Companies Inc (BHC) has an Altman Z-Score of 0.24, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Bausch Health Companies Inc (BHC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Bausch Health Companies Inc (BHC) has an earnings quality ratio of 8.92x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Bausch Health Companies Inc (BHC) has an interest coverage ratio of 1.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Bausch Health Companies Inc (BHC) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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